Public auction sales in France
2012 Activity Report
Conseil des ventes volontaires de meubles aux enchères publiques Public auction sales in France
2012 Activity Report
Conseil des ventes volontaires de meubles aux enchères publiques Sommaire Rapport d'activité 2012
Avant-propos ...... 4
Introduction
Présentation du Conseil ...... 9
Membres et secrétaire général du Conseil ...... 14 Organigramme des services er au 1 janvier 2012 ...... 16
Chapitre 1 La régulation du marché en 2012
L'accès des acteurs au marché ...... 20 Le contrôle de l’activité des acteurs
sur le marché ...... 26
La formation ...... 70 Le Conseil : acteur de la concertation et
force de proposition...... 73
Chapitre 2 Le bilan économique 2012 des ventes volontaires aux enchères publiques
Méthodologie...... 80 Les ventes volontaires aux enchères publiques
en France ...... 88 Les ventes aux enchères sur le secteur
« Art et objets de collection » dans le monde en 2012...... 148
Chapitre 3 Le cadre juridique : droit et déontologie
Droit et déontologie des ventes aux enchères ...... 193
Recueil des obligations déontologiques ...... 198
Chapitre 4 Présentation des comptes 2012 du Conseil des ventes
Présentation ...... 233
Rapport du commissaire aux comptes ...... 240 avant-propos de la présidente two topics stand out, and both involved an in-depth examination in consultation with the auction profession :
. the first was the need to renovate the training given to certified After a year 2011 marked by substantial modifications in French auctioneers. In the context of the opening of the auction market, the legislation – with the reform of 20 July 2011, the consultation process 2011 reform introduced the obligation to elaborate a mandatory, to elaborate its Application Decree and the preparatory work for the common and « integrated » training for the different professions linked adoption and ministerial approval of a new Code of Deontology for to the auction market : certified voluntary and judicial auctioneers, the auction profession – 2012 was essentially a year of implementation. sworn merchandise brokers, and, on an ancillary basis, solicitors, In 2012, the Conseil des Ventes Volontaires (CVV) 2012 was highly notaries and bailiffs. Looking beyond this legal requirement, the active on all fronts : internal development, contacts with the newly CVV decided to look into ways of adapting the training for certified created departments of public authorities, and further dialogue auctioneers to the auction market’s evolution in the current context of with auction professionals, particularly in the framework of three increasing international competition. The CVV’s proposals regarding decentralised projects (Nantes, Lille and Toulouse) to assess the impact the level of education (bac + 3) and the contents of the training are of the market’s evolution at the local level. expected to be adopted during 2013. This eleventh annual activity report, which it is my pleasure to present, is that of a supervisory authority for an insufficiently known sector – . the second, in line with 2011 reform, involved the identification and the voluntary auctions sector – in which transparency, legal security enumeration of sound professional practices that the CVV initiated in and the quality of the services offered must be fully guaranteed. The 2012 and which is also due to be finalised in 2013. The CVV primary CVV seeks to achieve this goal in the framework of a set of clearly objective with the Code of Deontology is to create a pragmatic tool redefined legal and economic missions and in accordance with the based on shared knowledge and expertise. As an operating tool for procedural methodologies described in its internal regulations that auction professionals, the Code will be published on the CVV’s brand were completely revised in December 2012. new website and will be amended as and when is necessary. At the regulatory level, the CVV tackled a wide variety of issues during Lastly, but by no means the least of its tasks, the CVV has been busy the year, but I shall mention only the most important in this forward. in its auction sector oversight role and in the compilation of its annual In the first place, the CVV had to adapt its new intervention framework activity report summarising the auction market’s key developments. from a system of pre-activity licensing of auction operators (and its At an economic level, the figures for 2012 are different in several areas corresponding administrative control) to a declarative system with from the figures for the previous year. post-activity controls in the framework of its disciplinary powers. Secondly, the CVV needed to conduct a thorough analysis of certain The auction market in France in 2012 showed good resilience despite legal innovations whose interpretation could possibly generate the generally lacklustre economic context. Total auction turnover problems (the inclusion of private sales; the contributions base of the was up 1,9 % vs. 2011 reaching a new historical peak of 2.42 billion CVV’s financing; the future of auction operators’ existing auditing euro. The growth rate was however substantially slower than in 2011 mandates, etc.) (+8,6 %), and the three major sectors that contributed to it posted At the same time, the CVV had to make decisions regarding the contrasting results : While the « Art & Collectibles » sector contracted lawfulness of certain media-publicised atypical sales involving contents 1.8 %, the « Horses » sector remained flat and the « Used Vehicles & that could be regarded as disrespectful of certain people’s beliefs or Industrial Equipment » sector progressed + 6.5 %. Indeed the relative sensibilities. progressions of the different sectors produced a symbolically interesting In an equally media-focused issue, the CVV made efforts to enforce result : The two largest auction operators by turnover (i.e. total amount the distinction between auction sales and online brokerage, and, by adjudicated, excluding fees) are now both operators in the Used Vehicles reminding operators of its new powers under the recently introduced & Industrial Equipment sector, having overtaken the two main global- legislation, to eliminate the confusion entertained by certain companies ly-dominant players in the Art & Collectibles sector, Christie’s and in the non-regulated sector. In the framework of the CVV’s above-mentioned legal activity in 2012,
4 5 Sotheby’s. In 2012, close to 50 % of the total turnover generated by the and transparent manner, the integrity of its auction sales. In an increa- auction sector in France was generated outside of the Art & Collec- singly deregulated competitive environment, it is by ensuring quality tibles sector. These figures belie the media’s frequent assimilation of the of service to buyers and sellers that auction operators will strengthen auction market with its Art & Collectibles sector, an idea that ignores their positions and consolidate their advantages. These include clearly the reality of the public auction sector in France. established sale agreements, accurate descriptions of the goods being Beyond these general trends, the CVV observed a number of underlying offered for sale with provenance and origin guarantees, complete dynamics : further concentration of activity around a small number control over operations, security of the financial transactions for sellers, of operators (63 % of total turnover in the French auction market is transparency in determining hammer prices, respect of obligations generated by the 20 largest voluntary sales operators) particularly in the regarding the obligation to declare suspicions of money laundering, Used Vehicles & Industrial Equipment sector; market duality within monitoring of bids and online payment. the Arts & Collectibles sector with, on one side, several auctioneers, For its part, the Conseil des Ventes will continue to support auction mainly Parisian, driving the sales figures, and on the other, a large operators by ensuring that the commercially attractive concept of majority of operators whose turnover figures have remained generally auction sales not be exploited abusively. In its mission to formulate stable, but whose commercial profitability is eroding. The economic legal and regulatory recommendations to government, it will highlight situations of a large number of operators therefore remain fragile and the importance of a clarification of the legal framework. the sector could severely impacted by a sharp contraction in market The future of the regulated auction sector cannot be considered a activity. In this context, it is more than ever important to remember foregone conclusion. It depends primarily on the auction companies the contribution that operators make to the vitality of local economic and their certified auctioneers. The legal framework that was reformed tissues and other professions in the value chain (valuers, restorers, by the Law of 20 July 2011 has introduced new opportunities for auction logisticians, publishers, etc…). It would therefore not be in the general operators such as permission to conduct private sales and to sell new interest to weaken the legal and fiscal framework upon which these goods. These two areas will be closely monitored over the coming years. operators base their activities. In addition, the remarkable rise in the use of Internet in auction At the international level, the Art & Collectibles segment of the global sales (accounting for 373 million €, i.e. 15 % of the France’s aggregate auction market (the only segment that can be exhaustively analysed) auction turnover in 2012) reflects the eagerness of auction professionals posted a number of trend changes and, overall, a contraction, that to exploit all the opportunities that this instrument can provide. The some see as a positive development. China’s auction turnover appears « Internetisation » of the market will undoubtedly continue as operators to have decreased by 22 % whereas that of North America increased adapt to client usage preferences and seek to attract new customers in 14,6 %. The overall contraction of global auction turnover amounted segments of the population that do not (or no longer) attend physical to -5,9 %. New-York was once again the world’s primary auction sales rooms. marketplace, ahead of Beijing. Clearly, positions in the ranking of In concluding this forward I would like to express by sincere gratitude the world’s auction marketplaces cannot be considered as permanent to, first and foremost, the members of the Conseil des Ventes for their since the increasing internationalisation of markets has led to global regular and sustained commitment to the activities undertaken and for competition between the different marketplaces. Nevertheless, in terms their active participation in the collegial functioning of the institution of market share, China still generates the largest share of global auction to which I am attached. I am also very grateful to the Government turnover (36,6 %) ahead of the United States (27,6 %), although the Commissioner for his perseverance both in the areas of mediation and gap closed a little in 2012. The UK maintained its third place in the of deontology. Lastly I wish to thank the different departments of the ranking, and France was fourth with (6 %), still substantially ahead of CVV for their dependability and support, and for their contribution to Switzerland, Germany and Canada. In fact, Germany, often cited as the smooth functioning of this supervisory authority, whose primary a model in economic comparisons, posted one of the world’s sharpest objective is to guarantee the quality and security of the market. auction market contractions in 2012 (- 21 %). On the whole, the voluntary auction sales sector in France posted The President growth. I am still confident in the capacity of France’s auction Catherine Chadelat profession to adapt to new situations and to ensure, in an independent
6 7 introduction
I. Presentation of the Conseil
The Conseil des ventes volontaires de meubles aux enchères publiques, more commonly known as the “Conseil des ventes volontaires” (or CVV), was established by the Law no. 2000-642 of 10 July 2000 which introduced a new regulatory framework for voluntary sales of movable assets by public auction and, notably, eliminated the Fauteuil crocodile I monopoly enjoyed by France’s commissaires-priseurs (certified Claude Lalanne (1925) auctioneers) over voluntary sales. Montant adjugé : 1 150 000 € Bronze et crocodile. 80 x 80 cm Paris, 06 juin. Sotheby’s With this legislation as its foundation, in 2011 the government © Sotheby’s/ ArtDigital Studio introduced the Act of 20 July 2011 which modified the CVV's status from that of a simple company to that of a Public Utility Institution and endowed the CVV with the status of a market supervisor.
The CVV ensures the correct functioning of the French public auctions market for the benefit of its users (buyers and sellers). Its composition, powers and resources are mainly regulated by the provisions of Articles L.321-18 to L.321-23 and R.321-36 to R.321-55 of the French Commercial Code.
A. Missions – Powers – Duties
The Act of 20 July 2011 has substantially modified the powers of the Conseil. On the one hand the Act has lifted the obligation for operators to obtain an operating license from the CVV, and on the other hand, it has entrusted the Conseil with a range of new powers.
Henceforward the CVV is responsible for :
. Registering the declarations submitted by the auction operators (AOs). Under the terms of Article L.321-4 of the French Code of Commerce, AOs must make a prior declaration of their activity to the Conseil before commencing their operations. Failure to do so will result in the sanctions stipulated in Article L.321-15 of the French Code of Commerce. This declaration must be accompanied by documentation proving that the new operator can provide certain guarantees required by law for the conduct of public auction activities,
Introduction 8 Présentation du Conseil 9 particularly with respect to its organisation, its resources, transaction . Formulating proposals for legislative and regulatory changes security, the integrity of its directors and the qualifications of its (another new power). auctioneers. Lastly, the Conseil des ventes ensures, in conjunction with the . Keeping a record of all EU or EEA citizens who declare the National Chamber of Judicial Auctioneers, and more recently with conduct of voluntary auction sales on an occasional basis in France. the National Council of Sworn Merchandise Brokers, the organisation of the professional training of future certified auctioneers wishing to . Taking appropriate action in the event of a market operator’s obtain the qualifications required to manage auction sales. After an violation of its legal, regulatory and professional obligations. The access examination, the training includes theoretical and practical new Act has considerably modified the Conseil’s disciplinary powers. instruction that leads towards a certificate of aptitude. On questions All disciplinary proceedings are undertaken by the Government of training, the Conseil collaborates with the competent authorities Commissioner on the basis of claims received or observations made of other EU Member States to facilitate the application of Directive on his own initiative. The person (or company) against whom the 2005/36/CE of 7 September 2005 relating to the mutual recognition claim is levelled (the respondent) is invited to examine the complaint of professional qualifications. and to respond to its content. If the Government Commissioner decides to pursue the case, he instructs the respondent to attend a . The Conseil publishes an annual market activity report that hearing before the Conseil’s disciplinary team. At this hearing, both is submitted to the government and made available to market sides of the dispute are heard and each party's rights to legitimate participants. To accomplish its missions, the Conseil performs a defence are respected. When the Government Commissioner has put number of market monitoring activities, the conclusions of which are forward his conclusions, the respondent is given the last word. The also published in this annual report. CVV may impose a range of sanctions including a warning, a verdict of guilt, a temporary (maximum 3-year) or definitive suspension of In accordance with Article R321-18 of the French Code of Commerce, part or all of the Respondent’s activity, and a temporary (maximum the Conseil des Ventes has drawn up a new set of Internal Regulations 3-year) or definitive prohibition from organising auction sales. The that determine, among other elements, its functional methodology Conseil’s decisions may be appealed via the Paris Appeal Courts. The and the organisation of its services. As regards its disciplinary Conseil’s decisions do not in any way prejudice or substitute civil or functions, the internal regulations also determine the format criminal legal sanctions. (composition in terms of members) and procedures applicable to the CVV’s Disciplinary Committee. The Internal Regulations were . Monitoring respect by auction companies of their obligations approved on 21 November 2012 and published in the Official Journal regarding anti-money-laundering and terrorism financing (AML-TF). (Journal Official) on 14 December 2012.
. Identifying sound practices and promoting service quality via consultation with professionals in the sector. This is one of the CVV’s B. Composition new missions. . As at 1 January 2012 . The elaboration of a Code of Deontology after consultation with representative professional organisations. This latter duty also The Conseil des ventes has eleven members each appointed for four represents a new mission for the CVV (see below, Chapter 3). years.
. Monitoring the auction economy. For several years now, the The Keeper of the Seals (Garde des Sceaux), the Minister for Justice, Conseil has presented an annual economic analysis of the auction appoints a member of the State Council, two Supreme Court market. councillors, a member of the State Audit Office, an auction profes-
Introduction 10 Présentation du Conseil 11 sional’s representative and a distinguished consultant. The Minister Alternates for Culture appoints an auction professionals’ representative, a distin- Marc SANSON, State Councillor guished consultant and an appraiser. Lastly, the Minister for Trade Martine RACT-MADOUX, Supreme Court Councillor appoints an auction professionals’ representative and a distinguished Gérard PLUYETTE, Supreme Court Councillor consultant. Gilles ANDREANI, Senior Auditor at the State Audit Office Cyrille COHEN, Vice-President of an auction company An equal number of deputies are also appointed in the same manner. Francis BRIEST, Co-President of an auction company Each member’s four-year mandate may be renewed once. The Presidentis François de RICQLES, President of an auction company appointed by the Keeper of the Seals from among the members of the Christian DEYDIER, President of the French National Union of Council of State, the Supreme Court and the State Audit Office. Antique Dealers Christine de JOUX, National Heritage Officer The members of the Conseil are not remunerated for their services. Jacques ROSSI, Lawyer Dominique CHEVALIER, Antique dealer and appraiser A public prosecutor is appointed by the Keeper of the Seals to perform the functions of Government Commissioner for the Conseil des ventes. Government Commissioners A Deputy is appointed in the same manner. Pierre KRAMER, Advocate-general Michel PECONDON – LACROIX, Advocate-general The functioning of the Conseil is described in its Internal Regulations.
Following the Government Decrees of 7, 10 and 11 October 2011 C. Resources published in the Journal Officiel on 12 October 2011, the Conseil has the following members : The CVV’s annual budget amounts to 1.8 million euro. It is financed by mandatory contributions from the supervised auction entities. Chairman This contribution was restructured in 2012 and the new amounts will Catherine CHADELAT, conseiller d’état (State Councillor) be applied to the 2013 contributions (see point IV).
Regular members The CVV has a number of services that are directed by its President. Francine BARDY, Supreme Court Councillor The General Secretariat is, under the authority of the President, Pierrette PINOT, Supreme Court Councillor responsible for the administration and management of the Conseil. Philippe LIMOUZIN-LAMOTHE, Senior auditor at the State Audit It prepares and implements the decisions of the Conseil’s President. Office The General Secretariat had a headcount of eight staff at 1 January Bernard VASSY, Auction company director 2013: Two seconded civil servants, five staff members on permanent Vincent FRAYSSE, Auction company director contracts, and one receptionist employed via an external service Jean-Claude ANAF, Auction company director provider. The Government Commissioner has a member of the police Philippe AUGIER, former auction company director force who is made available to the Conseil by the Interior Ministry Jean-Claude MEYER, collector in exchange for the reimbursement of his salary and a secretary, Jacques LEPAPE, General Inspector of Taxes seconded and paid by the Conseil. In total, eleven people participate Sabine BOURGEY, numismatics expert in the accomplishment of the CVV’s missions.
Government Commissioner Details of the financial resources are provided in a special chapter éliane HOULETTE, Advocate-general of this annual activity report. The CVV’s financial and accounting management is audited by the State Audit Office.
Introduction 12 Présentation du Conseil 13 II. Members and General Secretariat of the Conseil
Chairman Alternates
13 l Marc SANSON State Councillor
1 l Catherine CHADELAT 14 l Martine RACT-MADOUX, State Councillor Supreme Court Councillor 15 l Gérard PLUYETTE Supreme Court Councillor 13 14 15 16 l Gilles ANDREANI Senior Auditor at the State Audit Office Regular members 17 l Cyrille COHEN 2 l Francine BARDY Vice-President of an auction company Supreme Court Councillor 18 l Francis BRIEST 3 l Pierrette PINOT Co-President of an auction company Supreme Court Councillor 19 l François de RICQLES 4 l Philippe LIMOUZIN- President of an auction company 16 17 18 LAMOTHE 20 l Christian DEYDIER Senior auditor at the State Audit 2 3 4 President of the French National Union Office of Antique Dealers 5 l Bernard VASSY 21 l Christine de JOUX Auction company director National Heritage Officer 6 l Vincent FRAYSSE 22 l Jacques ROSSI auction company director Lawyer 7 l Jean-Claude ANAF 23 l Dominique CHEVALIER 19 20 21 Antique dealer and appraiser auction company director 5 6 7 8 l Philippe AUGIER former auction company director 9 l Jean-Claude MEYER collector
10 l Jacques LEPAPE 22 23 General Inspector of Taxes 11 l Sabine BOURGEY 8 9 10 numismatics expert
Secrétaire général Government Commissioner 24 l Loïc LECHEVALIER 12 l éliane HOULETTE Advocate-general 24
11 12
Introduction 14 Présentation du Conseil 15 III. departmental structure
General Secretariat
Thierr y SAV Y Referendary advisor at the State Audit Office (Replaced by Loïc LECHEVALIER, Senior adminis- trator for the City of Paris, beginning January 2013) General Secretary
Pierre TAUGOURDEAU Deputy General Secretary Responsible for legal matters
Catherine BARON Administrative Director Professional training Supervision of auction market and operators
Ariane CHAUSSON Communications Officer
Patricia COLOMBIER Accounting manager Declarations, deposits and contributions of auction operators
Sylvie MARLY Assistant to the President and the General Secretary Preparation of Conseil’s dossiers
Manuella EDOM – Receptionist Album impérial sur soie intitulé Zhigongtu Chine, dynastie Qing, période Qianlong (1736 - 1795)
Fatiha MESSAOUD – General services Montant adjugé : 6 300 000 € Peint à l'encre et couleurs sur soie, composé de 38 doubles-pgaes insérées entre deux couvertures de bois. Provenance : F. Langweil. Government Commissioner’s Services Drouot Richelieu, 12 juin - SVV Christophe Joron-Derem. © SVV Christophe Joron-Derem Eliane HOULETTE Government Commissioner
Annie MATTEI - Investigating officer
Céline CHAVRIER - Secretary
Introduction 16 Présentation du Conseil 17
Methodology en Franceen Les ventes volontaires aux enchères publiques publiques enchères ventes volontairesdes aux Le économique bilan 2012 Methodology 2012 monde dans le en collection» de et objets Les ventes aux «Art enchères sur le secteur
IV. V. III. III. II. Conclusion V. II. Introduction I. III. figures Key II. Introduction I. I. IV.
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...... 148 188 145 122 158 149 139 174 84 80 80 88 95 79
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operators of French auction activity the Measuring Presentation of the questionnaire the of Presentation l ogy 80 Methodology . . concerning : some questions new contained the questionnaire year, This statements). financial (mainly channels standard other through acquired is information financial The survey. this via (profit data) nature income or of afinancial information seek not does Thesurvey of sites. such make they use what and websites external website or own use their possess they whether i.e. internet, of use their and numbers staff their to indicate invited are operators the information, turnover-related to this addition In Horses. Equipment and &Industrial Used vehicles &Collectibles, Art market: auction of the analysis the in used major sectors three the into fall 16 that categories into divided revenueis auction annual operators’ effect, In presented.
sellers. foreign buyers foreign and concerning of questions a section contains also questionnaire new the of sales: Internationalisation activities. of these growth the measure to were introduced some questions sales, private and goods new of 2011 to conduct operators sales in auction introduced allows law new the As sales: private so-called and of goods new Sales 81
Chapter 02 Chapitre 02Chapitre antiquité Art & Art de collection Art &objetsArt . . category : to this added have been sub-segments following the For purposes, our collectibles. and antiques objects, art as collectively described categories product Tax defines Code) which General the of III Aof 98 Annex (Article legislation French tax in stipulated that to similar is sector Collectibles Art & the of definition The segments. intermediate have major sectors three of the Each presented. series statistical the of continuity the are ensuring nowstable, segments different into sales down to break used categories the above, indicated As 2.3 year. the by generated in French operators auction turnover 1.5% total of the than less 2011 non les representing respondents with, 2012 in in as identical almost is performance turnover, the auction However, of companies. terms in larger the non-response than rate ahigher post generally companies smaller year, the as the during CVV the with registered that companies new to the related essentially 2011. 4% in 2012in with ratenon-response compared was higher The (7.5%) responses 32only companies survey their not had returned closed, 2013, 2012. survey Atof the December end-February when half first the sentwere to 412 operators during The questionnaires 2.2
Joaillerie & difficult to classify in any one particular category. particular any one in classify to difficult are that craftworks and artefacts objects, of art assortment an of sales are these of cases majority vast the in Miscellaneous: ; manner same the sold in are they because &Spirits: Wines orfevrerie Sector breakdown Sector The operators studied operators The collection Objets de aux enchères publiques Ventes volontaires alcools Vins & Vins Chevaux courantes Ventes d'occasion Véhicules et matériel industriel Véhicules d'occasion 82 industriel Matériel Methodology to the two sectors Art & Collectibles and Used Vehicles & Industrial Used Vehicles and &Industrial &Collectibles Art sectors two to the attributed 2012was the turnover Generalists, as identified operators of case the In data. years’ previous for the used as sub-segmentation same we have the applied cases, these In sub-segments. into turnovers annual their down not break did operators certain addition, In interval. confidence excellent an giving euros, ±1,000,000 mately at approxi therefore 1% is turnover onmargin France’s aggregate error the values, of the distribution of the view In turnover. aggregate 1% than of France’s less i.e. euros, million at 24 estimated been has data turnover missing the categories, different the in measured change rates of the and figures years’ of previous basis the On change. of rates annual average the order to calculate in year per and sector per (excluding fees) aggregated operator have by generated been each figures turnover auction The follows: total as was applied methodology The figures. missing the we notreconstituted survey, to respond our did that operators of weight economic the order forIn to the account data. survey years’ of previous basis on the to acategory operator the we assign not is measurable, information certain Where fees. revenueauction excluding total 95% of generate their more than they which from category to the assigned have been operators other All as ‘Generalist’. classified been have category asingle from fees excluding turnover auction total their 95%than of that generate less Operators categories. different into operators the auction havewe classified figures, of these basis the On 2.4 category. Miscellaneous the in spirits & wines and antiques of artworks, sales tend their to group revenues, modest with operators, France’s regional noted that be It also should
2.4.2 2.4.1 Data processing Data
Sector breakdown Sector Missing data Missing 83 -
Chapter 02 Chapitre 02Chapitre the year in question and organised at least one sale in the Art & Art the in one sale at least organised and question in year the during or inactive active was list operator on the each whether check to internet via conducted then is Research segment. & Collectibles Art the in sales auction of organising capable potentially operators 11,000 of approximately list initial an we obtained Equipment, Used Vehicles like &Industrial segments other in active uniquely exclusion combined). of operators After segments and domains (all sales auction organise worldwide that operators 22,000 nearly identified phase initial This cross-checked. systematically is obtained websites) information the and specialised and periodicals (mainly sources information numerous consulting compiled by is list This year. last segment & Collectibles Art the in sale or online one physical at least organised that operators auction global list of exhaustive the wasupdate to step first The 3.1 steps : three involves The methodology used. techniques of the aspects for key convenience we reiterate the Nevertheless, relevant. 2010 still therefore the is in report annex methodological The 2012 for the report. same the essentially company, remained has management data external by Bluestone, our report 2010of the annual theelaboration forused 2012. The methodology year foroperators the of its figures turnover the and market auction global of the overview an and presents initiative this pursued has report 2012The annual figures. turnover their determining world then and the throughout operators auction the all identifying involved that market auction global of the analysis an time, first for presented, the report 2010 CVV’s the annual French for market, the perspective PIn order international to provide III. tation is known. is tation sub-segmen whose represent for Generalists segments two these that proportions average observed of the basis Equipment on the
Identification of the auction operators auction the of Identification & Collectibles segment Collectibles & globalMeasuring Art turnover on the 84 - Methodology . procedure : specific highly a using collected are figures turnover Operator 3.2 indicator. notoriety simplified initial an order to establish noted in have been mention them that operator,For each sources the criteria. same the using operators 2,640 from2011. slightly 2011, In down was identified CVV total the This year. the during sector this in one sale at least organised having means Here,worldwide. “active” 2012 in sector &Collectibles Art the in active operators of 2,601 total to a the number work reduced eliminatory This segment. Collectibles . . describe each operator in detail. operator in each describe that 148 variables than no less concerning information to collect operators the with 2011.in contacts of our advantage We the took also 2011).(versus in more therefore 50% successful was collection data Our number 2012,in i.ethe total 57% of identified operators 2,601 of the for 1,494 figures turnover to obtain we managed method, this Using the identified. operators all to systematically applied was method This
we are seeking by contacting operators directly by telephone. directly operators by contacting seeking we are information the to collect we event try of no-response, the in lastly, online. available not are figures whose to operators for request information email an by sending themselves : operators of websites the the with starting on Internet, searches
• • information available. information of type on the or lot by depending lot, by sale, sale either together (when published), figures results sales the all by adding websites ; on these announcements and releases press via communicated mainly figures, turnover annual of the observation by direct Data collection Data 85
Chapter 02 Chapitre 02Chapitre turnover figures. turnover operator unobserved the calculate allowed us to exercise This identified. were variables significant most were the for implemented, models which different that six is The result net countries. other in it does as Asia in influence same not have does the sales to prestige relating variable the For one example, equation. of more than construction the requiring by exercise to the complications further added countries and sectors operators, between differences structural certain stage, this During back-steps, estimates. and adjustments with approachstep-by-step a is necessarily This to model. possible thereforebeen has it which and known are figures turnover whose companies on the It based is process. of the stage technical most the is This variable. each to coefficient aspecific attribute to simplify, that, equations we have devised location, geographical etc.) its and prestige, catalogued, miscellaneous, (number of sales, it organises of sales type etc.), the Google, web references, and (numberetc.), of links notoriety its of website, language of creation, date (sector of activity, characteristics the operator’sas such principal variables ofon different anumber depend necessarily must seeking are we figure operator turnover the that notion on the Based method. We amultivariate to use chose therefore revenues figures. unobserved of the values the deduce and toextrapolate simply sales observed the to correlated sufficiently variable of asingle use prohibits the data the gathered of heterogeneity extreme The countries. within regions different and different countries of figures turnover the in disparities as enormous as well countries different between completeness data rates of variable above, we observed described stage first the In unable to obtain. we were revenuewhose figures operators for the data missing the revenue to calculate we needed auction global total the to determine process, the in stage At this 3.3
3.3.1 Econometric modelling Econometric
Modelling 86 H 26,5 L 18,5 cm diam. du disque bi 13,5 13,5 bi disque du diam. cm L18,5 H 26,5 daté du début début du finement sculté, daté octobre de l’année bingxu de de bingxu l’année de octobre disque bi ennéphrite blanche Écran enbois tropical zitan et cm. Chartres, 28 octobre. Galerie de de Galerie octobre. 28 Chartres, cm. Montant adjugé : 1 040 000 € 000 1040 adjugé : Montant Methodology Qianlong (1766)Qianlong © Galerie de Chartres de © Galerie Chartres SVV Chartres (the confidence interval is defined above). defined is interval (the confidence +/-within be 1.5% will figure turnover auction global on the margin error the that a 95% probability we estimate quality, of data terms (close year to 11.2%).(16.3%) last than higher in Finally, but slightly low fact in is operators, of the majority numerical the it concerns if even method, econometric the by using calculated data representing figure turnover aggregate the of The proportion &Collectibles). (Art market this in active are that countries for 54 2012turnover the from auction global the to calculate us allowed exercise conclusion,In this at +/-estimated 1.5%. interval confidence satisfactory avery we observed method, econometric the using obtained those with estimated thus figures turnover aggregate 400 ofaverage the the comparing After figures. turnover aggregate were to these applied equations the not and is known) turnover whose those with known is turnover whose those including randomly groups (each 400 of the calculated was worldwide identified operators 2,601 out of the 1,800 groupsdifferent of 400 forturnover aggregate The were measured: intervals confidence level, 0.14%.of global the figures Lastly, at real the from difference average an with encouraging were extremely results The times. 400 performed was operation This data. real the to compared and by modelling re-calculated was operators of these 50% hidden, of randomly figures, turnover The auction reliable. most the considered be can which French data operators’ onconducted the were tests performance the method, validating Before finally 3.3.2
Validation 87
Chapter 02 Chapitre 02Chapitre 67.4% 2011). in 2011) (to from 66.3% slightly of weight France’s fell the regions while represented 33.7% region (vs. Ile-de-France 32.6% in surrounding 2011)in (after of22.7% France’srepresented 24.5% total the and operators Parisian structures, new of these creation the Following CVV. the with operators auction as 2012, brokers registered eight In conditions. certain under out auctions brokers to carry merchandise of reforms 2011, by the created way fornities paved the which the opportu by explained be can companies of new number high The VAOs new 28 and entity asingle merged into were created. 5 companies, by other 2were absorbed trading, ceased 5 operators dates, two these Between earlier. at 412, up 4% 396stood ayear from (CVV) ventes(VAOs) volontaires des Conseil the with registered At of 31 Voluntary Operators number Auction 2012, the December Structure A. I. p l es ventesv es ub Operators Presentation of Voluntary Auction li ques en fr o l ont * Hors Paris * Hors a + 16 depuis 2006 et +12+ 16 et 2009 2006 depuis depuis 273 2009 +3depuis et 2006 - 1depuis 38 2006 + 23 depuis 101 nc ai
res a res e OVV en régions Île-de-France * Île-de-France régions en OVV
OVV àParis OVV OVV dans les autres régions autres les dans OVV ux en c hères 88 - Total Total OVV« volontaires uniquement * » CPJ de études OVV des à adossées Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les which represented 78.9% of declared staff at end-2012 staff represented 78.9% ofcompared declared which 2012 in created jobs were new contracts, open-ended Most of the 2012, VAOsIn up 13% people, employed to 2011. compared 2,565 B. judiciaires :commissaires-priseurs CPJ total. of the quarters 310 to three suggest 2012, equivalent in figures our high: still was activities sales by judicial backed operators 2012 brokers).in (94 the excluding However, of French number the from to 58 2007) 102 risen (in has it five years last to grow. the Over 2012)in operators as auction continued brokers certified 8news the auctions (including voluntary only conducting of operators The number Employment patterns amongEmployment VAOs patterns in 2012 3 000 1 000 1 500 2 000 2 500 500 0
Number of Voluntary Auction Operators (VAOs) Operators Auction Voluntary of Number 2002 2 198 340 317 2008 23
Trends in VAO staff numbers VAO staff in Trends 2007 381 323 58 2 063 2009
2008 386 324 62 2 210 2010
2009 385 318 67 2 262 2011
2010
393 316 77 2 565 2012 2011 396 313
83
2012 412 310 102 89
Chapitre 02 Chapitre 02Chapitre market increased again last year, particularly in the used vehicles vehicles used the in year, particularly last again increased market the on influence whose of operators, number asmall around market the of of concentration types growing the VAO different the reflects among distribution their and in employee numbers increase The volume of business. in growth the than faster grow requirements these etc.) that and communication, marketing, logistics, appraisal, computing, services, legal and (accounting of services a range of offering capable structures need operators more the the increases, volume business as that we have observed fact, employees.new In of numbers significant recruited 2011, already operators largest the In proportionally. more grows than number turnover, the higher towith consider operators we move ranking as up the contrast, By little. employees changed of salaried turnover), number average the of auction (in operators terms smaller the Among companies. the of size on the depending uneven, fairly was operator headcounts growth 2012, the In question. in company of the volume of activity perstaff the largely on depends salaried VAO of The average number companies). different several with contracts have may employee by asingle as employed contracts actually these people of number the than rather contracts salaried of number the concern figures These from2011 in 13.8% fell to staff 2012.in 11.0% percentage temporary of The of trainees. number the did as stable, 76.9% remained 2011. in with contracts fixed-term of The proportion CDD CDI Progression annuelle Progression Total Intérimaires Stagiaires commissaires priseurs commissaires salariés autres priseurs commissaires autres salariés autres 2012 breakdown of VAO employees by contract type contract by VAO employees of breakdown 2012 Temps partiel Temps plein Temps partiel Temps plein Temps partiel Temps plein Temps partiel Temps plein Temps partiel Temps plein Temps Effectifs 2 565 1 410 13% 283 106 327 247 32 88 23 41 5 3 2012 11,0% 12,7% 55,0% Part 1,2% 3,4% 0,9% 1,6% 4,1% 0,2% 0,1% 9,6% 90 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les Tranche d'adjudication (en d'adjudication Tranche millions d'euros) millions [10-50] M€ [10-50] [1-10] M€ [1-10] > 50 M€ 50 > < 1 M€ 1 < and auction room sharing, etc. room sharing, auction and appraisals estimates, valuation fees, seller buyer and activities: auction to operators’ related directly of exclusively income almost consisted 2011 the figures income sales, auction beyondvoluntary activities force 2011) on 1September their to widen operators auction enables 2011 law July of 20 the into (which came although that Note also available. information of the quality on the dependentis analysis in our used data The receive. operators the that incomes different of the sum to the former corresponds the whereas accounts, party third in recognised are latter the turnovers: sales their as thing same the are not which incomes and operators’ profits of accounting operators’ examination to the limited was analysis Our 2010. in recovered somewhat market before the collection) -Yves Laurent Bergé Pierre Saint of the sale to the thanks positive was 2009 in French for market the data (even overall the of crisis if years two preceded for sales, auction year aremarkable 2007, was which to 2011. presented therefore below. are of data Five Note years that relate report this writing of time the at statements available financial 232-21 The L. of Commerce. French Code of the seq. et Articles with accordance in court commercial the clerkthe of with filed statements earnings and sheets of balance non-nominative exploitation the from each of positions collected was VAO. financial data This the of complemented been by has details turnover auction concerning data the reports, work previous presented in the continuing and market of the analysis economic the to extending a view With C. provide. cannot operators smaller that services offer complementary can who on staff new takes structure new entity, the merge asingle into companies several When domain.
Financial position of VAOs of position Financial Nombre d'OVV Nombre 174 202 27 9 CDI 409 254 897 465 Effectif salarié (hors stagiaire) Effectif CDD 17 19 53 48 Total 426 273 950 513 91
Chapitre 02 Chapitre 02Chapitre decrease, and well below the 2007 level. 2007 below the well and decrease, 2011 to a to amounted EUR 16% profitscorresponding 31.15 million total time, 2012 by in same 6.5% 618.1rose At to EUR the million. operators all income by generated that total show tables aboveThe data Raw averages. these from compiled ratios several table offers last The of operators. number by the raw data the dividing from obtained series)the averages present first the from Two (compiled tranche. tables other turnover auction of per operators and incomeprofit collected: as data rawthe all of present first tables The following (nottranches. turnovers incomes) different four in auction annual to their We according operators the have grouped segment. activity end-2011). thereforedefined each foras averages is presented data The at terminated not activity first of 18-month (not period or filed, yet were not no longer or accounts are available annual certain that fact the by explained operators). is difference The of 396 certified total companies (outconsidered364 of a analysis 2011,In financial our 92 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les the operators in the different turnover tranches : tranches turnover different the in operators the of health financial the in disparities wide and profits in deterioration 2011 in operator ageneral incomes and masked turnover auction of level good overall the that reveals data average of the Analysis deration) consi under VAOs of tranche in /number tranche turnover per turnover (total turnover auction =average AHP ratios Some Average profit Average income data Average whole still looked fragile. fragile. looked whole still as a tranche the and low Average level. very profit 2007 its remained 2011. 2011, in Average arecovery despite below income, remained - 2007 period 5-year over stable therefore the was and levels 2007 and to 2009 returned tranche 2011, this In in turnover auction the .
Annual operator turnover of less than EUR 1m EUR than of operator less turnover Annual 93 -
Chapitre 02 Chapitre 02Chapitre reaching around 5% 2011 in around reaching (ratio turnover/operator of to decline, auction income) continuing is profitability commercial profits. Its generating having is sector the difficulties structural the 2%), (below weak very is reflecting ratio VAOs profits/turnover For the all that together, we observe taken declined. incomes tooperator 2011, and 2007 from turnovers auction period 5-year both the In of volumes activity. with pace keeping not is necessarily bility but profita well, performing still is sector The profits. in but adecline 2010 in income 2011, and and turnover both in We growth observe company. of a single performance the by influenced heavily be can data consolidated the so companies, few very contains tranche This scroll; Chinese imperial of an sale the 2011in profits from high exceptionally generated operator that single to a thanks 2010over 2011,and profitability in partly was this but recovery asharp suggests ratios of earnings Analysis 2009. since trend (+1.9%). income average was as erratic an Averageafter profits rose, (-2.3%) stable fairly was over tranche Turnover 2010 this 2011, and in to reduce costs. needed restructuring implement the to struggling are they of volumes activity, their maintaining while difficulties; having are tranche this in operators most that suggest of one company. would under-performance This to the part large over 2010-2011, steady was income in 43%, due steep a profits fell operator Although level. 2007 to its 2011, back climbed turnover In of theoperators. number of terms in tranche largest the is This . . . Annual operator turnover of 50m operator over turnover EUR Annual 50m EUR 10m and EUR of operator between turnover Annual 10m EUR 1m and EUR of operator between turnover Annual 94 - rayonnants, belle bordure rayonnants, fleurs sur neuf registres registres neuf sur fleurs de riches guirlandes de de guirlandes riches de Ypsilanti de Grèce, princes de de princes Grèce, de Ypsilanti 220 cm, larg. 330 cm. Famille Famille cm. 330 larg. cm, 220 appliqués et à appliqués aiguille HBruxelles, vers 1860. Long. Long. 1860. vers HBruxelles, à frises de piastres et et piastres de à frises de Bruxelles à motifs àmotifs Bruxelles de finedentelle blanche Chartres, 26 mars, galerie galerie mars, 26 Chartres, Montant adjugé : 5 800 € 5800 adjugé : Montant Moldavie et Valachie. Voile demariée, Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les © Galerie de Chartres de © Galerie Chartres SVV. Chartres palmettes.
