Published: March 12, 2015
MAASTRICHT, THE NETHERLANDS — This year’s TEFAF Art Market Report shows that in 2014 the global art market reached its highest ever-recorded level, a total of just over 51 billion euros worldwide, a seven percent year-on-year increase taking it above the 2007 pre-recession level of 48 billion euros. The TEFAF Art Market Report 2015 is a wide ranging report that examines the global art market in 2014 but also looks at individual sectors within the market, changing patterns of global wealth and art collecting, the growth of art fairs and online sales and finally the economic impact of the art market.
The report was commissioned by The European Fine Art Foundation, organizers of The European Fine Art Fair (TEFAF), which runs March 13–22 at the MECC in Maastricht. Dr Clare McAndrew, a cultural economist specializing in the fine and decorative art market and founder of Art Economics, has researched and written the report. The global art market was dominated by the three major art markets of the United States at 39 percent, China at 22 percent and the United Kingdom at 22 percent in 2014. The volume of sales also grew by six percent to 39 million but the number of transactions was still less than at the peak of the market in 2007.
The UK art market grew 17 percent in 2014 after years of stagnant growth but with a current market value of 11.2 euros billion it is still less than its peak in 2008. The UK’s strong performance in 2014 had an impact on the overall performance of Europe in the global arena. The United States and the United Kingdom together accounted for 62 percent of all world imports of art and antiques in 2013 underlining their continuing importance as entrepot markets for the art trade.
McAndrew said, “The art market reached its highest ever record level of sales with continuing strength in modern and post war and contemporary art. It continues to be a highly polarized market, with a relatively small number of artists, buyers and sellers accounting for a large share of value. However, a promising trend counteracting this to some extent is the growth in online sales, which has encouraged a greater volume of sales in lower priced segments.”
Dr Clare McAndrew will present the findings of this year’s TEFAF Art Market Report on Friday, March 13, at 9:30 am, at the fourth TEFAF Art Symposium. The 2015 event, “Private Goes Public – Advancing the Relationship between Private Collectors and the Public Realm” takes place in Auditorium 1 at the Congress Centre at the MECC in Maastricht. For more information and registration please see www.tefaf.com/artsymposium.
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