In this, the latest TEFAF report on the international art and antiques market, Dr Clare McAndrew of Arts Economics analyses the 47.4 billion global art trade in 2013. This annual survey has become the established source of data on an increasingly important economic sector, which now supports 2.5 million jobs worldwide in over 308,000 businesses. This year the emphasis is on the US, the worlds largest art market, and on China, its fastest growing rival in recent years. The report draws attention to the part played by art fairs in attracting international collectors to a single location. TEFAF Maastricht, which last year drew over 70,000 visitors from sixty one countries, is a leading example of the economic benefits of such events. We are again grateful to Anthony Browne for organizing this annual research programme for TEFAF.Willem Baron van Dedem PresidentBen Janssens Chairman