• Global sales in 2012 contracted by 7% to €43.0 billion
• Sales in the Chinese market fell 24% to €10.6 billion while the US experienced an uplift of 5% year-on-year to €14.2 billion.
• The US regained the top percentage of global market share at 33% while China dropped to 25% and the UK remained in third place with 23%.
• The volume of transactions in 2012 fell by just under 4% to 35.5 million.
• The heaviest buying is concentrated at the high end of the market for the best-known artists.
• Contemporary art was the largest fine art auction sector, with 43% share by value, and reaching just under €4.5billion, its highest ever recorded level.
• Modern art was the second largest sector with a 30% share. After sales of €3.8 billion in 2011, sales dropped 17% in 2012 to €3.2 billion.

TEFAF Art Market Report 2013: The Global Art Market, with a focus on China and Brazil. Prepared by Dr. Clare McAndrew