New York has firmly reinforced its status as the capital of the global art market with a 25% growth in the value of US sales last year.
One of the key findings of the latest
TEFAF Art Market Report, it also revealed that in a year
that saw an 8% rise in the value of the worldwide market as a
whole, the global total reached €47.4 billion, just under the €48bn
record achieved in 2007.
However, the report, titled The TEFAF
Art Market Report 2014 - The Global Art Market with a focus on the
US and China, shows that while the US share of the market rose
5% to 38%, the next two biggest players did not fare so well.
China's share rose 2% to 24%, but the UK saw its share fall 3% to
Meanwhile, the European Union as a whole
(including the UK) saw a 3% drop to 32%.
The TEFAF report, the most eagerly awaited
statistical review of the international art market, is commissioned
by The European Fine Art Foundation and launched each year at their
Maastricht fair, which opened last week.
Its author, cultural economist Dr Clare
McAndrew of Arts Economics, attributed much of the US resurgence in
2013 to Post-War and Contemporary art, which saw an 11% growth in
"The latter reached its highest-ever auction
sales total of €4.9bn as significant record prices were paid for
artists such as Francis Bacon, Roy Lichtenstein and Andy Warhol,"
The report also shows that the growth in
market value outstripped the increase in the volume of
transactions, underlining the importance of higher-priced works to
"After recovering strongly in 2010, the
global art market has experienced mixed performance within
different sectors and between nations," said Dr McAndrew.
"The much more moderate growth in sales over
the last three years reflects the fact that different areas of the
market have been recovering at different rates. Some sectors and
individual businesses have reached peaks well in excess of those
achieved in 2007, while others are still struggling to regain
The report looks in detail at the art and
antiques markets in the United States and China. It says that the
American market has doubled in value to €18bn since 2009, with
Post-War and Contemporary art accounting for 59% of the value of US
The report also shows that although growth
has slowed in China, it remains the most important of all the newer
markets with a turnover of €11.5bn in 2013. Chinese paintings and
calligraphy are the largest sector with 56% of the market by
However, non-payment by winning bidders at
auction remains a persistent problem, with only 56% of lots at
Mainland Chinese auction houses being paid for within six
Meanwhile, online art and antiques sales in
2013 were estimated conservatively at more than €2.5bn, or about 5%
of the market, with a projected growth rate of at least 25% per
Copies of the report at €20 each, excluding
postage, can be ordered through www.tefaf.com
An e-version of the report will be published
later this month.
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