Industry data

Museums in the UK have been selling off their collections and have been unable to buy new works of art due to funding issues, a “deeply depressing” report has revealed.

Christie’s sold seven out of the top 10 highest-value auction lots around the world last year – boosted by Leonardo da Vinci’s Salvator Mundi.

The annual TEFAF art market report has been scrapped in favour of a number of smaller, focused reports, leaving Clare McAndrew’s Art Basel report as the sole market-wide survey.

Exports of paintings and sculpture from the UK helped the country to reduce its trade deficit at the end of last year.

The latest statistics show art and antiques are playing a part in sales growth around the country.

The perceived lack of regulation and transparency in the art market is a source of concern for investment advisers, according to the latest Art & Finance Report 2017.

Released today, Sotheby’s third-quarter results indicated a significant improvement thanks largely to a boost from the latest series of Asian art auctions.

Wine, jewellery, watches and coins are the best performing luxury assets over the past year according to the latest update from a luxury investment index.

The value of musical instruments outpaced the investment in classic cars and fine art last year, according to a survey by a private bank.

Failure by buyers to pay for works of art they have successfully won at auction in China remains a major problem for the industry, according to the latest report.

Sotheby’s revenues for the second quarter of 2017 rose 5% but its profit fell 14% to $76.9m due to a rise in expenses and a decline at its financial services arm.

Christie’s first half results show positive signs for the art auction market after a difficult 2016.