Industry data

The growth of the global online art market slowed in 2017 as price transparency remains a key issue for new buyers.

Art and antiques exports from the UK continued to fall in 2017, recording a decline of 2.2% to £4.84bn, according to UK trade figures from HMRC. At the same time, there were areas of significant growth, including exports to China which rose by 350% to £115.9m in 2017.

The global art market grew by 12% in 2017 with the expansion driven by high-end sales as China overtook the UK as the second largest market, according to Dr Clare McAndrew’s latest report.

Sotheby’s reported a 12% jump in sales last year to $5.5bn (£4bn). The US-listed auction house said profit, or adjusted net income, improved by 22% from $99.6m to $121.7m in 2017, boosted by an increase in commission and fees.

Museums in the UK have been selling off their collections and have been unable to buy new works of art due to funding issues, a “deeply depressing” report has revealed.

Christie’s sold seven out of the top 10 highest-value auction lots around the world last year – boosted by Leonardo da Vinci’s Salvator Mundi.

The annual TEFAF art market report has been scrapped in favour of a number of smaller, focused reports, leaving Clare McAndrew’s Art Basel report as the sole market-wide survey.

Exports of paintings and sculpture from the UK helped the country to reduce its trade deficit at the end of last year.

The latest statistics show art and antiques are playing a part in sales growth around the country.

The perceived lack of regulation and transparency in the art market is a source of concern for investment advisers, according to the latest Art & Finance Report 2017.

Released today, Sotheby’s third-quarter results indicated a significant improvement thanks largely to a boost from the latest series of Asian art auctions.

Wine, jewellery, watches and coins are the best performing luxury assets over the past year according to the latest update from a luxury investment index.