Swiss banking giant UBS has extended its 22-year-long partnership with international art fair Art Basel and hired art economist Clare McAndrew to create their first global art market report.
An economist specialized in art, antiquities and collectors’ items, McAndrew was author of the annual TEFAF Art Market Report. She worked for Dutch art fair Tefaf for eight years.
The first Art Basel and UBS Global Art Market Report will be published in March 2017, to coincide with Art Basel in Hong Kong.
UBS said that the annual report will cover key macro-economic art trends and offer fundamental data on the art market.
The report will also assess specific areas of interest and new business developments for collectors and professionals.
The Swiss bank has been supporting Art Basel since 1994, and expanded its partnership to include Art Basel in Miami Beach in 2002 and Art Basel in Hong Kong in 2014.
UBS Wealth Management president Jurg Zeltner said: "Art Basel is a center of gravity for the art world where we can actively bring together our clients, guests and partners to see the world’s premier galleries, artworks and artists.
"Our joint venture to produce The Art Basel and UBS Global Art Market Report complements our leading position in financial research and analysis across the globe, as well as our in-house Art Market Review and bespoke client offerings through The UBS Art Competence Center."