VAOs new 28 the 2012. in for 12 of transactions of declared absence an include did decline this 2011) 2012 in 6m 5.9m EUR (EUR in year-on-year down vs. although VAO per turnover average 2012. Also, in French houses auction was of number the in increase sharp the with pace not keep did market the French of growth turnover annual the since more significant the all slowdown to 2012is 3.7%. This 2003 was from growth turnover annual average reforms, 2011.Since in recorded 2002 the 8.6% growth the slowdown a to net compared marks nevertheless growth This 2011. in billion 2.38 EUR up from billion, 2.42 of EUR high all-time 1.9% 2012 LTurnover grew in an to reach segments for fees all excl. sold. being of goods type the of a question essentially is difference the and market, two-speed at adistinctly now we are looking fact, In growth. slowdown in clear a reflects increase the although volume of its activity, in increase overall an to post managed nevertheless French sector auction 2012, the in France in conditions economic unfavourable Despite A. t II. A slowdown ofactivity 1.1. rends French on the market in 2012
Overall trend 95
Chapitre 02 Chapitre 02Chapitre 1000 M 1000 M 1500 M 2000 M 2500 500 M 500 0 M 0 € € € € € €
1 747 2003 from 42.9% in 2011. in 42.9% from up 44.8%, revenues to national share of its lift to strongly sufficiently grew Equipment sector Used Vehicles the &Industrial contracted, sector &Collectibles Art the While trends. showed divergent sector 2012 of activity, areas three the in conditions economic similar were what relatively year, highlighting last until little changed sector of weight each relative the Although Horses. and Equipment, Used Vehicles &Industrial &Collectibles, Art broad sectors: three intobe broken down can market The French auctions public
44,8% 1.2. 1 776 2004
French auction turnover, EUR millions; excluding fees excluding millions; EUR turnover, auction French Sharp differences between sectors between differences Sharp 1 949 2005
French auction turnover by sector in 2012 in sector by turnover auction French 4,6% 2 202 2006
2 222 2007
2 042 2008
50,6% 2 238 2009
Chevaux Matériel industriel et d'occasion Véhicules Art et objets de collection 2 190 2010
2 378 2011
2 423 2012 96
Renault Trafic DCI115 funéraire Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les Montant adjugé : 14 800 € 14 800 adjugé : Montant Five Auction Marseille Auction Five . . . by : particular in explained be can sector Collectibles & Art the slowdownin The 2011). in +11.8% 2011) 0.9% (vs. only in gained 8.4% sector growth Horses the and -1.8% back slipped sector (after &Collectibles 2011, Art the while 7.4% strong its in behind not far of rise 6.5%, 2012 revenue growth therefore posted Equipmentsector The Used Industrial & Vehicles reach. nationwide a with of operator anew appearance the and sales online in increase sharp by a grew, boosted that segment vehicles used the only it was sector this within and Equipment sector Used Vehiclesby the &Industrial solely generated almost was 2012 the increase sectors, main three the in steeply climbed year, turnover when previous to the contrast In Equipment sector held steady thanks to : thanks held steady Equipment sector Used Vehicles of the &Industrial growth the time, same At the
2009 2012-2013). (according to Wealth-X’s report individuals World wealth ultra of ultra-high-net-worth number the in by a drop sector, caused high-end of level, the international at an contraction, overall An 2011. in activity bolstered had which demand, Chinese in A fall 2012. in for sale lower of collections number a particular, in with, artworks offer A reduced of prestigious 97
Chapitre 02 Chapitre 02Chapitre . . . has not yet managed to return to pre-crisis levels of activity. of activity. levels to pre-crisis to return not managed yet has to 2010. sector 2008 This from of activity followed adecline itself that 2011 2012 a in after sluggish recovery was Horse sector the Finally, vehicle. per price hammer average the 4% in of around drop a coupled sold at with auction, of vehicles number 10% the in than of more increase to an corresponds Equipment sector & Industrial enchères Automobiles (ASVA) Used Vehicles of the 6.4% growth the Ventes de Sociétés des aux Association the from to data According
sale, which enable specialised operators to widen their clientele. clientele. their to widen operators enable specialised which sale, for good of presentation the no physical with virtual purely are that those particularly vehicles, of used auctions online in Growth prices. in adrop triggering for is vehicles demand where falling aclimate in alternative now represent areal they overlooked, relatively therefore are and lower margins with tendassociated to be auctions Although market. on to the coming vehicles used number of ever-expanding the absorb to insufficient are privately to sell use professionals market and operators rental that channels distribution traditional contracting, is where demand environment an In of volumes vehicles. high of sale the enables system the auction which with ease The bonuses, etc). no claims premiums, scrap as such by measures stimulated were that (sales past the sold in of vehicles new number to the linked is which themarket, on vehicles used of number large The 98 Progression annuelle Progression annuelle Progression annuelle Progression annuelle Arts et Objets decollection Total Sous-total VO*et Matériel Industriel Chevaux Véhicules d'occasion Sous-total collection Autres objets de Art et Antiquités Ventes courantes Joaillerie et Orfèvrerie Matériel industriel Vins et Alcools Sous-total Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les 1 turnover (the actual transactions still take place on the different sites sites different on the place take still transactions (the actual turnover French auction total in Ile-de-France of weight the the increasing thereby operators of these accounts of the atransfer merger caused (1) the provinces in thembased of most players, ofexisting five activities the combined Carmen-Alcopa Ile-de-France. the in based of Carmen-Alcopa establishment the from 53.9%primarily came 2011 in growth to 55.4% 2012. This in from climbed region 2011.Ile-de-France thein of share market The 1.28 billion EUR from billion 1.34 to EUR rose region this in operators 2012. Total in 139 2012by generated accentuated the turnover further dominance This region. Ile-de-France surrounding the and Paris in concentrated been historically has market The French auction B. category. sales” “Miscellaneous first categories, the in certain in particularly fluctuations turnover sharp were there why explains this case; the been activity, of always not has breakdown this sector the of terms in 2009 since stable remained has questionnaire the Although Note : Saxon countries: collection vehicles, stamps and coins, old books and manuscripts, militaria, toys, posters, posters, toys, militaria, manuscripts, and etc. books old coins, and Anglo- in stamps vehicles, “collectibles” as collection classified countries: usually Saxon are that goods to corresponds category Collectibles Other The 1747 M€ 709 M€ 698 M€ 426 M€ 426 M€ 970 M€ 57 M€ 57 68 M€ 68 51 M€ 51 11 M€ 11 10 M€ 10 2003 2003 2003 Geographic presentation ofthe market Geographic 1776 M€ 789 M€ 780 M€ 456 M€ 329 M€ 915 M€ 61 M€ 61 +11,2% 73 M€ 73 51 M€ 51 17 M€ 17 +7,2% 9 M€9 +1,7% -5,7% 2004 2004 2004 1010 M€ 1949 M€ 867 M€ 852 M€ 443 M€ 455 M€ +10,4% 53 M€ 53 72 M€ 72 46 M€ 46 14 M€ 14 14 M€ 14 +9,9% +9,7% -1,4% 2005 2005 2005 Voluntary auction turnover, excluding fees, 2003-2012 fees, excluding turnover, auction Voluntary Economic data by sector and by year by and sector by data Economic 1224 M€ 2202 M€ 875 M€ 105 M€ 837 M€ 661 M€ 374 M€ 103 M€ +21,2% +42,5% 61 M€ 61 38 M€ 38 24 M€ 24 +13,0% +1,0% 2006 2006 2006 1224 M€ 2222 M€ 885 M€ 811 M€ 795 M€ 246 M€ 114 M€ +10,8% 88 M€ 88 72 M€ 72 74 M€ 74 21 M€ 21 +1,1% +0,9% -0,1% 2007 2007 2007 1085 M€ 2042 M€ 855 M€ 775 M€ 714 M€ 171 M€ 107 M€ 102 M€ 70 M€ 70 81 M€ 81 23 M€ 23 -11,3% -10,1% -3,3% -8,1% 2008 2008 2008 , a new used-vehicle operator,, anew 1220 M€ 2238 M€ 916 M€ 840 M€ 878 M€ 145 M€ 108 M€ 102 M€ +12,5% 73 M€ 73 76 M€ 76 17 M€ 17 +7,1% +9,6% -0,2% 2009 2009 2009 1142 M€ 2190 M€ 950 M€ 872 M€ 776 M€ 101 M€ 137 M€ 98 M€ 98 91 M€ 91 78 M€ 78 37 M€ 37 +3,7% -6,4% -4,2% -2,2% 2010 2010 2010 1020 M€ 1249 M€ 2378 M€ 926 M€ 866 M€ 147 M€ 109 M€ 102 M€ +11,8% 91 M€ 91 93 M€ 93 43 M€ 43 +9,4% +7,4% +8,6% 2011 2011 2011 (1) 1086 M€ 1005 M€ 1227 M€ 2423 M€ 825 M€ 171 M€ 110 M€ 91 M€ 91 98 M€ 98 81 M€ 81 43 M€ 43 , The +6,5% +0,9% +1,9% -1,8% 2012 2012 2012 99
Chapitre 02 Chapitre 02Chapitre turnover below EUR 10m in 2012 : Alsace, Franche-Comté, Franche-Comté, 10m below 2012 EUR in turnover :Alsace, 10 VAOs fewer than with each regions, aggregate generated Six 2012. in total national of for the 80% accounted regions four these and Ile-de-France the Total from region. turnover Ile-de-France the of after operators number 2nd highest with region Alpes-Côte-D’azur Provence- Horse the sector, and the in auctions international hosts which region, Equipment player), Basse-Normandie the Industrial Used Vehicles by a leading & (also strengthened Midi-Pyrénées the turnover: in 200m EUR 100m and EUR between with regions three Equipment sector. There follow Used Vehicles the in & Industrial of presence major players to the turnover, thanks in million 200 EUR exceeds that region only the is Brittany Ile-de-France, the from Apart another. from to region one markedly differs The activity level of players. Ile-de-France surrounding and Paris for the 9.7 million to EUR compared operators, 273 for regional the year per 3.9 million therefore The is EUR revenueaverage per operator small. relatively workforce), total 66% of of (with most operators the them regional 273 by generated the is French turnover auction of total half Around regions. to other compared Ile-de-France the in growth real not signify therefore does provinces) and and Ile-de-France the in Produit des ventes par région - de15millions d’euros de 15à50millions d’euros de 50à100millions d’euros de 100à200millions d’euros + de200millions d’euros Aggregated 2012 turnover by region by turnover 2012 Aggregated 100 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les Lorraine Midi-Pyrénées Auvergne Aquitaine Région Basse-Normandie Limousin Pays-de-la-Loire Nord-Pas-de-Calais Picardie Poitou-Charente Provence-Alpes-Côte d'Azur Total FranceMétropolitaine Rhône-Alpes Alsace Bretagne Bourgogne Languedoc- Roussillon Ile-de-France Haute-Normandie Champagne Centre Franche-Comté of the three specific sectors. specific three of the one in generated is turnover 95% of total its more when than specialist a as considered operator is An of activity. sector their and location geographic their on VAOsbased categories five into broad divided be can 2.3 players. Ile-de-France surrounding and Paris ofone the average tenth to 1m, equivalent EUR of around turnovers annual post they average, On buyers. to local sales miscellaneous organise who mainly generalists are 2012). in regions these atin operators all no auction The operators had (the Corsica latter and Lorraine Limousin, Languedoc-Roussillon, Types Auction Operator ofVoluntary Nombre de OVV Voluntary auction turnovers, excluding fees, in EUR millions EUR in fees, excluding turnovers, auction Voluntary 412 139 18 21 15 17 14 12 32 29 13 15 20 17 9 7 4 7 2 6 8 7 Economic performance by region performance Economic Montant adjugé 2011 2 378,0 M€ 1 280,9 M€ 132,9 M€ 131,6 M€ 114,1 M€ 214,3 M€ 28,7 M€ 14,4 M€ 69,3 M€ 25,2 M€ 98,4 M€ 16,1 M€ 10,1 M€ 87,2 M€ 18,5 M€ 66,4 M€ 10,0 M€ 42,7 M€ 4,0 M€ 4,0 0,6 M€ 0,6 6,5 M€ 6,5 5,8 M€ 5,8 Montant adjugé 2012 2 423,0 M€ 1 345,5 M€ 151,0 M€ 129,0 M€ 101,9 M€ 212,1 M€ 13,4 M€ 73,3 M€ 26,9 M€ 95,5 M€ 15,9 M€ 10,0 M€ 88,7 M€ 16,7 M€ 58,1 M€ 10,3 M€ 45,2 M€ 5,2 M€ 5,2 9,8 M€ 9,8 1,5 M€ 1,5 6,9 M€ 6,9 6,1 M€ 6,1 Variation +150% +30% +14% -66% -11% -10% -13% +6% +6% +7% +2% +2% +5% +5% +3% +6% -7% -3% -1% -1% -2% -1% habitant (en €) Dépense par 114,2 22,7 23,7 52,4 38,6 20,8 14,2 87,5 10,2 31,6 66,3 17,7 101 7,0 4,2 0,8 9,9 2,6 7,5 8,3 5,7 5,2 7,7
Chapitre 02 Salle 1-7 Drouot Richelieu, 10 Richelieu, 1-7 Drouot Salle à Montant adjugé : 10 000 € 10 000 adjugé : Montant et deux femmes dénudés se l’intérieur, deux hommes hommes deux l’intérieur, Collection Michel Rullier. Rullier. Michel Collection mars, Fraysse &Associés. Fraysse mars, en fer forgé sculpté France, vers1800 main, la par tiennent © Fraysse & Associés SVV &Associés © Fraysse Chapitre 02Chapitre Clef àdôme long. 13,2 cm. 13,2 long. their tariffs in early-2013.in tariffs their to intend raise they that Artcurial and Christie’s Sotheby’s, houses auction by leading announcement of the 2013, wake in the in increase to belowset are often are Buyers’ fees fees 10%. sellers’ while included, VAT 15% 30%, from range to more than usually rises, price hammer the as diminish which companies, these to The paid buyers’ fees rooms. Drouot auction at the working operators independent the and Piasa Artcurial, notably market, Parisian the players on historical the are there companies to these addition In 10m turnover. EUR in than generate more each that sales theme-based several year each organise who Sotheby’s, and Christie’s like auctioneers international include 2012. They in France in sector &Collectibles Art the in business their of EUR turnover 70% 10.7mof with generate They average events. cultural and Paris’s major exhibitions to linked is that strategy adoptsales operators a These of catalogues. publication the promoted are through and coverage media intense attract auctions French. Most of their of them not all clients, wealthy extremely attracts activity of their portion sector. A large Collectibles & Art the exclusively on almost are 85 focused Thereoperators 2.3.1 based in the Ile-de-France region Ile-de-France the in based and &Collectibles Art in specialised Operators 102 Vichy, 16 juin - Vichy enchères enchères -Vichy 16 juin Vichy, Neuf clefs en ivoire, estampillé estampillé ivoire, en clefs Neuf branches, deux bocaux, deux deux bocaux, deux branches, boites d’anches en galuchat. galuchat. en d’anches boites Montant adjugé : 58 000 € 000 58 adjugé : Montant XVIII Dresden, avec deux petites petites deux avec Dresden, d’une paire d’épées Saxon Saxon d’épées paire d’une entrecroisées, H. Grenser Grenser H. entrecroisées, Basson enérable e s. En étui d’origine. étui En s. © Photographe JH Bayle JH © Photographe Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les SVV of their total activity. activity. total of their 5% for than less accounts sector this though equipment, and vehicles used sell also they because operators Ile-de-France the than selective less also are operators sector. These same the in peer for aParis-based to compared 9.7 staff, of average employs 4.2 an sector & Collectibles Art the in operator specialised regional Each companies. Paris-area of the 1.6m company, equivalent per EUR below the at around far stands turnover average Annual segment. generalist the in mostly sales, catalogue-based and miscellaneous both organise They clients. on local tend they to focus and aresuch 92 operators There l’ de to Place close Rothschild, de Hôtel Salomon the in sales holds regularly Cyr Saint de Cornette belong to Drouot. For example, do not that premises dedicated in have activities operators developed some of these To events. for prestige this, suited have aspace correct no longer houses Drouot auction the of Drouotclosure Montaigne, Champs- the off just Dassault Hôtel Marcel the in front of the in Charpentier, Galerie at the Sotheby’s auctions holds its while Callot, Sœurs des the Hôtel in in in Paris based is Avenue Matignon Christie’s Thus sales. to prestigious clients wealthy very of attracting capable premises, from exceptional benefit houses auction leading These 2.3.2 Regional operators specialised in Art & Collectibles & Collectibles Art in specialised operators Regional é lysée Palace, and Artcurial can be found be can Artcurial and Palace, lysée é lysées. Since the the Since lysées. é toile. 103
Chapitre 02 Montant adjugé : 26 000 € 000 26 adjugé : Montant 20 décembre, Anaf Auto Auto Anaf décembre, 20 RangeRover V8 TD Chapitre 02Chapitre © Anaf Auto Auction Auto © Anaf Land Rover Année 2009 Année Auction sales between private individuals. private between sales private or to organise individuals to private to sell moreare likely who companies smaller the tend operators not with to compete large these on clients, professional focused players. Primarily smaller of the detriment to the leaders afew national around consolidating rapidly is market the and operators, these between competition the intensify to serving is Internet clients. international even and national include to net the to widen them enabled has sales development of online the clients, local to target tended initially companies these Although descriptions. vehicle clear and for sale offered of goods standardisation development by the possible made is This combined. sectors 2012, all in turnover 89.8% online and of total activity represented operators these their 33.5% of of sales internet The sales. to physical linked are that auctions’ of form ‘live the 12% in is and virtual totally is 2012, of 88% which in turnover 325m of online EUR to post them enabling internet, of the use out for their stand 2012.operators These in enjoyed growth strong they average, On combined. sectors all 2012 of the total, to 40% turnover, equivalent in 968m EUR generated 33.4m 16.5 they of EUR employees. and Alone, turnover an average annual with large, are generally They managers. fleet car and companies hire long-term car work with and clients, corporate target tend to vehicles used of sales in specialised 29 operators These 2.3.3 Operators specialised in Used Vehicles Used in specialised Operators 104 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les 48% These generalist players are often active in judicial auctions alongside auctions in judicial active are often players generalist These French turnover. 12% auction just of total for 2012, 1.5m of accounting company in EUR per turnover average with players, specialist the than totals lower sales posting regions, the in based are of them 80% Around Equipment. Vehicles &Industrial and Used Collectibles VAO & Art of all in areactive employees. They half employnearly specialty clearly-defined no with The 198 operators available for sale appears essential to the growth of online sales. sales. of online growth to the essential appears for sale available of goods standardisation Here not is common. yet the too, internet on of the horses sale the 2012. contrast, By in online 36% of sales its Bros made Richie internet. of the use heavy make also specialists equipment industrial The employ of average 9.4 and an staff. turnover French for auction 7% account operators of19.4m total 2012, these in of company EUR per turnover average With Troostwijk. Roux and Bros Richie like specialists goods industrial –and Arqana being leader the region, Basse-Normandie the in based – all of horses sale the in includespecialised operators They clients. international on and focused segments market specific very in specialized are the regions, in arebased which of all category, this in The 8 operators
2.3.5 2.3.4 The generalist operators generalist The Other specialist operators specialist Other 2%
2012 breakdown of VAOs by type by VAOs of breakdown 2012 7%
21%
22%
Généralistes région en situés Spécialisés Véhicules d'occasion en région collection de Art etObjets en Ile collection deArt et Objets - de- France
105
Chapitre 02 Chapitre 02Chapitre the leading player in the Horses sector. Horses the player in leading the by sector, and & Collectibles Art the in specialised companies Paris-based by and rankings, Equipment moved sector, up the which & Industrial theUsed in Vehicles specialists the by dominated thus is classification This fees. excl. turnover of auction terms in the 20 topoperators of ranking the in reflected is 2.3. section in discussed categories operator different the of weight The relative 2.4 of 4.1 on headcounts average. small have relatively also operators These sales. auction on voluntary uniquely concentrates on, which based is report this survey the in not appear does activity their of part that means This businesses. auction voluntary their 6% 40%
2.4.1 2012 ofVAOs ranking
12% General analysis of the ranking ofthe analysis General
Turnover by type of company in 2012 in company of type by Turnover 6%
35%
en Ile collectionArt etde Objets Généralistes région ensitués Spécialisés Véhicules d'occasion en région collectionArt etde Objets - de-
France
106
Rang 13 12 11 10 14 20 19 18 17 16 15 une pièce d’art africain vendue vendue africain d’art pièce une 9 8 7 6 5 4 2 3 1 Montant adjugé : 2 697 000 € 000 2697 adjugé : Montant Paris, 11 décembre, Christie’s. 11 décembre, Paris, République Démocratique du du Démocratique République Meilleure adjudication pourMeilleure adjudication Collection Jean Willy Willy Jean Collection MERCIER AUTOMOBILES MERCIER AUTOROLA AUTOMOBILES ENCHERES AQUITAINE France AUCTIONEERS BROS. RITCHIE AUCTION AUTO ANAF ARQANA CLAUDE AGUTTES CLAUDE ENCHERES MATENCHERES PIASA ENCHERES PARCS VENTES DE MAISON CYR SAINT DE CORNETTE ASSOCIES MILLON ET TAJAN TOULOUSE ENCHERES AUTOMOBILES ENCHERES TOULOUSE ARTCURIAL - BRIEST - POULAIN - F.TAJAN - POULAIN - BRIEST - ARTCURIAL SOTHEBY'S France SOTHEBY'S BCAUTO ENCHERES BCAUTO CARMEN-ALCOPA CHRISTIE'S France CHRISTIE'S GUIGNARD ET ASSOCIES ET GUIGNARD Congo, 11 décembre 2012 11 décembre Congo, Reliquaire Nkundu Reliquaire Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les © Christie’s Images Ltd, 2013 Ltd, Images © Christie’s aux enchères. aux Mestach Nom Ile-de-France Aquitaine Haute-Normandie Rhône-Alpes Nord-Pas-de-Calais Basse-Normandie Midi-Pyrénées Ile-de-France d'Azur Provence-Alpes-Côte Ile-de-France Ile-de-France Ile-de-France Ile-de-France Midi-Pyrénées Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Bretagne Région VO et Matériel Industriel Matériel et VO Industriel Matériel et VO Industriel Matériel et VO Industriel Matériel et VO Industriel Matériel et VO Chevaux VO et Matériel Industriel Matériel et VO deCollection Objets et Art Industriel Matériel et VO deCollection Objets et Art deCollection Objets et Art deCollection Objets et Art deCollection Objets et Art VO et Matériel Industriel Matériel et VO Art et Objets deCollection Objets et Art Art et Objets deCollection Objets et Art VO et Matériel Industriel Matériel et VO Art et Objets deCollection Objets et Art Industriel Matériel et VO VO et Matériel Industriel Matériel et VO Secteur 103 M€103 153 M€153 25 M€25 M€27 M€34 M€53 40 M€40 M€60 M€31 M€27 M€56 M€41 65 M€65 94 M€94 97 M€97 64 M€64 77 M€77 4 M€ 4 2007 - - Montants adjugés 101 M€101 157 M€157 125 M€125 165 M€165 149 M€149 31 M€31 M€42 M€39 M€56 29 M€29 19 M€19 M€30 M€25 M€31 M€33 M€29 16 M€16 80 M€80 98 M€98 2011 - 105 M€105 111 M€111 112 M€112 152 M€152 161 M€161 161 M€161 181 M€181 167 M€167 36 M€36 M€37 M€39 M€60 30 M€30 22 M€22 M€23 M€24 M€24 M€29 M€29 19 M€19 2012 107
Chapitre 02 Chapitre 02Chapitre Ventilation des montants réalisés par les 20 principaux opérateurs 36,3%. 8,5 « relevaient de et Matériel industriel Matérielet en 2012,illustre la montéeen puissance des opérateurs spécialisésdu secteur « (contre français. année, Cette cinqinternationales deshuit sociétés déclarées figurent dansclassement ce sociétés Les internationales d’occasion etd’occasionindustriel Matériel repli globalle en lien avec leurd’activité.de secteur Uneautresociété du « secteur respectivementà la troisième et à la cinquième place en 2012 a © Copyright© Bluestone fonctionEn secteur sude spécialisation des opérateurs deux Christie’s collection Automobiles L’analyse opérateur de ventede chevaux. marchésociétés des internationales reculeen 2012 d’euros, Bonham’s et Roox Trootswijk. Le montant adjugé cumulé de ces 8 opérateurs s’élève à 555 millions internationalesn’en fontpas partie
Chevaux to 36.3%. to 44.6% from points, 8.3 lost sector & Collectibles Art the and 6.9%, to 8.5% from falling 1.6 lost points, represented solely by Arqana, Horse sector, the 2012. contrast, By in to 56.8% climbed that level sector, a this from came companies leading top 20 of the turnover 2007, In of the 46.9% Equipment specialists. Vehicles &Industrial Used of the growth the 2012, underlines and 2007 in core activities on their based operators top 20 of the turnover of the analysis An auctioneer. Arqana and used-vehicle specialist, another Automobiles of Toulouse Enchères ahead place, to 6th dropped 2012 in and contract player, activity saw its &Collectibles top Art Enchères Equipment sector, BCAuto Used Vehicles the in &Industrial company Another of activity. sector their in decline overall the with line in fell turnover 2011, in 2012, after in spot to 3rd 5th and slipped Christie’s players. existing five merger out between ofcreated the company,a new is vehicles, of used sale the in operator specialised an Carmen-Alcopa, Note that positions. players top out two of the &Collectibles Art the pushed having ranking, general the in places & Associés Guignard – sector’s of the specialists two that is Equipment sector Industrial the Used in & Vehicles growth of signs significant most One of the
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18
Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les turnover in France. in turnover 2010. in alone2012 generated The top 600m 5 operators 33.9% of total 697m2011 top EUR 5 in by generated the the 37% and more than up 822m, 17.9% of EUR 2012 turnover in operators posted EUR on the largest five the fact, of players. In number small by avery driven thereforebeing is earlier mentioned consolidation trend towards The 2011 in 29m EUR from 2012. 19m to EUR in fell threshold entry the time, same At the rankings. the in operators largest the the of weight lifted temporarily collection Bergé Pierre Yves of the / Saint-Laurent sale Christie’s when 2009, in achieved 60.2% the even beats level high exceptionally to 63% 2012. This in 2011fromin 57% the20 rose top of share 1.36 billion).market The (EUR 2011 on 11.7% up in 2012, billion 1.52 EUR was It increase. continued to has thetop of operators 20 turnover total The 2011. 2012 23.5% from in in to 22.9% declined players 558m 2011.international EUR the in from of share market The 555m, to EUR amounted down companies eight of these turnover 2011, in total was 2012, the In which Trootswijk. Bonham’s Roux and Manheim, top 20: the not in are companies international other three 2011): Autorola. The Bros and BCAuto, Richie Sotheby’s, Christie’s, in (down top 20 the six among from are companies international declared theeight 2012, five In of Frenchplayers market. on the important still are companies international years, previous in As 2.4.3 2.4.2 Market consolidation continues to accelerate to continues consolidation Market Presence of international companies ofinternational Presence 109
Chapitre 02 OVV développantaussi une activité OVV développantexclusivement une activitévente de physique Chapitre 02Chapitre de ventesde électroniques Champ Total services. auction to offer operators online medium-sized and of small number large enable a which Interenchères, and offered Drouot by those as such portals, auction online emergence of specialised to the linked is 2011. in increase operators 30 only upsteep from This virtual, purely are that or sales sale, a physical coupled with are that auctions’ ‘live of form the in either sales, online conducted had they that declared 2012:in 98 operators strongly grew auctions of The online number enable significant time savings. time enable significant sales for whom and online simultaneously of vehicles number a large who trade at professionals, primarily aimed amarket is vehicles used of sale the for Finally, buyers. of surprises bad risk the reducing thus vehicle, of the condition about the details clear include that forms standardized using described are vehicles Secondly, the for sale. goods of the examination for need areal-life less is there that means sector, which &Collectibles Art the in those than heterogeneous less are for sale goods the Firstly, selling. to online easily-adapted most the nature by their are Used-vehicle sales Equipment specialists. by generated Used Vehicles was turnover &Industrial internet-based 2012. 92% in of 15%represents French turnover auction of total 373m EUR 2012, reached up 86% in on 2011. turnover online This Total VAOs activity auction development online of an declaring 2.5 2.5.1 Internet usage becomes standard usage Internet OVV déclarant développer une activité d’enchères sur Internet sur d’enchères activité une développer déclarant OVV 2002 337 340 3 Online auction turnover up steeply :+86 % steeply up turnover auction Online 2007 374 381 7 2008 376 386 10 2009 371 385 14 2010 368 393 25 2011 366 396 30 2012 314 412 98 110 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les have been adopted by buyers and sellers alike : alike : sellers by adopted have buyers and been to appear systems auction At two present, countries. Anglo-Saxon in than France in afoothold slower have been to auctions gain Online . . seller, authentication, appraisal, presentation and a description of the of the a description and presentation appraisal, seller, authentication, VAO the between of sale the of amandate and existence the particular, in to, and subject are they regulations the respect them who organise the if as auctions VAOs qualified be only can systems sales Online sales. to physical linked 71m auctions live EUR from and sales online from 302m 2012 of EUR turnover declared survey the covered The operators by sales. by generated online was auctions internet-based 2012 from of most the turnover included, sectors All
online. Goods for sale are usually available for several hours. for several available usually are for sale Goods online. made be only can Bids internet. on the visible only are objects the and online, exclusively place take sales these sales: Online telephone. by or room auction the in bidding with orders, purchase physical the i.e. sales, on physical based system traditional the with combined is auction of online type This remotely, internet. the to bid via and sale aphysical buyers to track enable potential :these auctions Live 2.5.2 Breakdown of 2012 online turnover by type of operator of type by turnover online 2012 of Breakdown 92% online sales online and auctions live auctions: ofonline Two systems
7%
1%
VO et MatérielVO et industriel Généraliste Art etObjets decollection
111
Chapitre 02 Montant adjugé : 4 500 000 € 000 4500 adjugé : Montant Record de l’automobile la plus plus la l’automobile de Record 13 février, Artcurial - Briest - -Briest Artcurial 13 février, © Artcurial – Briest – Poulain –F. Tajan –Poulain –Briest © Artcurial 1959 FERRARI250 GT Record mondial pour une une pour mondial Record CALIFORNIA SPIDER chère vendue en France en vendue chère Ex RogerEx Vadim Poulain - F. Tajan. -F. Tajan. Poulain Chapitre 02Chapitre California LWBCalifornia was put into effect immediately. put effect into was The request consumers. among of confusion risk any of eliminating aim the more with accurately, activity its to describe and sales auction reference to on website its all visible Terms its offrom Sale &Conditions –to delete CVV by the regulated sector the not come does under and 312-3) L. (article code French commercial of the terms to the according not is aVAO –which Artprice requested then CVV the that context this within It was activities. brokerage online and operators auction between distinction the moved to clarify 2012 Conseil early the In consumers. to activities present their sectors on how both players in vigilant highly to be Conseil forced the has sector non-regulated the and sector public auction the regulated between distinction the of complexity The activities. two the between confusion in avoiding vigilant is CVV the and guarantees these do not offer latter the that in firms brokerage online from differ operators These bidder. highest to the automatic sale the lastly, and for sale, goods 112 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les online auction portals that enable the operators to : operators enable the that portals auction online specialized use Rather, they infrastructure. auction online own their do not operators sector, operate auction most &Collectibles Art the In professionals. sector of most whom are clients, to their known well are web that sites VAOs sectors’ the To bidding). own this, online have achieve their on (i.e. solely based sales by generated ‘dematerialised’ was turnover sector, 85% of online this In popularity. gaining fast therefore is and adapted better appears model sales online virtual sector, the Equipment Used Vehicles the In to another. &Industrial sector from one strongly varies sales and online live auctions of use The . .
