Going, going, gone? Auction sales fall but private sales rise

There was a drop of 18.8% in auction sales, down to $16.9bn in 2016, reports Des O’Sullivan.

Sales in the global art market reached $45bn (€42.5bn) in 2016, up nearly 1.7% compared to 2015, according to the annual art market report for the European Fine Art Fair.

The move towards private sales, however, resulted in a dramatic drop of 18.8% in auction sales, down to $16.9bn in 2016.