PARIS, France: Contemporary Art leads the Art Market with Frieze Art Fair in London and the FIAC in Paris On the whole, the Contemporary Art Market is substantially profitable over the medium and long terms. Despite several corrections, our price index shows that the segment has retained its early-2000s vitality. Turnover growth of +1,400% in 17 years (US$103 million in 2000 to US$1.58 billion in 2017) reflects an extremely dynamic market.
The chronic financial and economic crisis affecting the world economy since 2007 – clearly illustrated by the widespread recourse to negative interest rates – makes the Art Market look like a desert oasis. According to thierry Ehrmann, Artprice’s founder and CEO, the Art market has experienced a healthy adjustment that was both necessary and predictable, leaving the Contemporary Art segment center stage.
This year, the Contemporary Art Market generated a stunning new record with its first-ever result above $100 million. The segment’s previous record, $58.4 million for a work by Jeff Koons in 2013, was demolished by the $110.5 million paid for a work by Jean-Michel Basquiat.
Contemporary Art has emerged as the art market’s primary locomotive, a role historically played by Modern art, and its figures confirm the general trends outlined and analysed in Artprice’s latest semi-annual Art Market Report published in August 2017.
In most cases the acquisition of a Contemporary artwork is made in the absence of History’s final verdict on the value of the artist who created it. However, the last 17 years have shown that a well-diversified portfolio of Contemporary artworks generates an average annual yield of +7.6%, substantially higher than the art market as a whole.
1. 57,100 Contemporary artworks sold at auction last year (+3.8%), with every result integrated into Artprice’s database.
2. $1.58 billion in auction turnover versus $1.5 billion for the previous period.
3. +1,400% turnover growth since the year 2000.
4. US turnover of $690 million confirms its place as global leader, far ahead of China’s $370 million.
5. The UK has been relegated to third place with $348 million.
6. France, fourth with $38 million, generated 2.4% of global auction turnover, down 9.5%.
7. Painting, which accounted for 72% of the total, remains collectors’ preferred medium, followed by sculpture (11%).
8. The museum industry – opening over 700 new museums per year – is contributing to a rarefaction of the Art market and provides a solid economic reality for artworks, accepted by a broad consensus.
9. Today, museums, art fairs and artistic events of all types are increasingly proving that Contemporary art engages with the general public and is no longer the preserve of a privileged class.
Brand new report
Available for free online, the new 2017 Artprice Report exploits its Decision Support Systems to combine five analyses that shed light on the development, organisation and latest trends in the Contemporary Art Market. Five studies that explore the market’s most sensitive topics and provide insight for art consumers, collectors, professionals and institutions active on the Contemporary Art Market.
1. Return to a growth path
2. Current trends
3. Enthusiasm for Street Art
4. Towards gender parity in the Art Market
5. Financial attractiveness of Contemporary Art
The Top 500 Contemporary artists
Copyright thierry Ehrmann 1987/2017
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Artprice is the leading databank for the global art market, with over 30 million indices and auction results covering more than 657,000 artists. Artprice Images® gives unlimited access to the largest Art Market resource in the world: a library of 126 million pictures and prints of artworks from 1700 to the present day, with notes and comments by our art historians.
Artprice permanently feeds its databanks with information from roughly 4,500 auction operators worldwide and publishes a constant flow of art market indicators for the world’s principal news agencies and approximately 7,200 international press publications. For its 4.5 million members, Artprice gives access to the world’s leading Standardised Marketplace for buying and selling art either at a fixed price or within a bidding system.