Improve their client tracking. client Improve their internet, the on listing fromnatural a Benefit 2.5.4 2.5.3 15% online auctions in the form of “online sales” of“online form the in auctions online of 85% Equipment: Vehicles &Industrial Used in Live auctions Live in place took sales %ofonline 73 &Collectibles: Art Breakdown of 2012 turnover in Used Vehicles & Vehicles Used in turnover 2012 of Breakdown Industrial Equipment sector Equipment Industrial 85%
Live auctions Ventes online
113
Chapitre 02 Chapitre 02Chapitre EUR 0.6m in Used Vehicles & Industrial Equipment. Equipment. Used Vehicles in 0.6m EUR &Industrial and sector VAOs,40 & Collectibles Art 1.9m the EUR in of which for around turnover of online 2.5m EUR Interenchères posted Finally, auctions. online from turnover 2.7m in EUR posted meantime the in Sotheby’s Live. of Christie’s to that fees) 7.5m, to EUR close similar (excl. turnover sector, with &Collectibles Art the in auctions online website for France’s leading became thus 2012, drouotlive.com In 2012. October auction’ since option Hôtel Drouot at the have place a‘live had take that sales where all point to the of afew months, space the in dramatically increased by use rate ago. Theof years two VAOs than less service auction live a Interencheres –Drouot –launched and houses auction leading France’s two auctions. live from came sector &Collectibles Art the in 73% turnover of 2012 system: online sales online virtual a purely than rather sales, physical with combined are that auctions live via primarily pace gathered &Collectibles Art in sales online France, In 73% Breakdown of 2012 online turnover in the Art & Collectibles sector &Collectibles Art the in turnover online 2012 of Breakdown
27% Live auctions Ventes online 114
OVV ayantrépondu aux relatives à questions Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les l'internationalisation des ventesl'internationalisation des foreign sellers (incl. the EU). (incl. the sellers foreign by owned of goods sale by generated the is turnover 5% of their only EU countries), whereas other buyers from (including overseas by to purchases corresponded turnover 34% of operators their these For French turnover. for auction 67% of accounted total subject this on questions survey’s to our that replied The buyers. operators tional interna from interest growing is enjoying market The French auction 2.6. turnover on Drouot Live in2012. Drouot on turnover 51% and of sales number of the 30% of total represent buyers Foreign &Collectibles. Art for site France’s auction no. 1online currently Live is Drouot fees),(excl. Soulages. by apainting for 2012 in Drouot Liveprice EUR on was hammer 140,000 highest The fees). (excl. 800 EUR around Live is Drouot on alot for bid average The range entire of prices. the cover transfers, bank or card credit by for are of which paid majority vast the transactions, Online buyers. are overseas 20% of which users, 2013,In registered January 33,000 Live had Drouot doubling. almost clients online of registered number the with 300%, more than by Live grew Drouot by generated 2012 turnover sales, all cover not did to2011 compared services aresult, online Drouot’s As when option. popular increasingly this included sales 700 of Drouot’s At end-2012, to close auctions. catalogue-based of its live all in bid to opportunity the buyers offered 2012, has Drouot 1October Since at Drouot Online auctions
An increasingly international activity international increasingly An Part OVV,des en termede montant adjugé 67% Biens achetés par des par des Biens achetés étrangers 34% Parttotal adjugé du montant Biens mis en vente en par des Biens mis étrangers 5% 115 -
Chapitre 02 Chapitre 02Chapitre . . . : following the highlights for of sale goods type to the according turnover total in sellers of weight buyers foreign and of the analysis An Bros (4%) non-French from buyers. (6%),Enchères (6%), (5%) Arqana &Associés Richie Guignard and (13%), turnover, followed by Carmen-Alcopa 22% of their BCAuto 23% and Sotheby’s generate respectively and top players: Christie’s at the concentrated is 551m, offoreigners EUR Most of this fees. excl. to sales from turnover declared operators participating the total, In France. in aresidence own individuals these if to leave going French particularly are territory, goods the that mean not necessarily does France in goods buy foreigners or sell that fact the Finally, buyers. the among of French number nationals the to estimate attempts skews transaction, aprivate in goods the resell then and France, in live buyers foreign might that fact Secondly, the accounts. French from bank made sometimes are payments and by intermediaries handled be can goods since sellers, of buyers or nationality the for to know operators easy not always is it caution however. all, of requires First figures of these Analysis
the generalists. the VAOs the and Equipment sector Used Vehicles the in & Industrial but below it is 1% sectors Horses and for &Collectibles Art the in companies participating for the above 10% turnover just of total is on by average foreigners owned sale for of goods The proportion for 12% account buyersforeign only of activity; forwhom operators, include not operator. generalist does This of the size the and oflevel specialisation to the according 30%, and 20% between is turnover total of buyers foreign in share sector, the & Collectibles Art top the players in the Excluding turnover; total 100m in EUR generate more than who those particular in and specialists, &Collectibles Art the among marked is most theactivity of internationalisation The 116 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les Véhicules d'occasionet Secteur spécialisation de Matériel industriel Matériel Arts et Objets de Arts de Objets et specialist ‘niche’ sales, for which they have gained a good reputation. If If reputation. agood have gained they for which sales, ‘niche’ specialist much lower is (15% buyers in foreign concentrated 30%) is to and of share the sector, &Collectibles Art the in operators other For the sellers. and buyers at overseas aimed strategy marketing have adedicated companies These of sellers. 30% more than and turnover) 75% of total more than (representing France in for sale of goods of buyers 60% for more than accounted residents foreign 2012, in component: international strong a highlighted operators two top the sector, &Collectibles Art the On of sales. internationalization the and sales private particular: in subjects on two focused that on aquestionnaire based 1-hour interviews using operators, 16 among survey out aqualitative carried CVV the data, quantitative on primarily based is which analysis, economic the complete to order In sector &Collectibles in Art sales of internationalisation analysis: the qualitative of Results Généraliste collection Chevaux Weight of international buyers/sellers in sales sales in buyers/sellers international of Weight specialisation of area by operators, participating For Moins de 100 M€ Moins de 100 M€ Moins de 100 M€ Moins de 100 M€ Plus de 100 M€ Plus de 100 M€ Plus de 100 M€ Plus de 100 M€ and according to total turnover (EUR m). (EUR turnover total to according and Montant total Montant total Ensemble Ensemble Ensemble Ensemble adjugé Acheteurs étrangers étrangers Acheteurs (y compris UE) (y compris 12,1% 12,1% 28,9% 20,8% 29,4% 23,5% 22,1% 24,2% 64,0% 27,4% 79,3% Parttotal adjugé du montant - Vendeurs étrangers Vendeurs étrangers (y compris UE) (y compris 11,1% 18,7% 10,7% 13,2% 15,6% 0,7% 0,7% 0,5% 1,4% 0,0% 7,6% - 117
Chapitre 02 Sur un terrain de 4,5 hectares 4,5 de terrain un Sur En bordure de 4voies de bordure En Le site d’Alcopa Auction Rennes Chapitre 02Chapitre Dohr, exclusively specialized in sales of new goods. of goods. new sales in Dohr, specialized exclusively operator, anew from VAO was the sum of this Philippe half More than 2012. in 2m below EUR turnover total with rare, remain also goods of new 14% Sales represents total. sales of the these from turnover sector, &Collectibles Art the in are of most which operators, For these 2012. in conduct of sales such the declared 10% only having operators, of number asmall among concentrated to be appear sales Private acompany’s from inventory.“consumers”, originate must which and to exclude most enough large are that lots in i.e. wholesale, goods new 2011The of sales andreform authorises VAOssales conduct to private 2.7. residents. residents. foreign are who sellers have many nor they do residents, foreign these for strategies marketing havespecific do not however companies These sale). for goods the identify to professionals market and collectors (enabling listings internet etc) and paintings, French modern art, primitive fans, (e.g.: market auction French on the exists that by theme specialisation the buyers: of foreign presence the favour to 15%.below Two appear factors to falls buyers of foreign proportion –the miscellaneous including sales, VAOs all of these by including –i.e. activity annual total the we consider Private sales and goods sales ofnew sales Private 118 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les ...... advantages : certain carry sales private that agree surveyed operators All strategies. development of their it apart do not to intend make and area this in have operators not invested preferable, may be these sale a private cases some specific in 2012. Although in surveyed companies of for the 80% or non-existent even uncommon are sales private sectors, all in operators, other For the sales. private encouraging at aimed strategy active to adopt an sellers) them enables and buyers (both clientVAOs.network wide and profile high Their two for these driver agrowth and development priority a clear therefore is This goods. to high-value-added adapted well are and clients, offered to be can that services one just of the are sales Private Frenchtheir subsidiaries. statements of financial the in sales revenue private from sales to publish them enabled 2011 law July of 20 the simply decades, for several sales private (Sotheby’s in Christie’s), and active who have been market &Collectibles Art the in operators top two For the sector & Collectibles in theArt sales :private survey qualitative of Results have disadvantages : also sales private consider that operators most Nevertheless,
sional operating openly and transparently with the the with transparently and openly operating sional aprofes above all, to be, assumed is auctioneer the since the operator, of image the business may complicate They regulations. tax applicable (eg: goods gold ingots) due to Well to certain adapted value. its to protect time, given for a themarket from the to removegood ability The etc.). issues, privacy, fiscal of motives: variety seller the (for a for confidential remains transaction The seller for the advantage an is sales), which voluntary (compared seller with to the payment Rapid sales). for voluntary calendar (compared fixed to the transaction of the Speed - 119
Chapitre 02 Chapitre 02Chapitre damages or interest payments. or interest damages to recover proceedings prejudice to any without cancelled considered is sale unpaid initial the date that Beyond unpaid. remained that adjudication initial one of month the within for object sale the to represent auctioneer the request can seller unpaid an for example situations: these French some provide solutions to unblock law does operators. auction and sellers both for prejudicial buyer are of the part on the or defaults even reminders repeated after payments delayed payment, immediate requires and binding is acompleted sale that aware notsome buyers always are players. Although to sector concern of non-payment of growing is this problemthe question but of scale the measure to It difficult is 2.8. . . . . communicate about this activity. about this communicate thereforetend They not to case. the rarely remains which buyers, from emanate should demand this consider that and of VAOs majority vast the aresult, sales As do not offer private
They are not greatly in demand among clients. amongclients. demand in greatly are not They reputation. and image their order to enhance in successful are that those to publicise VAOs feel it necessary sales, will private surround to thattends confidentiality Given the work. time-consuming and additional generate They etc).buyers/sellers, of prospective contacts multiple base, aclient maintain then and costs management (to build high generate They auctions. public in fetched those as high as do not generate prices generally They seller. for price the best the of ensuring objective solutions being examined being solutions difficult but defaults: measure… to Payment 120 Chine, époque Qianlong (1736-1795). Qianlong époque Chine, En forme de trois cercles en bronze bronze en cercles trois de forme En bleu, sous verre ; les côtés décorés décorés côtés ;les verre sous bleu, noir et chauves-souris en bronze bronze en chauves-souris et noir doré ; le dos en écaille de tortue. de écaille en dos le doré ; d’une frise de grecques sur fond fond sur grecques de frise d’une décor d’enfants jouant sur fond fond sur jouant d’enfants décor peinture polychrome sur soie à soie sur polychrome peinture Montant adjugé : 950 000 € 000 950 adjugé : Montant doré. Le dessus décoré d’une d’une décoré dessus Le doré. Richelieu, àDrouot Vente Liukongping, Chine Liukongping, Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les Boîte en ivoire et et ivoire en Boîte écaille deécaille tortue 14 juin – SVV Piasa –SVV 14 juin © Piasa those appearing on the list would be informed) and proportionality (the proportionality and informed) be would list on the appearing those (so transparency notably respected, it are defends principles various the that ensure would CNIL the nominative, be would data the that Given to sanctions. liable be would CVV the clearance, Without this Freedom). and for Computing Commission (National CNIL by the prior approval after but allowed, only be would a thatsuch blacklist said has CVV The VAOsthat of payers. bad up alist draw should is possibility Another bidders. by potential sale of money prior to the of asum deposit the is CVV by considered the being options One of the catalogues. the in and of sale conditions and terms the in described clearly be must implemented, if Such measures, impossible. verification makes that atimeframe orders in made purchase or by telephone requests internet, or over auction the certain by refusing reduce risk also buyer’s It references. can prospective for bank the asking as such sale, the before checks certain with mayThe operator proceed received. been of has payment orpayment aguarantee until soldthe object withhold is to option Afirst do exist. tools legal certain protection, total guarantee can that measure no single is there Although times. problem several this discussed CVV 2012, the During preserved. is for all to auctions access of free principle the that to ensure careful be nevertheless, etc), must, they penalties, payment payers bad (late from sellers their and themselves to protect methods of VAOs contractual anumber use While legitimately can 121
Chapitre 02 Chapitre 02Chapitre 1000 M 1000 M 1200 M 1400 800 M 800 200 M 200 M 400 M 600 0 M 0 € € € € € € € €
Jewellery & Gold, 7% for Miscellaneous and 4% &Spirits. for and Wines 7% for Miscellaneous &Gold, Jewellery 8% stable: for remained categories three the other of share The 14%. to reach one year in 2points gained category Collectibles on 2011. of 2points 2012, adecline in Other turnover The Collectibles & Art 67%represented of total category Antiques & Art The Miscellaneous. and &Spirits Wines &Gold, Jewellery Collectibles, Other &Antiques, Art categories: sales five into divided be can sector & Collectibles Art on the Activity 2011, after the2000. reform of result, since best the 2nd is 2012 The figure 1.25 billion. of EUR high all-time to an 2011,of 1.8% versus decline a was rose turnover 9.4% This when billion. 1.23 EUR reached sector &Collectibles Art the in turnover 2012, total In 3.1. t III. principles. these have to respect would initiative Any such on kept record be indefinitely). cannot data 2003 970
A slight decline of 1,8 %in 2012 declineA slight of1,8 2004 he 915 Annual auction turnover on Art & Collectibles in France in &Collectibles Art on turnover auction Annual
Art & Collectibles sector &Collectibles Art 1 010 2005
1 224 2006 (excluding fees, in EUR millions) EUR in fees, (excluding
1 224 2007
1 085 2008
1 220 2009
1 142 2010
1 249 2011
1 227 2012 122
Evolution of art prices – prices art of Evolution (Source :www.artasanasset.com) (Source Mei Moses® World All Art World All Moses® Mei Changes in the index the in Changes Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les Mei Moses (2) 2011.in market art the motor of the principal being after contracted, themarket the top of at prices which in year first the was 2012 crisis, 2009 for except the shows that index the Nevertheless, market. of the end high the trends at sales reflects naturally results, sales Christie’s andexclusivelySotheby’s on based is which index, The Mei Moses employed. methodology of the understanding index an up such drawing of difficulty technical the mind in Bearing Index. World Mei Moses Art by the All here 2012, measured during market art global of the high-end at the in prices a decline 3.2% with consistent trendis This levels. pre-crisis to an 2011,in possible return a 825m11.5% after rise EUR suggesting by 5% 2012 in to declined category &Antiques Turnover Art the in recent years. in of companies new creation due to the by VAOs is organised forincrease 56%accounted of sales 2012. This in basis, or a monthly held on a weekly usually sales, Miscellaneous 2010. in 2011 8,300 and in were 8,970 up from held, 2012, In 9,567 sales growth. year-on-year showed again sector Collectibles & Art the in sales of The number 1,0 1,2 1,4 1,6 1,8 2,0 2,2 These indices are based on an analysis of the prices in repeat sales, i.e. cases where the same object is sold occasions. sold is object different same two the aleast on where auction cases i.e. through sales, repeat in prices the of analysis an on based are indices These
2002 3.1.1 1 (2)
, its analysis requires a certain degree of caution as well as an an as well as of caution degree a certain requires analysis , its 2003 1,1 Art & Antiques : down 5 % in 2012 5%in :down &Antiques Art
2004 1,19
2005 1,45
2006 1,64
2007 1,92
2008 1,98
2009 1,54
2010 1,87
2011 2,08
2012 2,01 123
Chapitre 02 0,8 0,9 1,1 1,2 1,3 1,4 1,5 Chapitre 02Chapitre 01/01/02 1
01/01/03 France (euros) (euros)Totalmonde
generated by the above-mentioned bygenerated sculpture. the 9m EUR 2012, 2011 the despite in in 49m EUR 44m from to EUR time, first for the contract 2008) since December June and in (held sales art Asian their from turnover combined Sotheby’s saw their and Christie’s For example, over recent years. category this in growth underpinned had which demand, Chinese in adecline hide sales of exceptional year. However, end of number the at the at Christie’s 9m EUR asmall more fetched than that sculpture Chinese 2012 a 13th century was in sold at a object French top. auction atexpensive the The most still are objects Chinese concerned, are French records auction as far As www.artprice.com Source : France. in segment middle market’s art the in of business stabilisation a suggesting second, the in recoveredthey 2012, of half first the in to fall continued area on this prices While mid-range. market’s the in conditions difficult the underline to served sector. This on the activity 2011, increased despite in prices in to a drop contracted pointing for France index Artprice the Report, 2011 the we saw in Activity sector. As &Collectibles Art of the mid-range the in exchanged objects regarding more trends on focus price indices Artprice the wider,are they because effect, In index. Mei Moses the than criteria of range a wider account into take which bygenerated Artprice, indices the if we consider different somewhat are conclusionsThe 01/01/04
01/01/05
01/01/06
Trends in art prices –Artprice prices art in Trends 01/01/07 Artprice indices - Global and France and -Global indices Artprice
01/01/08
01/01/09
01/01/10
01/01/11
01/01/12
01/01/13 124
Montant adjugé : 1 020 000 € 000 1020 adjugé : Montant époque Qianlong (1736-1795). Qianlong époque porcelaine bleu blanc porcelaine Dynastie Qing, marque et et marque Qing, Dynastie Liukongping, Chine Liukongping, Vase à six cols en en cols àsix Vase © Sotheby’s/ArtDigital Studio 13 juin, Sotheby’s 13 juin, Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les Paris, 17 cm, Bourgeois sculpture from her Spider from series. sculpture Bourgeois for 3.4m aLouise EUR hammered Christie’s and collection, Mis the of auction the during table 5.1m EUR grande and La for Magritte’s Maar of Dora (incl. fees) portrait 6.3m EUR generated for aPicasso 2012 in Sotheby’s auctions these top sold in lots the Among million. 10 EUR under totals generate sales rarely that art or Contemporary of Modern sales regular to organise ability by their houses auction other out the from stand for 65%. Christie’s accounted Sotheby’s and area, Paris the in based Christie’s), Sotheby’s(including and all category this in operators top 20 the category, whereas & Antiques Art the in for 34% of accounted French turnover auction 2012, they In category. this in French market on operators the important most two Christie’s and France Sotheby’s France remain nevertheless the the nevertheless remain France 125
Chapitre 02 Chapitre 02Chapitre Rang 10 1 6 5 4 3 2 7 9 8 Importante sculpture chinoise en bois du XIIème du bois en siècle chinoise Importante sculpture Edme Bouchardon, buste de Charles Tour de Frédéric La Edme Bouchardon,buste de Pin du spider GT 250 California Ferrari René Magritte, pétrifiée" "Pomme Pablo Picasso,Tête femme de période Qianlong de chinois Album impérial Yves Klein,Monogold titre sans Bourgois,"Spider" Louise André-Charles bas Paire Boulle, cabinets de Marylin multicolores Andy Warhol, offered in 2012. Nevertheless, Sotheby’s, generated EUR 19m from Sotheby’s, EUR 19m generated 2012.in offered Nevertheless, collections 24m), afew were smaller EUR only there brought in which [Gros Delettrez] et Weiller collection Paul-Louis the and Christie’s, at 42m EUR generated which for Gourdon, de example, Château (that of the major collections 2011 of several Whereas sale saw the Lefèvre). 1.5m for Moret-sur-Loing, de (Beaussant le EUR soir,port acquired Le painting, oil Sisley 3.7m EUR aAlfred for (Aguttes) and more than museum Tour la de Frédéric Louvre pre-emptedCharles by the du Pin 7.8m EUR fetched (Joron-Derem), of bust Bouchardon Edme an that period Qianlong the from album silk imperial dynasty a Qing notably threshold, 1 million EUR the crossed that 10around results Drouot generated 2011, in As through 74 operating the houses auction 1933 untitled work for over 2m by an Yves EUR Tanguy. alittle was category this in price hammer highest 2012, the when in not repeated were sales for awork by Lyonelexceptional million These Feininger. French anew record for(setting aPost-War 5.7 EUR and artwork), Staël de by Nicolas for apainting 7million EUR notably works, Contemporary for and some Modern results high exceptionally several since basis was buoyed2011 by comparison difficult from suffered segment Antiques & Art the in 2012 activity Artcurial’s effect, In Art. or Asian furniture Modern Old and Masters, of Old sale the from turnover higher were by not offset declines These art. Contemporary and art of Modern sales from 38.3% and 8.5% of respectively decreases with turnover in atail-off experienced Artcurial , the third-placed operator in the Art & Antiques category, &Antiques Art the operator in third-placed , the Top 10 auctions results in France during 2012 during France in results Top auctions 10 All periods and media combined, EUR millions, including fees including millions, EUR combined, media and periods All Œuvre Millon &Associés Claude Aguttes Europ Auction Europ Joron-Derem Sotheby's Sotheby's Sotheby's Christie's Christie's Artcurial OVV 126 Montant adjugé : 9 025 000 € 000 9025 adjugé : Montant Paris, 19 décembre, Christie’s 19 décembre, Paris, sculpture de Guanyin Guanyin de sculpture vendue en France en 2012. en France en vendue Œuvre d’art la plus chère chère plus la d’art Œuvre Rare et importante importante et Rare Circa nord, du Chine © Christie’s Image Ltd, 2013 Ltd, Image © Christie’s XIII Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les e s., H. 175 cm 175 H. cm s., en bois en 16m from the Hélène Rochas collection. 16m Hélène Rochas the from to EUR close brought in Christie’s and collection Mis of the sale the 127
Chapitre 02 Chapitre 02Chapitre 2012 business: 47% for Cornette de Saint-Cyr and 82% for and Versailles Saint-Cyr de 47%2012 for Cornette business: of their slice for alarge accounted art Modern operators, two For these ranking. this in outside Paris based Saint-Cyr 2011, in as VAOs places, the 5th are and 4th de In lots. Cornette twoexceptional to 2011, compared of sale the from it when benefited Artcurial 3rd was in place Christie’s Behind market. art /Contemporary Modern on the activity of the 2011). fora lacklustre 42.5% accounted operators two 2012, these In Christie’s of ahead French market, the dominated once again twin-segment, Sotheby’s together, segments art Contemporary and art Modern the Combining (24%). &Archaeology Art Primitive (22%) art, art &Modern Asian Impressionist and behind category &Antiques by generated Art for turnover 18% total of the 3rd took accounting segment place 2011, art in As Contemporary the category. &Antiques 2011, 18 represents Art sector %of the this 7m 2011 EUR versus down 14m EUR 2010. versus and million, in As 150 EUR category &Antiques Art of the segment on this turnover 2012, In dynamism. and health cultural of a country’s barometer considered a often are of Post-WarSales art Contemporary and market art Contemporary The Art d'Asie, Arts Premiers, Archéologie, etc. Archéologie, Premiers, Arts d'Asie, Art siècle XXèmedu MobilierObjets d'Art et Mobilier Objets et d'Art anciens Art d'après modernes impressionnistes et Tableaux,dessins, sculptures, estampes siècle XIXème du et anciens estampes sculptures, dessins, Tableaux, 2012 turnover for each sub-segment of the Art &Antiques Art the of sub-segment each for turnover 2012 - guerre et contemporain et guerre Versailles Enchères Versailles and with EUR 28.6 million (up nearly EUR 10 million after after (up 10 EUR million nearly million 28.6 EUR with , which posted turnover of EUR 35.1 million from this this from 35.1 of EUR turnover million posted , which Percentage shares of voluntary auction turnover (excluding fees) (excluding turnover auction voluntary of shares Percentage
9% 24,03%
, with EUR 17.1 EUR 37%, with down million, , the latter being the only operator operator only the being latter , the 16%
10%
18%
22% 128
d'art national contemporain MA le dans ventes les sociétés dans Part premières 5 réalisé des Total Rang Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les 5 4 3 2 1 VERSAILLES ENCHERESVERSAILLES CORNETTE DESAINT CYR MAISON DEVENTES ARTCURIALBRIEST - POULAIN -F.TAJAN - CHRISTIE'S France SOTHEBY'S France Opérateur 1,5 2,5 3,5 01/01/02 Source : www.artprice.com www.artprice.com Source : Post-War artists worldwide. Post-War artists by artworks index for Artprice the in seen be phenomenoncan This market. 2012 on this during prices in decline global a generalised of backdrop the against 2012 occurred during art Contemporary fromin revenueFrench Post-Warauction decline The and to 2011. compared of 4points increase 2012, an in art Contemporary and Modern segments two the turnoveron the total The 68%topfive of operators generated Enchères. 1 2 3
The top 5 operators on the “Post-War and Contemporary art” segment art” Contemporary and “Post-War the on 5operators top The
01/01/03
01/01/04 Voluntary auction turnover in Contemporary art, excluding fees excluding art, Contemporary in turnover auction Voluntary
Prices of Post-War artworks – Artprice ofPrices Post-War artworks 01/01/05
Change in Artprice’s “Post-War” index “Post-War” Artprice’s in Change 01/01/06
01/01/07
01/01/08 100,9 M€ MA 2011 10,1 M€10,1 M€10,8 M€27,1 M€18,9 M€34,0
64% 01/01/09
01/01/10
01/01/11
01/01/12 101,6 M€ MA 2012 11,5 M€11,5 M€17,1 M€28,6 M€35,1 9,5 M€9,5 68%
129 01/01/13
Chapter 02 publié en 1932 aux éditions du « Petit Vingtième ». Vingtième ». « Petit du éditions 1932 aux en publié l'album « Les aventures de Tintin reporter du petit petit du reporter Tintin de aventures « Les l'album « vingtième » en Amérique », 3 Amérique », en « vingtième » Encre de Chine et gouache de couleur réalisée réalisée couleur de gouache et Chine de Encre au mois d'octobre 1932 pour la couverture de de couverture la 1932 pour d'octobre mois au Chapitre 02Chapitre 32 x32 cm. Chine. de àl'encre Signée Montant adjugé : 1 120 000 € 000 1120 adjugé : Montant Remi ditHERGÉGeorges TINTIN ENAMÉRIQUE Paris, 2 juin, Artcurial 2juin, Paris, e album de la série, série, la de album © Hergé / Moulinsart 2012 /Moulinsart © Hergé has been growing steadily for several years now. years for several steadily growing been has segment, Books Comic the in as segment, on this operator’s activity the since Art, Modern and Art Contemporary from it did than vehicles more generated 2012 revenue in Collection from actually Artcurial that – incidental and notparticularly – It significant is sold 1.34m. for EUR work gouache by and Hergé that ink (incl. fees), Indian 4.5m an and by Roger EUR fetched owned Vadim spider that previously California GT 250 aFerrari as such lots of some exceptional sale the from generoussupport received performances solid These manuscripts. and books in 5.2m EUR and 11.8m EUR books comic vehicles, in collection in 26.9m of EUR turnover posted 6.2m).(EUR Artcurial of Sotheby’s (around 10.9m) category, ahead EUR Bonhams this and 25% 43.1m) (EUR in more generated than turnover of total Artcurial others. amongst militaria, decorations, coins, stamps, toys, books, comic books, vehicles, collection of goods: range wide includes a very category This sector. &Collectibles Art the in growth to post category only it the 16.3%, making 2012, it in gained million 171 of EUR for turnover sector. Accounting &Collectibles Art the in category largest second the is Collectibles Other terms, turnover In (1907-1983) 3.1.2 of the market of the % 25 generated :Artcurial Collectibles Other 130 diamants taille brillant Broche clip «nœud de de «nœud clip Broche Montant adjugé : 37.000 € 37.000 adjugé : Montant René BOIVIN (1955) BOIVIN René passementerie» en or jaune, saphirs & saphirs jaune, or Paris, Espace Tajan, 10 Tajan, Espace Paris, Poids brut :41,9 gr. brut Poids Longueur : 6,8 cm :6,8 Longueur décembre, Tajan. Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les Largeur : 3 cm :3cm Largeur © TAJAN turnover followed by D. Giafferi with EUR 4.9m. The top three three The 4.9m. top EUR with followed by D.turnover Giafferi 5.1m EUR with of Auction Cannes Besch was two The number total. sector of to about the 20.9% equivalent turnover, in 9m EUR around with France Christie’s was leader the others, the of 2011. than more is concentrated that a segment In that matched & Spirits Wines 2012 in 43m, the At turnover EUR René Boivin. and Belperron Suzanne Lalique, Renéas such century 20th the of half first the from by artists for works prices hammer by good but also diamonds and gemstones of performance good by the were supported category this in Sales 5.1m EUR (5.1% with each France, total). of the Sotheby’s and France turnover) followed by Christie’s total category’s (5.5% 5.4m EUR of with the Tajan second came total. or 8.6% of the turnover, in 8.4m EUR with ranking the headed 2011, in As Artcurial 2012. in category this 1m in EUR more than generating 19 companies with segment, market concentrated 102m 2011. EUR least from in the is &Gold Jewellery down 98m, of EUR turnover 2012 by 3.9% in with contracted category sales Gold & the Jewellery growth, of years consecutive three After 3.1.4 3.1.3 Jewellery & Gold: 19 seven-figure operators seven-figure 19 &Gold: Jewellery Wines & Spirits: stable turnover stable &Spirits: Wines 131
Chapitre 02 4 bouteilles ROMAN Montant adjugé : 28 000 € 000 28 adjugé : Montant Romanée-Conti 1985 Romanée-Conti Expert Pascal Kuzniewski Expert CONTI (Grand Cru) Besch Auction Cannes la de Domaine © Besch Cannes Auction Cannes © Besch Cannes, 14 aout 14 aout Cannes, Chapitre 02Chapitre é E- 12% of this turnover. 12% of this for buyers accounted Asian 5.2m. EUR 5.3m and EUR of respectively 2011 the 2010 5.9m, for and beating EUR fees, totals were incl. sold, of red 401 bottles the and 111 wine the of white by Christie’s, bottles organised sale, At turnover. its this to raise managed 2011in –still 761 2012 in with barrels compared for sale litres of– 512 228 barrels volumes in drop sharp the despite which Beaune de Hospices by the sale thethe 152nd by of bolstered edition was Bourgognes of The price stable. virtually remained prices du Rhône Côtes and Bordeaux 2011 2012, while December and 31.8% December year, between over gaining momentum the this +9.1% pursued period).Bourgognes The same over the respectively (+4.3% and increased wines Bourgogne above all and du Rhône Côtes (-3.4% 2011fall December of 2012) March those between and while to continued wines Bordeaux 2012 of months the prices first the In slightly. declining end-2011, even until prices Bordeaux stagnated subsequently with Prices by iDealwine. published indices WineDex to the according early-2011, 15% months in two gained in which by Bordeaux, driven sharply increased prices wine demand, Chinese by strong Stimulated were online. conducted spirits and wines of sales its all that declared out forhaving stands D. Giafferi & Spirits. Wines in turnover of total 44.0% generated them between 132 n° 29, oblitéré du cachet à date àdate cachet du n° oblitéré 29, pli confié sans mention sans confié pli affranchi avec un 20 centimes centimes 20 un avec affranchi Woëvre du 29 octobre 1870. octobre 29 du Woëvre Montant adjugé : 25 800 € 800 25 adjugé : Montant Couton - Veyrac - Jamault -Jamault -Veyrac Couton de type 17 de Fresnes-en- 17 de type de Nantes, 13 novembre. Le Normandie, Le SVV. M. Reboulot SVV. M. Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les & Collectibles sector is high. In March 2013 March In we counted : high. is sector & Collectibles Art to the corresponding of advertisements number the sites, generalist are these Although online. for sale goods to advertise professionals and individuals enable private that sites emergence of internet the from pressure under been has category this few years, last the Over clientele. professional mostly at alocal, primarily targeted are and marketing or specific of acatalogue worthy are notdeemed They of quality. terms in items mid-range to concern tend sales These years. three last over created the structures new the of theactivity of portion represent asignificant sales Miscellaneous sales. of these number the in 91m, increase an despite 2011 at the of level EUR stabilised category sales Miscellaneous the in 2012 turnover 2000s, the of start the since decline continuous a After . .
(which is broader than the “Art & Collectibles sector) “Art the &Collectibles (which broader than is ‘ameublement’ section www.leboncoin.fr on the ads 1,580,000 section Antiques and Art the in on www.ebay.fr ads 2,300,000 3.1.5 decline of years after stabilisation sales: Miscellaneous 133
Chapitre 02 Chapitre 02Chapitre 20m in turnover on the Art & Collectibles sector. &Collectibles Art on the turnover in 20m EUR more than posted Rhône-Alpes and Centre Brittany, regions, PACA, the and three only Ile-de-France the from Apart turnover. national 3.8% generated of total only but they 13 specialised, are which sector, of this in active 27 operators has The region 46.8m. of EUR (PACA), region d’Azur Provence-Alpes-Côte turnover atotal with the is sector & Collectibles Art on 2nd the place in behind Far records. auction ofmost the generates and of quality terms in sector top end of the the concentrates therefore Ile-de-France sector. The this in French market total of the 927m, for EUR or 75.6% accounting &Collectibles, Art in specialised were Paris), 85 (including of 123 there them region operators, France Ile-de- surrounding to the analysis to 2011. the compared Extending 2.1% down nevertheless was figure This total. national of the 68.6% to 2012, equivalent in sector &Collectibles Art on the turnover in 841m for EUR accounted in Paris based operators The specialised 70 3.2 Auction turnover perregion egahc breakdown Geographic A.T. < €10m A.T. between €10mand€20m A.T. between €20mand€50m A.T. > €50m of activity remains stable of activity 49 % 36 48 % 58 52 % % % 53 80 % 42 % 39 % %
91 85 64 % 46 % % 41 % % for region (in%) County share intotal A.T. 35 50 % Share of othercounties intheregion &CollectiblesArt County share inregional total % 74 65 41 % % % 45
100 % % 134 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les post turnover growth in 2012. in growth turnover post to managed sector, one, Artcurial, only the players top seven in the Of 2011. in lower 30m than EUR was operators 20 by generated these turnover 697m, total at EUR the parallel, In 9.3m 20112012 EUR 2012. in from in fell top 20 8.0m to EUR the threshold for thesector, entry the of decline the overall Reflecting region. Ile-de-France the in based are sector &Collectibles Art the in operators top 20 of the All 3.3 Total France Métropolitaine France Total Rhône-Alpes d'Azur Provence-Alpes-Côte Poitou-Charente Picardie Pays-de-la-Loire Nord-Pas-de-Calais Midi-Pyrénées Lorraine Limousin Languedoc Ile-de-France Haute-Normandie Franche-Comté Champagne Centre Bretagne Bourgogne Basse-Normandie Auvergne Aquitaine Alsace Région in the Art & Collectibles sector Collectibles & Art the in 2012 ofVAOs ranking Economic data for the Art & Collectibles sector &Collectibles Art the for data Economic Nombre d' d' Nombre OVV* Voluntary auction turnover, excluding feess excluding turnover, auction Voluntary 368 123 24 27 12 16 14 15 17 16 11 15 12 18 7 8 4 6 6 8 7 2 Montant adjugé 2011 adjugé Montant 1 249,0 M€ 249,0 1 939,8 M€ 939,8 22,3 M€ 22,3 M€ 48,7 M€ 12,6 M€ 18,1 M€ 14,0 M€ 33,3 M€ 16,7 M€ 21,6 M€ 17,9 M€ 15,8 M€ 19,6 M€ 20,1 12,9 M€ 12,9 7,8 M€ 7,8 M€ 7,7 M€ 3,5 M€ 5,8 M€ 4,3 M€ 5,8 M€ 0,6 Montant adjugé 2012 adjugé Montant 1 226,7 M€ 226,7 1 927,5 M€ 927,5 24,1 M€ 24,1 M€ 46,8 M€ 13,0 M€ 17,9 M€ 15,7 M€ 17,7 M€ 14,0 M€ 24,9 M€ 21,9 M€ 14,9 M€ 16,3 M€ 19,5 12,6 M€ 12,6 7,5 M€ 7,5 M€ 8,0 M€ 4,8 M€ 6,1 M€ 4,4 M€ 7,7 M€ 1,5 Variation +145% +38% +34% +12% +15% +22% -47% -16% -17% +8% +3% +4% +6% +2% -4% -2% -1% -4% -1% -6% -3% -2% Dépense par habitant par habitant Dépense (en €) (en 114,2 135 52,4 31,6 87,5 38,6 14,2 23,7 17,7 66,3 20,8 10,2 22,7 5,7 7,0 7,7 8,3 7,5 4,2 2,6 5,2 0,8 9,9
Chapitre 02 Chapitre 02Chapitre & Associés & Tajan, like Millon operators of other turnover declining to the but rather 29m, at EUR stable was to turnover, which improvement not linked was Aguttes Claude 111m, of EUR turnover with year-on-year. upplace 12.9% The operator Artcurial 2012: in -3.% -2.2% and forcontract Christie’s for contrast, By Sotheby’s. operations Frenchtheir auction saw operators international two These 157m. EUR 161m EUR with of Sotheby’s with 2012,top ahead spot, in Christie’s did notchange. sector the in places three The top 2012. out in squeezed but lot, was priced of one exceptionally sale to the 2011the thanks top 20 Labarbe Weiller, Marc of the Paul-Louis and former collection for the prices good Gros we see & Delettrez declines, noteworthy other the Among places. 7th and 6th 5th, the respectively Rang 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 AUCTION ART- REMY LE FUR &ASSOCIES FRAYSSE &ASSOCIES EUROP AUCTION EUROP CHRISTOPHE JORON-DEREM CHRISTOPHE ADER VERSAILLES ENCHERES OSENAT BINOCHE et GIQUELLO et BINOCHE SOCIETE THIERRY DE MAIGRET GROS DELETTREZ & PIERRE BERGEET ASSOCIES BEAUSSANT- LEFEVRE PIASA CORNETTE DE SAINTCYR MAISON DE VENTES MILLON ETASSOCIES TAJAN CLAUDE AGUTTES CLAUDE ARTCURIAL - BRIEST- POULAIN - F.TAJAN SOTHEBY'S France CHRISTIE'S France CHRISTIE'S , the only operator not based in the Paris region and which joined joined which and region Paris the in operator not based only , the , the top French player in the ranking, strengthened its 3rd 3rd its strengthened ranking, top French the player, the in Cornette de Saint-Cyr Maison deVentes Maison deSaint-Cyr Cornette and operators auction French 20 top the of ranking 2012 held the 4th place in 2012, up from 7th in 2011. in 2012, 7th up from in place 4th This held the Ranking by voluntary auction turnover, excluding fees excluding turnover, auction voluntary by Ranking Nom in the Art & Collectibles sector & Collectibles Art the in , which benefited in 2011in benefited from, which very Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Région 157 M€ 157 165 M€ 165 12 M€ 12 10 M€ 10 13 M€ 13 16 M€ 16 11 M€ 11 31 M€ 31 10 M€ 10 17 M€ 17 19 M€ 19 25 M€ 25 31 M€ 31 33 M€ 33 29 M€ 29 98 M€ 98 6 M€ 6 9 M€ 9 7 M€ 7 9 M€ 9 2011 Montants adjugés Montants still holds the the holds still , which held held , which 111 M€ 111 152 M€ 152 161 M€ 161 11 M€ 11 12 M€ 12 12 M€ 12 13 M€ 13 13 M€ 13 15 M€ 15 16 M€ 16 19 M€ 19 22 M€ 22 24 M€ 24 24 M€ 24 29 M€ 29 29 M€ 29 8 M€ 8 8 M€ 8 9 M€ 9 9 M€ 9 2012 136 Plaque ornementale en ornementale Plaque du dieu des Tisserands Tisserands des dieu du or Montant adjugé : 460 000 € 000 460 adjugé : Montant abondante végétation , décorée de la figure figure la de , décorée et du Coton dans une une dans Coton du et Pérou, entre les rivières de de rivières les entre Pérou, Bendicht Rudolf Wagner. Jequetepeque et de Zana, Zana, de et Jequetepeque © SVV Alain Castor – Laurent Hara –Laurent Castor Alain © SVV 3 décembre, SVV Alain Alain SVV 3 décembre, Castor - Laurent Hara. -Laurent Castor Provenance : collection :collection Provenance Total Autres régions Ile-de-France (sans Paris) Paris dont Christie's France dont Christie's France dont Sotheby's dont Artcurial dont Drouot 400-200 avant J.-C. avant 400-200 Drouot Richelieu, Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les culture Chavin,
same period, the market share of the Drouot auction houses declined declined houses Drouot auction of the share market the period, same the Over for 31.9% only accounted metric. same companies of the same the 2003, sector. In &Collectibles Art the in turnover Paris-based or 50.1% 424m, of EUR turnover of total combined posted operators three These Artcurial. of also but Christie’s, andSotheby’s benefit of the to steadily, shrank Drouotthe houses auction of share market The Sotheby’s. and sector, on Christie’s the leaders international two the French of offices the and Artcurial Drouot, through who operate operators, or medium-sized small are which of most houses, auction the market: Paris on the coexist operators historical Several generated. was of68.7% 2012 turnover sector where in Paris, concentrated is heavily sector Collectibles & Art The 3.4. 1 010M€ 2005 15,20% 10,60% 58,60% 329 M€ 619 M€ 6,10% 62 M€ Market share evolution of top Parisian Art & Collectibles operators &Collectibles Art Parisian top of evolution share Market The Parisian market The 1 224M€ 2006 20,50% 51,70% 344 M€ 830 M€ 6,30% 9,90% 50 M€ 1 224M€ 2007 11,60% 18,20% 11,20% 51,50% 326 M€ 840 M€ 58 M€ 1 083M€ 2008 17,80% 16,50% 47,50% 293 M€ 733 M€ 8,90% 57 M€ 1 220M€ 2009 42,90% 39,20% 246 M€ 893 M€ 8,90% 6,20% 81 M€ 1 142M€ 2010 18,50% 18,50% 47,80% 10,50% 282 M€ 781 M€ 79 M€ 1 249M€ 2011 18,26% 19,19% 47,33% 11,40% 308 M€ 860 M€ 81 M€ 1 227M€ 2012 17,98% 19,05% 41,56% 13,15% 298 M€ 843 M€ 86 M€ 137
Chapitre 02 monogrammée et datée « 1621 » datée et monogrammée (?) en bas à droite. Provenance : Provenance : àdroite. (?) bas en sur un entablement près Montant adjugé : 1 350 000 € 000 1350 adjugé : Montant un vase debronze posé Bouquet defleurs dans du XIX du Ambrosius BOSSCHAERT collection privée française privée française collection début le moins au depuis l’Ancien (1573-1621) l’Ancien SVV Gros &Delettrez Gros SVV e s. Drouot Richelieu, d’un coquillage Huile sur cuivre, cuivre, sur Huile Chapitre 02Chapitre © Gros Delettrez © Gros 1000 M 1000 200 M 200 M 400 600 M 600 M 800 1 er er 0 M 0 juin.
€ € € € € €
right. own its operator in an than VAOs, independent hosts that house auction an it is rather that mind in turnover, bearing of total terms in house auction France’s leading to 41.6% nevertheless 2003 2012. in 58.6% Drouot in from remains 2005 363 66 38 94
Drouot
2006 170 429 52 82
operators Parisian leading of turnover Auction Artcurial 2007 153 433 94 97
on Art & Collectibles sector &Collectibles Art on
2008 348 121 130 65 euros millions euros
Sotheby's France Sotheby's
2009 350 383 55 79
2010 373 145 144 82
Christie's France Christie's 2011 407 165 157 98
2012 350 111 161 152 138
Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les 1000 M 1000 M 1200 200 M 200 M 400 M 600 M 800 0 M 0 € € € € € € €
2003 698 11
2011. of 19.2% 13.0% 2012in growth in 81m, to EUR after declining turnover with trend amuch more posted erratic Equipment category Industrial 2011,in 6.2% of rise a The EUR after 8.5% to 1,005m. rose reach activity category, vehicle where used the concerns only growth this reality, In 2011. 1,020m in to EUR a after 1,086m, of to EUR 6.5% 7.4% turnover progression total in growth 2012in with outstood Equipment sector The Used Industrial & Vehicles 4.1 u IV.
