MARKET REPORT: Rebound? For who?
New UBS Global Art Market Report dropped... Plus, a digest covering responses, war in the Middle East, Hong Kong fairs & and more...
Two weeks ago UBS released its annual report on the global art market. As expected, the market recorded slight growth following two years of shrinking, largely thanks to successful auctions in the second half of the year. I love these reports, but its worth underscoring their limitations. Ultimately the UBS report, like the Bank of America x ArtTactic report (which I recently discussed in my interview with its author, Drew Watson), relies on data from the secondary market to explain the overall health of the arts industry. On top of that, the authors have a slant towards the top end of the market, and an interest in making the market look better than it really is.
