Our 14th Global Art Market Annual Report is once again the fruit of an alliance between Artprice (world leader in Art Market information, founded and directed by Thierry Ehrmann) and Art Market Monitor of Artron (its powerful Chinese institutional partner, directed by Wan Jie). Our latest Report allows a lucid and insightful appreciation of the realities of today's art market from both a Western and an Eastern viewpoint.
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By pooling their resources, the two entities produce a pertinent, useful and, above all, genuinely global appraisal of the art market's health and trends. The intense level of competition between the market's major players is just one of the many perspectives that this report brings to light.
The Report contains Artprice's now-famous Top-500 ranking of artists by annual auction turnover, the market's top 100 auction results, a selection of market indices, as well as numerous detailed analyses per country, per market-hub, per creative period and per artistic medium. Its 21 chapters provide an uncompromising and unprecedented analysis of today's global Art Market. The Report can be downloaded in PDF format free of charge at:
Fuelled by a dynamic cocktail of investment logic, speculation, collection-passion and the new museum industry's insatiable demand for the world's most sought-after signatures, the global secondary Art Market displayed remarkable stability in 2015 despite unfavourable economic and financial conditions. Total turnover for the year amounted to $16.1 billion, with the West generating the same total as 2014, i.e. $11.2 billion.
Apart from access to reliable art market information, the driving forces in today's art market are the rapid proliferation of online art sales (with 95% of the Art Market's players connected), the emergence of art as a reliable and interesting asset class, the massive growth of the art-consuming population (from roughly half a million in 1945 to around 70 million in 2015), the accession to the market of a much younger generation and an expansion of the market to Asia, the Pacific Rim, India, South Africa, the Middle East and South America.
It is also being driven by a museum growth phenomenon (700 new museums per year) with the global museum industry becoming a significant economic reality in the 21st century and more museums opening between 2000 and 2014 than during the entire 19th and 20th centuries. Indeed, demand for museum-quality artworks is clearly one of the primary value drivers at the high end of the global art market. Both mature and liquid, the art market now offers yields of 10% to 15% per year for works valued at over $100,000.
So this is the macro and micro-economic basis of today's Art Market: a market that has emerged for the last 16 years as a safe haven against economic and financial instability, with substantial and recurring returns.
Against a backdrop of negative interest rates and contracting stock markets, the Art Market looks remarkably healthy with its Contemporary segment alone posting a 1,200% progression of annual turnover over the past 16 years and a +43% linear progression of the average value of an artwork.
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Artprice is the global leader in art price and art index databanks. It has over 30 million indices and auction results covering more than 615,000 artists. Artprice Images(R) gives unlimited access to the largest Art Market resource in the world: a library of 118 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 7,200 international press publications. For its 4,500,000 members, Artprice gives access to the world's leading Standardised Marketplace for buying and selling art.
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