The Swiss firm and Art Basel have just published their third report on the art market, highlighting that values have risen 9% over the last decade.
The report also said the US retained its position as the largest market worldwide, accounting for 44% of sales by value, standing at $29.9bn, its highest recorded level to date.
The UK’s value of sales swelled by 8% to just under $14bn, as it regained its place as the second largest market.
Sales in China, the third largest market, reached $12.9bn in 2018, a decline of 3% year-on-year.
The report also found millennial collectors made up just under half (45%) of the high-end spenders ($1m+).
Mark Haefele, chief investment officer at UBS Global Wealth Management, said: “The art market is a fascinating reflection of economic developments and trends in wealth creation.
“Most notable is the growth of billionaire and millennial spending power, particularly in Asian markets.
“As ever, passion remains the market’s lifeblood and drives the best collectors who value quality pieces that provide pleasure and cultural enrichment.”
Where to sell
The online art market reached an estimated fresh high of $6bn in 2018, up 11% from 2017.
Sales at public auction of fine and decorative art and antiques reached $29.1bn in 2018, up 3%, and up nearly 30% on 2016.
Auction sales in the US had the strongest growth, increasing by 18% to $11.8bn.
Sales in the dealer sector increased 7% to around $35.9bn.
Art fairs sales rose 6% from 2017 to $16.5bn.