2004 780 9 Growth of6.5 %in 2012Growth
E
quipment sed Vehiclessed &Industrial 2005 852 14 in Used Vehicles & Industrial Equipment sector Equipment &Industrial Vehicles Used in turnover auction voluntary French of Evolution
Turnover from voluntary auctions in France, excluding fees excluding France, in auctions voluntary from Turnover Véhicules d'occasion Véhicules 2006 837 38
2007 811 74
Matériel industriel 2008 775 81
2009 840 76
2010 872 78
2011 926 93
1 005 2012 81 139
Chapitre 02 télécommandes, Enchères Mat. Montant adjugé : 81 000 € 81 000 adjugé : Montant rotatif MANITOU MRT Chariot télescopique flèche, fourches, godet +2 godet fourches, flèche, é quipé nacelle, treuil, treuil, nacelle, quipé 2150 Privilège Chapitre 02Chapitre © Enchères Mat © Enchères (2008) companies accounted for 19.7% of the activity in this category. this in for 19.7% accounted companies activity of the 2011, In sales. same vehicle the used from 19.3% turnover total of the representing 194m, of EUR turnover combined generated Manheim) and (BCAuto, category Autorola this in active operators international The combined. sectors 21.0% French turnover, all auction of total and vehicles used from turnover 50.6% to of total equivalent is 2012. This in vehicles used from 509m of EUR turnover generated sectors, all in operators national highest-ranked 4th 1st, 2nd and the respectively are BCAuto –which Enchères and Carmen-Alcopa &Associés, Guignard – vehicles of used sale the in specialised operators top thee the total, In Auction. Auto Anaf operator, auction leading another in holds stakes itself group, which Bernard of the shareholder also is French Carmen-Alcopa, company the of owner the Alcopa, group Belgian the since more important the all is trend This thereforeintensified. has sector the of concentration The 2012. December in Auction to Alcopa name its it changed auction, 2012 Carmen- as in April registering After Enchères. XXL and Enchères Bretagne Auction, AC Est Enchères, Australe, operators: existing already- of five activities of the Alcopa, group Belgian byoverseen the the merger,outborn of was operator new This player: Carmen-Alcopa. of anew arrival by the marked also was Equipment sector & Industrial Used Vehicles the growth, above-mentioned turnover the from Apart 4.2 4.2.1 Analysis category per Used vehicles: growth and consolidation and growth vehicles: Used 140 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les 4.6m, in 2012. in 4.6m, of EUR time 2011, 13.4m this in EUR decline, followed by another 2010,of in 6.9m growth of EUR to fromdecline a fluctuate turnover total seen has which Bros, of Richie activity the with correlated strongly equipment are industrial in trends turnover past, the in As category. this in 65% activity controlled therefore of the companies three These 8%. with 17% Troostwijk Roux and with Mat of Enchères sector, 2012 on ahead the of turnover for total 40% leader, market accounted the Bros, Richie vehicles. used sell mostly of who operators number of asmall activity occasional the – and player Bros Richie Canadian the equipment –like of industrial sale the in of specialised operators number small by a very dominated largely is business This erratic. are equipment segment Industrial the in trends turnover Annual In 3rd place there was was 3rdIn there place 167m. of EUR turnover total with of five operators, activities the combines that company of Carmen-Alcopa 181m, EUR ahead 1st place, with retained & Associés Guignard 100m: of EUR excess in turnover posted sector Equipment Used Vehicles 2012, on operators four In the &Industrial 4.3 form Carmen-Alcopa).form that now 2011companies five the of the (which contains turnover share),57% market up 14% on 2011, 543m EUR posted they when 2012 in (representing a of 620m turnover EUR generated together 112m. EUR The top four with Automobile Toulouse Enchères 4.2.2 Equipment sector Equipment Top in 20 operators the Vehicles Used &Industrial
decline after the 2011 the surge after decline : equipment Industrial BCAuto Enchères BCAuto or the Dutch company Roux company Troostwijk Dutch or the
, with EUR 161m, EUR , with then , a new , anew 141 ,
Chapitre 02 Porsche Cayenne Sté 3.0 Montant adjugé : 48 600 € 600 48 adjugé : Montant 29 novembre, Toulouse. novembre, 29 64800 kms. Beauzelle, kms. 64800 Enchères Automobiles Enchères TDI Tiptronic TDI Chapitre 02Chapitre du 13/10/2010 companies therefore declined. declined. therefore companies 374m EUR from 365m, 2011. down in these of turnover The average 2012 of EUR turnover posted the20 top The in operators 16 other operators. the biggest around consolidating thereforestill is sector The Rang 20 19 18 17 16 15 14 13 12 10 11 9 8 7 6 5 4 3 2 1 CEVEP VP ROUEN VOUTIER ASSOCIéS AIX ENCHèRESAUTOMOBILES SVV AUTO MAT & TRANSPORT TABUTIN MéDITERRANEENCHèRES RES AUTO FIVE AUCTION TOURS FIVE AUCTION ENCHèRES AUTO NORD ENCH CAR ENCH ENCHèRES MAT PARCS ENCH AUTOROLA AQUITAINE ENCHèRESAUTOMOBILES RITCHIE BROS. AUCTIONEERS FRANCE ANAF AUTO AUCTION MERCIER AUTOMOBILES TOULOUSE ENCHèRES AUTOMOBILES TOULOUSE BCAUTO ENCHERES CARMEN-ALCOPA GUIGNARD ET ASSOCIéS GUIGNARD Nom Top 20 Industrial Equipment operators in France in 2012 in France in operators Equipment Top Industrial 20 èRES èRES èRES Ranked by auction turnover, excluding fees excluding turnover, auction by Ranked Haute-Normandie Midi-Pyrénées Midi-Pyrénées Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Rhône-Alpes Rhône-Alpes Aquitaine Aquitaine Bretagne Région Centre PACA PACA PACA Nord Nord Montants adjugés 125 M€ 149 M€ 14 M€ 13 M€ 17 M€ 20 M€ 27 M€ 18 M€ 16 M€ 30 M€ 29 M€ 31 M€ 42 M€ 39 M€ 56 M€ 80 M€ 11 M€ 6 M€ 6 M€ 2011 - 161 M€ 167 M€ 181 M€ 112 M€ 13 M€ 13 M€ 15 M€ 19 M€ 19 M€ 19 M€ 19 M€ 23 M€ 30 M€ 36 M€ 37 M€ 39 M€ 60 M€ 11 M€ 6 M€ 6 M€ 2012 142 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les all sectors combined. sectors all top VAO the operator and sector’s the leading Brittany in & Associés, of Guignard activity to the 21% in growth 3%, thanks dropped only it Brittany in by 92% while declined region Lorraine the in turnover aresult, (Brittany). As Enchères XXL and (Ile-de-France) Enchères A.C. (Lorraine), Auction Est (Brittany), Enchères France), Bretagne (Ile-de- Australe companies: ofexisting five activities the region Paris the in together gathers which of Carmen-Alcopa, creation by the explained phenomenon be can this by region, sectors for all breakdown turnover of the 33.4%from 2011 analysis in the we saw in As to 38.5%. strongly, rising grew sector this in Ile-de-France of weight the the 2012, sector. In &Collectibles Art the as Ile-de-France the in trated concen as not been has sector this reasons, logistical For obvious 4.4 Total FranceMétropolitaine Rhône-Alpes Provence-Alpes-Côte d'Azur Picardie Poitou-Charente Pays-de-la-Loire Nord-Pas-de-Calais Limousin Midi-Pyrénées Lorraine Languedoc-Roussillon Ile-de-France Haute-Normandie Région Auvergne Basse-Normandie Champagne Centre Bretagne Bourgogne Franche-Comté Aquitaine Alsace sector Equipment &Industrial Vehicles Used the of performance Economic Growth in the region Paris Growth Voluntary auction turnover, excluding fees excluding turnover, auction Voluntary Nombre de de Nombre OVV* 248 20 18 15 10 15 55 12 12 10 11 13 9 7 2 5 5 6 9 8 6 0 by region by Montant adjugé 2011 1 020,0 M€ 020,0 1 341,0 M€ 196,4 M€ 64,9 M€64,9 M€65,4 84,4 M€84,4 99,6 M€99,6 21,0 M€21,0 49,7 M€49,7 21,1 M€21,1 49,1 M€49,1 3,5 M€3,5 2,3 M€2,3 7,1 M€7,1 0,4 M€0,4 0,7 M€0,7 1,5 M€1,5 2,8 M€2,8 M€2,8 4,2 M€4,2 1,6 M€1,6 0,0 M€0,0 Montant adjugé 2012 1 085,9 M€ 085,9 1 133,3 M€ 418,1 M€ 190,2 M€ 64,6 M€64,6 M€55,1 79,9 M€79,9 44,1 M€44,1 20,3 M€20,3 53,8 M€53,8 2,9 M€2,9 2,6 M€2,6 9,0 M€9,0 0,4 M€0,4 1,8 M€1,8 0,7 M€0,7 0,8 M€0,8 1,8 M€1,8 M€2,4 2,6 M€2,6 1,7 M€1,7 0,0 M€0,0 Variation +11% +27% +34% +23% +10% -16% -18% -10% -92% -11% -47% -35% -16% -39% +6% +5% +8% +0% -0% -5% -4% -3% 143 -
Chapitre 02 Chapitre 02Chapitre et Matériel industriel Montant adjugé 2012 Véhicules d’occasion Montant aggrégé inférieurà10M€ Montant aggrégé compris entre 10M€et 50M€ Montant aggrégé compris entre 50M€et 100M€ Montant adjugé supérieur à100M€ 133m in turnover generated by the sector in this region. region. this in sector 133m by generated the turnover in EUR of 84% the Toulouse concentrates Automobiles, which Enchères of presence to the thanks region, Midi-Pyrénées 3rd the is In place 190m. of EUR turnover sector, with the in region second-ranked the is based, –is &Associés –Guignard leader national where the Brittany, 418m EUR turnover. in with rankings the Autorola, heads therefore BCAuto and of presence Carmen-Alcopa, by the bolstered region, Ile-de-France The market. of the segment on this out sales carried also companies 219 though even non-specialised operators, 29 specialised of the location to the linked strongly and rigid fairly remains regions the French of hierarchy the effect, accounting this Notwithstanding 99 % 56 96 % 56 39 % % % 97 99 % 71 % % 93 % 78 76 64 % 78 % 49 % % % adjugé dans la région(en %) Part dudépartement dans le montant total 50 55 % dans la région Part des autres départements dans la région Part dudépartemental le plus important % 93 58 88 % % % 97 % 144 Mandore International Agency, Agency, International Mandore mâle issu des gagnants gagnants des issu mâle Montant adjugé : 1 200 000 € 000 1200 adjugé : Montant Cheikh Joaan Bin Hamad Al Al Hamad Bin Joaan Cheikh agissant pour le compte de de compte le pour agissant Thani. Deauville, 19 août. août. 19 Deauville, Thani. Stars et Alpine Rose Alpine et Stars de Groupe 1 Sea The The 1Sea Groupe de Présenté par l'écurie des des l'écurie par Présenté Monceaux à la Vente de de Vente àla Monceaux Yearlings d'Août 2012, 2012, d'Août Yearlings Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les EDKHAN 100 M 100 120 M 120 Arqana 20 M 20 M 40 60 M 60 80 M 80 © Arqana 0 M 0 € € € € € € €
2003 year, from 19,000 prioryear, to 19,000 2008. from a horses 15,000 to approximately down are horse sales 20%, around with of France ahead market, of the 50% holds around Kingdom United however. awhole, where the to as France not Europe unique In is This crisis. 2008 prior to the reached levels below therefore is the 2011. 109m 110m, EUR in of from EUR turnover up Activity slightly with 2012,in stable virtually remained sector The Horse auction t V. 68
5.1. 2004 73 he H
Stable activity in 2012 in activity Stable 2005 72 orse sector orse
Annual turnover on the Horse sector on Horse the turnover Annual 2006 103 EUR millions, excluding selling fees selling excluding millions, EUR
2007 114
2008 102
2009 102
2010 98
2011 109
2012 110 145
Chapitre 02 Chapitre 02Chapitre France’s no. 2 horse seller in 2011, 6.4m. France’s of in EUR no. turnover 2horse seller with du Trot, Française Agence the absorbed also has Arqana France. in 101mof EUR 2011, in 110m to EUR horse sales compared total from turnover with Arqana, by dominated largely is sector The horse sales. from turnover who significant generate operators few are very There by overseas residents. The top five 5 operators active in the sector havesector the in active The topfive residents. operators 5 by overseas France in for breeding or raised trained either are half remain, that for those and leave France, subsequently sold by Arqana of yearlings Athird clientele. international to open an very are Horse auctions world’s horse exporter. it the 4th making purposes, forused 77,000professional horses contains The region businesses. to 18% region’s equivalent of the agricultural agricultural, are 4,526 of which companies, 5,588 in jobs indirect and direct 12,600 provided Horse sector Basse-Normandie sector, on the the data gathers which cluster”.a “competitiveness 2010, In to Equi-ressources, according around structured been has 2005 since and region, this in developed highly is segment equine The region. Basse-Normandie the in based are operators Horse sector all that is fact noteworthy Another NASH CAEN ENCHERES VENTES OSARUS F.E.N.C.E.S. ARQANA 5.2 of the French horse market French horse of the heart the Basse-Normandie: Nom Top operators in the Horse sector in 2012Top sector in Horse the operators Ranked by voluntary auction turnover, excluding fees excluding turnover, auction voluntary by Ranked Basse-Normandie Basse-Normandie Basse-Normandie Basse-Normandie Basse-Normandie Région 101,2 M€ 1,7 M€1,7 M€1,4 M€3,9 1 M€ 1 2011 Montants adjugés 101,4 M€ 2,3 M€2,3 M€2,5 M€3,3 0,8 M€0,8 2012 146 Cavisto Z (sBs par Casall) par Z(sBs Cavisto Montant adjugé : 200 000 € 000 200 adjugé : Montant Top Price Fences 2012 2012 Fences Top Price 1 er septembre, Fences. par Ekaterina Ekaterina par Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les Rybolovleva Bois-le-Roy, © PSV Morel © PSV
horses are presented to potential buyers. presented to potential are horses or present, represented the by when brokers, physically tend to be bidders creatures, living are for sale goods the that given practice, in But internet. the via enable remote bidding which sales, physical with are combined that live auctions offers operator sector’sThe leading residents. overseas from turnover 32m in EUR more than declared 147
Chapitre 02 les ventes aux enchères sur le secteur . A global ranking of the principal operators by auction turnover, « art & objets de collection » dans le and an analysis of sales trends among the different types of monde en 2012 operators.
. A geographical analysis of auction sales covering the 53 countries I. Introduction active in the Art & Collectibles sector, and particularly in the three major activity zones: Asia, North America and Europe. Since 2009, the CVV has also conducted an international analysis of the Art & Collectibles sector of the global auction market, providing For 2012, 83.7% of our aggregate figure for global auction turnover a basis for a comparison of France’s position on this market vis-à-vis was actually observed, with the remainder being estimated. This the rest of the world. This analysis is based on the following methodo- percentage is lower than for 2011 (88.8%) when there was a greater logical principles : concentration of global market activity in the figures of the largest 02 Chapter operators. However, it is higher than our percentages for 2010 (81.5%) . Our definition of the “Art & Collectibles sector”, unlike the and 2009 (77%). majority of studies of this global market, is not limited to the “Fine Art” segment as it includes the same categories as those underpinning our analysis of the French market. These are: Art & II. Key figures Antiques, Jewellery & Gold, Other Collectibles, Wines & Spirits and Miscellaneous Objects. 2.1 Contrasting trends within the global Art & . Unlike our analysis of the French Art & Collectibles sector which Collectibles sector is based on auction hammer prices, the figures communicated in our international analysis are based on auction sales figures In 2012, aggregate global turnover in the Art & Collectibles sector including fees (translated into euros where necessary). amounted to EUR 24.56 billion, down 5.9% versus 2011. However, there were very contracting trends in the different zones . The data gathered for this analysis was obtained using a number analysed: Asia’s turnover shrank considerably whereas North of different techniques: by contacting the companies directly; America’s expanded and Europe’s slightly contracted. by reference to the figures available in a variety of different
publications, (sale results, press releases, media articles), and, as 2012 2011 Variation a last resort, by making calculated estimates based on available information (number of sales, notoriety, etc.). As the data gathered Produit mondial des ventes 24 558 M€ 26 110 M€ -5,9% is essentially based on auction operators’ disclosures, there exists Nombre d'opérateurs actifs 2601 2640 -1,5% a risk that the figures communicated may not actually take into Nombre de ventes cataloguées 12 686 12 635 +0,4% account situations where buyers fail to pay. Nombre de ventes courantes 28 636 28 561 +0,3%
This analysis has allowed us to produce the following market Prix moyen par vente 594 K€ 632 K€ -6,0% indications : Nombre de sociétés au produit des ventes annuel supérieur à 20 M€ 146 141 +3,5% . A summary of the trends in 2012 compared with previous years based on indicators such as aggregate global turnover (Art & Collectibles sector), the number of active operators, and the number of sales conducted.
Chapitre 02 148 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 149 Until 2011, the aggregate global art market posted robust resilience ahead of Beijing, even if the United States was still behind China to the economic crisis mainly due the rapid expansion of the Asian in terms of country turnover; market (+17.9% in 2011 according to the CVV’s figures). This growth was essentially driven by China which for two consecutive . North American companies specialised in sales of collection years topped the global turnover ranking per country in the Art & vehicles posted exceptionally strong results in 2012 ; Collectibles sector: In 2011, China’s total turnover increased by no less than 51.5% vs. 2010 (to EUR 11.5 billion). . More generally, operators specialised in Collectibles posted turnover growth in 2012. However, there were already signs during the same year that global growth was slowing: the number of active operators in the sector had Produit des ventes Rang Société Pays contracted, and the number of active companies was down 8.5% after 2012 a numerous business failures and closures (nearly a hundred, mostly 02 Chapter 1 Christie's 4 044 M€ Monde in Europe). 2 Sotheby's 3 443 M€ Monde At the same time, only 26 countries posted turnover contractions in 3 Beijing Poly International Auction Co., Ltd. 750 M€ Chine 2011. Thus, excluding China, aggregate global turnover amounted to a relatively stable EUR 14.6 billion versus 2010. Moreover, the top 10 4 Heritage Auction Galleries 669 M€ Etats-Unis Western operators posted average turnover growth of 7.5%, with the 5 China Guardian Auctions Co., Ltd. 637 M€ Chine growth essentially driven by the market’s largest operators, i.e. those active at the top end of the market and oriented towards an interna- tional clientele.
In contrast, 2012 was marked by a net ddecline in the two strongest drivers of global growth: Chinese demand contracted and the top end of the art market was less dynamic. For the first time in years, In terms of company demographics, the following trends were also the art market actually shrank. Nevertheless, the overall decrease in observed : aggregate activity in 2012 reflected some sharply contrasting trends : . A reduction in the number of active operators: 2,601 operators . China’s auction turnover in 2012 dropped substantially (-22.0%) conducted at least one sale in the Art & Collectibles sector in 2012 after the very sharp increase in 2011 (+51.5%). This drop was versus 2,640 in 2011; largely due to a contraction in sales at the country’s two largest operators; . A slight decrease in market concentration among the art market players, with the top 20 operators accounting for 53.1% in 2012 . The European market also contracted, but to a much smaller versus 53.7% in 2011; extent (-1.1%) with strong contrasts at the intra-European level: The UK posted growth of 4.9% and Switzerland of 15.5% whereas . No increase in the number of sales conducted: 41,322 in 2012 Germany saw a 20.8% fall in turnover and France contracted versus 41,334 in 2011. 1.7%;
. The North American market posted a sharp 14.6% increase in auction turnover, with New York recovering its first place as the world’s most dynamic city in the global Art & Collectibles sector
Chapitre 02 150 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 151 Breakdown by country of global auction revenue from the Art & Collectibles sector in 2012 In effect, GDP growth has a direct impact on the art market which is (in EUR million, including fees) very sensitive to the fluctuating fortunes of the world’s most wealthy populations. The latter account for the bulk of demand at the top end of the market. The economic slowdowns recorded in certain geographic zones and the global climate of uncertainty clearly impacted buyers’ incomes in 2012.
The different asset classes constituting the wealth of the art-buying
Chine États-Unis fraction of the global population experienced substantial value 8 987 M€ 6 784 M€ 36,6 % 27,6 % contractions. For example, the composite index on the Shanghai Stock Exchange lost 20% between May 2011 and November 2012 before recovering slightly, and European stock markets were equally 02 Chapter moribund. The French CAC 40 and the German DAX lost more than 30% in the summer of 2011 before recovering towards the end of 2012. The Dow Jones, on the other hand, lost just over 10% in July 2012 before rapidly recovering its previous growth rate.
Royaume-Uni France Suisse Allemagne Canada 3 532 M€ 1 499 M€ 702 M€ 658 M€ 472 M€ These global trends have direct consequences on the numerical 14,4 % 6,1 % 2,9 % 2,7 % 1,9 % growth of the global population of HNWIs (high net wealth individuals) and on their accounting wealth. According to Wealth-X’s
Australie Italie Autriche Autres pays d’Europe Autres pays d’Asie Autres World Ultra Wealth Report, in 2012 the number of major fortunes – 209 M€ 206 M€ 204 M€ 758 M€ 342 M€ 204 M€ 0,8 % 0,8 % 0,8 % 3,1 % 1,4 % 0,8 % defined as the number of individuals possessing fortunes greater than USD 30 million – contracted by 1.9% in Europe (53,000 individuals Note: the surfaces are proportional to the turnover totals in the different countries identified) and by 2.1% in Asia (43,000 identified), although the number continued to grow in other regions of the world, particularly in North America, where it increased by 3.3% (65,000 identified). 2.2 Economic context : the wealthy in both China and The report looks in considerable detail at the fortunes of Europe’s Europe have seen their fortunes shrink wealthiest individuals and shows that the number of major fortunes contracted in France and Germany, remained stable in the UK and At the economic level, global growth decelerated, although the picture increased substantially in Switzerland. was again very heterogeneous from region to region. According to the INSEE, the advanced countries posted GDP growth of +1.1% in 2012 versus +1.3% in 2011. The euro area moved into recessionary 2.3 Auction operator categories : the relevance of a territory with GDP contracting by half a point (-0.5%) as the geographical analysis sovereign debt crisis reached a climax. This contraction in European activity weighed on its economic partners at the global level. While the United States posted sustained economic growth (+ 2.2% in 2012 2.3.1 Activity domains after + 1.8% in 2011), the world’s emerging economies slowed as their exports towards developed countries, and particularly Europe, The activities of the operators in the Art & Collectibles sector were shrank. According to the IMF, China’s GDP growth slowed from less specialised in 2012 than in 2011. Thus 53% of the companies in 9.3% in 2011 to 7.8% in 2012. the sector (versus 42% in 2011) posted activities in at least two of the three major identified segments that constitute this sector, and are
Chapitre 02 152 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 153 Breakdown of operators in the Art & Collectibles sector therefore classed as Multi-segment. These three segments are : per type of activity and per country
Mobilier et Fine art: painting, drawing, sculpture, photography and prints Pays Fine Art Collectibles Multi-Secteurs . Objets d'art (essentially engravings and etchings) Allemagne 4,6% 23,2% 29,1% 43,0% Australie 4,9% 11,5% 21,3% 62,3% . Collectibles: collections vehicles, stamps and coins, old books Belgique 4,9% 14,6% 24,4% 56,1% and manuscripts, militaria, posters, hunting and fishing Canada 8,0% 14,0% 26,0% 52,0% equipment and antique toys; Chine 24,4% 4,4% 1,3% 69,9% Danemark 8,3% 33,3% 25,0% 33,3% Etats-Unis 2,4% 34,5% 15,7% 47,5% . Furniture and art objects: other categories of objects. France 1,6% 30,6% 1,6% 66,1% Italie 14,6% 2,1% 20,8% 62,5%
Pays-Bas 0,0% 18,2% 21,2% 60,6% 02 Chapter Breakdown of operators in the Art & Collectibles sector Royaume-Uni 1,9% 33,7% 23,5% 40,9% per type of activity Suède 0,0% 31,1% 6,7% 62,2% Suisse 16,7% 8,3% 36,1% 38,9% Autre 21,8% 7,4% 19,4% 51,4% 7,3%
15,5% Fine Art 2.3.2 Statistical classification of auction operators Mobilier et Objets d'art Collectibles To analyse the 2012 results of 2,601 auction operators active in the Art 52,9% Multi-Secteurs & Collectibles sector, several approaches can be used: a) analyse the
24,3% sector’s activity by turnover volume, b) focus on the segment specia- lisation of the companies as defined above, or c) focus on geographic location.
In order to obtain a better appreciation of these different approaches, we have applied statistical classification methods to the interna- tional data gathered that allow companies with similar profiles to be In 2012, 404 companies specialised in Collectibles with 80% only grouped together. These methods have been applied on the basis of organising sales in one of the categories defined above and less than the following variables : 5% covering more than 2 categories. . LGeographic location: Europe, North America and Asia 189 companies in the world only organised Fine art sales, and 76 of (excluding the Middle East) and the rest of the world; these were located in China. There are hardly any operators in France specialised exclusively in Fine Art. There are none in Sweden or the . Specialisation: Fine art, Furniture & art objects, Collectibles and Netherlands. Multi-segment
. Auction turnover: less than de EUR 20 million, between EUR 20 and 50 million, between EUR 50 and 100 million and greater than EUR 100 million.
Chapitre 02 154 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 155 In view of the results obtained, we have used a classification system group contains the largest North American companies; allowing an optimal differentiation of auction operators into 7 relatively homogenous groups. These groups are defined not only . Group 7: 253 North American companies specialised in the on the basis of variables mentioned above, but also using additional Furniture and art objects sector. Their aggregate average 2012 variables such the proportion of catalogued sales and aggregate sales turnover was EUR 1.3million and 4.9% of their sales were average sales turnover during 2012 : catalogued.
. Group 1: 194 operators, 55% of which are located outside the This group classification illustrates the relevance of a geographical three major activity zones (Asia, North America and Europe). analysis of the global art auction market because it reveals that, from A substantial proportion of these (49%) were specialised in Fine a statistical point of view, the location of the company is a more Art; nearly two-thirds of their sales were “catalogued” and their discriminating factor than its segment specialisation. Moreover, aggregate average 2012 sales turnover was EUR 3 million, with the aggregate average sales turnover figures and the proportions 02 Chapter none of them posting an individual turnover above EUR 20 of catalogued sales are very different from one group to another: million; catalogued sales varied from less than 5% in group 7 to over 84% in group 5, despite the fact that this variable was not used to construct . Group 2: 710 European companies, more than 99% of which the classification. fall into the Multi-segment category. These operators posted an aggregate average 2012 sales turnover of EUR 9.1 million and 42% In short, the companies look very different depending on where of their sales were catalogued; they are based (Europe, Asia or North America). The most obvious difference is that the European companies, numerically the largest . Group 3: 247 European companies specialised in Collectibles. group, posted lower turnovers figures than North American Posting an aggregate average 2012 sales turnover of EUR 2.2 companies and much lower than Asian operators. Only a handful million, none of them posted individual turnover above EUR 20 of European companies appear to have sufficient critical mass to million. More than two-thirds of their sales were catalogued; compete successfully at an international level.
. Group 4: 355 companies based in Europe, specialised in sales of Furniture & art objects, with only 19.7% of their sales being catalogued. In 2012 their aggregate average sales turnover was EUR 1.1 million;
. Group 5: 351 companies, 96% of which were based in Asia; Paire de vases Médicis en bronze ciselé et doré, 67% of which fell into the multi-segment category; 26% were à riche décor en applique specialised in Fine Art and 0.6% were specialised in Furniture & Premier quart du XIXe s. art objects. This group generated the highest aggregate average Montant adjugé : 46 000 € H. 61 cm, diam. 28,5 cm. 2012 sales turnover at EUR 27 million, and 28.8% of its operators Nice, 13 octobre. posted annual turnovers above EUR 20 million. Catalogued sales Hôtel des Ventes Nice Riviéra SVV. Cabinet Dillée, represented 84.5% of the total number of sales organised; G. Dillée - S. P. Étienne.
. Group 6: 491 companies based in North America posting either multi-segment activities or specialised in Collectibles. These companies posted an aggregate average 2012 sales turnover of EUR 13.9 million and 39.7% of their sales were catalogued. This
Chapitre 02 156 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 157 Graphical representation of the classification of auction operators The global top 20 auction operators in the Art & Collectibles sector in the Art & Collectibles sector in 2012 Ranking by auction turnover (including fees, in EUR million)
Produits de vente (millions €) Nombre de Rang Opérateur Pays 2012 2011 Variation ventes 1 Christie's Royaume-Uni 4 048 3 547 +14,1% 420 ENSEMBLE 2601 2 Sotheby's Etats-Unis 3 443 3 500 -1,6% 233
100 % 3 Beijing Poly International Auction Co., Ltd. Chine 750 1 365 -45,0% 6
1506 4 Heritage Auction Galleries Etats-Unis 669 595 +12,5% 678 744 57,9 % 28,6 % 5 China Guardian Auctions Co., Ltd. Chine 637 1 248 -49,0% 9 6 Bonham's Royaume-Uni 522 614 -14,9% 452
7 Macau Chung Shun International Auctions Co.,Ltd Chine 403 202 +99,1% 2
8 Mecum Auction Etats-Unis 306 130 +136,4% 16
9 RM Auctions Canada 278 145 +92,4% 12 02 Chapter
351 10 Phillips de Pury & Company Etats-Unis 275 236 +16,4% 31
13,5 % 11 Beijing Council International Auction Co.，Ltd Chine 271 461 -41,2% 2
12 Beijing JiuGe Auctions Co.,Ltd Chine 222 254 -12,7% 2
13 Guangdong Poly Auction Co. Ltd Chine 211 45 +374,2% 2
14 Xiling Yinshe Auction Co., Ltd Chine 187 296 -36,7% 4
15 Dorotheum Autriche 152 144 +5,6% 600
16 Duo Yun Xuan Auctions Co.Ltd. Chine 149 147 +1,6% 5
17 Gooding & Company Etats-Unis 148 94 +56,4% 3
18 Artcurial - Briest - Poulain - F.Tajan France 144 127 +13,6% 110
19 Barrett-Jackson Auction Company Etats-Unis 116 89 +29,4% 4 194 710 247 355 351 253 491 7,5 % 27,3 % 9,5 % 13,6 % 13,5 % 9,5 % 18,9 % 20 Googut Auction Co.,Ltd Chine 111 109 +2,6% 2
Total 13 043 13 346 -2,3% 1942
Groupe 1 Groupe 2 Groupe 3 Groupe 4 Groupe 5 Groupe 6 Groupe 7
In the case of Chinese operators, a single sale can be spread over several sessions and several days, which partly explains the low number of sales these operators post vis-à-vis their turnover figures III. the main operators on the global art auction market This drop in turnover covers various contrasting trends: essentially, a sharp fall in turnover at nearly all the Chinese operators and at certain international auction firms that was partially offset by a strong 3.1 Global ranking of auction operators in the Art & turnover growth at the operators specialised in Collection vehicles. Collectibles sector
In 2011, the top 20 operators generated a combined auction turnover 3.1.1 Christie’s - leader on the art market of EUR 14 billion. A year later, the figure was only EUR 13 billion, reflecting a 7.1% contraction. In 2011, the entry ticket to the top 20 The top two companies in the ranking are still Christie’s and was EUR 126 million. In 2012, it was EUR 111 million. Sotheby’s: Their New York sales in May and November dedicated to Impressionist & Modern Art and Contemporary Art remain the year’s most important indicators of the health of the art market in the eyes of art collectors who follow market trends. In 2012 these sales generated a combined total turnover of EUR 2.1 billion, which was 46% more than in 2011.
Chapitre 02 158 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 159 At the global level, Christie’s was substantially ahead of its rival in USD 330.6 million, a record sales total for the auctioneer. Sotheby’s 2012 with an auction turnover total of EUR 4,048 million versus EUR also managed to generate the best result to date for a living artist 3,443 million at Sotheby’s. Christie’s total was up by 14.1% in 2012, when Gerhard Richter’s painting Abstract Bild (809-4) fetched GBP whereas Sotheby’s total contracted by 1.6%. Both operators saw their 21.3 million (EUR 26.4 million) in London in October 2012). In its sales grow in New York; but whereas Christie’s progressed in London, Jewellery activity, Sotheby’s different sales around the world generated Sotheby’s London total was slightly lower than in 2011. Elsewhere, a total of USD 460.5 million, the firm’s best-ever total in the segment. both companies, posted lower sales turnover in Hong-Kong. This However, despite these spectacular results, Sotheby’s overall global was particularly the case for Sotheby’s, in the wake of a much slower 2012 sales turnover contracted very slightly versus 2011. Chinese market. If we compare the revenue generated by each companies’ star lots
Turnover figures for Christie’s and Sotheby’s in 2012 with their respective annual auction turnovers, we find that Chapter 02 Chapter in the world’s principal art marketplaces Sotheby’s and Christie’s generated respectively 11.9% and 8.3% of in EUR million, including fees their total annual sales from their 10 best results. Moreover, these 20 highest bids were hammered in either New York or London and Christie's Sotheby's Lieu de vente 2012 2011 Variation 2012 2011 Variation nowhere else. Lastly, there was a high proportion of Modern and New York 1 669 1 369 +21,9% 1 649 1 279 +28,9% Contemporary works among these top bids. In 2012, Christie’s sold dont ventes d'art contemporain de mai et novembre 756 469 +61,1% 618 402 +53,4% dont ventes d'art moderne et impressionniste de mai et novembre 308 257 +19,8% 434 314 +38,2% 686 œuvres above the million-dollar line and Sotheby’s sold 632. If Londres 1 340 1 121 +19,5% 948 1 051 -9,8% we up the threshold to 10 million dollars, Christie’s sold 49 compared Hong Kong 549 615 -10,8% 457 683 -33,1% Suisse 220 162 +35,8% 170 149 +14,3% with 35 at Sotheby’s. Paris 191 199 -3,8% 180 186 -3,4% Total monde 4 048 3 547 +14,1% 3 443 3 500 -1,6% In parallel with their auction activities, both operators have been developing their private sales activites. As the graph below illustrates, their private sales turnover has grown regularly in recent years and now makes a very substantial contribution to their global business. In total, Christie’s sold 686 lots at prices above the USD 1 million In 2012, Christie’s generated EUR 783 million from private sales, threshold, and 49 of these fetched prices above USD 10 million. In corresponding to 19.3% of the company’s global auction turnover. At addition, Christie’s generated dozens of new records, particularly at Sotheby’s the same activity generated EUR 716 million, representing its New York “Contemporary Art” sale on 14 November 2012 which 20.8% of its global auction turnover. Between 2010 and 2012, their alone generated USD 423 million, a new turnover record for a single combined private sales revenue rose by 132.5%. Thus if we add sale in the Contemporary art segment. In this domain, its European together their private sales revenue and their auction turnovers, the activities also posted relatively strong results with a sale total two companies posted sustained sales growth in 2012. equivalent to USD 207.3 million from its Post-War & Contemporary Art sale on 27 June 2012. Christie’s best hammer price during the year was USD 86.9 million for Mark Rothko’s Orange, Red, Yellow on 8 May 2012 in New York.
At Sotheby’s, the year’s best result was generated by The Scream by Edvard Munch: USD 113 million, or nearly EUR 94 million. This was the highest amount paid at auction for a painting in 2012 and the second highest amount all categories combined (a Ming vase fetched the equivalent of EUR 113 million at Macau Chung Shun). Sotheby’s Impressionist & Modern Art sale of 2 May 2012 generated
Chapitre 02 160 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 161 Christie’s and Sotheby’s – Private sales revenue in EUR million The growth of these major international operators is essentially driven by a small number of lots that fetch several million euros. Apart from
900 these exceptional pieces, the market, particularly in China, showed 800 signs of restraint. 700 600 500 Christie's 3.1.3 China: Sharp fall in turnover at the major Beijing 400 Sotheby's operators after the euphoria of 2010 and 2011 300 200 China’s two largest operators posted substantial contractions in 100 turnover during 2012. Beijing Poly International Auction Co. 0 02 Chapter 2009 2010 2011 2012 Ltd, which remains in third place, contracted by 45%, while China Guardian Auctions Co. Ltd, fourth in 2011, dropped one place in the global ranking after a 49% decrease in turnover. The international companies that conduct sales in Hong-Kong also saw a contraction of 3.1.2 Developments at the major Western their mainland China sales after strong growth in 2011. auction houses This massive “reduction” in China’s auction turnover nevertheless Heritage Auction Galleries, the world leader in specialised sales of came after the truly exceptional results generated in the spring and collectibles saw yet another year of strong growth. For 2012, it posted summer of 2011. It probably therefore reflects the deflation of a bubble turnover of EUR 679 million, up 12.5% on 2011, and +29% compared back towards a more gradual pace of expansion than that recorded in with 2010. In the global ranking of auction operators by turnover, it is recent years. now in fourth place ahead of China Guardian Auctions Co. Ltd. (5th) and Bonham’s (now 6th). The latter’s activity contracted sharply in Works by the great Chinese old masters, which have been subject 2012 (-15%). However, this apparent contraction came after a year to massive demand from Chinese collectors over recent years, were 2011 for which the firm posted revenue growth of 45% vs. 2010. again much sought-after in 2012, generating new auction records not only in China, but also in other markets around the world. Turnover at Philips de Pury & Company continued to grow at a However, the stock of quality works in this segment of the market sustained pace (+16.4% in 2012 after +9.3% in 2011), allowing the is not unlimited and one can easily imagine that collectors, paying operator to move up one place in the global ranking to 10th position. particular attention to the quality of the works offered, reduced In Austria, Dorotheum posted a 5.6% increase in turnover for 2012, their volume of acquisitions as a result of the increasing scarcity of to EUR 152 million. Dorotheum conducts an extremely high number exceptional quality lots. Another facet of the same phenomenon was of sales (600 in 2012) with a lot of online Miscellaneous sales. France’s an increase in the unsold rate of works by Chinese old masters in leading “homegrown” company, Artcurial-Briest-Poulain-F. Tajan, 2012. was 18th in the global ranking with turnover of EUR 144 million in 2012, up almost 14% on the previous year. Consistent with the trend As a result of the general shrinkage of auction turnover in China, observed on the global auction market, the Motorcars department three Chinese operators, all based in Beijing, dropped out of the of Artcurial posted growth 64% in 2012, with total sales amounting global top 20 in 2012. Other Chinese operators, however, succeeded to EUR 27 million. The sale of a Ferrari that once belonged to Roger in maintaining their turnover levels or even raise them, and two new Vadim for EUR 4.5 million made a substantial contribution to the Chinese operators entered the top 20 for the first time: Guandong department’s growth. Poly Auctions and Googut Auction.
Chapitre 02 162 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 163 Global 10 best auction results in the Art & Collectibles sector during 2012 (including fees) two new firms in the global top 20 in 2012, also benefited from a couple of major, although not quite so spectacular, results: an object Prix de vente Rang Œuvre OVV Lieu Date Devise d'origine Euros in jade weighing a little under 8 kilos was acquired, including fees, for 1 Grande Jarre d'époque Ming Macau Shung Shun Macao 03/06/2012 1 100 400 000 HKD 113 313 690 almost EUR 58 million. It should be pointed out, however, that these
2 "Le cri", Edvard Munch Sotheby's New York 02/05/2012 119 922 500 $ 93 612 463 figures are the amounts declared by the operators and they do not necessarily mean that payments haven been received. Media reports 3 Vase d'époque Ming Macau Shung Shun Macao 28/12/2012 782 000 000 HKD 76 964 440 concerning unpaid auction results or very late payments in China are "Orange, Red, Yellow", Mark 4 Christie's New York 08/05/2012 86 882500 $ 69 418 944 Rothko frequent. "Royal Red and Blue", Mark 5 Sotheby's New York 13/11/2012 75 122 500 $ 58 600 283 Rothko
Guangdong Poly Auction 6 Importante sculpture en jade Ghangzhou 15/12/2012 474 600 000 CNY 57 737 226 Co. Ltd The overall fall in China’s auction revenue therefore covers a wide
7 Encre chinoise de Li Keran Beijing Polyauction Pekin 03/06/2012 293 250 000 CNY 36 822 523 range of business trends in view of the figures communicated by the operators. The combined turnover shrinkage of the two primary 02 Chapter 8 "Tête d'un jeune apôtre", Raphaël Sotheby's Londres 05/12/2012 29 721 250 £ 36 578 537 Chinese auction companies was equivalent to half of the decrease "'Figure Writing Reflected in 9 Sotheby's New York 09/05/2012 44 882 500 $ 35 035 639 Mirror", Francis Bacon in Chin’s overall auction activity. In 2012, there were 9 Chinese 10 "'Sleeping Girl", Roy Liechtenstein Sotheby's New York 09/05/2012 44 882 500 $ 35 035 639 companies in the global top 20 operators by auction revenue compared with 11 in 2011 and 10 in 2010.
Note: these amounts, posted by the auction firms themeselves, should be regarded with caution. In particular, it cannot be guaranteed that all of these results have been actually been paid by the buyers . In addition, we cannot 3.1.4 Collection cars: a new growth driver guarantee that the data declared by auction firms includes all their results. in North America
In contrast to the contraction in China’s auction revenue at the In contrast to the overall trend on the Chinese auction market, the national level, Macau Chung Shun International Auctions Co., Ltd Collection cars sement of the Art & Collectibles sector posted strong posted turnover growth of 99% in 2012 with a total of over EUR 400 growth in 2012. The American company Mecum Auction, with million. This operator based in the Chinese capital of gambling, first turnover of EUR 306 million (up 136% vs. 2011) moved into 8th appreared in the global top 20 after posting turnover growth of 218% position our our global ranking, with RM Auctions just behind it in 2011 vs. 2010. Having conducted just two sales in 2012, it was the with EUR 278 million (up 92% vs. 2011). operator with the highest sales total average in the world at EUR 200 million per sale. That was substantially higher than the sales total Two smaller American operators, also specialised in Collection average posted by the global number two, Beijing Poly International vehicles, appeared in the top 20 in 2012: Gooding and Company, Auction Company (EUR 125 million per sale). which was in fact among the top 20 until 2009, and Barrett-Jackson Auction Company. Moreover, the figures posted by Macau Chung Shun appear to based on a very small number of extremely high value lots such as a blue These operators posted excellent results and RM Auction generated a and white Ming urn that fetched the equivalent of EUR 113 million new world record for an American car when a Ford GT40 from 1968 in June 2012 and another Ming vase that was acquired for EUR 77 fetched USD 11 million. Meanwhile, Mecum Auction generated its million in December. best ever auction result with a Porshe 917 from 1972, that fetched USD 5.5 million. These two objects, accounting for 38% of the company’s sales turnover, take first and third place in the global ranking of best auction results in 2012 and they gave the Macao auction firm 7th place in the global ranking of operators. Guangdong Poly Auction Co. Ltd, one of the
Chapitre 02 164 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 165 3.2 New York returns to leader position in the global art market . A decrease in turnover volume in Hong-Kong, reflecting a fall In 2010, Beijing became the world’s leading urban art market hub in sales revenue at the respective branches of Christie’s and in terms of auction turnover. This position was further bolstered Sotheby’s; in 2011 with a total turnover amounting toEUR 6.4 billion versus EUR 3.6 billion for New York in second place. In 2012, with China’s . Strong growth at Guangzhou (+ 107.8%) and Macao (+ 99.6%) two leading Beijing-based operators posting substantially reduced linked to the sale of a handful of exceptional lots by Macau Chung revenue figures, New York moved back into first place with EUR 4 Shun and Guangdong Poly Auction; billion (Beijing posted just under 3.9 EUR billion). . Less spectacular but nevertheless strong levels of growth in Chapter 02 Chapter The world’s top 10 cities in terms of auction revenue China’s other cities such as Hangzhou (+15.8%) and Shanghai in the Art & Collectibles sector in 2012 (+4.7%). Ranked by total auction revenue (including fees, in EUR millions) The Chinese market does therefore appear to be much less concen-
Produit des ventes (millions €) Nombre de Nombre de trated on Beijing: In fact, the latter’s share of total Chinese auction Rang Ville Pays ventes sociétés revenue on the Art & Collectibles sector contracted from 57% in 2011 2012 2011 Variation 1 New York Etats-Unis 4010,7 3580,2 +12,0% 664 34 to 43% in 2012 While the number of Beijing sales fell from Pékin 233 2 Pékin Chine 3877,9 6408,9 -39,5% 217 84 in 2011 to 217 in 2012) although it continued to progress in China’s 3 Londres Royaume-Uni 2829,0 2568,6 +10,1% 1156 39 other cities (along with number of operators). 4 Hong Kong Chine 1109,7 1362,7 -18,6% 156 12 5 Shanghai Chine 1056,7 1009,2 +4,7% 215 35 6 Paris France 1025,0 1040,9 -1,5% 2575 96 In North America, compared with the previous year, the map of 7 Dallas Etats-Unis 683,2 617,0 +10,7% 695 4 the country’s primary auction hubs suggest three simultaneous 8 Ghangzhou Chine 542,3 261,0 +107,8% 53 21 phenomena : 9 Hangzhou Chine 449,4 388,2 +15,8% 66 22 10 Macao Chine 403,2 202,0 +99,6% 3 2 . The good results generated by the major sales of Post-War art organised by the international auctioneers in New York; Note: in the case of Chinese operators, a single sale can be spread over several sessions and several days, which partly explains the low number of sales in Chinese cities post vis-à-vis their revenue figures. . The excellent results posted by auction operators specialised in sales of Collection vehicles. The principal operators in this market are geographically well dispersed: Mecum in Marengo, The top 10 cities in the world generate 65% of the global auction Illinois, RM Auction in Bleinheim, Ontario, Barrett-Jackson in revenue in the Art & Collectibles sector in 2012, down 2 points from Scottsdale, Arizona and Gooding & Company in Santa Monica, the level of geographical concentration recorded in 2011 (67%). California;
Analysis of the revenue trends in these top 10 cities reveals highly . The substantial growth of Heritage based in Dallas. contrasting trends within China in 2012 : Europe’s individual cities posted very contrasting revenue trends in . A sharp drop in Beijing after substantial contractions at the this secto of activity, but overall, European marketplaces appear to country’s two major operators: Beijing Poly International Auction have contracted at the global level in 2012 : and China Guardian Auctions; . London, with EUR 2.8 billion in revenue, strengthened its postion
Chapitre 02 166 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 167 Ranking of the global Top 20 auction marketplaces : as European leader and its global 3rd place behind New York and North America Beijing. In fact, the British capital posted a 10.1% increase in auction turnover in 2012, nearly equivalent to New York’s growth rate for the year;
. Paris, Europe’s second art market capital (and now in 6th place in global terms just behind Shanghai), experienced a 1.5% contraction in 2012 with a total of just over EUR 1 billion;
. Zurich, Europe’s third largest art marketplace posted a 25% increase to EUR 356 million, but the strong growth of Guangzhou, Macao and Nanjing in China relegated Zurich from 9th to 12th 02 Chapter place in the global ranking;
. As a result whereas Europe had 7 cities in the top 20 in 2011, its only had 5 in 2012: London, Paris, Zurich, Geneva and Vienna. Ranking of the global Top 20 auction marketplaces : Berlin and Madrid are now outside the top 20. At the same time, Europe one Chinese city (Zhengzhou) and one American city (Santa Monica) have entered the top 20.
