From TEFAF ART MARKET REPORT 2017
There is much optimism for 2017...
1. Total sales in 2016 were $45 billion dollars, up 1.7% on 2015. We adopt a focused and specific definition of art dealers and art galleries, representative o the industry at hand. The provision of detailed data and an improved classification of art dealers galleries results in comprehensive data on the art dealer sector from national statistics offices. The focus has the outcome that the industry estimates are smaller, yet we consider this to be more representative of the art and antiques market globa
2. The report paints a picture of a stable and resilient market, experiencing positive growth. Sales moving away from auction houses to the private sector, both to works private sales by auction houses and to dealers. In 2016 public auction sales of of art, high-end Jewellery and decorative arts reached $16.9 billion globally, down from $20.8 billion in 2015
3. Despite a 18.8% fall over the year in the dollar value of art and antiques sold at auction, prices on aggregate have not fallen as far, down 8.6%. A drop in the price of paintings sold at auction in Europe and Modern Art sold in the US; auction prices 4% higher for Modern Art, and 13% higher for paintings in China. Contemporary Art prices are 4% higher on average over the year, in Europe and the US.
4. The value of auction sales decreased dramatically in the US (41%), far exceeding in the 9% drop in consignments. Auction sales in dollar values fell in the U.K. (24%), line with the 16% drop in the number of lots offered, and the fall in Sterling. Auction ales in Continental Europe are up 3.6%. Whilst Asia has remained strong and stable over 2016; now with the largest share of auction sales globally.
5. The Asian auction market remained buoyant in 2016 with auction sales down -1.6% whilst China is down Asia now accounts for a 40.5% share of world auction sales 2.6%. up from a 31% share in 2015. China dominates Asian auction sales with almost 90% share. sales in Europe and the Americas are fairly equally balanced; Europe Auction sales, and the Americas with 27.5%; down from 37.5 attracting auction in 2015. With Africa and oceania together only representing 1% of auction sales.
6. The value of auctions sales across the three continents becomes more evenly distributed once privately brokered sales at auction are taken into the picture. The respective shares over the main continental players are China 36%, Europe 33% and the Americas with 30%.
7. Taking into account retail sales from art and antique dealers, Europe, with over half of world's dealers, is by far the largest continent for art and antiques sales in the world in terms of share of sales volume in 2016. Including the dealer market, the U.S. remains the largest country in the world art market, with a 29.5% market share followed by the U.K. Dwith 24%, and by China with 18%
8. Art auction and dealers' sales are reflected in cross-border trade figures, with Europe remaining the largest global exporter of artworks, collector pieces and antiques, as defined by the United Nations. Full trade figures are not yet published for 2016, comparable trade during 2016 to trade in 2015 for the same period indicate that U.S. export trade remains strong, but imports in art and antiques are down 20%. U.K. trade has fallen during 2016 and Hong Kong trade data reveals imports are also slowing into China.
9. Private sales through dealers and galleries have been strong. Asia, in particular the Middle East showing strong growth. Traditional centres for art dealers are still very much flourishing and alive. Europe's dealer market is 20% larger than last year. With healthier financial profits and the highest number of dealers, the European dealer market is the largest globally, with 54% of all dealers residing in Europe.
10. A larger proportion of dealers (62.5%) to auction (37.5%) market sales, globally underpins the structure of the art market. Traditionally opaque, the dealer market is benefiting from buyer confidence stemming from greater access to information and transparency on prices, preferring to buy through dealers than at auction. Privacy and anonymity, cherished in the Western world, in times of austerity and political tensions.
11. Art Fairs, both local and global, are the most important point for acquiring new buyers, which is the largest concern of art dealers and galleries reporting to our annual survey. Encouraged actively, by over 70% of dealers surveyed, for a strong work-ethic, reputation and credibility remain key drivers for survival and longevity in the market. Once hesitant about the online market, the industry appears to have reached a level of acceptance for online sales as an important channel for lower-end art and antiques sales
12. The building blocks of the art market depend fundamentally on quality, and trust; key to this are maintaining reputation and credibility, to ensure longevity, stability and resilience. The world's art markets are anchored into the fabric of our society historically and socially. How resilient they are, depends on the foundations of trade, rather than on the terms of trade. There has been a resilient recovery since the 2008 financial crisis.
There is much optimism for 2017
Source: The European Fine Art Foundation
TEFAF ART MARKET REPORT 2017
Prepared by DR.RACHEL A.J.POWHALL
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