Dr Clare McAndrew
Dr Clare McAndrew whose annual art market report will now be published under the Art Basel banner. Photo Copyright: Paul McCarthy

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When asked by ATG whether TEFAF will continue to publish the 'TEFAF Art Market Report' covering the same subject area, a spokesman said: “TEFAF is committed to high quality research and producing an annual art market report. If any changes are to be made they will be announced in September.”

Chief Executive of TEFAF Patrick van Maris said: "Since the TEFAF Art Market Report was launched in 2000, it has become the standard work of reference for the art market. We believe it is a sign of a maturing market that other players are now choosing to invest in independent research.

“TEFAF is committed to funding high quality research. We will be making a more detailed announcement in September when we unveil our strategy for the future. 

“We have enjoyed our collaboration with Clare McAndrew and wish her well.”

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

She told ATG that her decision to change was in part down to the opportunity to expand her research.

“I was approached by Art Basel who were very interested in developing global knowledge and data on the art market, and wanted to commission independent, regular research.  I was thrilled with the opportunity to develop on the work I’ve done to date and to further expand the analysis with the support of Art Basel and UBS’s global network of dealers and collectors.

“I am very grateful to TEFAF for the support of my research over the last 8 years. They have been a very important client of Arts Economics and I continue to have great admiration and respect for them as an organisation. I felt however that this was the right point in my career to make a change and am very much looking forward to the challenges ahead.”

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. 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.

The announcement of the new report came during the current edition of Art Basel fair which opened on June 16. It also coincided with the announcement that financial service giant UBS were extending their 22-year-long sponsor partnership of the fair.

Global director of Art Basel Marc Spiegler said: “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.”