In 2013, the global art market edged towards levels not seen since the start of the financial crisis. Worldwide sales came to 47.4 billion euros ($65.9 billion), according to Arts Economics in a report released Wednesday by the European Fine Art Foundation (TEFAF) in Maastricht.

Last year's results narrowly missed the record 48 billion euros spent in 2007 and surged ahead of global art sales in 2009 which came to 28.3 billion euros.

Postwar and contemporary art fetched its highest-ever auction sales total of 4.9 billion euros with big-ticket names from Warhol to Bacon garnering record prices.

The United States led sales with 38 percent of market in volume, although some buyers came from other countries to bid at New York auctions. China represents 24 percent of the market, slipping 2 percent since the year before.

The report also stated, “It is estimated that the online art market, including online sales by auction houses, dealers and online-only companies, could grow at a rate of at least 25 percent per annum, meaning that they could exceed 10 billion euros by 2020.”