PARIS, September 29, 2014 /PRNewswire/ --
Thierry Ehrmann, the CEO
and founder of Artprice: Artprice.com is pleased to present
its eighth exclusive report on the contemporary art market.
Download it now on Artprice for free:
http://imgpublic.artprice.com/pdf/artprice-contemporary-2013-2014-en.pdf
It contains original rankings, such as the Top 500 contemporary
artists according to turnover.
Artprice permanently enriches its databanks with information
from 4,500 auctioneers and it publishes a constant flow of art
market trends for the world's principal news agencies and
approximately 6,300 international press publications.
Record-breaking year for the Contemporary Art market, with
revenues smashing the US$2 billion
mark (July 2013 - July 2014).
The 2013-2014 period for the contemporary art sector has never
been so competitive or speculative with a record set by
Jeff Koons' contemporary work of art
sold €38.8 million, a record number of auction sales reaching the
million dollar/euro threshold and a record auction turnover for a
Post-War and Contemporary Art sale.
In four short years, the global turnover achieved in the sale
room, irrespective of period, has almost doubled since the slowdown
of 2009/2010: a period that registered a price drop of 48%.
Affluence has not been slow to return, buoyed up by a market
structure that has changed significantly in many respects,
including the increased globalisation and dematerialisation of
sales. The galloping speculation of the period between 2004 and
2007 is once more to the fore and the contemporary market is more
affluent than during the micro-bubble of 2007: a year of rocketing
prices, with revenues for the year up by 50% for a similar number
of works sold.
A new peak was achieved this year - the best in the history of
contemporary art at auction in terms of auction turnover, price
rises and record bids.
The price index of artists born after 1945 has followed the
trend, reaching unprecedented heights and even topping the levels
attained at the height of 2007 by 15%. All in all, the global index
of contemporary art prices has risen by over 70% over the
decade.
The art business is flourishing in a bubble that never bursts,
and in continuing growth as regards works at the very top end of
the market. This year, the high-end market acclaimed 13
contemporary works with prices of over €10 million, and designated
the most expensive work in the world: a giant Balloon Dog by
Jeff Koons, sold for over €38.8
million.
The most speculative names in art - considered safe investments
by some despite the sector's volatility and wild fluctuations in
price - are driven by powerful trendsetting gallery networks,
curators and purchasing consultants, and by various leading players
in the art market, of which the leading auction houses form an
integral part.
Prosperity depends simultaneously on tried-and-tested mechanisms
and the voracious appetite of investors bidding from all over the
world. The contemporary art market has become an economic UFO with
the globalisation of demand, which involves the arrival of
extremely rich investors en masse.
Attracted by the diversification of investment and exceptional
yield rates, demand has increased substantially, meaning that five
times more works are sold today than 10 years ago, at price levels
that bear no comparison.
A PDF version of the Artprice Contemporary Art Market Report is
downloadable from Artprice.com in French and English. The German,
Italian, Spanish and Chinese versions are also available.
http://www.artprice.com ©1987-2014 thierry Ehrmann
About Artprice:
Artprice is the global leader in art price and art index
databanks. It has over 30 million indices and auction results
covering more than 550,000 artists around the world. Artprice
Images(R) gives unlimited access to the largest Art Market resource in the world: a library of
108 million images or prints of artworks from the year 1700 to the
present day, along with comments by Artprice's art historians.
Artprice permanently enriches its databanks with information
from 4,500 auctioneers and it publishes a constant flow of art
market trends for the world's principal news agencies and
approximately 6,300 international press publications. For its
3,200,000 members (members log in), Artprice gives access to ads
posted by members. This space represents the world's leading
Standardised Marketplace® for buying and selling art. These sales
take place under two systems: either fixed price sales or
auction-sales (regulated by paragraphs 2 and 3 of Article L 321.3
of the French Code of Commerce).
Artprice is listed on the Euronext Paris SRD L.O. (Euroclear:
7478 - Bloomberg: PRC - Reuters: ARTF)
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SOURCE Artprice.com