The art market has recorded a 12% year-over-year increase in the third quarter, with exhibition sales in Tokyo and Mumbai driving the growth. According to a report by Art Basel and UBS Global Art Market Report, the global art market reached $67.4 billion in Q3, up from $60.1 billion in the same period last year.
The report attributed the increase to strong performances in key markets, with Tokyo exhibiting a 25% growth in exhibition sales, followed by Mumbai at 20%. The growth was driven by rising demand for contemporary and modern art, as well as an increase in private sales.
