Meanwhile the French-based Artprice.com, who record all prices of catalogued sales for the same category of works at 2900 auction houses, have been comparing figures for the first half of 2003 with the first half of 2000, when the market was at its peak. Here the fall has been even more dramatic, with a 40 per cent drop in lots offered across the world’s main auction markets.
When it comes to turnover, the story is similar. Art Sales Index recorded an international art auction market turnover of $2.32bn for the 2002/2003 period, compared with $2.34bn for 2001/2002. Artprice record a slightly lower figure despite covering a wider range of sales, although this may be explained partially by currency conversion fluctuations when analysing prices.
Artprice provide even more dramatic analysis of the summer period for 2003, noting that turnover is a quarter of what it was for the same period in 2000, with the US suffering the worst: “At the peak of the market in 2000, summer sales at the US houses saw 10 times the number of sales we are seeing this year.”
Further analysis by Artprice shows that different prices levels are performing differently, with the biggest drop in activity to be found at the top and bottom ends. While 176 €1m or more lots changed hand for the first half of 2002, only 126 did for the same period in 2003, a drop of 28 per cent. And for lots under €10,000, the fall was 34 per cent for the same period. Mid-range works, meanwhile, saw only a 13 per cent fall.
What does it all mean? Noone can be absolutely sure, but with interest rates at an all-time low, art is seen as a good alternative investment, so owners are less likely to part with works for cash.
Global fine art market paints a dramatic picture
TURNOVER and the number of fine art items offered at auction globally have fallen dramatically this year, according to two of the leading market trackers. The British-based Art Sales Index, who record hammer prices of pictures over £250/$400, sculpture and miniatures over £1000/$2000 and photographs and prints over £2000/$3000, have noted an 11.5 per cent drop in the number of lots offered from the 2001/2002 season to that of 2002/2003.
