The most significant change in 2016, Pownall says, was the slump in public auction sales, which fell by 18.8% globally and by 41% in the US. Public auction sales declined by 18.8% globally and by 41% in the US, in favour of private sales through both auctioneers and dealers, according to 2016's Tefaf art market report. Using a mixture of public and private sources, including offices of national statistics, financial databases and gallery sales, the annual Tefaf art market report in 2017 estimates that the global art market is worth $45bn, an increase of 1.7% compared with 2015. The number of artworks sold at auctions has risen from about 7m last year to more than 10m, says the report, which also shows that prices have fallen for some works over the past year. Illustrating the difficulty in reaching an accurate figure of the market's true value.
Public auction sales declined by 18.8% globally and by 41% in the US, in favour of private sales through both auctioneers and dealers, according to 2016's Tefaf art market report. Using a mixture of public and private sources, including offices of national statistics, financial databases and gallery sales, the annual Tefaf art market report in 2017 estimates that the global art market is worth $45bn, an increase of 1.7% compared with 2015. The number of artworks sold at auctions has risen from about 7m last year to more than 10m, says the report, which also shows that prices have fallen for some works over the past year. Illustrating the difficulty in reaching an accurate figure of the market's true value.