Art Basel and UBS Release Global Art Market Report 

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Art Basel and UBS have released the long-awaited Global Art Market Report, a survey of the art market that has been conducted for over a decade. Written by renowned cultural economist Dr. Clare McAndrew, the report presents the results of analysis of the year 2018 in the global art market, pointing out growths, retreats and changes in the system. Compared to the 2017 survey, the Global Art Market Report pointed to a 6% growth of the global market, reaching an estimated value of over 67 billion USD. Other figures include a 7% increase in gallery sales, increased auction sales, and the surprising expansion of the online market, with 11% growth compared to 2017.

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