According to a report by Arts Economics, global sales of art and antiquities fetched $65.9 billion in 2013, an annual growth of 8 percent. The report, which was published by the European Fine Art Foundation in Maastricht, Netherlands, showed that the global art market is almost on par with the pre-recession years.

The sale of postwar and contemporary artworks has increased by 11 percent from 2012, led mainly by sales in the United States, which increased by 25 percent in 2013. Last year, astronomical auction records were set for Andy Warhol ($105.4 million), Francis Bacon ($142.4 million), and Roy Lichtenstein ($56.1 million). The report solidified the U.S.’ role as the international art market leader, representing 38 percent of the market by volume, a 5 percent increase from 2012.

China accounted for 24 percent of the market, a slight decline from 2012, while the U.K. represented 20 percent.