The logo of Sotheby's auction house is seen at a branch office in Zurich, Switzerland October 25, 2016. REUTERS/Arnd Wiegmann
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The global art market experienced another uptick in 2018, helped by an increase in the spending power of millennials, a report published Friday by UBS and Art Basel said. A survey of wealthy individuals conducted by UBS and art economist Clare McAndrew for the report found millennials were buying art more actively and frequently taking to the internet to do so.It found that more of them were willing to shell out big money on art than their older peers.Sales in the art market grew 7 percent to $67.4 billion in 2018, according to UBS and Art Basel's third annual art market report.
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