The report, compiled with China's Arton, shows that $15.2 billion worth of art was sold at auction in 2014, which is a 26% increase from the previous year.

1679 pieces were sold for $1 million and more, four times the amount that was sold for this a decade ago. An impressive 125 artworks were sold for $10 million and over. 83% of these 125 sales took place in the US.

Founder and CEO of Artprice Thierry Ehrmann said this is "an amazing result, an increase of 300 per cent in a decade".

Greater China, Hong Kong and Taiwan lead the market as they accumulated a staggering $5.6 billion in sales. The US was the next in line to top the market.

Sales in China were down 5%, as a result of Beijing's economy and an anti-corruption drive. However, in the United States, $4.8 billion was spent in the saleroom, a 41% boom on 2013.

Britian came in for bronze, with a third place spot in the market making $2.8 billion, an impressive 35% increase from the previous year.

Incredibly, a new museum was opened every day in 2014.

Wang Jie, president of Artprice.com and Artron group said: ''More museums were created between 2000 and 2005 than during the entire 19th and 20th centuries."

"A museum needs a minimum of 3,000 to 4,000 quality works to be credible... (and) is not meant to get rid of its acquisitions."

American abstract expressionist Barnett Newman's Black Fire 1, 1961, sold for an incredible $84 million in New York, in May of 2014, against an estimate of $39 million. These are exciting times in the market as soon the $1-billion-mark could soon be reached, according to Artprice.

Barnett Newman, Black Fire I, 1961 Courtesy Christies Inc. Barnett Newman, Black Fire I, 1961 Courtesy Christies Inc.

Ehrmann commented: "Twenty years ago, America and Europe accounted for more than 95 per cent on all continents without exception".

Art now "has become an investment category in its own right, reliable, stable over time and much less prone to turbulence that the stock market."

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