Amsterdam - The global art market surpassed its pre-recession peak to reach €51bn in 2014, according to a report by the European Fine Art Foundation, with the market helped by growing numbers of high net-worth individuals.
The Maastricht, Netherlands-based foundation, which puts on the annual European Fine Arts Fair, one of the world's largest, said a 7% year-on-year increase had pushed the market above its 2007 level of €48bn.
But while total value reached a new peak, the number of transactions was down from its 2007 level. The bulk of the value came from large sales.