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The Spanish Art Market in 2017 05 CUADERNOS ARTE Y MECENAZGO THE SPANISH ART MARKET IN 2017 Dr. CLARE McANDREW Arts Economics CUADERNOS ARTE Y 05 MECENAZGO CLARE McANDREW Edit ”la Caixa” Banking Foundation Av. Diagonal, 621 – 08028 Barcelona Digital edition www.mercadoespanoldelarte.org Board of trustees Chairman of ”la Caixa” Isidro Fainé Casas Banking Foundation Vice-Chairman Juan José López Burniol Trustees Antonio Aguilera Rodríguez Salvador Alemany Mas César Alierta Izuel Shlomo Ben Ami Mª Carmen Bruach Galián Josefina Castellví Piulachs Eugenio Gay Montalvo Javier Godó Muntañola Francesc Homs Ferret Jaime Lanaspa Gatnau Juan José López Burniol Asunción Ortega Enciso Javier Solana Madariaga Secretary (not member) Óscar Calderón de Oya CEO of ”la Caixa” Banking Foundation Jaume Giró Ribas Deputy General Director of ”la Caixa” Banking Foundation Elisa Durán Montolio CONTENTS Foreword 5 Acknowledgements 7 Key Findings 9 01 THE SPANISH ART MARKET 2014 2016 11 Spanish Art Market Sales 11 The Spanish Cross-Border Trade in Art 16 Imports 17 Exports 20 02 THE SPANISH DEALER SECTOR 25 Dealer Sales 26 Dealers’ Margins 28 Prices in the Dealer Sector 29 Sales Channels 31 Supply and Inventories 35 Art Buyers 38 03 PRIMARY MARKET SECTOR IN SPAIN 43 The Primary versus Secondary Art Market 43 Sales in the Primary Market 45 Prices in the Primary Market 47 Sales Channels 48 Supply and Inventories 49 Buyers in the Primary Market 52 Artists represented by Primary Market Dealers 53 Exhibitions 58 Other functions of Dealers in the Primary Market 64 04 THE SPANISH AUCTION SECTOR 69 Auction Sales 69 Sales Channels and Consignments 70 Buyers in the Auction Sector 72 Fine Art Auction Sales in Spain 74 Sales by Spanish Artists 80 05 ECONOMIC IMPACT AND CONCLUSIONS 85 Employment in the Art Market 85 Employment in the Dealers’ Sector 85 Employment in the Auction Sector 88 Other Cultural Employment 89 Ancillary Impact 91 Fiscal Contributions 93 Conclusions 96 Appendix: a Note on Data Sources 103 FOREWORD ”la Caixa” Banking Foundation Promoting access to culture and knowledge good. We truly believe that the impulse of is one of “la Caixa” Banking Foundation’s any act will have greater reach if we manage lines of work, which focuses on offering to increase both public institutional and a wide range of public programmes and individual social involvement. exhibitions such as conferences, workshops, concerts and screenings available to the Developing patronage in the arts lies in public in the CaixaForum centres. strengthening the links in the chain of connections and partnerships that make up The foundation’s commitment to culture is this field. This analysis on the art market, a complemented by the construction of an context for art collection, has allowed us to artistic heritage unique in Spain, through contribute fundamental knowledge to the the international “la Caixa” Collection of professional sector as well as understand the Contemporary Art. actions that must be taken for its growth. Since we published the first of these studies in At the anniversary celebrating the collection’s 2012, we have reached our goal of generating a more than 30 years of service to contemporary body of information which includes reflections art, a group of experts reflected on the on its varying perspectives. collection’s most important characteristics. Amongst those highlighted were its The publication The Spanish Art Market pioneering spirit, its emphasis on philanthropy, in 2017, we are now presenting, is the its continuing great importance to the Spanish fifth Cuaderno Arte y Mecenazgo (Art and art scene, its unusual stability, its readiness Patronage Series). It was written by the expert to collaborate, and its strong responsibility Dr. Clare McAndrew, to whom we would like towards the conservation and creation of our to thank once more for her collaboration. Her heritage. professionalism is an undeniable international reference point, well-known to all galleries, These values are fruit of the institutional auction houses, managers of our most commitment and responsibility we renew prestigious fairs, as well as artists and other yearly, setting our sights on achieving greater professionals. All of whom have offered to impact. Hence after consolidating the cultural share their experience. We extend our most programme and art collection, it was chosen heartfelt thank you to all those who have to encourage patronage as an expression of participated and made this possible. social involvement and interest for the greater 5 The Spanish Art Market in 2017 ACKNOWLEDGEMENTS Dr. Clare McAndrew Arts Economics This research on the Spanish art market a critical part of the report’s