Ranking of the global Top 20 auction marketplaces : Asia
3.3 Classification of auction sales
3.3.1 Use of internet
The growth of online auctions in the Art & Collectibles sector has been impacted by two contiguous phenomena :
Chapitre 02 168 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 169 . The largest companies have developped online sales through their in Collectibles such as coins, comics, posters and sport-related own tools (web sites, pour smartphone applications, etc.); vignettes, can take full advantage of “online” sales via its website ha.com. In fact, the global number four operator offers objects that, . Mid-size and small operators, not large enough to develop their although not identical, have a high level of market standardisation own internet services, make use of portal sites that allow scale and at average prices substantially below those proposed by other economies and access to online sales services. These portals operators of a similar size. therefore host the sales of large numbers of operators on one website. With 500,000 visitors per month, ha.com has a substantially higher level of internet traffic than Christie’s, Sotheby’s or Bonham’s and Below we make the same distinction regarding web-based sales as ranks among the top 1% most visited of all American websites. that made in our analysis of French auction operators : In Europe, operators specialised in Collectibles, which experienced 02 Chapter . One the one hand, live auction systems which offer the possibility strong growth in 2012, also clearly advertise on their websites to follow and participate in a physical auction sale via the internet. their online bidding facilities. This is notably the case of Künker in This method of online bidding is linked to traditional auction Germany and Aureo & Calicó in Spain, two operators specialised bidding systems, i.e. physical bids placed in auction rooms and in coin sales. via telephones.
. On the other hand, so-called “online sales” which are exclusively 3.3.1.2 Websites used by small and conducted via the internet, with the objects for sale only being medium sized operators visible and bids only possible via the internet. The goods offered for sale are usually open to bidding for several hours. Small and medium size operators cannot support the costs of setting up and maintaining online sales systems. Portal sites have therefore been developed for the purpose of providing internet sales channel for 3.3.1.1 The larger operators have their own websites these smaller companies which can share the costs of their technical implementation. The companies running these portals recover these Sotheby’s and Christie’s have been developing their internet sales costs by hosting sales for large numbers of operators. The world’s activities for several years. For 2012, Christie’s declared that 27% largest auction portal sites are : of the bids it received were communicated via its live auctions system, launched in 2006. It is worth noting that although this . Artfact – whose sites are artfact.com, invaluable.com and system was not intended for use with its prestige sales, Christie’s auctionzip.com: This company, based in the Unites States and nevertheless sold an Edward Hopper painting to an online bidder with an office in the UK, claims 2.5 million unique visitors per for USD 9.6 million. Alongside their “live auctions” system linked month for all of its sites together. to physical sales, Christie’s also organises purely “online sales”. Having conducted a sale of this type for the first time in 2011, . ATG Media – hosts the-saleroom.com, lot-tissimo.com and Christie’sorganised 6 in 2012, generating a total of EUR 4.8 million, encheres.lefigaro.fr: Based in the UK, this company is specialised a modest sum, but consistent with the nature of the goods offered in auction sites. In 2012, the site the-saleroom.com hosted 2,400 (wine, multiples from limited series, etc.). “live auctions”, generating GBP 53 million in turnover for the operators that used the service. ATG Media provides the technical The heterogeneity of artworks and their high prices could represent infrastructure for the German site lot-issimo.com and the French obstacles for the development of online sales in this segment of the site encheres.lefigaro.fr. market. In this context, Heritage Auction Galleries, specialised
Chapitre 02 170 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 171 . Liveauctioneers – site liveauctioneers.com: This company, which Breakdown between Catalogued and Miscellaneous sales in the Art & gives access to auction sales in 40 countries, also provides internet Collectibles sector around the world in 2012 users with access to a database containing 12.5 million auction results. Chine 835 204
As explained in the section of this report dealing specifically with Etats-Unis 2 043 10064 France, two French companies are specifically focused on the French Royaume-Uni 2 738 7115 market : Ventes cataloguées
France 4 217 5368 Ventes courantes . Drouot - site drouotlive.com: For 2012, drouotlive.com posted an auction total of EUR 7.5 million excluding fees. Allemagne 589 735 127 02 Chapter Suisse 37 . Interenchères – owner of interencheres.com: This generalist site is open to all sectors and is not exclusively focused on Art 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 & Collectibles. interencheres.com generated EUR 1.9 million in turnover during 2012.
Average number of annual sales in Art & Collectibles sector around the world in 2012 3.3.2 Sales categories
In 2012, the total number of auction sales identified by the CVV Chine 3
worldwide amounted to 41,322, just very slightly fewer than in Etats-Unis 17 2011. Of this total, 29,035 sales, representing 69.3%, were classified as Miscellaneous sales which do not involve the production of a Royaume-Uni 24
catalogue and usually offer medium or low quality objects. This France 26 proportion was stable compared with 2011. Allemagne 6
This proportional breakdown between Miscellaneous and Catalogued Suisse 5 sales is very different from one country to another. Miscellaneous 0 5 10 15 20 25 30 sales account for 56% of total sales in both Germany and France, but 72% in the UK and 83% in the USA. The proportion is much lower in Switzerland (23%) and in China (20%). The frequency of sales is also very different in the different countries. These substantial country differences are to a large extent related to the nature of the sales themselves. For example, Chinese operators While French and British operators conduct an average of 26 and 24 generally conduct just two major sales, one in the spring and another sales per year respectively, American operators organise 17 per year in the autumn, with very occasional minor sales at other times of the and the averages for German and Swiss operators are respectively just year. 6 and 5 per year. However, even that average is twice the Chinese average since Chinese operators post an average of only 3 sales per However, their major sales offer several thousand objects and can year. last for several days, and are sometimes presented in several different catalogues.
Chapitre 02 172 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 173 Global ranking of the top 10 countries in the Art & Collectibles sector IV. Atlas of the Art & Collectibles sector Sales turnover in EUR million
Produit des ventes (en millions €) Nombre de Rang Pays Nombre de ventes The presentation of the global atlas of the Art & Collectibles sector 2012 2011 Variation sociétés actives focuses on the world’s three primary zones for auction sales: Asia, North 1 Chine 8 987 11 517 -22,0% 315 1 039 America and Europe. In 2012, these three zones accounted for 98.4% of 2 Etats Unis 6 784 6 071 +11,7% 714 12 107 3 Royaume-Uni 3 532 3 369 +4,9% 413 9 853 the sector’s global turnover, almost the same as in 2011 (98.7%). There 4 France 1 499 1 525 -1,7% 368 9 585 were 2,498 operators active in the sector in 2012 representing 95.4% of 5 Suisse 702 609 +15,2% 36 164 the total number of companies in the world identified by the CVV. 6 Allemagne 658 831 -20,8% 237 1 324 7 Canada 472 272 +73,5% 50 675 8 Australie 209 197 +6,1% 61 1 129 South America, which had 70 active operators in 2012 generated 9 Italie 206 187 +10,1% 48 361 Chapter 02 Chapter roughly 1% of the sector’s global turnover. The Middle East, Oceania 10 Autriche 204 201 +1,6% 11 631 and Africa generate very small amounts of auction turnover, with each Autres 1 304 1 331 -2,0% 348 4 454 Total 24 558 26 110 -5,9% 2 601 41 322 zone possessing around ten operators. Regarding the Middle-East, Christie’s only organised 4 sales in Dubai during 2012. Note: in the case of Chinese operators, a single sale can be spread over several sessions and several days, which partly explains the low number of sales these operators post vis-à-vis their turnover figures.
4.1 Aggregated data for the main countries Even if China’s 2012 total decreased 22.0% vs. 2011, it is still the global leader of the auction market in country turnover terms. However, The data gathered allows analysis of different indicators: sales China’s global market share contracted in 2012: after reaching 44.1% turnover, the number of companies and the number of sales. The in 2011, it fell back to 36.6% in 2012, a contraction that automatically table and the graphs presented summarise the major trends observed boosted the shares of most other countries. Of these, the United and they are followed by a detailed analysis of each major zone and States’ share rose to 27.6% from 23.3% in 2011 on the back of national the main countries within it from an auction perspective. turnover growth of 11.7%.
Market shares of the top six countries
9,7% 2,9% 2,7% 8,4% 36,6% Chine 2,3% 6,1% Etats Unis 3,2% Michelin Royaume-Uni guide rouge, 1900 France 5,8% Montant adjugé : 15 000 € 14,4% Allemagne 44,1% Chamalières, 21 juillet, Vassy - Jalenques SVV, M. Gonzalez. Suisse © Vassy - Jalenques SVV Autres 12,9%
27,6%
23,3%
Chapitre 02 174 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 175 The top 10 ranking saw changes in 2012. Switzerland, whose auction Numbers of operators per country (A&C sector) turnover progressed, moved to fifth place while Germany slipped Operators active in the A&C sector in 2012
back to sixth place after posting lower turnover. Sweden, whose auc- 900 tion business had already contracted in 2011, dropped out of the top 800 700 10 in 2012, whereas Italy, after a sharp fall in 2011, returned to the top 600 10 in 9th place. 500 400 300 2012 Apart from the top 10 countries, activity in the 46 other countries 200 2011 where at least one sale in the Art & Collectibles sector took place 100 0 contracted by 2.0%, after dropping 15.7% in 2011 despite the addition of 17 new companies to their ranks (330 in 2011 and 347 in 2012). Chapter 02 Chapter
Global auction turnover (A&C sector) 2012 / 2011 in EUR million
14 000 12 000 4.2 Asia 10 000 8 000 2012 Auction turnover in Asia 6 000 per region / province 2012 4 000 2011 2 000 0
Numbers of sales per country (A&C sector) Numbers of sales in 2012 / 2011
14 000 12 000 10 000 8 000 6 000 2012 Auction turnover per country / province 4 000 2011 2 000 0
Chapitre 02 176 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 177 Art & Collectibles sector: key figures for Asia in 2012 from being the reality in all countries. While, the major international
Produit des auction operators like Sotheby’s and Christie’s sell their best pieces Rang Société Pays Produit des ventes 2012 9 329 M€ ventes 2012 to collectors the world over, regardless of where the sale is organised, Beijing Poly International Auction Variation du produit des ventes par 1 750 M€ Chine -20,9% Co., Ltd. Certain markets remain very specific, particularly that of China, rapport à 2011 China Guardian Auctions Co., 2 637 M€ Chine whose auction fare is primarily aimed at domestic demand. Ltd. Nombre de ventes cataloguées 911 3 Christie's 549 M€ Monde Nombre de ventes courantes 314 In recent years China has been the growth driver of the global art 4 Sotheby's 457 M€ Monde market with an extraordinary expansion of its national market and Prix moyen par vente 7,62 M€ Macau Chung Shun International 5 403 M€ Chine Auctions Co.,Ltd intense purchasing by its collectors on the international market. Nombre de sociétés au produit des 95 But Chinese demand remains strongly oriented towards Chinese ventes annuel supérieur à 20 M€ art, whether it be Modern or Contemporary art or works created throughout its long history: porcelain, calligraphy, jade etc. As a 02 Chapter 4.2.1 China: Slowdown and geographic adjustment result, the Chinese operators have specialised on these markets. This phenomenon, coupled with the strong growth in the number of major 2011 was an exceptional year for China with a 51.5% increase to EUR fortunes in the country until 2011, caused an unprecedented rise in 11.5 billion driven by remarkable turnover growth at Poly Auction the prices of Chinese art throughout the world, as we saw in France (+29.2% in 2011) and China Guardian (+47.5% in 2011). Contrary to in 2012. These phenomena have been amplified by the activity of expectations, China’s growth momentum stopped abruptly in 2012: Chinese investment funds focused on the art market and attracted the country’s Art & Collectibles sector posted a 22% fall in turnover by the rapid increase in prices, creating all the right conditions for a to EUR 9 billion. The main contributors to this trend reversal were speculative bubble speculative. Asia’s two largest operators: Poly Auction and China Guardian posted respective contractions of -45% and -49%. In 2012, according to the World Wealth Report published by Wealth-X, not only did the number of HNWIs with assets above USD Several different factors can be advanced as possible reasons for the 30 million contract by 2.3%, but the overall wealth of this population drop in China’s auction activity : diminished by 7.3%. The richest Chinese were therefore less numerous and less well-off in 2012 than in 2011. As the bulk of Chinese collectors . The diminution of the number of millionaires and therefore of are members of this population, we can assume that their incomes the number of potential art collectors in China; significantly diminished in 2012 and that they decided to reduce their spending on art, thereby specifically impacting the global market for . The increasing rarity of high quality works by China’s Old Chinese art. This phenomenon shrank the Chinese market and sales Masters; of Asian art throughout the world.
. A change in the behaviour of buyers on the Chinese market, who There are nevertheless lots of old and classical Chinese artworks had earned a reputation for being bad payers. among the national auction records in the Art & Collectibles sector of various countries around the world. As already mentionned, the As discussed earlier in this report, the global economic slowdown exceptional works in this category have been subject to very strong resulted in a contraction of the number of major fortunes in China demand among international Chinese collectors for several years. But during 2012. Bearing in mind the internationalisation of auction as there is a limited stock of these old and classical works, they are sales, and particularly of the most prestigious sales, it is possible bound to become increasingly rare, and the quality of works on offer that the shrinkage of China’s HNWI population may not have had is bound to diminish. It appears therefore that collectors quite simply that much impact since the rest of the world’s HNWI population reduced their spending. continued to grow. However, the globalisation of auction sales is far
Chapitre 02 178 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 179 Another phenomenon concerning the Chinese auction market is the 4.2.3 Turnover in other Asian countries was weak question of unpaid bids: Until recently, Chinese auction operators were encountering major difficulties with bid settlement. The efforts India posted a total turnover of EUR 34 million and still only has made by the Chinese authorities to purge the market of this problem 8 operators active in the Art & Collectibles sector. These companies and reassure international investors have undoubtedly contributed are all of modest size: The 2 largest, Saffronart and Oswal Antiques, to calming the fever that has impacted the Chinese art market posted turnover of approximately EUR 6 million each in 2012. and particularly its art auction market. We do not have access to any standardised and reliable information regarding the extent of In South Korea, after a bad year 2011 with turnover of only EUR 13.5 unsettled auction bids in China. Nevertheless, by way of illustration, million, Seoul Auction posted EUR 32 million in 2012, in line with if the monetary value of unsettled bids represents 25% of the China’s the EUR 30 million recorded in 2010. declared auction turnover, the country’s total turnover would be the same as that of the United States. The Indonesian Company Larasati continued to develop its activity. 02 Chapter After EUR 4 million in 2010 and EUR 6.7 million in 2011, its turnover It is however important to point out that while the auction turnovers amounted to EUR 11.4 million in 2012. of China’s largest auction operators fell dramatically, this was not the case for all Chinese operators. In fact, the number of Chinese firms posting turnover above the EUR 20 million actually increased 4.3 North America (by several units) as did the total number of operators and the total number of sales organised in China. As indicated above, companies Geography of North American auction turnover in 2012 per State/Province like Macau Chung Shun International Auctions Co., Ltd and Guangdong Poly Auction Co. Ltd posted very large increases in their auction turnover for 2012. However, as that growth relied heavily on the sale of a small number of extremely expensive lots, there can be no certainty that the good results posted in 2012 by these companies will be repeated in the future.
4.2.2 Japan: return to normal after a slump in 2011
In 2011, Japan suffered a catastrophic tsunami with severe economic, social and public health consequences. The combined annual turnover of Japanese auction operators dropped 17% to EUR 100 million. In 2012, with the country’s economic activity recovering, the volume of business of its eight operators in the Art & Collectibles sector progressed 14% to EUR 114 million, close to its 2010 level. The largest operators in Japan in this sector are Shinwa Art Auction (turnover of EUR 28 million) and Manichi Art Auction (turnover of EUR 17 million). The most publicised sales concern artworks, mainly Impressionist, Modern and Contemporary that have already been exchanged in Western markets.
Chapitre 02 180 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 181 Key figures for North American Art & Collectibles sector in 2012 4.3.2 Canada: recovery at RM Auction
Produit des Produit des ventes 2012 7 269 M€ Rang Société Pays Canada, with 50 auction operators, remained in 7th place in the 2012 ventes 2012 Variation du produit des ventes par global ranking by country. Its total auction turnover in the Art & +14,6% 1 Christie's 1 669 M€ Monde rapport à 2011 Collectibles sector rose 75% to EUR 475 million in 2012 versus EUR Nombre de ventes cataloguées 2 348 2 Sotheby's 1 656 M€ Monde 272 million in 2011. This growth was primarily driven by its largest
Heritage Auction auction firm, RM Auctions which is also specialised in sales of Nombre de ventes courantes 10 522 3 669 M€ Etats-Unis Galleries collection vehicles, and, like its American peers, posted exceptional Prix moyen par vente 0,56 M€ 4 Mecum Auction 306 M€ Etats-Unis growth in 2012: +92% to EUR 278.4 million. RM Auctions alone Nombre de sociétés au produit des accounted for two thirds of Canada’s 2012 turnover growth. The 23 5 RM Auctions 278 M€ Canada ventes annuel supérieur à 20 M€ progression of RM Auctions’ turnover nevertheless came after a 30% drop the previous year. 02 Chapter 4.3.1 United States : Sustained growth in the different activity sectors The second largest Canadian operator, Heffel Fine Art Auctions, specialised in the sale of art objects, posted a 6% fall in turnover to In 2011, Auction turnover in the United States progressed only 1.5% EUR 24.4 million. while it increased substantially in Europe and, above all, in Asia. In 2012, the opposite scenario occurred with American auction companies posting the strongest activity growth. The combined 4.4 Europe auction revenue of the 714 operators identified as being active in the Art & Collectibles sector rose to EUR 6.8 billion, i.e. 12% more than Geography of European auction turnover in 2012 per country in 2011. The United States’ global share of this market this rose from 23.3% in 2011 to 27.6% in 2012, a level equivalent to its 2010 share.
The American market benefited from growth in the Fine Art and the Furniture & Art Objects categories at the US branches of the multina- tional operators (Christie’s and Sotheby’s, as well as Philips de Pury and Bonham’s). But the American auction market also saw excellent performances at the operators specialised in Collectibles, particularly Heritage and, above all in 2012, those specialised in selling collection vehicles: Mecum Auction (+136% with EUR 306 million), Gooding & Company (+76% with EUR 148 million) and Barrett-Jackson (+28% with 114 million EUR), which in 2012 came 4th, 6th and 8th respectively in the main ranking of the principal American operators in terms of auction turnover.
This sharp increase in activity at the main companies also occurred in a context of market concentration. Thus, whereas there were 24 operators posting annual turnover of more than EUR 20 million in 2011, there were only 19 in 2012.
Chapitre 02 182 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 183 Key figures for European Art & Collectibles sector in 2012 market share grew from 5.8% in 2011 to 6.1% in 2012. Meanwhile,
Produit des Rang Société Pays Paris, which ranked 5th in the 2011 marketplace ranking, moved down Produit des ventes 2012 7 559 M€ ventes 2012 to 6th place after Shanghai posted a better turnover performance. Variation du produit des ventes par 1 Christie's 1 816 M€ Monde -1,1% rapport à 2011 2 Sotheby's 1 314 M€ Monde Nombre de ventes cataloguées 8 592 This year saw a contraction of activity in the traditional sectors of 3 Bonham's 310 M€ Monde art and art objects in which the international firms and the main Nombre de ventes courantes 16 628 4 Dorotheum 152 M€ Autriche companies operating through hôtel Drouot are active. However, Artcurial - Briest - Poulain - Prix moyen par vente 0,30 M€ 5 144 M€ France F.Tajan France’s Collectibles segment is growing stronger every. This growth Nombre de sociétés au produit des 39 explains the growth posted by Artcurial which enjoyed good results ventes annuel supérieur à 20 M€ from sales of collection vehicles and comics.
4.4.1 United Kingdom: continued growth in London of The number of sales continued to progress, primarily due to the 02 Chapter the largest operators creation of a number of new companies over recent years. However, much of this progression involves Miscellaneous sales that are much After posting a modest 2.1% increase in 2011 (and very strong growth more accessible to small structures. Overall, French auction operators in 2010) the UK’s auction business accelerated again in 2012 with total still have a high capacity to organise catalogued sales, and, from an turnover growing 4.8% to EUR 3.5 billion. With much of the world’s international perspective, its proportion of catalogued sales is very auction business posting negative progressions, this growth pushed the high. UK’s global share from 12.9% in 2011 to 14.4% in 2012, consolidating its position as European leader on this market. While France is still the European country with the highest number of companies posting turnovers greater than EUR 20 million, there Within the UK market, London’s position is getting stronger every year. were only 9 in 2012 (of which 8 in Paris) versus 11 in 2011. In 2012, the capital accounted for 80% of the country’s total activity, versus 76% in 2011 and 72% in 2010. Outside London, the market was in fact concentrated on a very small number of international companies. 4.4.3 Switzerland: strong growth at the international Thus, Christie’s accounted for 38.0% of British activity ahead of Sotheby’s operators (26.9%), Bonham’s (8.5%) and Phillips de Pury & Company (2.3%). The combined market share of these four operators is more than 75%. The After a 2.2% contraction in 2011 Switzerland’s auction turnover business activity of the 413 operators active in the Art & Collectibles from Art & Collectibles progressed 14.8% in 2012 to EUR 700 sector in 2012 (versus 436 in 2011) was therefore excessively concentrated, million with an increase in the number of operators active in the while the the small operators posted very limited turnover figures: 206 sector (36 in 2012 versus 30 in 2011) but almost the same number of operators posted turnover of less than EUR 1 million in 2012. sales (164 contre 165).
This growth was very largely (88%) driven by the Swiss branches of 4.4.2 France: a slight fall in overall turnover, Christie’s and Sotheby’s which posted turnover growth of respec- but growth in Collectibles tively +35.7% and +14.6%. The two international operators’ combined share of the Swiss market in 2012 amounted to 56%. The Swiss third In 2012, France’s art auction market posted a slight contraction. operator in terms of revenue is its largest national operator, Koller, Its total turnover, including fees, amounted to EUR 1,499 million in which posted a small growth in turnover to EUR 83.0 million after 2012, i.e. 1.7% less than in 2011. This contraction came after an 8.6% EUR 81.3 million in 2011. progression in 2011. Nevertheless, with the overall contraction in the global market (particularly the Chinese market), France’s global
Chapitre 02 184 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 185 4.4.1 Germany: one of the sharpest falls in 2012 d’Aste Meeting Art posted a 21% progression in 2012 whereas both Sotheby’s and Christie’s in Milan posted volumes down by half. In 2011, Germany posted one of the strongest national turnover growth figures in the world (+9.2%). However in 2012, its national Austria came 10th in the 2012 ranking of country’s by auction turnover fell 20.9%, one of the worst performances in the world (after turnover (Art & Collectibles sector). The 11 companies active on China’s -22.0%). In total Germany’s operators generated EUR 657 this sector posted a combined sales turnover of EUR 204 million million in 2012. in 2012 (+1.5% versus 2011). The Austrian market is highly concen- trated. Dorotheum, the leading Austrian company and 15th in the This contraction in activity was largely due to 6% fall in the number world posted EUR 152 million in auction turnover in 2012, up 5.5% of operators active in the Art & Collectibles sector sector and an versus 2011, and represented 75% of total Austrian auction turnover 11.4% drop in the number of sales organised. in this sector. The second largest player in the Austrian market was Im Kinsky Kunst Auktionen, whose business had contracted by 46% 02 Chapter Apart from the reduced number of operators, certain large companies in 2011, but which posted 9.4% growth in 2012 with EUR 21 million experienced sharp falls in 2012 after posting substantial turnover (nearly 10% of Austria’s total auction revenue). increases in 2011. Villa Grisebach, posted a 30% contraction to EUR 39.0 million after a 69% increase to EUR 55.4 million in 2011. Sweden’s auction turnover in the Art & Collectibles sector has been on a negative trend for a number of years. In 2012, the 45 The company was thus relegated to 4th place in the German market operators active in Sweden’s Art & Collectibles sector generated behind Lempertz (+3.7% to EUR 51 million) and Nagel (-10% to EUR EUR 167 million, down 21% versus 2011 (which was down 5% versus 43 million) which occupied the 2nd and 3rd places respectively in the 2010). Lauritz Christensen Auctions, the country’s largest auction country’s national ranking for 2012. operator, posted a contraction of 1.4% to EUR 98 million.
As in France, but on a different scale, the companies specialised in Spain’s Art and Collectibles sector posted an auction turnover total sales of art objects contracted whereas the Collectibles specialists of EUR 102 million in 2012. Once again, the Collectibles segment was posted activity growth. As a result, the country’s leading auction the most dynamic with country’s largest operator, Aureo & Calicó, operator in 2012 is now a firm specialised in numismatics, Künker, specialised in sales of old coins, generating turnover of EUR 16 after it posted a turnover progression of 132% in 2012 to EUR 65 million. million. This increase reflects a similar increase in the number of sales organised by Kunker, which rose from 3 in 2011 to 7 in 2012. The Netherlands suffered from Sotheby’s closure of its Amsterdam branch in 2012, but Christie’s posted a 38% increase in turnover to EUR 54 million. But even that growth did not prevent the 4.4.2 The other European companies Dutch Art & Collectibles sector generating a total down 42% on 2011 (at EUR 83 million). In 2012, Italian operators posted an overall increase in their activity of more than 10%, to EUR 207 million, giving Italy 7th In the rest of Europe, only two companies generated annual turnovers place in the global ranking. This increase followed a -34% contraction of more than EUR 15 million the Art & Collectibles sector: Bruun in 2011, which means that the increase reflected more of a catching up Rasmussen (EUR 49 million in 2012) in Denmark and Bukowski effect than a real growth trend. Moreover, the trend was very uneven (EUR 77 million) in Finland. between the different operators and the figures show that while the Italian firms worst affected in 2011 recorded turnover growth in 2012, the international operators present in Italy continued to experience turnover shrinkage.For example, the largest Italian Operator, Casa
Chapitre 02 186 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 187 V. Conclusion
In total, the global Art & Collectibles sector posted a negative SANS TITRE – 1933 Yves TANGUY evolution in 2012. This trend was however very uneven between Montant adjugé : 2 065 200 € different operators, different regions and different specialisations. 4 décembre © : Artcurial – Briest – Poulain – F. Tajan The largest Chinese operators, which had driven the growth of the art sector’s secondary market in recent years, posted sharp falls in auction turnover during 2012. Nearly all of the Western operators specialised in sales of art ojects and furniture also posted lower turnover volumes. This was particularly true on the European 02 Chapter market, except for the major international operators whose business continued to grow in New York, London and Switzerland, whereas it shrank in the rest of Europe and in Asia.
The operators specialised in sales of Collectibles posted strong turnover growth. The most spectacular illustration of this trend is the appearance of the North American Collection Cars specialists among the continent’s highest ranked operators by turnover. But this phenomenon extended much beyond North America, as we saw with the activity growth of specialised companies on other markets such as numismatics.
In this context, the French market, despite a slight contraction, succeeded in consolidating its 4th place on the global auction, with a share of 6.1% in 2012 versus 5.8% in 2011.
Chapitre 02 188 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 189
Methodology Voluntary public auctions sales in France in sales auctions public Voluntary 2012:in economic an report sales auction public Voluntary Methodology 2012 in sector and Collectibles Art in the sales Global auction
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Validation 87
Chapter 02 Chapitre 02Chapitre 67.4% 2011). in 2011) (to from 66.3% slightly of weight France’s fell the regions while represented 33.7% region (vs. Ile-de-France 32.6% in surrounding 2011)in (after of22.7% France’srepresented 24.5% total the and operators Parisian structures, new of these creation the Following CVV. the with operators auction as 2012, brokers registered eight In conditions. certain under out auctions brokers to carry merchandise of reforms 2011, by the created way fornities paved the which the opportu by explained be can companies of new number high The VAOs new 28 and entity asingle merged into were created. 5 companies, by other 2were absorbed trading, ceased 5 operators dates, two these Between earlier. at 412, up 4% 396stood ayear from (CVV) ventes(VAOs) volontaires des Conseil the with registered At of 31 Voluntary Operators number Auction 2012, the December Structure A. I. Publ Operators Presentation of Voluntary Auction a ic u c t i les i sales on * Hors Paris * Hors + 16 depuis 2006 et +12+ 16 et 2009 2006 depuis depuis 273 2009 +3depuis et 2006 - 1depuis 38 2006 + 23 depuis 101
OVV en régions Île-de-France * Île-de-France régions en OVV
OVV àParis OVV OVV dans les autres régions autres les dans OVV n Fr an c e 88 - Total Total OVV« volontaires uniquement * » CPJ de études OVV des à adossées Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les which represented 78.9% of declared staff at end-2012 staff represented 78.9% ofcompared declared which 2012 in created jobs were new contracts, open-ended Most of the 2012, VAOsIn up 13% people, employed to 2011. compared 2,565 B. judiciaires :commissaires-priseurs CPJ total. of the quarters 310 to three suggest 2012, equivalent in figures our high: still was activities sales by judicial backed operators 2012 brokers).in (94 the excluding However, of French number the from to 58 2007) 102 risen (in has it five years last to grow. the Over 2012)in operators as auction continued brokers certified 8news the auctions (including voluntary only conducting of operators The number Employment patterns amongEmployment VAOs patterns in 2012 3 000 1 000 1 500 2 000 2 500 500 0
Number of Voluntary Auction Operators (VAOs) Operators Auction Voluntary of Number 2002 2 198 340 317 2008 23
Trends in VAO staff numbers VAO staff in Trends 2007 381 323 58 2 063 2009
2008 386 324 62 2 210 2010
2009 385 318 67 2 262 2011
2010
393 316 77 2 565 2012 2011 396 313
83
2012 412 310 102 89
Chapitre 02 Chapitre 02Chapitre market increased again last year, particularly in the used vehicles vehicles used the in year, particularly last again increased market the on influence whose of operators, number asmall around market the of of concentration types growing the VAO different the reflects among distribution their and in employee numbers increase The volume of business. in growth the than faster grow requirements these etc.) that and communication, marketing, logistics, appraisal, computing, services, legal and (accounting of services a range of offering capable structures need operators more the the increases, volume business as that we have observed fact, employees.new In of numbers significant recruited 2011, already operators largest the In proportionally. more grows than number turnover, the higher towith consider operators we move ranking as up the contrast, By little. employees changed of salaried turnover), number average the of auction (in operators terms smaller the Among companies. the of size on the depending uneven, fairly was operator headcounts growth 2012, the In question. in company of the volume of activity perstaff the largely on depends salaried VAO of The average number companies). different several with contracts have may employee by asingle as employed contracts actually these people of number the than rather contracts salaried of number the concern figures These from2011 in 13.8% fell to staff 2012.in 11.0% percentage temporary of The of trainees. number the did as stable, 76.9% remained 2011. in with contracts fixed-term of The proportion CDD CDI Progression annuelle Progression Total Intérimaires Stagiaires commissaires priseurs commissaires salariés autres priseurs commissaires autres salariés autres 2012 breakdown of VAO employees by contract type contract by VAO employees of breakdown 2012 Temps partiel Temps plein Temps partiel Temps plein Temps partiel Temps plein Temps partiel Temps plein Temps partiel Temps plein Temps Effectifs 2 565 1 410 13% 283 106 327 247 32 88 23 41 5 3 2012 11,0% 12,7% 55,0% Part 1,2% 3,4% 0,9% 1,6% 4,1% 0,2% 0,1% 9,6% 90 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les Tranche d'adjudication (en d'adjudication Tranche millions d'euros) millions [10-50] M€ [10-50] [1-10] M€ [1-10] > 50 M€ 50 > < 1 M€ 1 < and auction room sharing, etc. room sharing, auction and appraisals estimates, valuation fees, seller buyer and activities: auction to operators’ related directly of exclusively income almost consisted 2011 the figures income sales, auction beyondvoluntary activities force 2011) on 1September their to widen operators auction enables 2011 law July of 20 the into (which came although that Note also available. information of the quality on the dependentis analysis in our used data The receive. operators the that incomes different of the sum to the former corresponds the whereas accounts, party third in recognised are latter the turnovers: sales their as thing same the are not which incomes and operators’ profits of accounting operators’ examination to the limited was analysis Our 2010. in recovered somewhat market before the collection) -Yves Laurent Bergé Pierre Saint of the sale to the thanks positive was 2009 in French for market the data (even overall the of crisis if years two preceded for sales, auction year aremarkable 2007, was which to 2011. presented therefore below. are of data Five Note years that relate report this writing of time the at statements available financial 232-21 The L. of Commerce. French Code of the seq. et Articles with accordance in court commercial the clerkthe of with filed statements earnings and sheets of balance non-nominative exploitation the from each of positions collected was VAO. financial data This the of complemented been by has details turnover auction concerning data the reports, work previous presented in the continuing and market of the analysis economic the to extending a view With C. provide. cannot operators smaller that services offer complementary can who on staff new takes structure new entity, the merge asingle into companies several When domain.
Financial position of VAOs of position Financial Nombre d'OVV Nombre 174 202 27 9 CDI 409 254 897 465 Effectif salarié (hors stagiaire) Effectif CDD 17 19 53 48 Total 426 273 950 513 91
Chapitre 02 Chapitre 02Chapitre decrease, and well below the 2007 level. 2007 below the well and decrease, 2011 to a to amounted EUR 16% profitscorresponding 31.15 million total time, 2012 by in same 6.5% 618.1rose At to EUR the million. operators all income by generated that total show tables aboveThe data Raw averages. these from compiled ratios several table offers last The of operators. number by the raw data the dividing from obtained series)the averages present first the from Two (compiled tranche. tables other turnover auction of per operators and incomeprofit collected: as data rawthe all of present first tables The following (nottranches. turnovers incomes) different four in auction annual to their We according operators the have grouped segment. activity end-2011). thereforedefined each foras averages is presented data The at terminated not activity first of 18-month (not period or filed, yet were not no longer or accounts are available annual certain that fact the by explained operators). is difference The of 396 certified total companies (outconsidered364 of a analysis 2011,In financial our 92 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les the operators in the different turnover tranches : tranches turnover different the in operators the of health financial the in disparities wide and profits in deterioration 2011 in operator ageneral incomes and masked turnover auction of level good overall the that reveals data average of the Analysis deration) consi under VAOs of tranche in /number tranche turnover per turnover (total turnover auction =average AHP ratios Some Average profit Average income data Average whole still looked fragile. fragile. looked whole still as a tranche the and low Average level. very profit 2007 its remained 2011. 2011, in Average arecovery despite below income, remained - 2007 period 5-year over stable therefore the was and levels 2007 and to 2009 returned tranche 2011, this In in turnover auction the .
Annual operator turnover of less than EUR 1m EUR than of operator less turnover Annual 93 -
Chapitre 02 Chapitre 02Chapitre reaching around 5% 2011 in around reaching (ratio turnover/operator of to decline, auction income) continuing is profitability commercial profits. Its generating having is sector the difficulties structural the 2%), (below weak very is reflecting ratio VAOs profits/turnover For the all that together, we observe taken declined. incomes tooperator 2011, and 2007 from turnovers auction period 5-year both the In of volumes activity. with pace keeping not is necessarily bility but profita well, performing still is sector The profits. in but adecline 2010 in income 2011, and and turnover both in We growth observe company. of a single performance the by influenced heavily be can data consolidated the so companies, few very contains tranche This scroll; Chinese imperial of an sale the 2011in profits from high exceptionally generated operator that single to a thanks 2010over 2011,and profitability in partly was this but recovery asharp suggests ratios of earnings Analysis 2009. since trend (+1.9%). income average was as erratic an Averageafter profits rose, (-2.3%) stable fairly was over tranche Turnover 2010 this 2011, and in to reduce costs. needed restructuring implement the to struggling are they of volumes activity, their maintaining while difficulties; having are tranche this in operators most that suggest of one company. would under-performance This to the part large over 2010-2011, steady was income in 43%, due steep a profits fell operator Although level. 2007 to its 2011, back climbed turnover In of theoperators. number of terms in tranche largest the is This . . . Annual operator turnover of 50m operator over turnover EUR Annual 50m EUR 10m and EUR of operator between turnover Annual 10m EUR 1m and EUR of operator between turnover Annual 94 - rayonnants, belle bordure rayonnants, fleurs sur neuf registres registres neuf sur fleurs de riches guirlandes de de guirlandes riches de Ypsilanti de Grèce, princes de de princes Grèce, de Ypsilanti 220 cm, larg. 330 cm. Famille Famille cm. 330 larg. cm, 220 appliqués et à appliqués aiguille HBruxelles, vers 1860. Long. Long. 1860. vers HBruxelles, à frises de piastres et et piastres de à frises de Bruxelles à motifs àmotifs Bruxelles de finedentelle blanche Chartres, 26 mars, galerie galerie mars, 26 Chartres, Montant adjugé : 5 800 € 5800 adjugé : Montant Moldavie et Valachie. Voile demariée, Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les © Galerie de Chartres de © Galerie Chartres SVV. Chartres palmettes.
