Fine Art Auctions (painting, sculpture, drawing, photography, printmaking, installations)
H1 2017 saw a general recovery of the Art Market, with turnover up 5%
1. Global art auction turnover reached $6.9 billion in H1 2017
2. Prices in the Contemporary segment rose 9.6%
3. With $2.2 billion, the USA overtook China's $2 billion
4. The UK and France contributed to the recovery, up 13% and 7% respectively
5. Contemporary Art accounted for 15% of global turnover, vs. 3% in 2000
6. A work by Jean-Michel Basquiat (born 1960) fetched $110.5 million
7. The auction unsold rate improved by 2 percentage points versus 2016
Global figures
More than 228,700 Fine Art lots sold worldwide during the first six months of 2017, generating a total turnover of $6.9 billion (including fees). These results were recorded at more than 3,054 public sales that are subjected to Artprice's systematic and detailed analysis. Artprice has been global leader in Art Market information since 1987. This half-year report covers all public sales of Fine Art.
According to thierry Ehrmann, founder and CEO of Artprice, Since 2000, the art market has been functioning with outstanding maturity, resisting the NASDAQ crisis, the nine-eleven attacks, the second intervention in Iraq and of course the unprecedented financial and economic crisis that began in 2007. It has also resisted a significant increase in global geopolitical tensions and the emergence of a negative interest rate environment that hurts savings. The Art Market is an efficient, historical and global market whose capacity to resist economic and geopolitical crises requires no further proof.
For a number of years now, the financial returns on art have outperformed other investments, and the Art Market has become an independent, liquid and efficient market on all continents.
Country: - Turnover total in USD - (Market share)
The data concerning China was compiled by Artprice in close collaboration with its Chinese institutional associate-partner, the Artron Group and AMMA (Art Market Monitor by Artron) directed by Wan Jie.
H1 2017 Global Art Market Report, by Artprice.com, online at:
https://www.artprice.com/artprice-reports/global-art-market-in-h1-2017-by-artprice-com
Art Market driver is the new-era museum industry (700 new museums per year) that has become a significant economic reality in the 21st century. More museums opened between 2000 and 2014 than in the previous two centuries.
Hungry for museum quality works, this sector is one of the primary drivers of the Art Market's spectacular growth. The Art Market is now both mature and liquid, offering yields of 10% to 15% per year on works valued over $100,000.
The global Art Market has also posted linear growth in the average value of an artwork (Old, Modern and Contemporary) of +47.5% over the same period. If we look at the Contemporary segment alone, the progression is +116%.
We find a substantial average annual yield of +9% on works sold above the EUR20,000 threshold.
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