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 Léger 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 Hôtel 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
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Artprice celebrates its 20th birthday, editorial
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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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