2009/03/12

Alternative Investments

TEFAF study values global art market at £40bn

23 February 2009

THE global art market grew by 11 per cent to £40.1bn over the last year, according to the survey just published by The European Fine Art Foundation (TEFAF). The report, prepared by leading art economist Dr Clare McAndrew, is the latest in a series of major studies commissioned by TEFAF that act as a focus for the launch of their annual Maastricht fair – the world’s top such event.

Entitled Globalisation and the art market, the 182-page study focuses on emerging markets such as Russia, India and China.

The statistics it uses track the market up until the end of September and so the study does not refect the the downward shift in the market since October.

Nonetheless, its publication remains an important event because, in a global market where it is notoriously difficult to pin down hard statistics, these TEFAF studies are widely known to provide the raw data by which governments and businesses assess the international art market.

From: www.antiquestradegazette.com
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