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Trend in sight

2014, key figures for a questionable record year

Art Market | Published every year at the request of the European Fine Art Foundation, the TEFAF Art Market Report constitutes one of the most complete means of assessing the health of the global art market. The 2015 edition highlights 2014 records that mark a return to the pre-subprimes crisis era heyday of the art and antiquities market.

Clare McAndrew, rédactrice du Art Market Report + Harry Heuts © DR
Clare McAndrew, rédactrice du Art Market Report + Harry Heuts
© DR

Key figures to understand

A global art market at boiling point
According to the TEFAF Art Market Report 2015, the global art market represented 51 billion euro in 2014 (+7% from 2013) moving beyond the 48 billion euro figure of 2007, just before the subprime crisis that ravaged the market (28.3 billion euro in 2009). In terms of market shares, the trio remains the same : the United States (39% compared to 38% in 2013), China (22% down from 24% in 2013) and Great Britain (22% up from 20% in 2013). By sector, post-war and contemporary art (artists born after 1910) is first place in value (48%) and volume (40%), far surpassing modern art (artists born between 1875 and 1910) with 28% (in volume and value) from the auction house part of the market. In correlation, auction sales of post-war and contemporary art reached 5.9 billion euro (+19% compared to 2013). For the most part, sales in this sector took place in the United States (46%). 1,530 lots were sold for over a million euro in 2014 (96 lots at over 10 million euro) representing 48% of the total value of works sold at auction and 0.5% of the total number of transactions.

The power of art fairs is highlighted
The report estimates there are at least 180 art fairs globally, with 39% in the United States, 38% in Europe and 12% in Asia. According the TEFAF, 40% of art market sales were concluded during these fairs (9.8 billion euro), 6 points behind sales realized in galleries themselves, down 4 points from 2013. In an increasingly global market, this phenomenon seems logical. However, the economic model of fairs is not without consequence on both gallery commerce and the structure of the art market.

The online market gains ground
While waiting for HISCOX and ArtTactic’s 2015 report « the online art market » , TEFAF brings some key figures. Evaluated at 2.5 billion euro in 2013, the online art market is estimated at 3.3 billion euro in 2014. While it may only represent 6% of the global art market, its annual increase is estimated at 25% (+32% between 2013 and 2014) bringing the online market to 10 billion euro in 2020. The majority of online sales concern the intermediary market (between 1,000 and 50,000 euro).

While these figures regarding the global market, the power of art fairs and the development of the online art market show a record year, the recent quasi-parity of the dollar and euro cast doubt on this report’s conclusions. In dollars, the global art market actually recorded a 20% drop in 2014.

Vincent Kozsilovics
Publié le 28/03/2015
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Clare McAndrew, rédactrice du Art Market Report + Harry Heuts © DR

Clare McAndrew, rédactrice du Art Market Report + Harry Heuts
© DR

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