The key findings include:
Mark Haefele, Chief Investment Officer, 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."
Download the full Art Basel and UBS Global Art Market Report here.