VAOs new 28 the 2012. in for 12 of transactions of declared absence an include did decline this 2011) 2012 in 6m 5.9m EUR (EUR in year-on-year down vs. although VAO per turnover average 2012. Also, in French houses auction was of number the in increase sharp the with pace not keep did market the French of growth turnover annual the since more significant the all slowdown to 2012is 3.7%. This 2003 was from growth turnover annual average reforms, 2011.Since in recorded 2002 the 8.6% growth the slowdown a to net compared marks nevertheless growth This 2011. in billion 2.38 EUR up from billion, 2.42 of EUR high all-time 1.9% 2012 LTurnover grew in an to reach segments for fees all excl. sold. being of goods type the of a question essentially is difference the and market, two-speed at adistinctly now we are looking fact, In growth. slowdown in clear a reflects increase the although volume of its activity, in increase overall an to post managed nevertheless French sector auction 2012, the in France in conditions economic unfavourable Despite A. t II. A slowdown ofactivity 1.1. rends French on the market in 2012
Overall trend 95
Chapitre 02 Chapitre 02Chapitre 1000 M 1000 M 1500 M 2000 M 2500 500 M 500 0 M 0 € € € € € €
1 747 2003 from 42.9% in 2011. in 42.9% from suffilift to strongly ciently up 44.8%, revenues to national share of its grew Equipment sector Used Vehicles the &Industrial contracted, sector &Collectibles Art the While trends. showed divergent sector 2012 of activity, areas three the in conditions economic similar were what relatively year, highlighting last until little changed sector of weight each relative the Although Horses. and Equipment, Used Vehicles &Industrial &Collectibles, Art broad sectors: Th three into becan broken down market e Frenchpublic auctions
44,8% 1.2. Sharp diff Sharp sectors between erences 1.2. 1 776 2004
French auction turnover, EUR millions; excluding fees excluding millions; EUR turnover, auction French 1 949 2005
French auction turnover by sector in 2012 in sector by turnover auction French 4,6% 2 202 2006
2 222 2007
2 042 2008
50,6% 2 238 2009
Chevaux Matériel industriel et d'occasion Véhicules Art et objets de collection 2 190 2010
2 378 2011
2 423 2012 96
Renault Trafi cDCI115 funéraire Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les Montant adjugé : 14 800 € 14 800 adjugé : Montant Five Auction Marseille Auction Five . . . by : particular in Thexplained be can sector Collectibles Art & the in e slowdown 2011). in +11.8% 2011) 0.9% (vs. only in gained 8.4% sector growth Horses the and -1.8% back slipped sector (aft &Collectibles 2011, Art the while er 7.4% strong its in behind not far of rise 6.5%, 2012 revenue growth Th thereforeposted Equipmentsector eUsed Industrial & Vehicles reach. nationwide a with of operator anew appearance the and sales online in increase sharp by a grew, boosted that segment vehicles used the only it was sector this within and Equipment sector Used Vehiclesby the &Industrial solely generated almost was 2012 the increase sectors, main three the in steeply climbed year, turnover when previous to the contrast In Equipment sector held steady thanks to : thanks held steady Equipment sector Used Vehicles of the &Industrial growth the time, same At the An overall contraction, at an international level, of the high-end high-end of level, the international at an contraction, overall An 2011. in activity bolstered had which demand, Chinese in A fall offA reduced a particular, in with, artworks er of prestigious 2009 2012-2013). (according to Wealth-X’s report individuals World wealth ultra of ultra-high-net-worth number the in by a drop sector, caused 2012. in for sale lower of collections number 97
ChapItre 02 Chapitre 02Chapitre . . . has not yet managed to return to pre-crisis levels of activity. of activity. levels to pre-crisis to return not managed yet has to 2010. sector 2008 This from of activity followed adecline itself that 2011 2012 a in after sluggish recovery was Horse sector the Finally, vehicle. per price hammer average the 4% in of around drop a coupled sold at with auction, of vehicles number 10% the in than of more increase to an corresponds Equipment sector & Industrial enchères Automobiles (ASVA) Used Vehicles of the 6.4% growth the Ventes de Sociétés des aux Association the from to data According
sale, which enable specialised operators to widen their clientele. clientele. their to widen operators enable specialised which sale, for good of presentation the no physical with virtual purely are that those particularly vehicles, of used auctions online in Growth prices. in adrop triggering for is vehicles demand where falling aclimate in alternative now represent areal they overlooked, relatively therefore are and lower margins with tendassociated to be auctions Although market. on to the coming vehicles used number of ever-expanding the absorb to insufficient are privately to sell use professionals market and operators rental that channels distribution traditional contracting, is where demand environment an In of volumes vehicles. high of sale the enables system the auction which with ease The bonuses, etc). no claims premiums, scrap as such by measures stimulated were that (sales past the sold in of vehicles new number to the linked is which themarket, on vehicles used of number large The 98 Progression annuelle Progression annuelle Progression annuelle Progression annuelle Arts et Objets decollection Total Sous-total VO*et Matériel Industriel Chevaux Véhicules d'occasion Sous-total collection Autres objets de Art et Antiquités Ventes courantes Joaillerie et Orfèvrerie Matériel industriel Vins et Alcools Sous-total Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les 1 turnover (the actual transactions still take place on the different sites sites different on the place take still transactions (the actual turnover French auction total in Ile-de-France of weight the the increasing thereby operators of these accounts of the atransfer merger caused (1) the provinces in thembased of most players, ofexisting five activities the combined Carmen-Alcopa Ile-de-France. the in based of Carmen-Alcopa establishment the from 53.9%primarily came 2011 in growth to 55.4% 2012. This in from climbed region 2011.Ile-de-France thein of share market The 1.28 billion EUR from billion 1.34 to EUR rose region this in operators 2012. Total in 139 2012by generated accentuated the turnover further dominance This region. Ile-de-France surrounding the and Paris in concentrated been historically has market The French auction B. category. sales” “Miscellaneous first categories, the in certain in particularly fluctuations turnover sharp were there why explains this case; the been activity, of always not has breakdown this sector the of terms in 2009 since stable remained has questionnaire the Although Note : Saxon countries: collection vehicles, stamps and coins, old books and manuscripts, militaria, toys, posters, posters, toys, militaria, manuscripts, and etc. books old coins, and Anglo- in stamps vehicles, “collectibles” as collection classified countries: usually Saxon are that goods to corresponds category Collectibles Other The 1747 M€ 709 M€ 698 M€ 426 M€ 426 M€ 970 M€ 57 M€ 57 68 M€ 68 51 M€ 51 11 M€ 11 10 M€ 10 2003 2003 2003 Geographic presentation ofthe market Geographic 1776 M€ 789 M€ 780 M€ 456 M€ 329 M€ 915 M€ 61 M€ 61 +11,2% 73 M€ 73 51 M€ 51 17 M€ 17 +7,2% 9 M€9 +1,7% -5,7% 2004 2004 2004 1010 M€ 1949 M€ 867 M€ 852 M€ 443 M€ 455 M€ +10,4% 53 M€ 53 72 M€ 72 46 M€ 46 14 M€ 14 14 M€ 14 +9,9% +9,7% -1,4% 2005 2005 2005 Voluntary auction turnover, excluding fees, 2003-2012 fees, excluding turnover, auction Voluntary Economic data by sector and by year by and sector by data Economic 1224 M€ 2202 M€ 875 M€ 105 M€ 837 M€ 661 M€ 374 M€ 103 M€ +21,2% +42,5% 61 M€ 61 38 M€ 38 24 M€ 24 +13,0% +1,0% 2006 2006 2006 1224 M€ 2222 M€ 885 M€ 811 M€ 795 M€ 246 M€ 114 M€ +10,8% 88 M€ 88 72 M€ 72 74 M€ 74 21 M€ 21 +1,1% +0,9% -0,1% 2007 2007 2007 1085 M€ 2042 M€ 855 M€ 775 M€ 714 M€ 171 M€ 107 M€ 102 M€ 70 M€ 70 81 M€ 81 23 M€ 23 -11,3% -10,1% -3,3% -8,1% 2008 2008 2008 , a new used-vehicle operator,, anew 1220 M€ 2238 M€ 916 M€ 840 M€ 878 M€ 145 M€ 108 M€ 102 M€ +12,5% 73 M€ 73 76 M€ 76 17 M€ 17 +7,1% +9,6% -0,2% 2009 2009 2009 1142 M€ 2190 M€ 950 M€ 872 M€ 776 M€ 101 M€ 137 M€ 98 M€ 98 91 M€ 91 78 M€ 78 37 M€ 37 +3,7% -6,4% -4,2% -2,2% 2010 2010 2010 1020 M€ 1249 M€ 2378 M€ 926 M€ 866 M€ 147 M€ 109 M€ 102 M€ +11,8% 91 M€ 91 93 M€ 93 43 M€ 43 +9,4% +7,4% +8,6% 2011 2011 2011 (1) 1086 M€ 1005 M€ 1227 M€ 2423 M€ 825 M€ 171 M€ 110 M€ 91 M€ 91 98 M€ 98 81 M€ 81 43 M€ 43 , The +6,5% +0,9% +1,9% -1,8% 2012 2012 2012 99
Chapitre 02 Chapitre 02Chapitre turnover below EUR 10m in 2012 : Alsace, Franche-Comté, Franche-Comté, 10m below 2012 EUR in turnover :Alsace, 10 VAOs fewer than with each regions, aggregate generated Six 2012. in total national of for the 80% accounted regions four these and Ile-de-France the Total from region. turnover Ile-de-France the of after operators number 2nd highest with region Alpes-Côte-D’azur Provence- Horse the sector, and the in auctions international hosts which region, Equipment player), Basse-Normandie the Industrial Used Vehicles by a leading & (also strengthened Midi-Pyrénées the turnover: in 200m EUR 100m and EUR between with regions three Equipment sector. There follow Used Vehicles the in & Industrial of presence major players to the turnover, thanks in million 200 EUR exceeds that region only the is Brittany Ile-de-France, the from Apart another. from to region one markedly differs The activity level of players. Ile-de-France surrounding and Paris for the 9.7 million to EUR compared operators, 273 for regional the year per 3.9 million therefore The is EUR revenueaverage per operator small. relatively workforce), total 66% of of (with most operators the them regional 273 by generated the is French turnover auction of total half Around regions. to other compared Ile-de-France the in growth real not signify therefore does provinces) and and Ile-de-France the in Produit des ventes par région - de15millions d’euros de 15à50millions d’euros de 50à100millions d’euros de 100à200millions d’euros + de200millions d’euros Aggregated 2012 turnover by region by turnover 2012 Aggregated 100 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les Lorraine Midi-Pyrénées Auvergne Aquitaine Région Basse-Normandie Limousin Pays-de-la-Loire Nord-Pas-de-Calais Picardie Poitou-Charente Provence-Alpes-Côte d'Azur Total FranceMétropolitaine Rhône-Alpes Alsace Bretagne Bourgogne Languedoc- Roussillon Ile-de-France Haute-Normandie Champagne Centre Franche-Comté of the three specific sectors. specific three of the one in generated is turnover 95% of total its more when than specialist a as considered operator is An of activity. sector their and location geographic their on VAOsbased categories five into broad divided be can 2.3 players. Ile-de-France surrounding and Paris ofone the average tenth to 1m, equivalent EUR of around turnovers annual post they average, On buyers. to local sales miscellaneous organise who mainly generalists are 2012). in regions these atin operators all no auction The operators had (the Corsica latter and Lorraine Limousin, Languedoc-Roussillon, Types Auction Operator ofVoluntary Nombre de OVV Voluntary auction turnovers, excluding fees, in EUR millions EUR in fees, excluding turnovers, auction Voluntary 412 139 18 21 15 17 14 12 32 29 13 15 20 17 9 7 4 7 2 6 8 7 Economic performance by region performance Economic Montant adjugé 2011 2 378,0 M€ 1 280,9 M€ 132,9 M€ 131,6 M€ 114,1 M€ 214,3 M€ 28,7 M€ 14,4 M€ 69,3 M€ 25,2 M€ 98,4 M€ 16,1 M€ 10,1 M€ 87,2 M€ 18,5 M€ 66,4 M€ 10,0 M€ 42,7 M€ 4,0 M€ 4,0 0,6 M€ 0,6 6,5 M€ 6,5 5,8 M€ 5,8 Montant adjugé 2012 2 423,0 M€ 1 345,5 M€ 151,0 M€ 129,0 M€ 101,9 M€ 212,1 M€ 13,4 M€ 73,3 M€ 26,9 M€ 95,5 M€ 15,9 M€ 10,0 M€ 88,7 M€ 16,7 M€ 58,1 M€ 10,3 M€ 45,2 M€ 5,2 M€ 5,2 9,8 M€ 9,8 1,5 M€ 1,5 6,9 M€ 6,9 6,1 M€ 6,1 Variation +150% +30% +14% -66% -11% -10% -13% +6% +6% +7% +2% +2% +5% +5% +3% +6% -7% -3% -1% -1% -2% -1% habitant (en €) Dépense par 114,2 22,7 23,7 52,4 38,6 20,8 14,2 87,5 10,2 31,6 66,3 17,7 101 7,0 4,2 0,8 9,9 2,6 7,5 8,3 5,7 5,2 7,7
Chapitre 02 Salle 1-7 Drouot Richelieu, 10 Richelieu, 1-7 Drouot Salle à Montant adjugé : 10 000 € 10 000 adjugé : Montant et deux femmes dénudés se l’intérieur, deux hommes hommes deux l’intérieur, Collection Michel Rullier. Rullier. Michel Collection mars, Fraysse &Associés. Fraysse mars, en fer forgé sculpté France, vers1800 main, la par tiennent © Fraysse & Associés SVV &Associés © Fraysse Chapitre 02Chapitre Clef àdôme long. 13,2 cm. 13,2 long. their tariffs in early-2013.in tariffs their to intend raise they that Artcurial and Christie’s Sotheby’s, houses auction by leading announcement of the 2013, wake in the in increase to belowset are often are Buyers’ fees fees 10%. sellers’ while included, VAT 15% 30%, from range to more than usually rises, price hammer the as diminish which companies, these to The paid buyers’ fees rooms. Drouot auction at the working operators independent the and Piasa Artcurial, notably market, Parisian the players on historical the are there companies to these addition In 10m turnover. EUR in than generate more each that sales theme-based several year each organise who Sotheby’s, and Christie’s like auctioneers international include 2012. They in France in sector &Collectibles Art the in business their of EUR turnover 70% 10.7mof with generate They average events. cultural and Paris’s major exhibitions to linked is that strategy adoptsales operators a These of catalogues. publication the promoted are through and coverage media intense attract auctions French. Most of their of them not all clients, wealthy extremely attracts activity of their portion sector. A large Collectibles & Art the exclusively on almost are 85 focused Thereoperators 2.3.1 based in the Ile-de-France region Ile-de-France the in based and &Collectibles Art in specialised Operators 102 Vichy, 16 juin - Vichy enchères enchères -Vichy 16 juin Vichy, Neuf clefs en ivoire, estampillé estampillé ivoire, en clefs Neuf branches, deux bocaux, deux deux bocaux, deux branches, boites d’anches en galuchat. galuchat. en d’anches boites Montant adjugé : 58 000 € 000 58 adjugé : Montant XVIII Dresden, avec deux petites petites deux avec Dresden, d’une paire d’épées Saxon Saxon d’épées paire d’une entrecroisées, H. Grenser Grenser H. entrecroisées, Basson enérable e s. En étui d’origine. étui En s. © Photographe JH Bayle JH © Photographe Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les SVV of their total activity. activity. total of their 5% for than less accounts sector this though equipment, and vehicles used sell also they because operators Ile-de-France the than selective less also are operators sector. These same the in peer for aParis-based to compared 9.7 staff, of average employs 4.2 an sector & Collectibles Art the in operator specialised regional Each companies. Paris-area of the 1.6m company, equivalent per EUR below the at around far stands turnover average Annual segment. generalist the in mostly sales, catalogue-based and miscellaneous both organise They clients. on local tend they to focus and aresuch 92 operators There l’ de to Place close Rothschild, de Hôtel Salomon the in sales holds regularly Cyr Saint de Cornette belong to Drouot. For example, do not that premises dedicated in have activities operators developed some of these To events. for prestige this, suited have aspace correct no longer houses Drouot auction the of Drouotclosure Montaigne, Champs- the off just Dassault Hôtel Marcel the in front of the in Charpentier, Galerie at the Sotheby’s auctions holds its while Callot, Sœurs des the Hôtel in in in Paris based is Avenue Matignon Christie’s Thus sales. to prestigious clients wealthy very of attracting capable premises, from exceptional benefit houses auction leading These 2.3.2 Regional operators specialised in Art & Collectibles & Collectibles Art in specialised operators Regional é lysée Palace, and Artcurial can be found be can Artcurial and Palace, lysée é lysées. Since the the Since lysées. é toile. 103
Chapitre 02 Montant adjugé : 26 000 € 000 26 adjugé : Montant 20 décembre, Anaf Auto Auto Anaf décembre, 20 RangeRover V8 TD Chapitre 02Chapitre © Anaf Auto Auction Auto © Anaf Land Rover Année 2009 Année Auction sales between private individuals. private between sales private or to organise individuals to private to sell moreare likely who companies smaller the tend operators not with to compete large these on clients, professional focused players. Primarily smaller of the detriment to the leaders afew national around consolidating rapidly is market the and operators, these between competition the intensify to serving is Internet clients. international even and national include to net the to widen them enabled has sales development of online the clients, local to target tended initially companies these Although descriptions. vehicle clear and for sale offered of goods standardisation development by the possible made is This combined. sectors 2012, all in turnover 89.8% online and of total activity represented operators these their 33.5% of of sales internet The sales. to physical linked are that auctions’ of form ‘live the 12% in is and virtual totally is 2012, of 88% which in turnover 325m of online EUR to post them enabling internet, of the use out for their stand 2012.operators These in enjoyed growth strong they average, On combined. sectors all 2012 of the total, to 40% turnover, equivalent in 968m EUR generated 33.4m 16.5 they of EUR employees. and Alone, turnover an average annual with large, are generally They managers. fleet car and companies hire long-term car work with and clients, corporate target tend to vehicles used of sales in specialised 29 operators These 2.3.3 Operators specialised in Used Vehicles Used in specialised Operators 104 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les 48% These generalist players are often active in judicial auctions alongside auctions in judicial active are often players generalist These French turnover. 12% auction just of total for 2012, 1.5m of accounting company in EUR per turnover average with players, specialist the than totals lower sales posting regions, the in based are of them 80% Around Equipment. Vehicles &Industrial and Used Collectibles VAO & Art of all in areactive employees. They half employnearly specialty clearly-defined no with The 198 operators available for sale appears essential to the growth of online sales. sales. of online growth to the essential appears for sale available of goods standardisation Here not is common. yet the too, internet on of the horses sale the 2012. contrast, By in online 36% of sales its Bros made Richie internet. of the use heavy make also specialists equipment industrial The employ of average 9.4 and an staff. turnover French for auction 7% account operators of19.4m total 2012, these in of company EUR per turnover average With Troostwijk. Roux and Bros Richie like specialists goods industrial –and Arqana being leader the region, Basse-Normandie the in based – all of horses sale the in includespecialised operators They clients. international on and focused segments market specific very in specialized are the regions, in arebased which of all category, this in The 8 operators
2.3.5 2.3.4 The generalist operators generalist The Other specialist operators specialist Other 2%
2012 breakdown of VAOs by type by VAOs of breakdown 2012 7%
21%
22%
Généralistes région en situés Spécialisés Véhicules d'occasion en région collection de Art etObjets en Ile collection deArt et Objets - de- France
105
Chapitre 02 Chapitre 02Chapitre the leading player in the Horses sector. Horses the player in leading the by sector, and & Collectibles Art the in specialised companies Paris-based by and rankings, Equipment moved sector, up the which & Industrial theUsed in Vehicles specialists the by dominated thus is classification This fees. excl. turnover of auction terms in the 20 topoperators of ranking the in reflected is 2.3. section in discussed categories operator different the of weight The relative 2.4 of 4.1 on headcounts average. small have relatively also operators These sales. auction on voluntary uniquely concentrates on, which based is report this survey the in not appear does activity their of part that means This businesses. auction voluntary their 6% 40%
2.4.1 2012 ofVAOs ranking
12% General analysis of the ranking ofthe analysis General
Turnover by type of company in 2012 in company of type by Turnover 6%
35%
en Ile collectionArt etde Objets Généralistes région ensitués Spécialisés Véhicules d'occasion en région collectionArt etde Objets - de-
France
106
Rang 13 12 11 10 14 20 19 18 17 16 15 une pièce d’art africain vendue vendue africain d’art pièce une 9 8 7 6 5 4 2 3 1 Montant adjugé : 2 697 000 € 000 2697 adjugé : Montant Paris, 11 décembre, Christie’s. 11 décembre, Paris, République Démocratique du du Démocratique République Meilleure adjudication pourMeilleure adjudication Collection Jean Willy Willy Jean Collection MERCIER AUTOMOBILES MERCIER AUTOROLA AUTOMOBILES ENCHERES AQUITAINE France AUCTIONEERS BROS. RITCHIE AUCTION AUTO ANAF ARQANA CLAUDE AGUTTES CLAUDE ENCHERES MATENCHERES PIASA ENCHERES PARCS VENTES DE MAISON CYR SAINT DE CORNETTE ASSOCIES MILLON ET TAJAN TOULOUSE ENCHERES AUTOMOBILES ENCHERES TOULOUSE ARTCURIAL - BRIEST - POULAIN - F.TAJAN - POULAIN - BRIEST - ARTCURIAL SOTHEBY'S France SOTHEBY'S BCAUTO ENCHERES BCAUTO CARMEN-ALCOPA CHRISTIE'S France CHRISTIE'S GUIGNARD ET ASSOCIES ET GUIGNARD Congo, 11 décembre 2012 11 décembre Congo, Reliquaire Nkundu Reliquaire Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les © Christie’s Images Ltd, 2013 Ltd, Images © Christie’s aux enchères. aux Mestach Nom Ile-de-France Aquitaine Haute-Normandie Rhône-Alpes Nord-Pas-de-Calais Basse-Normandie Midi-Pyrénées Ile-de-France d'Azur Provence-Alpes-Côte Ile-de-France Ile-de-France Ile-de-France Ile-de-France Midi-Pyrénées Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Bretagne Région VO et Matériel Industriel Matériel et VO Industriel Matériel et VO Industriel Matériel et VO Industriel Matériel et VO Industriel Matériel et VO Chevaux VO et Matériel Industriel Matériel et VO deCollection Objets et Art Industriel Matériel et VO deCollection Objets et Art deCollection Objets et Art deCollection Objets et Art deCollection Objets et Art VO et Matériel Industriel Matériel et VO Art et Objets deCollection Objets et Art Art et Objets deCollection Objets et Art VO et Matériel Industriel Matériel et VO Art et Objets deCollection Objets et Art Industriel Matériel et VO VO et Matériel Industriel Matériel et VO Secteur 103 M€103 153 M€153 25 M€25 M€27 M€34 M€53 40 M€40 M€60 M€31 M€27 M€56 M€41 65 M€65 94 M€94 97 M€97 64 M€64 77 M€77 4 M€ 4 2007 - - Montants adjugés 101 M€101 157 M€157 125 M€125 165 M€165 149 M€149 31 M€31 M€42 M€39 M€56 29 M€29 19 M€19 M€30 M€25 M€31 M€33 M€29 16 M€16 80 M€80 98 M€98 2011 - 105 M€105 111 M€111 112 M€112 152 M€152 161 M€161 161 M€161 181 M€181 167 M€167 36 M€36 M€37 M€39 M€60 30 M€30 22 M€22 M€23 M€24 M€24 M€29 M€29 19 M€19 2012 107
Chapitre 02 Chapitre 02Chapitre Ventilation des montants réalisés par les 20 principaux opérateurs 36,3%. 8,5 « relevaient de et Matériel industriel Matérielet en 2012,illustre la montéeen puissance des opérateurs spécialisésdu secteur « (contre français. année, Cette cinqinternationales deshuit sociétés déclarées figurent dansclassement ce sociétés Les internationales d’occasion etd’occasionindustriel Matériel repli globalle en lien avec leurd’activité.de secteur Uneautresociété du « secteur respectivementà la troisième et à la cinquième place en 2012 a © Copyright© Bluestone fonctionEn secteur sude spécialisation des opérateurs deux Christie’s collection Automobiles L’analyse opérateur de ventede chevaux. marchésociétés des internationales reculeen 2012 d’euros, Bonham’s et Roox Trootswijk. Le montant adjugé cumulé de ces 8 opérateurs s’élève à 555 millions internationalesn’en fontpas partie
Chevaux to 36.3%. to 44.6% from points, 8.3 lost sector & Collectibles Art the and 6.9%, to 8.5% from falling 1.6 lost points, represented solely by Arqana, Horse sector, the 2012. contrast, By in to 56.8% climbed that level sector, a this from came companies leading top 20 of the turnover 2007, In of the 46.9% Equipment specialists. Vehicles &Industrial Used of the growth the 2012, underlines and 2007 in core activities on their based operators top 20 of the turnover of the analysis An auctioneer. Arqana and used-vehicle specialist, another Automobiles of Toulouse Enchères ahead place, to 6th dropped 2012 in and contract player, activity saw its &Collectibles top Art Enchères Equipment sector, BCAuto Used Vehicles the in &Industrial company Another of activity. sector their in decline overall the with 2011,in 2012, aft in spot to 3rd 5th and slipped line in fell turnover er Christie’s fi merger out between ofcreated the players. existing ve company,a new is vehicles, of used sale the in operator specialised an Carmen-Alcopa, Note that positions. players top out two of the &Collectibles Art the pushed having ranking, general the in places & Associés Guignard – sector’s of the specialists two that is Equipment sector Industrial signifi most One of the the Used in & Vehicles growth of signs cant
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558 d’eurosmillions enregistrés par mêmes les sociétés en 2011. Turnover breakdown of top 20 operators 20 top of breakdown Turnover restent, commeles annéespassées, des acteurs important ème Based on operators’ sector of specialisation of sector operators’ on Based
and Carmen-Alcopa and
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Art et ObjetsArtet decollection
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20 premiers opérateurspremiers 20
Artcurial
% des montantsadjugés par les 20 principales sociétés a sociétéArqana, adiminuéde1,6 point , 1
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18
Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les turnover in France. in turnover 2010. in Th600m alone generated e operators top 5 201233.9% of total 697m2011 top EUR 5 in by generated the the 37% and more than up 822m, 17.9% of EUR 2012 turnover in operators posted EUR on the fi the fact, of players. In number small by avery driven largest ve Th thereforebeing is earlier mentioned consolidation trend e towards 2011 in 29m EUR from 2012. 19m to EUR in fell threshold entry the time, same At the rankings. the in operators lift temporarily collection Bergé Pierre largest the the of weight ed Yves of the / Saint-Laurent sale Christie’s when 2009, in achieved to 63% 2012. Th in 60.2% the even beats level high exceptionally is 1.36 billion). Th from in 57% rose 202011the top of share market e (EUR 2011 on 11.7% up in 2012, billion 1.52 EUR was It increase. continued to has thetop of operators 20 turnover total The 2011. 2012 23.5% from in in to 22.9% declined 558m 2011. EUR in from Thplayers international the of share market e 555m, to EUR amounted down companies eight of these turnover 2011, in total was 2012, the In which Trootswijk. Bonham’s Roux and Manheim, top 20: the not in are companies international other three 2011): Autorola. Th Bros and BCAuto, Richie Sotheby’s, Christie’s, e in (down top 20 the six among from are companies international 2012, fi In Frenchplayers market. on the declared theeight ve of important still are companies international years, previous in As .. accelerate to continues consolidation Market 2.4.3 companies ofinternational Presence 2.4.2 109
ChapItre 02 OVV développantaussi une activité OVV développantexclusivement une activitévente de physique Chapitre 02Chapitre de ventesde électroniques Champ Total services. auction to offer operators online medium-sized and of small number large enable a which Interenchères, and offered Drouot by those as such portals, auction online emergence of specialised to the linked is 2011. in increase operators 30 only upsteep from This virtual, purely are that or sales sale, a physical coupled with are that auctions’ ‘live of form the in either sales, online conducted had they that declared 2012:in 98 operators strongly grew auctions of The online number enable significant time savings. time enable significant sales for whom and online simultaneously of vehicles number a large who trade at professionals, primarily aimed amarket is vehicles used of sale the for Finally, buyers. of surprises bad risk the reducing thus vehicle, of the condition about the details clear include that forms standardized using described are vehicles Secondly, the for sale. goods of the examination for need areal-life less is there that means sector, which &Collectibles Art the in those than heterogeneous less are for sale goods the Firstly, selling. to online easily-adapted most the nature by their are Used-vehicle sales Equipment specialists. by generated Used Vehicles was turnover &Industrial internet-based 2012. 92% in of 15%represents French turnover auction of total 373m EUR 2012, reached up 86% in on 2011. turnover online This Total VAOs activity auction development online of an declaring 2.5 2.5.1 Internet usage becomes standard usage Internet OVV déclarant développer une activité d’enchères sur Internet sur d’enchères activité une développer déclarant OVV 2002 337 340 3 Online auction turnover up steeply :+86 % steeply up turnover auction Online 2007 374 381 7 2008 376 386 10 2009 371 385 14 2010 368 393 25 2011 366 396 30 2012 314 412 98 110 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les have been adopted by buyers and sellers alike : alike : sellers by adopted have buyers and been to appear systems auction At two present, countries. Anglo-Saxon in than France in afoothold slower have been to auctions gain Online . . seller, authentication, appraisal, presentation and a description of the of the a description and presentation appraisal, seller, authentication, VAO the between of sale the of amandate and existence the particular, in to, and subject are they regulations the respect them who organise the if as auctions VAOs qualified be only can systems sales Online sales. to physical linked 71m auctions live EUR from and sales online from 302m 2012 of EUR turnover declared survey the covered The operators by sales. by generated online was auctions internet-based 2012 from of most the turnover included, sectors All
online. Goods for sale are usually available for several hours. for several available usually are for sale Goods online. made be only can Bids internet. on the visible only are objects the and online, exclusively place take sales these sales: Online telephone. by or room auction the in bidding with orders, purchase physical the i.e. sales, on physical based system traditional the with combined is auction of online type This remotely, internet. the to bid via and sale aphysical buyers to track enable potential :these auctions Live 2.5.2 Breakdown of 2012 online turnover by type of operator of type by turnover online 2012 of Breakdown 92% online sales online and auctions live auctions: ofonline Two systems
7%
1%
VO et MatérielVO et industriel Généraliste Art etObjets decollection
111
Chapitre 02 Montant adjugé : 4 500 000 € 000 4500 adjugé : Montant Record de l’automobile la plus plus la l’automobile de Record 13 février, Artcurial - Briest - -Briest Artcurial 13 février, © Artcurial – Briest – Poulain –F. Tajan –Poulain –Briest © Artcurial 1959 FERRARI250 GT Record mondial pour une une pour mondial Record CALIFORNIA SPIDER chère vendue en France en vendue chère Ex RogerEx Vadim Poulain - F. Tajan. -F. Tajan. Poulain Chapitre 02Chapitre California LWBCalifornia was put into effect immediately. put effect into was The request consumers. among of confusion risk any of eliminating aim the more with accurately, activity its to describe and sales auction reference to on website its all visible Terms its offrom Sale &Conditions –to delete CVV by the regulated sector the not come does under and 312-3) L. (article code French commercial of the terms to the according not is aVAO –which Artprice requested then CVV the that context this within It was activities. brokerage online and operators auction between distinction the moved to clarify 2012 Conseil early the In consumers. to activities present their sectors on how both players in vigilant highly to be Conseil forced the has sector non-regulated the and sector public auction the regulated between distinction the of complexity The activities. two the between confusion in avoiding vigilant is CVV the and guarantees these do not offer latter the that in firms brokerage online from differ operators These bidder. highest to the automatic sale the lastly, and for sale, goods 112 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les online auction portals that enable the operators to : operators enable the that portals auction online specialized use Rather, they infrastructure. auction online own their do not operators sector, operate auction most &Collectibles Art the In professionals. sector of most whom are clients, to their known well are web that sites VAOs sectors’ the To bidding). own this, online have achieve their on (i.e. solely based sales by generated ‘dematerialised’ was turnover sector, 85% of online this In popularity. gaining fast therefore is and adapted better appears model sales online virtual sector, the Equipment Used Vehicles the In to another. &Industrial sector from one strongly varies sales and online live auctions of use The . .
Improve their client tracking. client Improve their internet, the on listing fromnatural a Benefit 2.5.4 2.5.3 15% online auctions in the form of “online sales” of“online form the in auctions online of 85% Equipment: Vehicles &Industrial Used in Live auctions Live in place took sales %ofonline 73 &Collectibles: Art Breakdown of 2012 turnover in Used Vehicles & Vehicles Used in turnover 2012 of Breakdown Industrial Equipment sector Equipment Industrial 85%
Live auctions Ventes online
113
Chapitre 02 Chapitre 02Chapitre EUR 0.6m in Used Vehicles & Industrial Equipment. Equipment. Used Vehicles in 0.6m EUR &Industrial and sector VAOs,40 & Collectibles Art 1.9m the EUR in of which for around turnover of online 2.5m EUR Interenchères posted Finally, auctions. online from turnover 2.7m in EUR posted meantime the in Sotheby’s Live. of Christie’s to that fees) 7.5m, to EUR close similar (excl. turnover sector, with &Collectibles Art the in auctions online website for France’s leading became thus 2012, drouotlive.com In 2012. October auction’ since option Hôtel Drouot at the have place a‘live had take that sales where all point to the of afew months, space the in dramatically increased ago. Th years two than less service auction uselive by rate of e VAOs a Interencheres –Drouot –launched and houses auction leading France’s two auctions. live from came sector &Collectibles Art the in 73% turnover of 2012 system: online sales online virtual a purely than rather sales, physical with combined are that auctions live via primarily pace gathered &Collectibles Art in sales online France, In 73% Breakdown of 2012 online turnover in the Art & Collectibles sector &Collectibles Art the in turnover online 2012 of Breakdown
27% Live auctions Ventes online 114
OVV ayantrépondu aux relatives à questions Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les l'internationalisation des ventesl'internationalisation des foreign sellers (incl. the EU). (incl. the sellers foreign by owned of goods sale by generated the is turnover 5% of their only EU countries), whereas other buyers from (including overseas by to purchases corresponded turnover 34% of operators their these For French turnover. for auction 67% of accounted total subject this Th buyers. tional on survey’s questions our to that replied operators e Th from interna- interest growing is enjoying market e French auction activity international increasingly An 2.6. turnover on Drouot Live in2012. Drouot on turnover 51% and of sales number of the 30% of total represent buyers Foreign &Collectibles. Art for site France’s auction no. 1online currently Live is Drouot fees),(excl. Soulages. by apainting for Th in price EUR was 2012 Drouot Live on hammer 140,000 highest e fees). (excl. 800 EUR around Live is Drouot on alot for bid Th range entire of prices. the cover transfers, bank or card e average credit by for are of which paid majority vast the transactions, Online buyers. are overseas 20% of which users, 2013,In registered January 33,000 Live had Drouot doubling. almost clients online of registered number the with 300%, more than by Live grew Drouot by generated 2012 turnover sales, all cover not did to2011 compared services aresult, online Drouot’s As when option. popular increasingly this included sales 700 of Drouot’s At end-2012, to close auctions. catalogue-based of its live all in bid off 2012, has Drouot 1October Since to opportunity the buyers ered at Drouot Online auctions Part OVV,des en termede montant adjugé 67% Biens achetés par des par des Biens achetés étrangers 34% Parttotal adjugé du montant Biens mis en vente en par des Biens mis étrangers 5% 115
ChapItre 02 Chapitre 02Chapitre . . . : following the highlights for of sale goods type to the according turnover total in sellers of weight buyers foreign and of the analysis An Bros (4%) non-French from buyers. (6%),Enchères (6%), (5%) Arqana &Associés Richie Guignard and (13%), turnover, followed by Carmen-Alcopa 22% of their BCAuto 23% and Sotheby’s generate respectively and top players: Christie’s at the concentrated is 551m, offoreigners EUR Most of this fees. excl. to sales from turnover declared operators participating the total, In France. in aresidence own individuals these if to leave going French particularly are territory, goods the that mean not necessarily does France in goods buy foreigners or sell that fact the Finally, buyers. the among of French number nationals the to estimate attempts skews transaction, aprivate in goods the resell then and France, in live buyers foreign might that fact Secondly, the accounts. French from bank made sometimes are payments and by intermediaries handled be can goods since sellers, of buyers or nationality the for to know operators easy not always is it caution however. all, of requires First figures of these Analysis
the generalists. the VAOs the and Equipment sector Used Vehicles the in & Industrial but below it is 1% sectors Horses and for &Collectibles Art the in companies participating for the above 10% turnover just of total is on by average foreigners owned sale for of goods The proportion for 12% account buyersforeign only of activity; forwhom operators, include not operator. generalist does This of the size the and oflevel specialisation to the according 30%, and 20% between is turnover total of buyers foreign in share sector, the & Collectibles Art top the players in the Excluding turnover; total 100m in EUR generate more than who those particular in and specialists, &Collectibles Art the among marked is most theactivity of internationalisation The 116 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les Véhicules d'occasionet Secteur spécialisation de Matériel industriel Matériel Arts et Objets de Arts de Objets et specialist ‘niche’ sales, for which they have gained a good reputation. If If reputation. agood have gained they for which sales, ‘niche’ specialist much lower is (15% buyers in foreign concentrated 30%) is to and of share the sector, &Collectibles Art the in operators other For the sellers. and buyers at overseas aimed strategy marketing have adedicated companies These of sellers. 30% more than and turnover) 75% of total more than (representing France in for sale of goods of buyers 60% for more than accounted residents foreign 2012, in component: international strong a highlighted operators two top the sector, &Collectibles Art the On of sales. internationalization the and sales private particular: in subjects on two focused that on aquestionnaire based 1-hour interviews using operators, 16 among survey out aqualitative carried CVV the data, quantitative on primarily based is which analysis, economic the complete to order In sector &Collectibles in Art sales of internationalisation analysis: the qualitative of Results Généraliste collection Chevaux Weight of international buyers/sellers in sales sales in buyers/sellers international of Weight specialisation of area by operators, participating For Moins de 100 M€ Moins de 100 M€ Moins de 100 M€ Moins de 100 M€ Plus de 100 M€ Plus de 100 M€ Plus de 100 M€ Plus de 100 M€ and according to total turnover (EUR m). (EUR turnover total to according and Montant total Montant total Ensemble Ensemble Ensemble Ensemble adjugé Acheteurs étrangers étrangers Acheteurs (y compris UE) (y compris 12,1% 12,1% 28,9% 20,8% 29,4% 23,5% 22,1% 24,2% 64,0% 27,4% 79,3% Parttotal adjugé du montant - Vendeurs étrangers Vendeurs étrangers (y compris UE) (y compris 11,1% 18,7% 10,7% 13,2% 15,6% 0,7% 0,7% 0,5% 1,4% 0,0% 7,6% - 117
Chapitre 02 Sur un terrain de 4,5 hectares 4,5 de terrain un Sur En bordure de 4voies de bordure En Le site d’Alcopa Auction Rennes Chapitre 02Chapitre Dohr, exclusively specialized in sales of new goods. of goods. new sales in Dohr, specialized exclusively operator, anew from VAO was the sum of this Philippe half More than 2012. in 2m below EUR turnover total with rare, remain also goods of new 14% Sales represents total. sales of the these from turnover sector, &Collectibles Art the in are of most which operators, For these 2012. in conduct of sales such the declared 10% only having operators, of number asmall among concentrated to be appear sales Private acompany’s from inventory.“consumers”, originate must which and to exclude most enough large are that lots in i.e. wholesale, goods new 2011The of sales andreform authorises VAOssales conduct to private 2.7. residents. residents. foreign are who sellers have many nor they do residents, foreign these for strategies marketing havespecific do not however companies These sale). for goods the identify to professionals market and collectors (enabling listings internet etc) and paintings, French modern art, primitive fans, (e.g.: market auction French on the exists that by theme specialisation the buyers: of foreign presence the favour to 15%.below Two appear factors to falls buyers of foreign proportion –the miscellaneous including sales, VAOs all of these by including –i.e. activity annual total the we consider Private sales and goods sales ofnew sales Private 118 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les ...... advantages : certain carry sales private that agree surveyed operators All strategies. development of their it apart do not to intend make and area this in have operators not invested preferable, may be these sale a private cases some specific in 2012. Although in surveyed companies of for the 80% or non-existent even uncommon are sales private sectors, all in operators, other For the sales. private encouraging at aimed strategy active to adopt an sellers) them enables and buyers (both clientVAOs.network wide and profile high Their two for these driver agrowth and development priority a clear therefore is This goods. to high-value-added adapted well are and clients, offered to be can that services one just of the are sales Private Frenchtheir subsidiaries. statements of financial the in sales revenue private from sales to publish them enabled 2011 law July of 20 the simply decades, for several sales private (Sotheby’s in Christie’s), and active who have been market &Collectibles Art the in operators top two For the sector & Collectibles in theArt sales :private survey qualitative of Results have disadvantages : also sales private consider that operators most Nevertheless,
sional operating openly and transparently with the the with transparently and openly operating sional aprofes above all, to be, assumed is auctioneer the since the operator, of image the business may complicate They regulations. tax applicable (eg: goods gold ingots) due to Well to certain adapted value. its to protect time, given for a themarket from the to removegood ability The etc.). issues, privacy, fiscal of motives: variety seller the (for a for confidential remains transaction The seller for the advantage an is sales), which voluntary (compared seller with to the payment Rapid sales). for voluntary calendar (compared fixed to the transaction of the Speed - 119
Chapitre 02 Chapitre 02Chapitre damages or interest payments. or interest damages to recover proceedings prejudice to any without cancelled considered is sale unpaid initial the date that Beyond unpaid. remained that adjudication initial one of month the within for object sale the to represent auctioneer the request can seller unpaid an for example situations: these French some provide solutions to unblock law does operators. auction and sellers both for prejudicial buyer are of the part on the or defaults even reminders repeated after payments delayed payment, immediate requires and binding is acompleted sale that aware notsome buyers always are players. Although to sector concern of non-payment of growing is this problemthe question but of scale the measure to It difficult is 2.8. . . . . communicate about this activity. about this communicate thereforetend They not to case. the rarely remains which buyers, from emanate should demand this consider that and of VAOs majority vast the aresult, sales As do not offer private
