At UBS, art is an essential part of our DNA. Our engagement in contemporary art actively enables our clients, and the public, to participate in this fascinating world, providing access to the most important galleries, artists and artworks being produced today.
Fresh Fair (previously Fresh Paint), Tel Aviv, is Israel's premier annual art & design event. A strong and well-loved brand, which attracts more than 30,000 visitors.
UBS has been Partner of Fresh Fair since 2013 and we are proud to continue to support and promote Israel’s dynamic contemporary art scene. As the Fair enters its second decade, we have seen increasing numbers of international collectors engaging with the thriving regional and local art market.
To find out more about the global art engagement of UBS, visit the UBS and Art website.
Contemporary art brings people together
Fresh Fair took place from May 30 until June 3, 2019 at Expo Tel Aviv.
This year the fair launched a new and exciting format: Fair & Gallery Weekend!
During the weekend, satellite exhibitions and events were offered by galleries and collaborating museums, hotels, restaurants, clubs and alternative spaces, in a celebration of the city of Tel Aviv-Yafo.
The fair also launched Fresh & Live –offering visitors extraordinary and exciting one-off experiences of live events and performances. For more information about the fair, please visit the Fresh Fair 2019 website.
The Art Basel and UBS Global Art Market Report 2019: 5 Key Insights
The third edition of the annual report reveals a 6% increase in global art sales worldwide, with active buying by millennials and growing appetite for online sales.
- The US retained its position as market leader
In 2018, the US sustained its position as the world’s largest art market, accounting for 44% of sales by value – or a total of $29.9 billion, the highest recorded level to-date. Despite political uncertainty surrounding Brexit, the UK regained its position as the second-largest market at 21%, with sales buoyed by non-EU trade: in 2018, sales rose by 8% to just under $14 billion. China was the third largest market at 19%, with sales reaching $12.9 billion – a decline of 3% year-on-year.
- Millennials emerged as active market participants
“A very positive finding of the research this year was the dynamism in collecting by global millennials,” comments McAndrew. This trend was particularly prominent in newer markets in Asia, according to a survey of high-net-worth collectors by Art Economics and UBS. While respondents in the US were predominantly aged 50 and above, in Singapore, 46% of collectors surveyed were millennials, while in Hong Kong the figure was 39%. Collectively, millennials accounted for just under half (45%) of high-end spenders, underlining the importance of this demographic.
- The online market witnessed continued growth
The online market reached an estimated new high of $6 billion in 2018, representing 9% of global sales – up 11% year-on-year. Despite this, evidence of some buyer caution remains: a UBS and Art Economics survey of high-net-worth collectors in five markets revealed that just 4% had spent $1 million or more on a work of art online.
- Auction figures rose 3% year-on-year
While economic and political issues drove risk-averse buyers and sellers towards private sales in the dealer market, sales of fine and decorative art and antiques at public auction still rose in value, reaching $29.1 billion – up 3% year-on-year, and nearly 30% on 2016. High-value works had the greatest impact on this sum, accounting for 61% of total sales by value.
- Art Fairs continued to shape the global market
It was not just auction houses that witnessed growth in 2018: Art Fairs continued to play a central role in the global art market, with aggregate sales estimated to have reached $16.5 billion in 2018 – up 6% year-on-year. The share of the total value of global dealer sales made at Art Fairs was 46%.
To find out more about the Art Market visit UBS and Art website.
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