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Her first new art market report – The Art Basel and UBS Global Art Market Report – is set for release at the fair’s Hong Kong edition next March.

“Given Art Basel’s leadership in the international art market and UBS’s expertise in global economics, we feel we are the perfect partners to commission and present this comprehensive new art market report,” said Art Basel global director Marc Spiegler.

McAndrew had worked with TEFAF for eight years.

She described the move as a chance to expand her research of the global market.

“I am hugely grateful for the support of Art Basel and UBS to continue my independent and objective analysis of the international art market,” she added.

Her new report is set to resemble the TEFAF report in terms of its content, covering macro-economic trends and drilling down into specific areas of interest in the market.

Clare McAndrew is the founder of Dublin-based research and consulting firm Arts Economics which she set up in 2005. Her last TEFAF report was published in March and timed to coincide with the opening of TEFAF Maastricht 2016.

The announcement of the report came alongside confirmation that Art Basel has extended its 22-year-long partnership with sponsor UBS.

The annual Art Basel fair opened for its private view yesterday and runs to June 19.