They are not greatly in demand among clients. amongclients. demand in greatly are not They reputation. and image their order to enhance in successful are that those to publicise VAOs feel it necessary sales, will private surround to thattends confidentiality Given the work. time-consuming and additional generate They etc).buyers/sellers, of prospective contacts multiple base, aclient maintain then and costs management (to build high generate They auctions. public in fetched those as high as do not generate prices generally They seller. for price the best the of ensuring objective solutions being examined being solutions difficult but defaults: measure… to Payment 120 Chine, époque Qianlong (1736-1795). Qianlong époque Chine, En forme de trois cercles en bronze bronze en cercles trois de forme En bleu, sous verre ; les côtés décorés décorés côtés ;les verre sous bleu, noir et chauves-souris en bronze bronze en chauves-souris et noir doré ; le dos en écaille de tortue. de écaille en dos le doré ; d’une frise de grecques sur fond fond sur grecques de frise d’une décor d’enfants jouant sur fond fond sur jouant d’enfants décor peinture polychrome sur soie à soie sur polychrome peinture Montant adjugé : 950 000 € 000 950 adjugé : Montant doré. Le dessus décoré d’une d’une décoré dessus Le doré. Richelieu, àDrouot Vente Liukongping, Chine Liukongping, Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les Boîte en ivoire et et ivoire en Boîte écaille deécaille tortue 14 juin – SVV Piasa –SVV 14 juin © Piasa those appearing on the list would be informed) and proportionality (the proportionality and informed) be would list on the appearing those (so transparency notably respected, it are defends principles various the that ensure would CNIL the nominative, be would data the that Given to sanctions. liable be would CVV the clearance, Without this Freedom). and for Computing Commission (National CNIL by the prior approval after but allowed, only be would a thatsuch blacklist said has CVV The VAOsthat of payers. bad up alist draw should is possibility Another bidders. by potential sale of money prior to the of asum deposit the is CVV by considered the being options One of the catalogues. the in and of sale conditions and terms the in described clearly be must implemented, if Such measures, impossible. verification makes that atimeframe orders in made purchase or by telephone requests internet, or over auction the certain by refusing reduce risk also buyer’s It references. can prospective for bank the asking as such sale, the before checks certain with mayThe operator proceed received. been of has payment orpayment aguarantee until soldthe object withhold is to option Afirst do exist. tools legal certain protection, total guarantee can that measure no single is there Although times. problem several this discussed CVV 2012, the During preserved. is for all to auctions access of free principle the that to ensure careful be nevertheless, etc), must, they penalties, payment payers bad (late from sellers their and themselves to protect methods of VAOs contractual anumber use While legitimately can 121
Chapitre 02 Chapitre 02Chapitre 1000 M 1000 M 1200 M 1400 800 M 800 200 M 200 M 400 M 600 0 M 0 € € € € € € € €
Jewellery & Gold, 7% for Miscellaneous and 4% &Spirits. for and Wines 7% for Miscellaneous &Gold, Jewellery 8% stable: for remained categories three the other of share The 14%. to reach one year in 2points gained category Collectibles on 2011. of 2points 2012, adecline in Other turnover The Collectibles & Art 67%represented of total category Antiques & Art The Miscellaneous. and &Spirits Wines &Gold, Jewellery Collectibles, Other &Antiques, Art categories: sales five into divided be can sector & Collectibles Art on the Activity 2011, after the2000. reform of result, since best the 2nd is 2012 The figure 1.25 billion. of EUR high all-time to an 2011,of 1.8% versus decline a was rose turnover 9.4% This when billion. 1.23 EUR reached sector &Collectibles Art the in turnover 2012, total In 3.1. t III. principles. these have to respect would initiative Any such on kept record be indefinitely). cannot data 2003 970
A slight decline of 1,8 %in 2012 declineA slight of1,8 2004 he 915 Annual auction turnover on Art & Collectibles in France in &Collectibles Art on turnover auction Annual
Art & Collectibles sector &Collectibles Art 1 010 2005
1 224 2006 (excluding fees, in EUR millions) EUR in fees, (excluding
1 224 2007
1 085 2008
1 220 2009
1 142 2010
1 249 2011
1 227 2012 122
Evolution of art prices – prices art of Evolution (Source :www.artasanasset.com) (Source Mei Moses® World All Art World All Moses® Mei Changes in the index the in Changes Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les Mei Moses (2) 2011.in market art the motor of the principal being after contracted, themarket the top of at prices which in year first the was 2012 crisis, 2009 for except the shows that index the Nevertheless, market. of the end high the trends at sales reflects naturally results, sales Christie’s andexclusivelySotheby’s on based is which index, The Mei Moses employed. methodology of the understanding index an up such drawing of difficulty technical the mind in Bearing Index. World Mei Moses Art by the All here 2012, measured during market art global of the high-end at the in prices a decline 3.2% with consistent trendis This levels. pre-crisis to an 2011,in possible return a 825m11.5% after rise EUR suggesting by 5% 2012 in to declined category &Antiques Turnover Art the in recent years. in of companies new creation due to the by VAOs is organised forincrease 56%accounted of sales 2012. This in basis, or a monthly held on a weekly usually sales, Miscellaneous 2010. in 2011 8,300 and in were 8,970 up from held, 2012, In 9,567 sales growth. year-on-year showed again sector Collectibles & Art the in sales of The number 1,0 1,2 1,4 1,6 1,8 2,0 2,2 These indices are based on an analysis of the prices in repeat sales, i.e. cases where the same object is sold occasions. sold is object different same two the aleast on where auction cases i.e. through sales, repeat in prices the of analysis an on based are indices These
2002 3.1.1 1 (2)
, its analysis requires a certain degree of caution as well as an an as well as of caution degree a certain requires analysis , its 2003 1,1 Art & Antiques : down 5 % in 2012 5%in :down &Antiques Art
2004 1,19
2005 1,45
2006 1,64
2007 1,92
2008 1,98
2009 1,54
2010 1,87
2011 2,08
2012 2,01 123
Chapitre 02 0,8 0,9 1,1 1,2 1,3 1,4 1,5 Chapitre 02Chapitre 01/01/02 1
01/01/03 France (euros) (euros)Totalmonde
generated by the above-mentioned bygenerated sculpture. the 9m EUR 2012, 2011 the despite in in 49m EUR 44m from to EUR time, first for the contract 2008) since December June and in (held sales art Asian their from turnover combined Sotheby’s saw their and Christie’s For example, over recent years. category this in growth underpinned had which demand, Chinese in adecline hide sales of exceptional year. However, end of number the at the at Christie’s 9m EUR asmall more fetched than that sculpture Chinese 2012 a 13th century was in sold at a object French top. auction atexpensive the The most still are objects Chinese concerned, are French records auction as far As www.artprice.com Source : France. in segment middle market’s art the in of business stabilisation a suggesting second, the in recoveredthey 2012, of half first the in to fall continued area on this prices While mid-range. market’s the in conditions difficult the underline to served sector. This on the activity 2011, increased despite in prices in to a drop contracted pointing for France index Artprice the Report, 2011 the we saw in Activity sector. As &Collectibles Art of the mid-range the in exchanged objects regarding more trends on focus price indices Artprice the wider,are they because effect, In index. Mei Moses the than criteria of range a wider account into take which bygenerated Artprice, indices the if we consider different somewhat are conclusionsThe 01/01/04
01/01/05
01/01/06
Trends in art prices –Artprice prices art in Trends 01/01/07 Artprice indices - Global and France and -Global indices Artprice
01/01/08
01/01/09
01/01/10
01/01/11
01/01/12
01/01/13 124
Montant adjugé : 1 020 000 € 000 1020 adjugé : Montant époque Qianlong (1736-1795). Qianlong époque porcelaine bleu blanc porcelaine Dynastie Qing, marque et et marque Qing, Dynastie Liukongping, Chine Liukongping, Vase à six cols en en cols àsix Vase © Sotheby’s/ArtDigital Studio 13 juin, Sotheby’s 13 juin, Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les Paris, 17 cm, Bourgeois sculpture from her Spider from series. sculpture Bourgeois for 3.4m aLouise EUR hammered Christie’s and collection, Mis the of auction the during table 5.1m EUR grande and La for Magritte’s Maar of Dora (incl. fees) portrait 6.3m EUR generated for aPicasso 2012 in Sotheby’s auctions these top sold in lots the Among million. 10 EUR under totals generate sales rarely that art or Contemporary of Modern sales regular to organise ability by their houses auction other out the from stand for 65%. Christie’s accounted Sotheby’s and area, Paris the in based Christie’s), Sotheby’s(including and all category this in operators top 20 the category, whereas & Antiques Art the in for 34% of accounted French turnover auction 2012, they In category. this in French market on operators the important most two Christie’s and France Sotheby’s France remain nevertheless the the nevertheless remain France 125
Chapitre 02 Chapitre 02Chapitre Rang 10 1 6 5 4 3 2 7 9 8 Importante sculpture chinoise en bois du XIIème du bois en siècle chinoise Importante sculpture Edme Bouchardon, buste de Charles Tour de Frédéric La Edme Bouchardon,buste de Pin du spider GT 250 California Ferrari René Magritte, pétrifiée" "Pomme Pablo Picasso,Tête femme de période Qianlong de chinois Album impérial Yves Klein,Monogold titre sans Bourgois,"Spider" Louise André-Charles bas Paire Boulle, cabinets de Marylin multicolores Andy Warhol, offered in 2012. Nevertheless, Sotheby’s, generated EUR 19m from Sotheby’s, EUR 19m generated 2012.in offered Nevertheless, collections 24m), afew were smaller EUR only there brought in which [Gros Delettrez] et Weiller collection Paul-Louis the and Christie’s, at 42m EUR generated which for Gourdon, de example, Château (that of the major collections 2011 of several Whereas sale saw the Lefèvre). 1.5m for Moret-sur-Loing, de (Beaussant le EUR soir,port acquired Le painting, oil Sisley 3.7m EUR aAlfred for (Aguttes) and more than museum Tour la de Frédéric Louvre pre-emptedCharles by the du Pin 7.8m EUR fetched (Joron-Derem), of bust Bouchardon Edme an that period Qianlong the from album silk imperial dynasty a Qing notably threshold, 1 million EUR the crossed that 10around results Drouot generated 2011, in As through 74 operating the houses auction 1933 untitled work for over 2m by an Yves EUR Tanguy. alittle was category this in price hammer highest 2012, the when in not repeated were sales for awork by Lyonelexceptional million These Feininger. French anew record for(setting aPost-War 5.7 EUR and artwork), Staël de by Nicolas for apainting 7million EUR notably works, Contemporary for and some Modern results high exceptionally several since basis was buoyed2011 by comparison difficult from suffered segment Antiques & Art the in 2012 activity Artcurial’s effect, In Art. or Asian furniture Modern Old and Masters, of Old sale the from turnover higher were by not offset declines These art. Contemporary and art of Modern sales from 38.3% and 8.5% of respectively decreases with turnover in atail-off experienced Artcurial , the third-placed operator in the Art & Antiques category, &Antiques Art the operator in third-placed , the Top 10 auctions results in France during 2012 during France in results Top auctions 10 All periods and media combined, EUR millions, including fees including millions, EUR combined, media and periods All Œuvre Millon &Associés Claude Aguttes Europ Auction Europ Joron-Derem Sotheby's Sotheby's Sotheby's Christie's Christie's Artcurial OVV 126 Montant adjugé : 9 025 000 € 000 9025 adjugé : Montant Paris, 19 décembre, Christie’s 19 décembre, Paris, sculpture de Guanyin Guanyin de sculpture vendue en France en 2012. en France en vendue Œuvre d’art la plus chère chère plus la d’art Œuvre Rare et importante importante et Rare Circa nord, du Chine © Christie’s Image Ltd, 2013 Ltd, Image © Christie’s XIII Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les e s., H. 175 cm 175 H. cm s., en bois en 16m from the Hélène Rochas collection. 16m Hélène Rochas the from to EUR close brought in Christie’s and collection Mis of the sale the 127
Chapitre 02 Chapitre 02Chapitre 2012 business: 47% for Cornette de Saint-Cyr and 82% for and Versailles Saint-Cyr de 47%2012 for Cornette business: of their slice for alarge accounted art Modern operators, two For these ranking. this in outside Paris based Saint-Cyr 2011, in as VAOs places, the 5th are and 4th de In lots. Cornette to 2011,compared it when benefi twoexceptional of sale the from ted Artcurial 3rd was in place Christie’s Behind market. art /Contemporary Modern on the activity of the 2011). fora lacklustre 42.5% accounted operators two 2012, these In Christie’s of ahead French market, the dominated once again twin-segment, Sotheby’s together, segments art Contemporary and art Modern the Combining (24%). &Archaeology Art Primitive (22%) art, art &Modern Asian Impressionist and behind category &Antiques by generated Art for turnover 18% total of the 3rd took accounting segment place 2011, art in As Contemporary the category. &Antiques 2011, 18 represents Art sector %of the this 7m 2011 EUR versus down 14m EUR 2010. versus and million, in As 150 EUR category &Antiques Art of the segment on this turnover 2012, In dynamism. and health cultural of a country’s barometer oft are of Post-WarSales art Contemporary and considered a en market art Contemporary The Art d'Asie, Arts Premiers, Archéologie, etc. Archéologie, Premiers, Arts d'Asie, Art siècle XXèmedu MobilierObjets d'Art et Mobilier Objets et d'Art anciens Art d'après modernes impressionnistes et Tableaux,dessins, sculptures, estampes siècle XIXème du et anciens estampes sculptures, dessins, Tableaux, 2012 turnover for each sub-segment of the Art &Antiques Art the of sub-segment each for turnover 2012 - guerre et contemporain et guerre Versailles Enchères Versailles and with EUR 28.6 million (up nearly EUR 10 million aft (up 10 EUR million nearly million 28.6 EUR with er , which posted turnover of EUR 35.1 million from this this from 35.1 of EUR turnover million posted , which Percentage shares of voluntary auction turnover (excluding fees) (excluding turnover auction voluntary of shares Percentage 9% 24,03% , with EUR 17.1 EUR 37%, with down million, , the latter being the only operator operator only the being latter , the 16% 10% 18% 22% 128 d'art national contemporain MA le dans ventes les sociétés dans Part premières 5 réalisé des Total Rang Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les 5 4 3 2 1 VERSAILLES ENCHERESVERSAILLES CORNETTE DESAINT CYR MAISON DEVENTES ARTCURIALBRIEST - POULAIN -F.TAJAN - CHRISTIE'S France SOTHEBY'S France Opérateur 1,5 2,5 3,5 01/01/02 Source : www.artprice.com www.artprice.com Source : Post-War artists worldwide. Post-War artists by Thartworks index for Artprice the in seen be is phenomenon can market. 2012 on this during prices in decline global a generalised of backdrop the against 2012 occurred during art Contemporary Thfromin revenueFrench Post-Warauction decline e and to 2011. compared of 4points increase 2012, an in art Contemporary and Modern segments two the ThEnchères. e topturnover on total the 68%fi of operators ve generated 1 2 3 The top 5 operators on the “Post-War and Contemporary art” segment art” Contemporary and “Post-War the on 5operators top The 01/01/03 01/01/04 Voluntary auction turnover in Contemporary art, excluding fees excluding art, Contemporary in turnover auction Voluntary Prices of Post-War artworks – Artprice ofPrices Post-War artworks 01/01/05 Change in Artprice’s “Post-War” index “Post-War” Artprice’s in Change 01/01/06 01/01/07 01/01/08 100,9 M€ MA 2011 10,1 M€10,1 M€10,8 M€27,1 M€18,9 M€34,0 64% 01/01/09 01/01/10 01/01/11 01/01/12 101,6 M€ MA 2012 11,5 M€11,5 M€17,1 M€28,6 M€35,1 9,5 M€9,5 68% 129 01/01/13
Chapter 02 publié en 1932 aux éditions du « Petit Vingtième ». Vingtième ». « Petit du éditions 1932 aux en publié l'album « Les aventures de Tintin reporter du petit petit du reporter Tintin de aventures « Les l'album « vingtième » en Amérique », 3 Amérique », en « vingtième » Encre de Chine et gouache de couleur réalisée réalisée couleur de gouache et Chine de Encre au mois d'octobre 1932 pour la couverture de de couverture la 1932 pour d'octobre mois au Chapitre 02Chapitre 32 x32 cm. Chine. de àl'encre Signée Montant adjugé : 1 120 000 € 000 1120 adjugé : Montant Remi ditHERGÉGeorges TINTIN ENAMÉRIQUE Paris, 2 juin, Artcurial 2juin, Paris, e album de la série, série, la de album © Hergé / Moulinsart 2012 /Moulinsart © Hergé has been growing steadily for several years now. years for several steadily growing been has segment, Books Comic the in as segment, on this operator’s activity the since Art, Modern and Art Contemporary from it did than vehicles more generated 2012 revenue in Collection from actually Artcurial that – incidental and notparticularly – It significant is sold 1.34m. for EUR work gouache by and Hergé that ink (incl. fees), Indian 4.5m an and by Roger EUR fetched owned Vadim spider that previously California GT 250 aFerrari as such lots of some exceptional sale the from generoussupport received performances solid These manuscripts. and books in 5.2m EUR and 11.8m EUR books comic vehicles, in collection in 26.9m of EUR turnover posted 6.2m).(EUR Artcurial of Sotheby’s (around 10.9m) category, ahead EUR Bonhams this and 25% 43.1m) (EUR in more generated than turnover of total Artcurial others. amongst militaria, decorations, coins, stamps, toys, books, comic books, vehicles, collection of goods: range wide includes a very category This sector. &Collectibles Art the in growth to post category only it the 16.3%, making 2012, it in gained million 171 of EUR for turnover sector. Accounting &Collectibles Art the in category largest second the is Collectibles Other terms, turnover In (1907-1983) 3.1.2 of the market of the % 25 generated :Artcurial Collectibles Other 130 diamants taille brillant Broche clip «nœud de de «nœud clip Broche Montant adjugé : 37.000 € 37.000 adjugé : Montant René BOIVIN (1955) BOIVIN René passementerie» en or jaune, saphirs & saphirs jaune, or Paris, Espace Tajan, 10 Tajan, Espace Paris, Poids brut :41,9 gr. brut Poids Longueur : 6,8 cm :6,8 Longueur décembre, Tajan. Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les Largeur : 3 cm :3cm Largeur © TAJAN turnover followed by D. Giafferi with EUR 4.9m. The top three three The 4.9m. top EUR with followed by D.turnover Giafferi 5.1m EUR with of Auction Cannes Besch was two The number total. sector of to about the 20.9% equivalent turnover, in 9m EUR around with France Christie’s was leader the others, the of 2011. than more is concentrated that a segment In that matched & Spirits Wines 2012 in 43m, the At turnover EUR René Boivin. and Belperron Suzanne Lalique, Renéas such century 20th the of half first the from by artists for works prices hammer by good but also diamonds and gemstones of performance good by the were supported category this in Sales 5.1m EUR (5.1% with each France, total). of the Sotheby’s and France turnover) followed by Christie’s total category’s (5.5% 5.4m EUR of with the Tajan second came total. or 8.6% of the turnover, in 8.4m EUR with ranking the headed 2011, in As Artcurial 2012. in category this 1m in EUR more than generating 19 companies with segment, market concentrated 102m 2011. EUR least from in the is &Gold Jewellery down 98m, of EUR turnover 2012 by 3.9% in with contracted category sales Gold & the Jewellery growth, of years consecutive three After 3.1.4 3.1.3 Jewellery & Gold: 19 seven-figure operators seven-figure 19 &Gold: Jewellery Wines & Spirits: stable turnover stable &Spirits: Wines 131
Chapitre 02 4 bouteilles ROMAN Montant adjugé : 28 000 € 000 28 adjugé : Montant Romanée-Conti 1985 Romanée-Conti Expert Pascal Kuzniewski Expert CONTI (Grand Cru) Besch Auction Cannes la de Domaine © Besch Cannes Auction Cannes © Besch Cannes, 14 aout 14 aout Cannes, Chapitre 02Chapitre é E- 12% of this turnover. 12% of this for buyers accounted Asian 5.2m. EUR 5.3m and EUR of respectively 2011 the 2010 5.9m, for and beating EUR fees, totals were incl. sold, of red 401 bottles the and 111 wine the of white by Christie’s, bottles organised sale, At turnover. its this to raise managed 2011in –still 761 2012 in with barrels compared for sale litres of– 512 228 barrels volumes in drop sharp the despite which Beaune de Hospices by the sale thethe 152nd by of bolstered edition was Bourgognes of The price stable. virtually remained prices du Rhône Côtes and Bordeaux 2011 2012, while December and 31.8% December year, between over gaining momentum the this +9.1% pursued period).Bourgognes The same over the respectively (+4.3% and increased wines Bourgogne above all and du Rhône Côtes (-3.4% 2011fall December of 2012) March those between and while to continued wines Bordeaux 2012 of months the prices first the In slightly. declining end-2011, even until prices Bordeaux stagnated subsequently with Prices by iDealwine. published indices WineDex to the according early-2011, 15% months in two gained in which by Bordeaux, driven sharply increased prices wine demand, Chinese by strong Stimulated were online. conducted spirits and wines of sales its all that declared out forhaving stands D. Giafferi & Spirits. Wines in turnover of total 44.0% generated them between 132 n° 29, oblitéré du cachet à date àdate cachet du n° oblitéré 29, pli confié sans mention sans confié pli affranchi avec un 20 centimes centimes 20 un avec affranchi Woëvre du 29 octobre 1870. octobre 29 du Woëvre Montant adjugé : 25 800 € 800 25 adjugé : Montant Couton - Veyrac - Jamault -Jamault -Veyrac Couton de type 17 de Fresnes-en- 17 de type de Nantes, 13 novembre. Le Normandie, Le SVV. M. Reboulot SVV. M. Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les & Collectibles sector is high. In March 2013 March In we counted : high. is sector & Collectibles Art to the corresponding of advertisements number the sites, generalist are these Although online. for sale goods to advertise professionals and individuals enable private that sites emergence of internet the from pressure under been has category this few years, last the Over clientele. professional mostly at alocal, primarily targeted are and marketing or specific of acatalogue worthy are notdeemed They of quality. terms in items mid-range to concern tend sales These years. three last over created the structures new the of theactivity of portion represent asignificant sales Miscellaneous sales. of these number the in 91m, increase an despite 2011 at the of level EUR stabilised category sales Miscellaneous the in 2012 turnover 2000s, the of start the since decline continuous a After . .
(which is broader than the “Art & Collectibles sector) “Art the &Collectibles (which broader than is ‘ameublement’ section www.leboncoin.fr on the ads 1,580,000 section Antiques and Art the in on www.ebay.fr ads 2,300,000 3.1.5 decline of years after stabilisation sales: Miscellaneous 133
Chapitre 02 Chapitre 02Chapitre 20m in turnover on the Art & Collectibles sector. &Collectibles Art on the turnover in 20m EUR more than posted Rhône-Alpes and Centre Brittany, regions, PACA, the and three only Ile-de-France the from Apart turnover. national 3.8% generated of total only but they 13 specialised, are which sector, of this in active 27 operators has The region 46.8m. of EUR (PACA), region d’Azur Provence-Alpes-Côte turnover atotal with the is sector & Collectibles Art on 2nd the place in behind Far records. auction ofmost the generates and of quality terms in sector top end of the the concentrates therefore Ile-de-France sector. The this in French market total of the 927m, for EUR or 75.6% accounting &Collectibles, Art in specialised were Paris), 85 (including of 123 there them region operators, France Ile-de- surrounding to the analysis to 2011. the compared Extending 2.1% down nevertheless was figure This total. national of the 68.6% to 2012, equivalent in sector &Collectibles Art on the turnover in 841m for EUR accounted in Paris based operators The specialised 70 3.2 Auction turnover perregion egahc breakdown Geographic A.T. < €10m A.T. between €10mand€20m A.T. between €20mand€50m A.T. > €50m of activity remains stable of activity 49 % 36 48 % 58 52 % % % 53 80 % 42 % 39 % %
91 85 64 % 46 % % 41 % % for region (in%) County share intotal A.T. 35 50 % Share of othercounties intheregion &CollectiblesArt County share inregional total % 74 65 41 % % % 45
100 % % 134 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les post turnover growth in 2012. in growth turnover post to managed sector, one, Artcurial, only the players top seven in the Of 2011. in lower 30m than EUR was operators 20 by generated these turnover 697m, total at EUR the parallel, In 9.3m 20112012 EUR 2012. in from in fell top 20 8.0m to EUR the threshold for thesector, entry the of decline the overall Reflecting region. Ile-de-France the in based are sector &Collectibles Art the in operators top 20 of the All 3.3 Total France Métropolitaine France Total Rhône-Alpes d'Azur Provence-Alpes-Côte Poitou-Charente Picardie Pays-de-la-Loire Nord-Pas-de-Calais Midi-Pyrénées Lorraine Limousin Languedoc Ile-de-France Haute-Normandie Franche-Comté Champagne Centre Bretagne Bourgogne Basse-Normandie Auvergne Aquitaine Alsace Région in the Art & Collectibles sector Collectibles & Art the in 2012 ofVAOs ranking Economic data for the Art & Collectibles sector &Collectibles Art the for data Economic Nombre d' d' Nombre OVV* Voluntary auction turnover, excluding feess excluding turnover, auction Voluntary 368 123 24 27 12 16 14 15 17 16 11 15 12 18 7 8 4 6 6 8 7 2 Montant adjugé 2011 adjugé Montant 1 249,0 M€ 249,0 1 939,8 M€ 939,8 22,3 M€ 22,3 M€ 48,7 M€ 12,6 M€ 18,1 M€ 14,0 M€ 33,3 M€ 16,7 M€ 21,6 M€ 17,9 M€ 15,8 M€ 19,6 M€ 20,1 12,9 M€ 12,9 7,8 M€ 7,8 M€ 7,7 M€ 3,5 M€ 5,8 M€ 4,3 M€ 5,8 M€ 0,6 Montant adjugé 2012 adjugé Montant 1 226,7 M€ 226,7 1 927,5 M€ 927,5 24,1 M€ 24,1 M€ 46,8 M€ 13,0 M€ 17,9 M€ 15,7 M€ 17,7 M€ 14,0 M€ 24,9 M€ 21,9 M€ 14,9 M€ 16,3 M€ 19,5 12,6 M€ 12,6 7,5 M€ 7,5 M€ 8,0 M€ 4,8 M€ 6,1 M€ 4,4 M€ 7,7 M€ 1,5 Variation +145% +38% +34% +12% +15% +22% -47% -16% -17% +8% +3% +4% +6% +2% -4% -2% -1% -4% -1% -6% -3% -2% Dépense par habitant par habitant Dépense (en €) (en 114,2 135 52,4 31,6 87,5 38,6 14,2 23,7 17,7 66,3 20,8 10,2 22,7 5,7 7,0 7,7 8,3 7,5 4,2 2,6 5,2 0,8 9,9
Chapitre 02 Chapitre 02Chapitre & Associés & Tajan, like Millon operators of other turnover declining to the but rather 29m, at EUR stable was to turnover, which improvement not linked was Aguttes Claude 111m, of EUR turnover with year-on-year. upplace 12.9% The operator Artcurial 2012: in -3.% -2.2% and forcontract Christie’s for contrast, By Sotheby’s. operations Frenchtheir auction saw operators international two These 157m. EUR 161m EUR with of Sotheby’s with 2012,top ahead spot, in Christie’s did notchange. sector the in places three The top 2012. out in squeezed but lot, was priced of one exceptionally sale to the 2011the thanks top 20 Labarbe Weiller, Marc of the Paul-Louis and former collection for the prices good Gros we see & Delettrez declines, noteworthy other the Among places. 7th and 6th 5th, the respectively Rang 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 AUCTION ART- REMY LE FUR &ASSOCIES FRAYSSE &ASSOCIES EUROP AUCTION EUROP CHRISTOPHE JORON-DEREM CHRISTOPHE ADER VERSAILLES ENCHERES OSENAT BINOCHE et GIQUELLO et BINOCHE SOCIETE THIERRY DE MAIGRET GROS DELETTREZ & PIERRE BERGEET ASSOCIES BEAUSSANT- LEFEVRE PIASA CORNETTE DE SAINTCYR MAISON DE VENTES MILLON ETASSOCIES TAJAN CLAUDE AGUTTES CLAUDE ARTCURIAL - BRIEST- POULAIN - F.TAJAN SOTHEBY'S France CHRISTIE'S France CHRISTIE'S , the only operator not based in the Paris region and which joined joined which and region Paris the in operator not based only , the , the top French player in the ranking, strengthened its 3rd 3rd its strengthened ranking, top French the player, the in Cornette de Saint-Cyr Maison deVentes Maison deSaint-Cyr Cornette and operators auction French 20 top the of ranking 2012 held the 4th place in 2012, up from 7th in 2011. in 2012, 7th up from in place 4th This held the Ranking by voluntary auction turnover, excluding fees excluding turnover, auction voluntary by Ranking Nom in the Art & Collectibles sector & Collectibles Art the in , which benefited in 2011in benefited from, which very Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Région 157 M€ 157 165 M€ 165 12 M€ 12 10 M€ 10 13 M€ 13 16 M€ 16 11 M€ 11 31 M€ 31 10 M€ 10 17 M€ 17 19 M€ 19 25 M€ 25 31 M€ 31 33 M€ 33 29 M€ 29 98 M€ 98 6 M€ 6 9 M€ 9 7 M€ 7 9 M€ 9 2011 Montants adjugés Montants still holds the the holds still , which held held , which 111 M€ 111 152 M€ 152 161 M€ 161 11 M€ 11 12 M€ 12 12 M€ 12 13 M€ 13 13 M€ 13 15 M€ 15 16 M€ 16 19 M€ 19 22 M€ 22 24 M€ 24 24 M€ 24 29 M€ 29 29 M€ 29 8 M€ 8 8 M€ 8 9 M€ 9 9 M€ 9 2012 136 Plaque ornementale en ornementale Plaque du dieu des Tisserands Tisserands des dieu du or Montant adjugé : 460 000 € 000 460 adjugé : Montant abondante végétation , décorée de la figure figure la de , décorée et du Coton dans une une dans Coton du et Pérou, entre les rivières de de rivières les entre Pérou, Bendicht Rudolf Wagner. Jequetepeque et de Zana, Zana, de et Jequetepeque © SVV Alain Castor – Laurent Hara –Laurent Castor Alain © SVV 3 décembre, SVV Alain Alain SVV 3 décembre, Castor - Laurent Hara. -Laurent Castor Provenance : collection :collection Provenance Total Autres régions Ile-de-France (sans Paris) Paris dont Christie's France dont Christie's France dont Sotheby's dont Artcurial dont Drouot 400-200 avant J.-C. avant 400-200 Drouot Richelieu, Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les culture Chavin,
same period, the market share of the Drouot auction houses declined declined houses Drouot auction of the share market the period, same the Over for 31.9% only accounted metric. same companies of the same the 2003, sector. In &Collectibles Art the in turnover Paris-based or 50.1% 424m, of EUR turnover of total combined posted operators three These Artcurial. of also but Christie’s, andSotheby’s benefit of the to steadily, shrank Drouotthe houses auction of share market The Sotheby’s. and sector, on Christie’s the leaders international two the French of offices the and Artcurial Drouot, through who operate operators, or medium-sized small are which of most houses, auction the market: Paris on the coexist operators historical Several generated. was of68.7% 2012 turnover sector where in Paris, concentrated is heavily sector Collectibles & Art The 3.4. 1 010M€ 2005 15,20% 10,60% 58,60% 329 M€ 619 M€ 6,10% 62 M€ Market share evolution of top Parisian Art & Collectibles operators &Collectibles Art Parisian top of evolution share Market The Parisian market The 1 224M€ 2006 20,50% 51,70% 344 M€ 830 M€ 6,30% 9,90% 50 M€ 1 224M€ 2007 11,60% 18,20% 11,20% 51,50% 326 M€ 840 M€ 58 M€ 1 083M€ 2008 17,80% 16,50% 47,50% 293 M€ 733 M€ 8,90% 57 M€ 1 220M€ 2009 42,90% 39,20% 246 M€ 893 M€ 8,90% 6,20% 81 M€ 1 142M€ 2010 18,50% 18,50% 47,80% 10,50% 282 M€ 781 M€ 79 M€ 1 249M€ 2011 18,26% 19,19% 47,33% 11,40% 308 M€ 860 M€ 81 M€ 1 227M€ 2012 17,98% 19,05% 41,56% 13,15% 298 M€ 843 M€ 86 M€ 137
Chapitre 02 monogrammée et datée « 1621 » datée et monogrammée (?) en bas à droite. Provenance : Provenance : àdroite. (?) bas en sur un entablement près Montant adjugé : 1 350 000 € 000 1350 adjugé : Montant un vase debronze posé Bouquet defleurs dans du XIX du Ambrosius BOSSCHAERT collection privée française privée française collection début le moins au depuis l’Ancien (1573-1621) l’Ancien SVV Gros &Delettrez Gros SVV e s. Drouot Richelieu, d’un coquillage Huile sur cuivre, cuivre, sur Huile Chapitre 02Chapitre © Gros Delettrez © Gros 1000 M 1000 200 M 200 M 400 600 M 600 M 800 1 er er 0 M 0 juin.
€ € € € € €
right. own its operator in an than VAOs, independent hosts that house auction an it is rather that mind in turnover, bearing of total terms in house auction France’s leading to 41.6% nevertheless 2003 2012. in 58.6% Drouot in from remains 2005 363 66 38 94
Drouot
2006 170 429 52 82
operators Parisian leading of turnover Auction Artcurial 2007 153 433 94 97
on Art & Collectibles sector &Collectibles Art on
2008 348 121 130 65 euros millions euros
Sotheby's France Sotheby's
2009 350 383 55 79
2010 373 145 144 82
Christie's France Christie's 2011 407 165 157 98
2012 350 111 161 152 138
Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les 1000 M 1000 M 1200 200 M 200 M 400 M 600 M 800 0 M 0 € € € € € € €
2003 698 11
2011. of 19.2% 13.0% 2012in growth in 81m, to EUR after declining turnover with trend amuch more posted erratic Equipment category Industrial 2011,in 6.2% of rise a The EUR after 8.5% to 1,005m. rose reach activity category, vehicle where used the concerns only growth this reality, In 2011. 1,020m in to EUR a after 1,086m, of to EUR 6.5% 7.4% turnover progression total in growth 2012in with outstood Equipment sector The Used Industrial & Vehicles 4.1 u IV.
2004 780 9 Growth of6.5 %in 2012Growth
E
quipment sed Vehiclessed &Industrial 2005 852 14 in Used Vehicles & Industrial Equipment sector Equipment &Industrial Vehicles Used in turnover auction voluntary French of Evolution
Turnover from voluntary auctions in France, excluding fees excluding France, in auctions voluntary from Turnover Véhicules d'occasion Véhicules 2006 837 38
2007 811 74
Matériel industriel 2008 775 81
2009 840 76
2010 872 78
2011 926 93
1 005 2012 81 139
Chapitre 02 télécommandes, Enchères Mat. Montant adjugé : 81 000 € 81 000 adjugé : Montant rotatif MANITOU MRT Chariot télescopique flèche, fourches, godet +2 godet fourches, flèche, é quipé nacelle, treuil, treuil, nacelle, quipé 2150 Privilège Chapitre 02Chapitre © Enchères Mat © Enchères (2008) companies accounted for 19.7% of the activity in this category. this in for 19.7% accounted companies activity of the 2011, In sales. same vehicle the used from 19.3% turnover total of the representing 194m, of EUR turnover combined generated Manheim) and (BCAuto, category Autorola this in active operators international The combined. sectors 21.0% French turnover, all auction of total and vehicles used from turnover 50.6% to of total equivalent is 2012. This in vehicles used from 509m of EUR turnover generated sectors, all in operators national highest-ranked 4th 1st, 2nd and the respectively are BCAuto –which Enchères and Carmen-Alcopa &Associés, Guignard – vehicles of used sale the in specialised operators top thee the total, In Auction. Auto Anaf operator, auction leading another in holds stakes itself group, which Bernard of the shareholder also is French Carmen-Alcopa, company the of owner the Alcopa, group Belgian the since more important the all is trend This thereforeintensified. has sector the of concentration The 2012. December in Auction to Alcopa name its it changed auction, 2012 Carmen- as in April registering After Enchères. XXL and Enchères Bretagne Auction, AC Est Enchères, Australe, operators: existing already- of five activities of the Alcopa, group Belgian byoverseen the the merger,outborn of was operator new This player: Carmen-Alcopa. of anew arrival by the marked also was Equipment sector & Industrial Used Vehicles the growth, above-mentioned turnover the from Apart 4.2 4.2.1 Analysis category per Used vehicles: growth and consolidation and growth vehicles: Used 140 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les 4.6m, in 2012. in 4.6m, of EUR time 2011, 13.4m this in EUR decline, followed by another 2010,of in 6.9m growth of EUR to fromdecline a fluctuate turnover total seen has which Bros, of Richie activity the with correlated strongly equipment are industrial in trends turnover past, the in As category. this in 65% activity controlled therefore of the companies three These 8%. with 17% Troostwijk Roux and with Mat of Enchères sector, 2012 on ahead the of turnover for total 40% leader, market accounted the Bros, Richie vehicles. used sell mostly of who operators number of asmall activity occasional the – and player Bros Richie Canadian the equipment –like of industrial sale the in of specialised operators number small by a very dominated largely is business This erratic. are equipment segment Industrial the in trends turnover Annual In 3rd place there was was 3rdIn there place 167m. of EUR turnover total with of five operators, activities the combines that company of Carmen-Alcopa 181m, EUR ahead 1st place, with retained & Associés Guignard 100m: of EUR excess in turnover posted sector Equipment Used Vehicles 2012, on operators four In the &Industrial 4.3 form Carmen-Alcopa).form that now 2011companies five the of the (which contains turnover share),57% market up 14% on 2011, 543m EUR posted they when 2012 in (representing a of 620m turnover EUR generated together 112m. EUR The top four with Automobile Toulouse Enchères 4.2.2 Equipment sector Equipment Top in 20 operators the Vehicles Used &Industrial
decline after the 2011 the surge after decline : equipment Industrial BCAuto Enchères BCAuto or the Dutch company Roux company Troostwijk Dutch or the
, with EUR 161m, EUR , with then , a new , anew 141 ,
Chapitre 02 Porsche Cayenne Sté 3.0 Montant adjugé : 48 600 € 600 48 adjugé : Montant 29 novembre, Toulouse. novembre, 29 64800 kms. Beauzelle, kms. 64800 Enchères Automobiles Enchères TDI Tiptronic TDI Chapitre 02Chapitre du 13/10/2010 companies therefore declined. declined. therefore companies 374m EUR from 365m, 2011. down in these of turnover The average 2012 of EUR turnover posted the20 top The in operators 16 other operators. the biggest around consolidating thereforestill is sector The Rang 20 19 18 17 16 15 14 13 12 10 11 9 8 7 6 5 4 3 2 1 CEVEP VP ROUEN VOUTIER ASSOCIéS AIX ENCHèRESAUTOMOBILES SVV AUTO MAT & TRANSPORT TABUTIN MéDITERRANEENCHèRES RES AUTO FIVE AUCTION TOURS FIVE AUCTION ENCHèRES AUTO NORD ENCH CAR ENCH ENCHèRES MAT PARCS ENCH AUTOROLA AQUITAINE ENCHèRESAUTOMOBILES RITCHIE BROS. AUCTIONEERS FRANCE ANAF AUTO AUCTION MERCIER AUTOMOBILES TOULOUSE ENCHèRES AUTOMOBILES TOULOUSE BCAUTO ENCHERES CARMEN-ALCOPA GUIGNARD ET ASSOCIéS GUIGNARD Nom Top 20 Industrial Equipment operators in France in 2012 in France in operators Equipment Top Industrial 20 èRES èRES èRES Ranked by auction turnover, excluding fees excluding turnover, auction by Ranked Haute-Normandie Midi-Pyrénées Midi-Pyrénées Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Ile-de-France Rhône-Alpes Rhône-Alpes Aquitaine Aquitaine Bretagne Région Centre PACA PACA PACA Nord Nord Montants adjugés 125 M€ 149 M€ 14 M€ 13 M€ 17 M€ 20 M€ 27 M€ 18 M€ 16 M€ 30 M€ 29 M€ 31 M€ 42 M€ 39 M€ 56 M€ 80 M€ 11 M€ 6 M€ 6 M€ 2011 - 161 M€ 167 M€ 181 M€ 112 M€ 13 M€ 13 M€ 15 M€ 19 M€ 19 M€ 19 M€ 19 M€ 23 M€ 30 M€ 36 M€ 37 M€ 39 M€ 60 M€ 11 M€ 6 M€ 6 M€ 2012 142 Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les all sectors combined. sectors all top VAO the operator and sector’s the leading Brittany in & Associés, of Guignard activity to the 21% in growth 3%, thanks dropped only it Brittany in by 92% while declined region Lorraine the in turnover aresult, (Brittany). As Enchères XXL and (Ile-de-France) Enchères A.C. (Lorraine), Auction Est (Brittany), Enchères France), Bretagne (Ile-de- Australe companies: ofexisting five activities the region Paris the in together gathers which of Carmen-Alcopa, creation by the explained phenomenon be can this by region, sectors for all breakdown turnover of the 33.4%from 2011 analysis in the we saw in As to 38.5%. strongly, rising grew sector this in Ile-de-France of weight the the 2012, sector. In &Collectibles Art the as Ile-de-France the in trated concen as not been has sector this reasons, logistical For obvious 4.4 Total FranceMétropolitaine Rhône-Alpes Provence-Alpes-Côte d'Azur Picardie Poitou-Charente Pays-de-la-Loire Nord-Pas-de-Calais Limousin Midi-Pyrénées Lorraine Languedoc-Roussillon Ile-de-France Haute-Normandie Région Auvergne Basse-Normandie Champagne Centre Bretagne Bourgogne Franche-Comté Aquitaine Alsace sector Equipment &Industrial Vehicles Used the of performance Economic Growth in the region Paris Growth Voluntary auction turnover, excluding fees excluding turnover, auction Voluntary Nombre de de Nombre OVV* 248 20 18 15 10 15 55 12 12 10 11 13 9 7 2 5 5 6 9 8 6 0 by region by Montant adjugé 2011 1 020,0 M€ 020,0 1 341,0 M€ 196,4 M€ 64,9 M€64,9 M€65,4 84,4 M€84,4 99,6 M€99,6 21,0 M€21,0 49,7 M€49,7 21,1 M€21,1 49,1 M€49,1 3,5 M€3,5 2,3 M€2,3 7,1 M€7,1 0,4 M€0,4 0,7 M€0,7 1,5 M€1,5 2,8 M€2,8 M€2,8 4,2 M€4,2 1,6 M€1,6 0,0 M€0,0 Montant adjugé 2012 1 085,9 M€ 085,9 1 133,3 M€ 418,1 M€ 190,2 M€ 64,6 M€64,6 M€55,1 79,9 M€79,9 44,1 M€44,1 20,3 M€20,3 53,8 M€53,8 2,9 M€2,9 2,6 M€2,6 9,0 M€9,0 0,4 M€0,4 1,8 M€1,8 0,7 M€0,7 0,8 M€0,8 1,8 M€1,8 M€2,4 2,6 M€2,6 1,7 M€1,7 0,0 M€0,0 Variation +11% +27% +34% +23% +10% -16% -18% -10% -92% -11% -47% -35% -16% -39% +6% +5% +8% +0% -0% -5% -4% -3% 143 -
Chapitre 02 Chapitre 02Chapitre et Matériel industriel Montant adjugé 2012 Véhicules d’occasion Montant aggrégé inférieurà10M€ Montant aggrégé compris entre 10M€et 50M€ Montant aggrégé compris entre 50M€et 100M€ Montant adjugé supérieur à100M€ 133m in turnover generated by the sector in this region. region. this in sector 133m by generated the turnover in EUR of 84% the Toulouse concentrates Automobiles, which Enchères of presence to the thanks region, Midi-Pyrénées 3rd the is In place 190m. of EUR turnover sector, with the in region second-ranked the is based, –is &Associés –Guignard leader national where the Brittany, 418m EUR turnover. in with rankings the Autorola, heads therefore BCAuto and of presence Carmen-Alcopa, by the bolstered region, Ile-de-France The market. of the segment on this out sales carried also companies 219 though even non-specialised operators, 29 specialised of the location to the linked strongly and rigid fairly remains regions the French of hierarchy the effect, accounting this Notwithstanding 99 % 56 96 % 56 39 % % % 97 99 % 71 % % 93 % 78 76 64 % 78 % 49 % % % adjugé dans la région(en %) Part dudépartement dans le montant total 50 55 % dans la région Part des autres départements dans la région Part dudépartemental le plus important % 93 58 88 % % % 97 % 144 Mandore International Agency, Agency, International Mandore mâle issu des gagnants gagnants des issu mâle Montant adjugé : 1 200 000 € 000 1200 adjugé : Montant Cheikh Joaan Bin Hamad Al Al Hamad Bin Joaan Cheikh agissant pour le compte de de compte le pour agissant Thani. Deauville, 19 août. août. 19 Deauville, Thani. Stars et Alpine Rose Alpine et Stars de Groupe 1 Sea The The 1Sea Groupe de Présenté par l'écurie des des l'écurie par Présenté Monceaux à la Vente de de Vente àla Monceaux Yearlings d'Août 2012, 2012, d'Août Yearlings Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les EDKHAN 100 M 100 120 M 120 Arqana 20 M 20 M 40 60 M 60 80 M 80 © Arqana 0 M 0 € € € € € € €
2003 year, from 19,000 prioryear, to 19,000 2008. from a horses 15,000 to approximately down are horse sales 20%, around with of France ahead market, of the 50% holds around Kingdom United however. awhole, where the to as France not Europe unique In is This crisis. 2008 prior to the reached levels below therefore is the 2011. 109m 110m, EUR in of from EUR turnover up Activity slightly with 2012,in stable virtually remained sector The Horse auction t V. 68
5.1. 2004 73 he H
Stable activity in 2012 in activity Stable 2005 72 orse sector orse
Annual turnover on the Horse sector on Horse the turnover Annual 2006 103 EUR millions, excluding selling fees selling excluding millions, EUR
2007 114
2008 102
2009 102
2010 98
2011 109
2012 110 145
Chapitre 02 Chapitre 02Chapitre France’s no. 2 horse seller in 2011, 6.4m. France’s of in EUR no. turnover 2horse seller with du Trot, Française Agence the absorbed also has Arqana France. in 101mof EUR 2011, in 110m to EUR horse sales compared total from turnover with Arqana, by dominated largely is sector The horse sales. from turnover who significant generate operators few are very There by overseas residents. The top five 5 operators active in the sector havesector the in active The topfive residents. operators 5 by overseas France in for breeding or raised trained either are half remain, that for those and leave France, subsequently sold by Arqana of yearlings Athird clientele. international to open an very are Horse auctions world’s horse exporter. it the 4th making purposes, forused 77,000professional horses contains The region businesses. to 18% region’s equivalent of the agricultural agricultural, are 4,526 of which companies, 5,588 in jobs indirect and direct 12,600 provided Horse sector Basse-Normandie sector, on the the data gathers which cluster”.a “competitiveness 2010, In to Equi-ressources, according around structured been has 2005 since and region, this in developed highly is segment equine The region. Basse-Normandie the in based are operators Horse sector all that is fact noteworthy Another NASH CAEN ENCHERES VENTES OSARUS F.E.N.C.E.S. ARQANA 5.2 of the French horse market French horse of the heart the Basse-Normandie: Nom Top operators in the Horse sector in 2012Top sector in Horse the operators Ranked by voluntary auction turnover, excluding fees excluding turnover, auction voluntary by Ranked Basse-Normandie Basse-Normandie Basse-Normandie Basse-Normandie Basse-Normandie Région 101,2 M€ 1,7 M€1,7 M€1,4 M€3,9 1 M€ 1 2011 Montants adjugés 101,4 M€ 2,3 M€2,3 M€2,5 M€3,3 0,8 M€0,8 2012 146 Cavisto Z (sBs par Casall) par Z(sBs Cavisto Montant adjugé : 200 000 € 000 200 adjugé : Montant Top Price Fences 2012 2012 Fences Top Price 1 er septembre, Fences. par Ekaterina Ekaterina par Les ventes volontaires aux enchères publiques en France en publiques enchères aux volontaires ventes Les Rybolovleva Bois-le-Roy, © PSV Morel © PSV
horses are presented to potential buyers. presented to potential are horses or present, represented the by when brokers, physically tend to be bidders creatures, living are for sale goods the that given practice, in But internet. the via enable remote bidding which sales, physical with are combined that live auctions offers operator sector’sThe leading residents. overseas from turnover 32m in EUR more than declared 147
Chapitre 02 . A global ranking of the principal operators by auction turnover, Global auction sales of Art and an analysis of sales trends among the different types of & Collectibles in 2012 operators.
