Natasha Gural (Forbes.com) gives a nice summary of the lengthy Art Basel and UBS Global Art Market Report. The report claims that the worldwide art market rose by 6% last year to an estimated $67.4 billion — that is an impressive number! However, I am always a bit skeptical about their figures since so many art world transactions are handled through private art galleries and the true numbers are not publically disclosed. In addition, there is no way they are surveying all the art galleries so the real numbers might be even higher (or maybe, much lower). But again, there is no way to be 100% certain.
As for the Millennials (those born between 1981 and 1996) becoming big players in the market, I hope they are right. While we have seen an uptick in the number of younger buyers coming to our part of the market, in general, those individuals are a bit older than the Millennials … more like Gen Xers.