Clare McAndrew

THERE IS PERHAPS no art economist more powerful than Dr Clare McAndrew. When she publishes her authoritative annual report on the art market, industry professionals from gallerists to auctioneers pore through hundreds of pages of statistics to see where the market is heading.

They hint to art sellers whether to let go of or hang on to their blue-chip works. They inform gallerists which countries have the most active collectors. They even influence the curatorial strategies of art institutions. Her comprehensive studies are powerful barometers for the health of the global art industry.

Last year, the world's top art fair Art Basel and Swiss bank UBS commissioned her to produce her market report under their banner. The 2017 report shows, among other findings, that the 2016 global art market experienced an 11 percent drop to roughly US$56.6 billion, sales at art fairs climbed up five percent year on year to US$13.3 billion, and the number of High Net Worth Individuals (HNWI) in the Asia-Pacific region surpassed that of North America for the first time.