Displaying items by tag: arts economics

According to a report by Arts Economics, global sales of art and antiquities fetched $65.9 billion in 2013, an annual growth of 8 percent. The report, which was published by the European Fine Art Foundation in Maastricht, Netherlands, showed that the global art market is almost on par with the pre-recession years.

The sale of postwar and contemporary artworks has increased by 11 percent from 2012, led mainly by sales in the United States, which increased by 25 percent in 2013. Last year, astronomical auction records were set for Andy Warhol ($105.4 million), Francis Bacon ($142.4 million), and Roy Lichtenstein ($56.1 million). The report solidified the U.S.’ role as the international art market leader, representing 38 percent of the market by volume, a 5 percent increase from 2012.

China accounted for 24 percent of the market, a slight decline from 2012, while the U.K. represented 20 percent. 

China’s art market experienced a substantial boom in 2011, bumping the United States out of its top spot and ultimately becoming the world’s principal market for art and antiques. In 2012, amid the uncertain global economy, China’s growth began to slow and its art and antiques market shrank by almost a quarter. This deceleration allowed the U.S. to regain its title as the world’s most significant art market.

The power shift was announced as part of the highly anticipated TEFAF Art Market Report compiled by Dr. Clare McAndrew. McAndrew, a cultural economist who specializes in the fine and decorative art market, is the founder of Arts Economics, a company commissioned by The European Fine Art Foundation to provide a yearly analysis of the worldwide art market. The report coincides with the beginning of TEFAF Maastricht, the Foundation’s annual art fair, which begins March 15, 2013 in the Netherlands and runs through March 24, 2013.

Slowing economic growth and a lack of high quality, high priced items on the market are to blame for China’s slip to the second most influential art market. While auction sales dropped by 30% in China, U.S. sale figures were up 5% to $18.4 billion. In 2012, buyers opted to minimize financial risk by buying works by well-known artists at the top end of the market with Post-War and Contemporary art performing the strongest.

Dr. McAndrew will present her findings at the TEFAF Art Symposium on Friday, March 15, 2013 in Maastricht.