SAINT-ROMAIN AU MONT, FRANCE, Feb 28, 2018 - (ACN Newswire) - Our
20th Global Art Market Annual Report is once again the fruit of an
alliance between Artprice, world leader in Art Market information,
founded and directed by thierry Ehrmann, and Artron, its powerful
Chinese institutional partner, directed by Wan Jie. The result is
the only truly global art market report providing reliable insight
into both the Western and the Eastern art market.
By pooling their resources to analyse the global Art Market in
unprecedented detail, our two structures highlight the intense
competition driving the market's global growth as well as its logic
and its consequences. No other organisation or team is currently
capable of such high quality processing and interpreting of macro-
and micro-economic metadata in a Big Data environment.
The Report contains Artprice's now-famous Top-500 ranking of
artists by annual auction turnover, the market's Top 100 auction
results, our brand new Artprice100 index -a must for trading rooms
- a selection of Artprice market indices, and numerous detailed
analyses per country, per market-hub, per creative period and per
artistic medium. Its 18 chapters provide an uncompromising and
unprecedented analysis of today's global Art Market.
The Report can be downloaded in pdf format free of charge at
Artprice.com.
https://www.artprice.com/artprice-reports/the-art-market-in-2017
Posting very strong growth in 2017, the Art Market has entered a
new era
-Public sales of Fine Art -painting, sculpture, drawing,
photography, prints and installation - from 1 January 2017 to 31
December 2017-
General Synopsis:
- Fine Art auction turnover reached $14.9 billion for the full-year
2017
- Global turnover increased +20% versus the previous year
- Measured growth in H1 (+9%) became strong growth in H2 (+32%)
- Worldwide, 502,900 artworks were sold publicly in 2017 (+3%)
- The overall unsold rate was 34% (vs. 36% in 2016)
- Artprice's global art price index ended the year stable versus
2016
The latest spectacular all-time Fine Art auction record at $450
million for Leonardo da Vinci's Salvator Mundi represents the
beginning of a new era for the Art Market in which the next big
milestone will be the $1 billion threshold. In the meantime, we are
bound to see results between $179 million and $450 million in
2018.
Soft Power:
- China remains the world's top marketplace with $5.1 billion in
turnover: 34.2% of global total
- The United States ranks second with $4.9 billion
- The world's top 5 marketplaces all posted turnover growth:
- China +7%, USA +42%, UK +18%, France +35%, Germany +12%
- France (in 4th place) accounted for 5.3% of global turnover with
$784 million, ahead of Germany's $256 million, but still a long way
behind the three leading marketplaces. France's turnover was up
+35%, but this growth was essentially generated by the Anglo-Saxon
auction firms, Christie's and Sotheby's, which posted +58% and +35%
growth respectively in Paris.
- Christie's and Sotheby's domination of Fine Art auctions in
France is getting stronger each year: the two houses now account
for over half of the country's Fine Art auction turnover (54% in
2017) compared with 47% in 2016.
- Christie's and Sotheby's together generate more Fine Art auction
turnover in France than the other 214 French auction operators.
- Christie's is the world's leading auction house with a total of
$4.4 billion ahead of Sotheby's with 3.4 billion
- In China, Poly Auction ($1 billion) beat China Guardian ($815
million)
- Phillips took 5th place in 2017 with a turnover total of $471
million
- In Europe, the two non-Anglo-Saxon leaders are the Austrian firm
Dorotheum ($78 million) and the French firm Artcurial ($76
million).
Trends:
- Artprice's 2017 global Top 500 index contains 231 European
artists, 162 Asians and 82 North Americans
-The Top 10 includes 4 Chinese artists, 3 Europeans and 3
Americans
- 2017 saw new auction records for many high-profile figures in Art
History including Leonardo da Vinci, Jean-Michel Basquiat, Qi
Baishi, Zao Wou-Ki, Marc Chagall, Fernand Leger and Constantin
Brancusi
Financial performances:
- Repeat sales** generate an average annual return of between 5.5%
and + 8.3%
- In the longer run, works purchased from $200,000 to $1 million
generate the best annual return: 8.3%
** The same work purchased and resold at auction during 2017
Artprice100 - "The Wolves of Wall Street at the gates of the Art
Market"
- The Artprice100 shows a progression of +360% since 2000
- +360% since 2000 represents an average annual return of 8.9%
- Revised annually, the new index replaced 4 artists in 2017
- The new index contained 1 Chinese artist (Zhang Daqian) in 2000,
versus 18 in 2017
France:
Towards new regulations for France's auction operators...
Many public documents show that French Art Market players, among
others the Syndicat des Maisons de Ventes (SYMEV) have taken a
stand: against a backdrop of art market globalisation spearheaded
by the widespread adoption of internet auction sales, France's
share of the global Fine Art auction market - a share that was over
60% in the 1970s - fell back to a dangerously low level of less
than 4% in 2016. Aware of this worrying reality, the sector's
professionals via the Syndicat des Maisons de Ventes (SYMEV), have
been sounding the alarm over the past year. and, it would seem,
they have been heard.
This news was clearly expressed at the annual meeting of
auctioneers that took place at the end of 2017. The French
authorities are working towards a complete overhaul of the
much-contested and obsolete regulatory framework that governs
public auction sales in France. The Conseil des Ventes Volontaires
(CVV) -France's auction market oversight authority- will apparently
become an agency of self-regulation, closer to the realities of the
market and more in tune with the digital and global issues that
have transformed the sector.
