The TEFAF (The European Fine Art Fair) Art Market Report, delivered by Dr. Clare McAndrew of Arts Economics, is considered the authority on data relating to auctions, art fairs, and market trends. As it reported in it’s 2015 release, the world art market surpassed $53 billion in sales for 2014. Inside the report there are some promising and surprising finds that note a market on the rise as more collectors seek postwar and contemporary art.
In 2014, 1,530 lots sold at auction for over €1 million which is up nearly 17 percent from 2013. This shows that collectors are no longer afraid of a market crash and more collectors are willing to sell their high-end works in such a comfortable time for art buying. Numerically, 127,367 different artists works sold at auction in 2014 which shows just how diverse the market is in terms of taste.
Postwar and Contemporary Art represented 48 percent of all fine art sales by value, with the market for such works developing rapidly over the past few decades. Modern art came in second, accounting for 28 percent, which when put together makes all three art categories 76 percent of art sales internationally. This has large market potential for future investing, and is a trend that will continue to rise as artworks in those categories becomes more accessible.
In 2014, there were 180 major art fairs with an international element and the top 22 fairs generated over a million visitors and tremendous revenue to the art trade. Sales made at fairs accounted for a reported 40 percent or $10.3 billion of all dealer sales in 2014. Meanwhile in-gallery sales accounted for 32 percent of all dealer sales. This indicates that art gallery’s are still valuable assets to the art world and important places of knowledge that art buyers seek out when making investments.
In the ever-expanding demand for art, the global art market was dominated by three major art markets which comprised the US (39%), China (22%) and the UK (22%). All of which signify the impact that the art market has on the global economy. Art markets around the world make an important contribution to employment, the nurturing of specialist skills and the support of adjacent industries. It is estimated that 2.8 million people are employed globally by around 300,000 companies trading in art and antiques. Making it a large sector for jobs and a secure investment for buyers, a win-win from both sides.
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