contents. I am has been made possible with the support further greatly indebted to the dealers and of Fundació Bancària ”la Caixa”. I am very auctioneers who gave up their most valuable grateful to Mercedes Basso for her generous time and insights during the interviews time and support in coordinating the conducted for this report in 2016 and 2017. research. I would like to extend a special thank you to The information presented in this report is Marta Pérez Ibáñez and Isidro López-Aparicio based on data gathered and analysed by for sharing their important and extensive Arts Economics from a number of different research on the economic situation for sources. A critical part of the research involved Spanish artists. a series of surveys in the dealer and auction sectors of the market. My sincerest thanks and Many thanks also to Alessandra Loescher gratitude to all of the individual dealers and Montal for her generous help and support of auction houses that took part in the surveys the research efforts and preparation of the conducted during the research, which formed report. 7 The Spanish Art Market in 2017 KEY FINDINGS 1. Sales in the Spanish art market in 2016 reached €385 million, an increase of 7% year- on-year. After two years of growth, the market has now increased in value by 19% since 2014 and 42% since its lowest point in the last ten years in 2009. 2. In 2016, Spain’s share of the global art market by value was just less than 1%, and it accounted for just over 2% of the value of sales of art and antiques within the EU. 3. Sales in the Spanish dealer sector were estimated to have reached €310 million in 2016, accounting for 80% of the market’s total value. This represented an increase of 11% in value year-on-year and their highest level since 2008. 4. While sales were stable for those dealers with annual turnover less than $500,000 (€450,000), those with sales in excess of $500,000 saw a rise of 8% year-on-year. 5. Spain remains a relatively low priced market compared to its larger global counterparts. In the dealer sector, the median price of €5,270 was around half of the comparable global median for dealers in 2016. 6. In 2016, the majority of works sold (63%) by Spanish dealers were for less than $5,000, versus 36% globally, and only 1% of sales took place at prices in excess of $250,000 (versus 5% globally). 7. The gallery was the most important channel for sales for Spanish dealers in 2016, accounting for 54% of their sales by value, down from 58% in 2013 with a rise in both online sales and sales at art fairs. 8. Online sales accounted for 5% of dealers’ sales and have grown substantially since 2013 when they accounted for a 1% share. 61% of the value of online sales made by Spanish dealers in 2016 were to new buyers. 9. Sales at art fairs accounted for 41% of dealers’ sales in 2016 (up from 36% in 2013). Dealers attended five fairs on average in 2016 (three international fairs and two locally in Spain), with international events accounting for the majority (61%) of the sales made via this channel. 10. Based on the survey estimates, sales at fairs have risen from €94.6 million in 2013 to €127.2 million in 2016 or an increase of 34%. 11. In 2016, sales in the primary market were estimated to make up around 77% of the total value of sales in the Spanish dealer sector, or around €239 million. 12. Despite remaining being smaller in value than other dealers, the average turnover in the primary market witnessed the biggest rise in values over the two-year period between 2014 and 2016, with an increase in sales of 50% versus a rise of 18% for those also working in the secondary market. 9 The Spanish Art Market in 2017 13. In 2016, sales in the auction sector were estimated to have reached a total of €74.9 million (including public auction, online and private sales), down 10% year-on-year but relatively stable on the level of sales in 2014. 14. In 2016, in the fine art auction market, nearly half of the sales transacted were at prices of less than $1,000 (versus 44% worldwide). 97% of the lots sold were for less than $50,000, with only a tiny fraction (less than a half of 1%) sold at prices greater than $250,000. 15. Within the fine art auction market in Spain, the Post War and Contemporary sector accounted for the highest share of value in the fine art auction market in 2016 at 45%, but Modern art accounted for the greatest volume of transactions at 38%. 16. In 2016, Spain was a net exporter of art and antiques with a trade surplus of €14 million. 17. Imports of art and antiques to Spain reached just under €80 million in 2016, an increase of 20% year-on-year, and after three years of growth, nearly double their level in 2013.
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