In Hong Kong, Art Basel and UBS released The Art Market, a new annual global art market analysis available for free download. Authored by Dr Clare McAndrew, The Art Market covers all aspects of the international market and highlights the most important developments in the previous year.

McAndrew is a cultural economist who specializes in the arts, antiques and collectibles markets. She previously produced the TEFAF Art Market Report.

Key findings of the report show the global art market achieved total sales of an estimated USD 56.6 billion in 2016, down 11 percent from 2015. Dealer sales rose just under 3% on aggregate to reach USD 32.5 billion, although performance was mixed between sectors and segments. Sales at public auction of fine and decorative art and antiques came under pressure in 2016, with aggregate values falling by 26% to USD 22.1 billion.

The United States was again ranked in first place for global sales by value with a market share of 40%. The United Kingdom was the second largest global market with 21%, followed by China with 20%.