How Big is Big? Art Market Trends from ArtPrice

Paul_Cézanne,_Les_joueurs_de_carte_(1892-95) Wikipedia

The Card Players by Cezanne sold privately for $250 million. The highest record at auction in 2011 was $57 million.

As you know from the previous post on the Chinese art market, the awaited report on trends in the market is out. As was pointed out recently in Forbes by Abigail Esman, these results ignore transactions in the private market, and hey, there was a pretty big one- a record-setting Cezanne that went for $250 million. Take that Zhang Daqian (and Jackson Pollock).

Here are some other insights provided by the report.

in spite of the sword of Damocles hanging over the West, art in fact sold better in 2011 than at any other time in history with $11.57 billion in total global annual revenue, up $2 billion versus 2010, which already produced the best performance of the decade. This increase was not solely generated by the Chinese market’s 49 percent growth compared with 2010; it represented overall growth… including European.

Today China’s offer in terms of transaction volumes is roughly the same as the UK’s. However, its revenue from that offer is equivalent to double the entire revenue from European art auctions! (China: $4.79B, UK: $2.24 billion).

The combined forces of Christie’s and Sotheby’s represented 47 percent of global art sales in 2011. However in the early years of the millennium they accounted for over 73 percent of global art auction revenue.

Modern art is currently the heart of the global art market. It is the densest (10 times the Old Masters segment in terms of volume) and most profitable segment. Today, China accounts for nearly half the global market of Modern art in revenue terms.

The sale of artworks online has become an irreversible aspect of the modern art market and the sums involved have already reached into 7 figures. In fact, the history of the art market – like all markets – is naturally heading towards the circuits that are the fastest, the least expensive, the most liquid, where the price can be obtained in real-time and where there is a critical mass of participants with – of course – access to transparent information on all prices and indices.

See the full report from Artprice 

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ewmiller

In addition to my work at Stripe Specialty Media and American Vintage Market with Danielle Colby of American Pickers on History, I am also involved with Calendar of Antiques and Urban Art and Antiques. My work has allowed me to speak on the phone with notable architects, filmmakers and politicians including Steven Holl, Julian Schnabel and North Carolina Congressman Walter Jones. I have a Graduate Certificate in Public Relations from NYU, a Masters in Urban Studies from the University of Akron and am author of a chapter on Ayn Rand’s life in New York in the book Literary Trips: Following in the Footsteps of Fame. I love the visual arts, music of all kinds, cities and urban living, bicycle riding, cats and vegetarian cooking. I am happy to have lived in both New York and San Francisco and to now reside in Dallas.

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