Global Art Sales Rose to $63.7 Billion Last Year

The global art market bounced back in 2017 after two years of declining sales, climbing 12 percent to $63.7 billion as the wealthy chased after trophy works by a handful of well-known artists.

Led by Leonardo da Vinci’s “Salvator Mundi,” which sold for $450 million in November, the high-end of the market accounted for most of the gains while results in other segments were mixed, according to the Art Market 2018 report by UBS Group AG and Art Basel.

Turning the Corner

Global art sales bounced back after two years, reaching $63.7 billion in 2017.

The U.S. represented the largest marketplace, with 42 percent of sales by value, followed by China at 21 percent and the U.K with 20 percent. Last year’s total fell short of the 2014 peak, when sales reached $68 billion.

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