Artprice: the Art Market heading towards billion-dollar auction prices.
(Thomson Reuters ONE) -
Faced with an exceptionally large volume of requests, Artprice has been unable
to respond to them all, and its Founding CEO, thierry Ehrmann, hereby confirms
that its Annual Global Art Market Report (288 pages instead of 180) will be
released exclusively through AFP Monde on February 26, 2015 and will be fully
available as of March 3, 2015 online at Artprice.com and on the website of its
institutional partner Artron (China).
This 13th Annual Global Art Market Report, the fruit of very in-depth research,
required the full support of its publishing partner AMMA/ARTRON (Art Market
Monitor of Artron), the only Chinese quasi-State institution allowing both
partners to produce data that had never previously been processed due to a lack
of completeness, resources and State authorization. Artprice has no qualms
whatsoever in stating that so-called Western studies of the Chinese Art Market
are based, at best, on fanciful assumptions. This report will finally allow a
clear and transparent understanding of the Art Market in both the West and the
East.
Artprice and Artron confirm the historic and irreversible transformation of the
art market, a transformation that, among other changes, removes the specter of
speculative bubbles. This report will highlight the phenomenal growth, in less
than twenty years, of the number of participants, buyers and sellers in the art
market, an evolution that can only be observed on a logarithmic scale.
For example, the Contemporary art market, which has grown by a factor of 10
between 2000 and 2014, perfectly illustrates the transformation of the Art
Market. Similarly, the unsold rate, the most significant universal marker of a
speculative or falling market, has remained perfectly stable in 2014.
During the same period (2000-2014), there have been more museums constructed
than throughout the entire 19(th) and 20(th) century. It is important to
emphasize that today museums have partially abandoned their State mission of
building collections and are nowadays much more focused on what we now call "the
museum industry" which is a global economy developing on all continents. This
paradigm shift underlies the current rate of 700 new museums per year in the
world.
This new industry is hungry for "museum quality" pieces. In effect, every museum
needs at least 3,000 to 4,000 works and the very nature of Museums is to buy
artworks to build their collections, and not dispose of their acquisitions.
The double-digit growth of the Art Market, in a world where economies and
economic growth are faltering, is the perfect indication that a disruptive
economy is at work. A detailed focus on Free Ports which are popping up on every
continent, will allow the reader of Artprice's Annual Report to understand the
phenomenon of the growing virtualization of the art market.
The art market's financial firepower keeps on changing scale. After stagnating
at a top range of around $10 million in the 1980s, the top prices of individual
artworks reached the $100 million threshold in the 2000s, and according to the
New York Times, on 5 February 2015, a Qatari buyer paid $300 million for a work
by Gauguin.
Artprice believes this scale is fast heading towards the billion-dollar price
range, an idea that has already been proposed by the famous Art Market
journalist, Georgina Adam, in her book "Big Bucks: The explosion of the Art
Market in the 21st Century," in which she quotes Francis Outred, head of
Christie's Contemporary Art department, as saying that he expects to see a
Contemporary artwork fetch $1 billion.
The exponential growth of the market is intimately linked to the amount of
information available. For the record, the two world-recognized price guides
that Artprice acquired in the 1990s (Artprice Index USA and the famous Enrique
Mayer Guide) only provided, on average, over the period 1970-1990, ninety
thousand auction results for the previous year, with a 9-month lag. Today,
Artprice processes more than 18 billion free and paid information requests via
the Internet per year.
According to economic wisdom, an opaque market grows exponentially when it is
hit by a mass of transparent information. The art market is today an "efficient"
market, i.e. it reflects, at any given moment, all the relevant information
available.
One of the major conclusions that Artprice's annual report allows is that the
Art market, for countries and for natural or legal persons alike, has
rediscovered the Power of Art that reigned for more than seven centuries in
Europe. The fierce competition, especially between China and the USA, is
analyzed comprehensively in this Annual Report.
Lastly, the massive presence of Contemporary and living artists in the top 500
artists ranked by auction turnover (see Artprice Annual Report) is a totally new
phenomenon in the history of the art market, which has never experienced a
situation where a living artist, formerly destined to poverty, is an active
player in his own market. Today the artist has become a powerful "Market Maker"
- free from all tutelage.
About Artprice:
Atprice is the global leader in art price and art index databanks. It has over
30 million indices and auction results covering more than 570,000 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 7,200 international press
publications. For its 3,600,000 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)
Press Releases: http://serveur.serveur.com/press_release/pressreleaseen.htm
The 2013/2014 Contemporary Art Market Report is now online:
http://imgpublic.artprice.com/pdf/artprice-contemporary-2013-2014-en.pdf
Discover the Alchemy and the universe of Artprice http://web.artprice.com/video,
which headquarters are the famous Museum of Contemporary Art, the Abode of Chaos
http://goo.gl/zJssd https://vimeo.com/87859684
http://twitter.com/artpricedotcom https://www.facebook.com/artpricedotcom
https://plus.google.com/+Artpricedotcom/posts
http://artmarketinsight.wordpress.com/
Contact : Josette Mey : e-mail : ir(at)artprice.com
Press release (PDF):
http://hugin.info/155852/R/1894913/671922.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ARTPRICE COM via GlobeNewswire
[HUG#1894913]
Unternehmensinformation / Kurzprofil:
Datum: 16.02.2015 - 20:57 Uhr
Sprache: Deutsch
News-ID 371853
Anzahl Zeichen: 8182
contact information:
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