By Laura Chesters
Hit by a lack of top-end auction consignments, the global art market declined markedly in 2016, according to the latest art market report.
The Art Basel and UBS Global Art Market Report – the first penned by economist Dr Clare McAndrew since leaving TEFAF in 2016 – indicated global art market sales fell 11% from $63.8bn in 2015 to $56.6bn.