The booths at TEFAF Maastricht. (Courtesy TEFAF)
Culture

World Art Market Booms to Record $54 Billion as US Uber-Wealthy Fuel Growth

The art market in 2014 shattered numerous records, according to the annual TEFAF Art Market Report by Art Economics founder Clare McAndrew, which was released today. The global art market raked in over €51 billion—an all-time high—thanks to a 7 percent increase of sales over the past several years. And in case you haven’t noticed, we’re firmly back in the boom times: the annual sales figure has finally surpassed the 2007 pre-recession high of €48 billion.

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