A second year of positive growth has brought the art market to its second-highest level in 10 years, and has advanced sales volume 9 percent in the past decade.

Despite a backdrop of political and economic uncertainty, the global art market followed its 12 percent growth in 2017 with a 6 percent increase in 2018, reaching total sales of $67.4 billion, a new report published by Art Basel and UBS on Friday said.

The report, prepared by Arts Economics founder Clare McAndrew, describes some of the key high-level trends in the global art trade, analyzing the performance of different regions, sectors, and value segments in the market. It used data gathered from industry sources, insiders, as well as surveys involving 600 high net worth individuals.

The three largest markets – the U.S., U.K., and China – accounted for 84 percent of the global sales in 2018. The U.S. contributed to 44 percent of the volume, with $29.9 billion in sales – the highest-ever recorded. China's $12.9 billion in sales was a 3 percent dip from 2017. 

Younger Collectors

The report noted the different age profile of art collectors in newer markets in Asia and the «increasing engagement and spending power of millennial collectors in Asian markets.» In Singapore, 46 percent of the collectors surveyed were millennials, while in Hong Kong, the figure was 39 percent. Millennial collectors also comprised 46 percent of high net worth collectors who spent more than $1 million on art between 2016 and 2018.

The report also noted that millennial collectors bought art more frequently than others, with 69 percent having purchased fine art and 77 percent having purchased decorative art in the period from 2016 to 2018. Millennials were also the 

Women Marginalized

The report noted that larger primary-market galleries tended to represent fewer female artists, which accounted for 36 percent of their clients, and 32 percent of annual turnover. Galleries with higher turnovers tended to have less female artists on average.

«Yes, much media attention was paid to female artists making breakthroughs at auction. Yet women still score a tiny proportion of the market’s top sales. And when it comes to the critical question of representation by major galleries and even in the exhibition landscape, the analysis shows that men still dominate, markedly,» Marc Spiegler, Global Director, Art Basel, said.

Online Sales Growing

The report pointed out the low levels of disruption in the art market, with online sales only representing 9 percent of the total volume.

However, online sales grew 11 percent in 2018, with $6 billion worth of art bought via digital sources. Additionally, 93 percent of millennial high net worth collectors surveyed said they purchased art online.