At the end of November, in front of the assembled heads of France's
auction sector, Sylvain Maillard, the elected representative for
the Paris constituency that is home to the the famous Hotel Drouot,
and former campaign spokesman for Emmanuel Macron, clearly
expressed the government's willingness to act: "all the points you
have raised have been taken very seriously by the public
authorities (.) and all the possible solutions to these problems
are currently being examined and explored."
On March 7 next, the French Senate will be chairing a session
entitled The attractiveness and legal competitiveness of the French
art market, under the twin council of the Senate's Law Commission
and its Culture Commission. There can be no doubt that this
initiative is part of a new reform dynamic that will lead to the
adoption of a new legal framework as of 2018.
The removal of a major administrative impediment that is unique in
Europe would indeed allow the French art market to begin the
lengthy process of recovering the position it held for over a
century in the global art market. End of quote.
These developments represent a major recognition for Artprice, and
should lead to the resolution and satisfaction of all of Artprice's
claims & demands during a long and arduous battle.
The new awareness of the sound logic of investing in art, along
with other motives such as speculative buying and collecting art as
a passion have coincided with an intense level of demand for
big-name masterpieces from the world's new museums. Despite a
generally lacklustre global economy, these market forces have
boosted demand for artworks worldwide with the global auction
turnover up +20% in 2017, generating a very impressive total of
$14.9 billion.
The drivers of this growth are ease of access to Art Market
information, electronic sales (98% of the market's participants are
connected to the Internet), the financialization of the market, a
growing population of ever-younger art consumers (from 500,000 in
the 1950's to 90 million in 2017) and the extension of the market
to the entire Asia/Pacific area plus India, South Africa, the
Middle East and South America.
The growth of the museum industry is also playing a crucial role.
With more than 700 new museums opening every year, the museum
industry has become a global economic reality in the 21st Century.
More museums opened between 2000 and 2014 than in the previous two
centuries, and demand for museum-quality works is one of the key
factors in the spectacular growth of the Art Market. The Art Market
is now a mature and liquid market offering returns of 8% per year
on works purchased over $200,000.
In 2017, the intense competition between China and the USA
generated explosive growth in the West, but confirmed China's role
as the leading global marketplace for art despite US growth of +42%
and the historic new absolute record of $450 million hammered for
Leonardo da Vinci's Salvator Mundi at Christie's in New York.
China's domination is established with just $0.2 billion over the
US. Art clearly represents an essential element in the Soft Power
arsenals of the United States and China, and, on a smaller scale,
of Qatar and the UAE.
China's supremacy is also once again visible in our ranking of the
world's top 500 artists by annual auction turnover. Chinese artists
represent 32.4% of the total number compared to just 16.4% for
American artists. The rest are Europeans (46.2%) and other
nationalities (5%) essentially Latin Americans and South-West
Asians.
Considering the macro and micro-economic data, the last 18 years
have confirmed the Art Market as a refuge against economic and
financial turbulence, generating substantial and recurring
returns.
In a context where central banks are effectively implementing
negative interest rates, the Art Market has enjoyed insolent health
with our new Artprice100 index showing a progression of +360% since
2000. This new index covers the Top 100 artists in all three major
segments: Old Masters, Modern and Contemporary, from all over the
world. However, this level of return is not restricted to works by
star artists. Our analyses show that the average annual yield on
artworks purchased above the $20,000 line is around 5.5%.
The Internet (Microsoft estimates over 5 billion people connected
worldwide) has now become the principal and definitive forum for
auction operators worldwide who are using it to consolidate their
market shares on all continents. Of the world's 6,300 auction
houses, 98% are today present on the Internet (versus just 3% in
2005).
The Art Market is an efficient, historical and global market whose
ability to withstand economic and geopolitical crises is now beyond
any doubt. Over the last 18 years it has outperformed most of the
world's principal financial markets by a considerable margin.
Copyright 1987-2018 thierry Ehrmann
About Artprice:
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Artprice celebrates its 20th birthday, editorial by thierry
Ehrmann, founder and CEO of Artprice.
https://www.actusnews.com/fr/soc/ARTPRICE/communiques
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Artprice is the global leader in art price and art index databanks.
It has over 30 million indices and auction results covering more
than 700,000 artists. Artprice Images(R) gives unlimited access to
the largest Art Market resource in the world: a library of 126
million images or prints of artworks from the year 1700 to the
present day, along with comments by Artprice's art historians.
Artprice permanently enriches its databanks with information from
6,300 auctioneers and it publishes a constant flow of art market
trends for the world's principal news agencies and approximately
7,200 international press publications. For its 4,500,000 members,
Artprice gives access to the world's leading Standardised
Marketplace for buying and selling art. Artprice is preparing its
blockchain for the Art Market. It is BPI-labelled (scientific
national French label).
Artprice's Global Art Market Annual Report for 2017 published in
March 2018:
https://www.artprice.com/artprice-reports/the-art-market-in-2017
Artprice's Contemporary Art Market Annual Report for 2017 - free
access at
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2017
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Contact ir@artprice.com
Source: Artprice
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