Art Basel and UBS will partner to commission a comprehensive new annual art-market report by renowned cultural economist Clare McAndrew

The Art Basel and UBS Global Art Market Report will be an objective and independent study authored by Dr. Clare McAndrew and her Dublin-based research and consulting firm Arts Economics. Drawing on McAndrew's well established methodologies and data, this comprehensive report will become a new benchmark for the international art trade. The report will cover all of the main macro-economic trends and deliver fundamental data on the art market as a whole. Furthermore, McAndrew will drill down into specific areas of interest and new developments in the market for collectors and professionals. The first Art Basel and UBS Global Art Market Report will be published in March 2017 to coincide with Art Basel in Hong Kong.

The announcement of this new report comes alongside Art Basel's extension of its 22-year partnership with UBS, Art Basel's global Lead Partner. The new multi-year agreement, which commences on January 1, 2017, is a testament to UBS's commitment to Art Basel as the leading global platform for premier galleries and their artists.

Art Basel Global Director Marc Spiegler says: ‘We are delighted to continue our decades-long relationship with UBS through this partnership. Given Art Basel’s leadership in the international art market and UBS’s expertise in global economics, we feel we are the perfect partners to commission and present this comprehensive new art market report. We expect it to provide a thoughtful and thorough analysis of the global art market, and to quickly become the defining report for the art industry.’

Clare McAndrew, Founder, Arts Economics commented: ‘I am thrilled to have been given this opportunity to expand my research of the global art market. There have been fundamental changes in the market and its infrastructure over the last ten years, with diverging performance in many different regions, price segments and sectors. Assessing how they progress in 2016 and beyond will continue to be a challenging and exciting focus for Arts Economics, and I am hugely grateful for the support of Art Basel and UBS to continue my independent and objective analysis of the international art market.’

‘Art Basel is a center of gravity for the art world where we can actively bring together our clients, guests and partners to see the world’s premier galleries, artworks and artists,’ said Jürg Zeltner, President, UBS Wealth Management. ‘And our joint venture to produce The Art Basel and UBS Global Art Market Report complements our leading position in financial research and analysis across the globe, as well as our in-house Art Market Review and bespoke client offerings through the UBS Art Competence Center. ’