Today we look at the global trade in fine art. This market is measured by looking at sales through public auctions as well as industry estimates of art gallery and private art dealer sales based on polls of over 6,500 dealers around the world. While the market in 2015 was down by 7% from 2014, the United State’s portion of the market grew, reaching 43% of the total. This is because the United States saw increases in fine art sales from both 2013 to 2014 and again from 2014 to 2015 while global fine art sales were dropping.

Globally, the market became more top heavy in 2015 with a rise in ultra-high-end transactions, those valued at over $10 million each. This portion of the fine art market accounted for 28% of the total in 2015.

Geographic reference: World
Year: 2015
Market size: $63.8 billion
Source: Alexander Forbes, “The 10 Most Important Takeaways from the 2016 TEFAF Art Market Report,” Artsy Editorial, March 11, 2016, available online here
Original source: The European Fine Art Foundation (TEFAF) 2016 Art Market Report