Signposts: Global Fine Art Marketplace Worth $63.7 Billion Inwards 2017, Upwards Afterwards Two-Year Decline
From Barron's Penta (as inwards 5+ mil. internet worth), March 15:
“After 2 years of doubt too decline, the marketplace turned a corner inwards 2017 amongst growth inwards the auction too dealer sectors, likewise equally at fine art fairs too online,” wrote the report’s author, Clare McAndrew. “Despite about remaining political volatility, robust growth inwards high-end global wealth, accelerating fiscal marketplace returns, stronger consumer confidence too increased render led to a much to a greater extent than favorable environs for sales.”
However, McAndrew noted that the action concluding twelvemonth was largely driven past times sales at the superlative halt of the market.
McAndrew, a leading fine art marketplace economist, of late joined Art Basel too was commissioned to write the study past times Art Basel too UBS.
Some of the fundamental information presented inwards the 175-page study include:
I scream back thinking, when the Basquiat was hammered downward for $110 million, "Where would y'all position it?"
It's non the form of affair y'all desire to encounter on a belatedly black bath hold out or outset affair on the agency to breakfast.
A Masterpiece By Jean-Michel Basquiat Jean Michel-Basquiat, Untitled Illustration: 2017 The Estate of Jean-Michel Basquiat / ADAGP, Paris / ARS
“After 2 years of doubt too decline, the marketplace turned a corner inwards 2017 amongst growth inwards the auction too dealer sectors, likewise equally at fine art fairs too online,” wrote the report’s author, Clare McAndrew. “Despite about remaining political volatility, robust growth inwards high-end global wealth, accelerating fiscal marketplace returns, stronger consumer confidence too increased render led to a much to a greater extent than favorable environs for sales.”
However, McAndrew noted that the action concluding twelvemonth was largely driven past times sales at the superlative halt of the market.
McAndrew, a leading fine art marketplace economist, of late joined Art Basel too was commissioned to write the study past times Art Basel too UBS.
Some of the fundamental information presented inwards the 175-page study include:
- The USA retains its grade equally the marketplace leader, amongst a sales increment of 16% concluding twelvemonth compared to 2016 too 42% of full sales past times value.
- In aggregate, dealers claimed 53% of the full $63.7 billion inwards sales, compared to auction houses amongst 47% of the share. Dealers at the rattling high end, amongst sales over $50 million, had a growth charge per unit of measurement of 10%....
I scream back thinking, when the Basquiat was hammered downward for $110 million, "Where would y'all position it?"
It's non the form of affair y'all desire to encounter on a belatedly black bath hold out or outset affair on the agency to breakfast.
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