The European Fine Art Foundation (TEFAF) Report provides an in depth look at the art market in 2016 to help predict future trends for 2017. The report, prepared by Professor Rachel Pownall, the TEFAF chair in art market at the School of Business Economics at Masstricht University, uses a wide range of data sources from art dealers and experts in the art trade.
Take a look at the TEFAF report directly for a great visual representation of the data. Click here to view the interactive report
Artnet recapped the the largest high level takeaways from the report:
Total global sales of art in 2016 were $45 billion, a 1.7% increase on the comparable figure from 2015
The report describes "a stable and resilient market, experiencing positive growth", although sales are moving towards the private sector and away from auction house
The Asian auction market remains strong, accounting for a 40.5% share of world auction sales, up from a 31% share in 2015
Global and local art fairs are an integral place for acquiring new buyers