. A geographical analysis of auction sales covering the 53 countries I. Introduction active in the Art & Collectibles sector, and particularly in the three major activity zones: Asia, North America and Europe. Since 2009, the CVV has also conducted an international analysis of the Art & Collectibles sector of the global auction market, providing For 2012, 83.7% of our aggregate figure for global auction turnover a basis for a comparison of France’s position on this market vis-à-vis was actually observed, with the remainder being estimated. This the rest of the world. This analysis is based on the following methodo- percentage is lower than for 2011 (88.8%) when there was a greater logical principles : concentration of global market activity in the figures of the largest 02 Chapter operators. However, it is higher than our percentages for 2010 (81.5%) . Our definition of the “Art & Collectibles sector”, unlike the and 2009 (77%). majority of studies of this global market, is not limited to the “Fine Art” segment as it includes the same categories as those underpinning our analysis of the French market. These are: Art & II. Key figures Antiques, Jewellery & Gold, Other Collectibles, Wines & Spirits and Miscellaneous Objects. 2.1 Contrasting trends within the global Art & . Unlike our analysis of the French Art & Collectibles sector which Collectibles sector is based on auction hammer prices, the figures communicated in our international analysis are based on auction sales figures In 2012, aggregate global turnover in the Art & Collectibles sector including fees (translated into euros where necessary). amounted to EUR 24.56 billion, down 5.9% versus 2011. However, there were very contracting trends in the different zones . The data gathered for this analysis was obtained using a number analysed: Asia’s turnover shrank considerably whereas North of different techniques: by contacting the companies directly; America’s expanded and Europe’s slightly contracted. by reference to the figures available in a variety of different
publications, (sale results, press releases, media articles), and, as 2012 2011 Variation a last resort, by making calculated estimates based on available information (number of sales, notoriety, etc.). As the data gathered Produit mondial des ventes 24 558 M€ 26 110 M€ -5,9% is essentially based on auction operators’ disclosures, there exists Nombre d'opérateurs actifs 2601 2640 -1,5% a risk that the figures communicated may not actually take into Nombre de ventes cataloguées 12 686 12 635 +0,4% account situations where buyers fail to pay. Nombre de ventes courantes 28 636 28 561 +0,3%
This analysis has allowed us to produce the following market Prix moyen par vente 594 K€ 632 K€ -6,0% indications : Nombre de sociétés au produit des ventes annuel supérieur à 20 M€ 146 141 +3,5% . A summary of the trends in 2012 compared with previous years based on indicators such as aggregate global turnover (Art & Collectibles sector), the number of active operators, and the number of sales conducted.
Chapitre 02 148 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 149 Until 2011, the aggregate global art market posted robust resilience ahead of Beijing, even if the United States was still behind China to the economic crisis mainly due the rapid expansion of the Asian in terms of country turnover; market (+17.9% in 2011 according to the CVV’s figures). This growth was essentially driven by China which for two consecutive . North American companies specialised in sales of collection years topped the global turnover ranking per country in the Art & vehicles posted exceptionally strong results in 2012 ; Collectibles sector: In 2011, China’s total turnover increased by no less than 51.5% vs. 2010 (to EUR 11.5 billion). . More generally, operators specialised in Collectibles posted turnover growth in 2012. However, there were already signs during the same year that global growth was slowing: the number of active operators in the sector had Produit des ventes Rang Société Pays contracted, and the number of active companies was down 8.5% after 2012 a numerous business failures and closures (nearly a hundred, mostly 02 Chapter 1 Christie's 4 044 M€ Monde in Europe). 2 Sotheby's 3 443 M€ Monde At the same time, only 26 countries posted turnover contractions in 3 Beijing Poly International Auction Co., Ltd. 750 M€ Chine 2011. Thus, excluding China, aggregate global turnover amounted to a relatively stable EUR 14.6 billion versus 2010. Moreover, the top 10 4 Heritage Auction Galleries 669 M€ Etats-Unis Western operators posted average turnover growth of 7.5%, with the 5 China Guardian Auctions Co., Ltd. 637 M€ Chine growth essentially driven by the market’s largest operators, i.e. those active at the top end of the market and oriented towards an interna- tional clientele.
In contrast, 2012 was marked by a net ddecline in the two strongest drivers of global growth: Chinese demand contracted and the top end of the art market was less dynamic. For the first time in years, In terms of company demographics, the following trends were also the art market actually shrank. Nevertheless, the overall decrease in observed : aggregate activity in 2012 reflected some sharply contrasting trends : . A reduction in the number of active operators: 2,601 operators . China’s auction turnover in 2012 dropped substantially (-22.0%) conducted at least one sale in the Art & Collectibles sector in 2012 after the very sharp increase in 2011 (+51.5%). This drop was versus 2,640 in 2011; largely due to a contraction in sales at the country’s two largest operators; . A slight decrease in market concentration among the art market players, with the top 20 operators accounting for 53.1% in 2012 . The European market also contracted, but to a much smaller versus 53.7% in 2011; extent (-1.1%) with strong contrasts at the intra-European level: The UK posted growth of 4.9% and Switzerland of 15.5% whereas . No increase in the number of sales conducted: 41,322 in 2012 Germany saw a 20.8% fall in turnover and France contracted versus 41,334 in 2011. 1.7%;
. The North American market posted a sharp 14.6% increase in auction turnover, with New York recovering its first place as the world’s most dynamic city in the global Art & Collectibles sector
Chapitre 02 150 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 151 Breakdown by country of global auction revenue from the Art & Collectibles sector in 2012 In effect, GDP growth has a direct impact on the art market which is (in EUR million, including fees) very sensitive to the fluctuating fortunes of the world’s most wealthy populations. The latter account for the bulk of demand at the top end of the market. The economic slowdowns recorded in certain geographic zones and the global climate of uncertainty clearly impacted buyers’ incomes in 2012.
The different asset classes constituting the wealth of the art-buying
Chine États-Unis fraction of the global population experienced substantial value 8 987 M€ 6 784 M€ 36,6 % 27,6 % contractions. For example, the composite index on the Shanghai Stock Exchange lost 20% between May 2011 and November 2012 before recovering slightly, and European stock markets were equally 02 Chapter moribund. The French CAC 40 and the German DAX lost more than 30% in the summer of 2011 before recovering towards the end of 2012. The Dow Jones, on the other hand, lost just over 10% in July 2012 before rapidly recovering its previous growth rate.
Royaume-Uni France Suisse Allemagne Canada 3 532 M€ 1 499 M€ 702 M€ 658 M€ 472 M€ These global trends have direct consequences on the numerical 14,4 % 6,1 % 2,9 % 2,7 % 1,9 % growth of the global population of HNWIs (high net wealth individuals) and on their accounting wealth. According to Wealth-X’s
Australie Italie Autriche Autres pays d’Europe Autres pays d’Asie Autres World Ultra Wealth Report, in 2012 the number of major fortunes – 209 M€ 206 M€ 204 M€ 758 M€ 342 M€ 204 M€ 0,8 % 0,8 % 0,8 % 3,1 % 1,4 % 0,8 % defined as the number of individuals possessing fortunes greater than USD 30 million – contracted by 1.9% in Europe (53,000 individuals Note: the surfaces are proportional to the turnover totals in the different countries identified) and by 2.1% in Asia (43,000 identified), although the number continued to grow in other regions of the world, particularly in North America, where it increased by 3.3% (65,000 identified). 2.2 Economic context : the wealthy in both China and The report looks in considerable detail at the fortunes of Europe’s Europe have seen their fortunes shrink wealthiest individuals and shows that the number of major fortunes contracted in France and Germany, remained stable in the UK and At the economic level, global growth decelerated, although the picture increased substantially in Switzerland. was again very heterogeneous from region to region. According to the INSEE, the advanced countries posted GDP growth of +1.1% in 2012 versus +1.3% in 2011. The euro area moved into recessionary 2.3 Auction operator categories : the relevance of a territory with GDP contracting by half a point (-0.5%) as the geographical analysis sovereign debt crisis reached a climax. This contraction in European activity weighed on its economic partners at the global level. While the United States posted sustained economic growth (+ 2.2% in 2012 2.3.1 Activity domains after + 1.8% in 2011), the world’s emerging economies slowed as their exports towards developed countries, and particularly Europe, The activities of the operators in the Art & Collectibles sector were shrank. According to the IMF, China’s GDP growth slowed from less specialised in 2012 than in 2011. Thus 53% of the companies in 9.3% in 2011 to 7.8% in 2012. the sector (versus 42% in 2011) posted activities in at least two of the three major identified segments that constitute this sector, and are
Chapitre 02 152 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 153 Breakdown of operators in the Art & Collectibles sector therefore classed as Multi-segment. These three segments are : per type of activity and per country
Mobilier et Fine art: painting, drawing, sculpture, photography and prints Pays Fine Art Collectibles Multi-Secteurs . Objets d'art (essentially engravings and etchings) Allemagne 4,6% 23,2% 29,1% 43,0% Australie 4,9% 11,5% 21,3% 62,3% . Collectibles: collections vehicles, stamps and coins, old books Belgique 4,9% 14,6% 24,4% 56,1% and manuscripts, militaria, posters, hunting and fishing Canada 8,0% 14,0% 26,0% 52,0% equipment and antique toys; Chine 24,4% 4,4% 1,3% 69,9% Danemark 8,3% 33,3% 25,0% 33,3% Etats-Unis 2,4% 34,5% 15,7% 47,5% . Furniture and art objects: other categories of objects. France 1,6% 30,6% 1,6% 66,1% Italie 14,6% 2,1% 20,8% 62,5%
Pays-Bas 0,0% 18,2% 21,2% 60,6% 02 Chapter Breakdown of operators in the Art & Collectibles sector Royaume-Uni 1,9% 33,7% 23,5% 40,9% per type of activity Suède 0,0% 31,1% 6,7% 62,2% Suisse 16,7% 8,3% 36,1% 38,9% Autre 21,8% 7,4% 19,4% 51,4% 7,3%
15,5% Fine Art 2.3.2 Statistical classification of auction operators Mobilier et Objets d'art Collectibles To analyse the 2012 results of 2,601 auction operators active in the Art 52,9% Multi-Secteurs & Collectibles sector, several approaches can be used: a) analyse the
24,3% sector’s activity by turnover volume, b) focus on the segment specia- lisation of the companies as defined above, or c) focus on geographic location.
In order to obtain a better appreciation of these different approaches, we have applied statistical classification methods to the interna- tional data gathered that allow companies with similar profiles to be In 2012, 404 companies specialised in Collectibles with 80% only grouped together. These methods have been applied on the basis of organising sales in one of the categories defined above and less than the following variables : 5% covering more than 2 categories. . LGeographic location: Europe, North America and Asia 189 companies in the world only organised Fine art sales, and 76 of (excluding the Middle East) and the rest of the world; these were located in China. There are hardly any operators in France specialised exclusively in Fine Art. There are none in Sweden or the . Specialisation: Fine art, Furniture & art objects, Collectibles and Netherlands. Multi-segment
. Auction turnover: less than de EUR 20 million, between EUR 20 and 50 million, between EUR 50 and 100 million and greater than EUR 100 million.
Chapitre 02 154 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 155 In view of the results obtained, we have used a classification system group contains the largest North American companies; allowing an optimal differentiation of auction operators into 7 relatively homogenous groups. These groups are defined not only . Group 7: 253 North American companies specialised in the on the basis of variables mentioned above, but also using additional Furniture and art objects sector. Their aggregate average 2012 variables such the proportion of catalogued sales and aggregate sales turnover was EUR 1.3million and 4.9% of their sales were average sales turnover during 2012 : catalogued.
. Group 1: 194 operators, 55% of which are located outside the This group classification illustrates the relevance of a geographical three major activity zones (Asia, North America and Europe). analysis of the global art auction market because it reveals that, from A substantial proportion of these (49%) were specialised in Fine a statistical point of view, the location of the company is a more Art; nearly two-thirds of their sales were “catalogued” and their discriminating factor than its segment specialisation. Moreover, aggregate average 2012 sales turnover was EUR 3 million, with the aggregate average sales turnover figures and the proportions 02 Chapter none of them posting an individual turnover above EUR 20 of catalogued sales are very different from one group to another: million; catalogued sales varied from less than 5% in group 7 to over 84% in group 5, despite the fact that this variable was not used to construct . Group 2: 710 European companies, more than 99% of which the classification. fall into the Multi-segment category. These operators posted an aggregate average 2012 sales turnover of EUR 9.1 million and 42% In short, the companies look very different depending on where of their sales were catalogued; they are based (Europe, Asia or North America). The most obvious difference is that the European companies, numerically the largest . Group 3: 247 European companies specialised in Collectibles. group, posted lower turnovers figures than North American Posting an aggregate average 2012 sales turnover of EUR 2.2 companies and much lower than Asian operators. Only a handful million, none of them posted individual turnover above EUR 20 of European companies appear to have sufficient critical mass to million. More than two-thirds of their sales were catalogued; compete successfully at an international level.
. Group 4: 355 companies based in Europe, specialised in sales of Furniture & art objects, with only 19.7% of their sales being catalogued. In 2012 their aggregate average sales turnover was EUR 1.1 million;
. Group 5: 351 companies, 96% of which were based in Asia; Paire de vases Médicis en bronze ciselé et doré, 67% of which fell into the multi-segment category; 26% were à riche décor en applique specialised in Fine Art and 0.6% were specialised in Furniture & Premier quart du XIXe s. art objects. This group generated the highest aggregate average Montant adjugé : 46 000 € H. 61 cm, diam. 28,5 cm. 2012 sales turnover at EUR 27 million, and 28.8% of its operators Nice, 13 octobre. posted annual turnovers above EUR 20 million. Catalogued sales Hôtel des Ventes Nice Riviéra SVV. Cabinet Dillée, represented 84.5% of the total number of sales organised; G. Dillée - S. P. Étienne.
. Group 6: 491 companies based in North America posting either multi-segment activities or specialised in Collectibles. These companies posted an aggregate average 2012 sales turnover of EUR 13.9 million and 39.7% of their sales were catalogued. This
Chapitre 02 156 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 157 Graphical representation of the classifi cation of auction operators The global top 20 auction operators in the Art & Collectibles sector in the Art & Collectibles sector in 2012 Ranking by auction turnover (including fees, in EUR million)
Produits de vente (millions €) Nombre de Rang Opérateur Pays 2012 2011 Variation ventes 1 Christie's Royaume-Uni 4 048 3 547 +14,1% 420 ENSEMBLE 2601 2 Sotheby's Etats-Unis 3 443 3 500 -1,6% 233
100 % 3 Beijing Poly International Auction Co., Ltd. Chine 750 1 365 -45,0% 6
1506 4 Heritage Auction Galleries Etats-Unis 669 595 +12,5% 678 744 57,9 % 28,6 % 5 China Guardian Auctions Co., Ltd. Chine 637 1 248 -49,0% 9 6 Bonham's Royaume-Uni 522 614 -14,9% 452
7 Macau Chung Shun International Auctions Co.,Ltd Chine 403 202 +99,1% 2
8 Mecum Auction Etats-Unis 306 130 +136,4% 16
9 RM Auctions Canada 278 145 +92,4% 12 02 Chapter
351 10 Phillips de Pury & Company Etats-Unis 275 236 +16,4% 31
13,5 % 11 Beijing Council International Auction Co.，Ltd Chine 271 461 -41,2% 2
12 Beijing JiuGe Auctions Co.,Ltd Chine 222 254 -12,7% 2
13 Guangdong Poly Auction Co. Ltd Chine 211 45 +374,2% 2
14 Xiling Yinshe Auction Co., Ltd Chine 187 296 -36,7% 4
15 Dorotheum Autriche 152 144 +5,6% 600
16 Duo Yun Xuan Auctions Co.Ltd. Chine 149 147 +1,6% 5
17 Gooding & Company Etats-Unis 148 94 +56,4% 3
18 Artcurial - Briest - Poulain - F.Tajan France 144 127 +13,6% 110
19 Barrett-Jackson Auction Company Etats-Unis 116 89 +29,4% 4 194 710 247 355 351 253 491 7,5 % 27,3 % 9,5 % 13,6 % 13,5 % 9,5 % 18,9 % 20 Googut Auction Co.,Ltd Chine 111 109 +2,6% 2
Total 13 043 13 346 -2,3% 1942
Groupe 1 Groupe 2 Groupe 3 Groupe 4 Groupe 5 Groupe 6 Groupe 7
In the case of Chinese operators, a single sale can be spread over several sessions and several days, which partly explains the low number of sales these operators post vis-à-vis their turnover fi gures III. the main operators on the global art auction market Th is drop in turnover covers various contrasting trends: essentially, a sharp fall in turnover at nearly all the Chinese operators and at certain international auction fi rms that was partially off set by a strong 3.1 Global ranking of auction operators in the Art & turnover growth at the operators specialised in Collection vehicles. Collectibles sector
In 2011, the top 20 operators generated a combined auction turnover 3.1.1 Christie’s - leader on the art market of EUR 14 billion. A year later, the fi gure was only EUR 13 billion, refl ecting a 7.1% contraction. In 2011, the entry ticket to the top 20 Th e top two companies in the ranking are still Christie’s and was EUR 126 million. In 2012, it was EUR 111 million. Sotheby’s: Th eir New York sales in May and November dedicated to Impressionist & Modern Art and Contemporary Art remain the year’s most important indicators of the health of the art market in the eyes of art collectors who follow market trends. In 2012 these sales generated a combined total turnover of EUR 2.1 billion, which was 46% more than in 2011.
Chapitre 02 158 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 159 At the global level, Christie’s was substantially ahead of its rival in USD 330.6 million, a record sales total for the auctioneer. Sotheby’s 2012 with an auction turnover total of EUR 4,048 million versus EUR also managed to generate the best result to date for a living artist 3,443 million at Sotheby’s. Christie’s total was up by 14.1% in 2012, when Gerhard Richter’s painting Abstract Bild (809-4) fetched GBP whereas Sotheby’s total contracted by 1.6%. Both operators saw their 21.3 million (EUR 26.4 million) in London in October 2012). In its sales grow in New York; but whereas Christie’s progressed in London, Jewellery activity, Sotheby’s different sales around the world generated Sotheby’s London total was slightly lower than in 2011. Elsewhere, a total of USD 460.5 million, the firm’s best-ever total in the segment. both companies, posted lower sales turnover in Hong-Kong. This However, despite these spectacular results, Sotheby’s overall global was particularly the case for Sotheby’s, in the wake of a much slower 2012 sales turnover contracted very slightly versus 2011. Chinese market. If we compare the revenue generated by each companies’ star lots
Turnover figures for Christie’s and Sotheby’s in 2012 with their respective annual auction turnovers, we find that Chapter 02 Chapter in the world’s principal art marketplaces Sotheby’s and Christie’s generated respectively 11.9% and 8.3% of in EUR million, including fees their total annual sales from their 10 best results. Moreover, these 20 highest bids were hammered in either New York or London and Christie's Sotheby's Lieu de vente 2012 2011 Variation 2012 2011 Variation nowhere else. Lastly, there was a high proportion of Modern and New York 1 669 1 369 +21,9% 1 649 1 279 +28,9% Contemporary works among these top bids. In 2012, Christie’s sold dont ventes d'art contemporain de mai et novembre 756 469 +61,1% 618 402 +53,4% dont ventes d'art moderne et impressionniste de mai et novembre 308 257 +19,8% 434 314 +38,2% 686 œuvres above the million-dollar line and Sotheby’s sold 632. If Londres 1 340 1 121 +19,5% 948 1 051 -9,8% we up the threshold to 10 million dollars, Christie’s sold 49 compared Hong Kong 549 615 -10,8% 457 683 -33,1% Suisse 220 162 +35,8% 170 149 +14,3% with 35 at Sotheby’s. Paris 191 199 -3,8% 180 186 -3,4% Total monde 4 048 3 547 +14,1% 3 443 3 500 -1,6% In parallel with their auction activities, both operators have been developing their private sales activites. As the graph below illustrates, their private sales turnover has grown regularly in recent years and now makes a very substantial contribution to their global business. In total, Christie’s sold 686 lots at prices above the USD 1 million In 2012, Christie’s generated EUR 783 million from private sales, threshold, and 49 of these fetched prices above USD 10 million. In corresponding to 19.3% of the company’s global auction turnover. At addition, Christie’s generated dozens of new records, particularly at Sotheby’s the same activity generated EUR 716 million, representing its New York “Contemporary Art” sale on 14 November 2012 which 20.8% of its global auction turnover. Between 2010 and 2012, their alone generated USD 423 million, a new turnover record for a single combined private sales revenue rose by 132.5%. Thus if we add sale in the Contemporary art segment. In this domain, its European together their private sales revenue and their auction turnovers, the activities also posted relatively strong results with a sale total two companies posted sustained sales growth in 2012. equivalent to USD 207.3 million from its Post-War & Contemporary Art sale on 27 June 2012. Christie’s best hammer price during the year was USD 86.9 million for Mark Rothko’s Orange, Red, Yellow on 8 May 2012 in New York.
At Sotheby’s, the year’s best result was generated by The Scream by Edvard Munch: USD 113 million, or nearly EUR 94 million. This was the highest amount paid at auction for a painting in 2012 and the second highest amount all categories combined (a Ming vase fetched the equivalent of EUR 113 million at Macau Chung Shun). Sotheby’s Impressionist & Modern Art sale of 2 May 2012 generated
Chapitre 02 160 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 161 Christie’s and Sotheby’s – Private sales revenue in EUR million Th e growth of these major international operators is essentially driven by a small number of lots that fetch several million euros. Apart from
900 these exceptional pieces, the market, particularly in China, showed 800 signs of restraint. 700 600 500 Christie's 3.1.3 China: Sharp fall in turnover at the major Beij ing 400 Sotheby's operators after the euphoria of 2010 and 2011 300 200 China’s two largest operators posted substantial contractions in 100 turnover during 2012. Beij ing Poly International Auction Co. 0 02 Chapter 2009 2010 2011 2012 Ltd, which remains in third place, contracted by 45%, while China Guardian Auctions Co. Ltd, fourth in 2011, dropped one place in the global ranking aft er a 49% decrease in turnover. Th e international companies that conduct sales in Hong-Kong also saw a contraction of 3.1.2 Developments at the major Western their mainland China sales aft er strong growth in 2011. auction houses Th is massive “reduction” in China’s auction turnover nevertheless Heritage Auction Galleries, the world leader in specialised sales of came aft er the truly exceptional results generated in the spring and collectibles saw yet another year of strong growth. For 2012, it posted summer of 2011. It probably therefore refl ects the defl ation of a bubble turnover of EUR 679 million, up 12.5% on 2011, and +29% compared back towards a more gradual pace of expansion than that recorded in with 2010. In the global ranking of auction operators by turnover, it is recent years. now in fourth place ahead of China Guardian Auctions Co. Ltd. (5th) and Bonham’s (now 6th). Th e latter’s activity contracted sharply in Works by the great Chinese old masters, which have been subject 2012 (-15%). However, this apparent contraction came aft er a year to massive demand from Chinese collectors over recent years, were 2011 for which the fi rm posted revenue growth of 45% vs. 2010. again much sought-aft er in 2012, generating new auction records not only in China, but also in other markets around the world. Turnover at Philips de Pury & Company continued to grow at a However, the stock of quality works in this segment of the market sustained pace (+16.4% in 2012 aft er +9.3% in 2011), allowing the is not unlimited and one can easily imagine that collectors, paying operator to move up one place in the global ranking to 10th position. particular attention to the quality of the works off ered, reduced In Austria, Dorotheum posted a 5.6% increase in turnover for 2012, their volume of acquisitions as a result of the increasing scarcity of to EUR 152 million. Dorotheum conducts an extremely high number exceptional quality lots. Another facet of the same phenomenon was of sales (600 in 2012) with a lot of online Miscellaneous sales. France’s an increase in the unsold rate of works by Chinese old masters in leading “homegrown” company, Artcurial-Briest-Poulain-F. Tajan, 2012. was 18th in the global ranking with turnover of EUR 144 million in 2012, up almost 14% on the previous year. Consistent with the trend As a result of the general shrinkage of auction turnover in China, observed on the global auction market, the Motorcars department three Chinese operators, all based in Beijing, dropped out of the of Artcurial posted growth 64% in 2012, with total sales amounting global top 20 in 2012. Other Chinese operators, however, succeeded to EUR 27 million. Th e sale of a Ferrari that once belonged to Roger in maintaining their turnover levels or even raise them, and two new Vadim for EUR 4.5 million made a substantial contribution to the Chinese operators entered the top 20 for the fi rst time: Guandong department’s growth. Poly Auctions and Googut Auction.
Chapitre 02 162 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 163 Global 10 best auction results in the Art & Collectibles sector during 2012 (including fees) two new firms in the global top 20 in 2012, also benefited from a couple of major, although not quite so spectacular, results: an object Prix de vente Rang Œuvre OVV Lieu Date Devise d'origine Euros in jade weighing a little under 8 kilos was acquired, including fees, for 1 Grande Jarre d'époque Ming Macau Shung Shun Macao 03/06/2012 1 100 400 000 HKD 113 313 690 almost EUR 58 million. It should be pointed out, however, that these
2 "Le cri", Edvard Munch Sotheby's New York 02/05/2012 119 922 500 $ 93 612 463 figures are the amounts declared by the operators and they do not necessarily mean that payments haven been received. Media reports 3 Vase d'époque Ming Macau Shung Shun Macao 28/12/2012 782 000 000 HKD 76 964 440 concerning unpaid auction results or very late payments in China are "Orange, Red, Yellow", Mark 4 Christie's New York 08/05/2012 86 882500 $ 69 418 944 Rothko frequent. "Royal Red and Blue", Mark 5 Sotheby's New York 13/11/2012 75 122 500 $ 58 600 283 Rothko
Guangdong Poly Auction 6 Importante sculpture en jade Ghangzhou 15/12/2012 474 600 000 CNY 57 737 226 Co. Ltd The overall fall in China’s auction revenue therefore covers a wide
7 Encre chinoise de Li Keran Beijing Polyauction Pekin 03/06/2012 293 250 000 CNY 36 822 523 range of business trends in view of the figures communicated by the operators. The combined turnover shrinkage of the two primary 02 Chapter 8 "Tête d'un jeune apôtre", Raphaël Sotheby's Londres 05/12/2012 29 721 250 £ 36 578 537 Chinese auction companies was equivalent to half of the decrease "'Figure Writing Reflected in 9 Sotheby's New York 09/05/2012 44 882 500 $ 35 035 639 Mirror", Francis Bacon in Chin’s overall auction activity. In 2012, there were 9 Chinese 10 "'Sleeping Girl", Roy Liechtenstein Sotheby's New York 09/05/2012 44 882 500 $ 35 035 639 companies in the global top 20 operators by auction revenue compared with 11 in 2011 and 10 in 2010.
Note: these amounts, posted by the auction firms themeselves, should be regarded with caution. In particular, it cannot be guaranteed that all of these results have been actually been paid by the buyers . In addition, we cannot 3.1.4 Collection cars: a new growth driver guarantee that the data declared by auction firms includes all their results. in North America
In contrast to the contraction in China’s auction revenue at the In contrast to the overall trend on the Chinese auction market, the national level, Macau Chung Shun International Auctions Co., Ltd Collection cars sement of the Art & Collectibles sector posted strong posted turnover growth of 99% in 2012 with a total of over EUR 400 growth in 2012. The American company Mecum Auction, with million. This operator based in the Chinese capital of gambling, first turnover of EUR 306 million (up 136% vs. 2011) moved into 8th appreared in the global top 20 after posting turnover growth of 218% position our our global ranking, with RM Auctions just behind it in 2011 vs. 2010. Having conducted just two sales in 2012, it was the with EUR 278 million (up 92% vs. 2011). operator with the highest sales total average in the world at EUR 200 million per sale. That was substantially higher than the sales total Two smaller American operators, also specialised in Collection average posted by the global number two, Beijing Poly International vehicles, appeared in the top 20 in 2012: Gooding and Company, Auction Company (EUR 125 million per sale). which was in fact among the top 20 until 2009, and Barrett-Jackson Auction Company. Moreover, the figures posted by Macau Chung Shun appear to based on a very small number of extremely high value lots such as a blue These operators posted excellent results and RM Auction generated a and white Ming urn that fetched the equivalent of EUR 113 million new world record for an American car when a Ford GT40 from 1968 in June 2012 and another Ming vase that was acquired for EUR 77 fetched USD 11 million. Meanwhile, Mecum Auction generated its million in December. best ever auction result with a Porshe 917 from 1972, that fetched USD 5.5 million. These two objects, accounting for 38% of the company’s sales turnover, take first and third place in the global ranking of best auction results in 2012 and they gave the Macao auction firm 7th place in the global ranking of operators. Guangdong Poly Auction Co. Ltd, one of the
Chapitre 02 164 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 165 3.2 New York returns to leader position in the global art market . A decrease in turnover volume in Hong-Kong, reflecting a fall In 2010, Beijing became the world’s leading urban art market hub in sales revenue at the respective branches of Christie’s and in terms of auction turnover. This position was further bolstered Sotheby’s; in 2011 with a total turnover amounting toEUR 6.4 billion versus EUR 3.6 billion for New York in second place. In 2012, with China’s . Strong growth at Guangzhou (+ 107.8%) and Macao (+ 99.6%) two leading Beijing-based operators posting substantially reduced linked to the sale of a handful of exceptional lots by Macau Chung revenue figures, New York moved back into first place with EUR 4 Shun and Guangdong Poly Auction; billion (Beijing posted just under 3.9 EUR billion). . Less spectacular but nevertheless strong levels of growth in Chapter 02 Chapter The world’s top 10 cities in terms of auction revenue China’s other cities such as Hangzhou (+15.8%) and Shanghai in the Art & Collectibles sector in 2012 (+4.7%). Ranked by total auction revenue (including fees, in EUR millions) The Chinese market does therefore appear to be much less concen-
Produit des ventes (millions €) Nombre de Nombre de trated on Beijing: In fact, the latter’s share of total Chinese auction Rang Ville Pays ventes sociétés revenue on the Art & Collectibles sector contracted from 57% in 2011 2012 2011 Variation 1 New York Etats-Unis 4010,7 3580,2 +12,0% 664 34 to 43% in 2012 While the number of Beijing sales fell from Pékin 233 2 Pékin Chine 3877,9 6408,9 -39,5% 217 84 in 2011 to 217 in 2012) although it continued to progress in China’s 3 Londres Royaume-Uni 2829,0 2568,6 +10,1% 1156 39 other cities (along with number of operators). 4 Hong Kong Chine 1109,7 1362,7 -18,6% 156 12 5 Shanghai Chine 1056,7 1009,2 +4,7% 215 35 6 Paris France 1025,0 1040,9 -1,5% 2575 96 In North America, compared with the previous year, the map of 7 Dallas Etats-Unis 683,2 617,0 +10,7% 695 4 the country’s primary auction hubs suggest three simultaneous 8 Ghangzhou Chine 542,3 261,0 +107,8% 53 21 phenomena : 9 Hangzhou Chine 449,4 388,2 +15,8% 66 22 10 Macao Chine 403,2 202,0 +99,6% 3 2 . The good results generated by the major sales of Post-War art organised by the international auctioneers in New York; Note: in the case of Chinese operators, a single sale can be spread over several sessions and several days, which partly explains the low number of sales in Chinese cities post vis-à-vis their revenue figures. . The excellent results posted by auction operators specialised in sales of Collection vehicles. The principal operators in this market are geographically well dispersed: Mecum in Marengo, The top 10 cities in the world generate 65% of the global auction Illinois, RM Auction in Bleinheim, Ontario, Barrett-Jackson in revenue in the Art & Collectibles sector in 2012, down 2 points from Scottsdale, Arizona and Gooding & Company in Santa Monica, the level of geographical concentration recorded in 2011 (67%). California;
Analysis of the revenue trends in these top 10 cities reveals highly . The substantial growth of Heritage based in Dallas. contrasting trends within China in 2012 : Europe’s individual cities posted very contrasting revenue trends in . A sharp drop in Beijing after substantial contractions at the this secto of activity, but overall, European marketplaces appear to country’s two major operators: Beijing Poly International Auction have contracted at the global level in 2012 : and China Guardian Auctions; . London, with EUR 2.8 billion in revenue, strengthened its postion
Chapitre 02 166 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 167 Ranking of the global Top 20 auction marketplaces : as European leader and its global 3rd place behind New York and North America Beijing. In fact, the British capital posted a 10.1% increase in auction turnover in 2012, nearly equivalent to New York’s growth rate for the year;
. Paris, Europe’s second art market capital (and now in 6th place in global terms just behind Shanghai), experienced a 1.5% contraction in 2012 with a total of just over EUR 1 billion;
. Zurich, Europe’s third largest art marketplace posted a 25% increase to EUR 356 million, but the strong growth of Guangzhou, Macao and Nanjing in China relegated Zurich from 9th to 12th 02 Chapter place in the global ranking;
. As a result whereas Europe had 7 cities in the top 20 in 2011, its only had 5 in 2012: London, Paris, Zurich, Geneva and Vienna. Ranking of the global Top 20 auction marketplaces : Berlin and Madrid are now outside the top 20. At the same time, Europe one Chinese city (Zhengzhou) and one American city (Santa Monica) have entered the top 20.
Ranking of the global Top 20 auction marketplaces : Asia
3.3 Classification of auction sales
3.3.1 Use of internet
The growth of online auctions in the Art & Collectibles sector has been impacted by two contiguous phenomena :
Chapitre 02 168 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 169 . The largest companies have developped online sales through their in Collectibles such as coins, comics, posters and sport-related own tools (web sites, pour smartphone applications, etc.); vignettes, can take full advantage of “online” sales via its website ha.com. In fact, the global number four operator offers objects that, . Mid-size and small operators, not large enough to develop their although not identical, have a high level of market standardisation own internet services, make use of portal sites that allow scale and at average prices substantially below those proposed by other economies and access to online sales services. These portals operators of a similar size. therefore host the sales of large numbers of operators on one website. With 500,000 visitors per month, ha.com has a substantially higher level of internet traffic than Christie’s, Sotheby’s or Bonham’s and Below we make the same distinction regarding web-based sales as ranks among the top 1% most visited of all American websites. that made in our analysis of French auction operators : In Europe, operators specialised in Collectibles, which experienced 02 Chapter . One the one hand, live auction systems which offer the possibility strong growth in 2012, also clearly advertise on their websites to follow and participate in a physical auction sale via the internet. their online bidding facilities. This is notably the case of Künker in This method of online bidding is linked to traditional auction Germany and Aureo & Calicó in Spain, two operators specialised bidding systems, i.e. physical bids placed in auction rooms and in coin sales. via telephones.
. On the other hand, so-called “online sales” which are exclusively 3.3.1.2 Websites used by small and conducted via the internet, with the objects for sale only being medium sized operators visible and bids only possible via the internet. The goods offered for sale are usually open to bidding for several hours. Small and medium size operators cannot support the costs of setting up and maintaining online sales systems. Portal sites have therefore been developed for the purpose of providing internet sales channel for 3.3.1.1 The larger operators have their own websites these smaller companies which can share the costs of their technical implementation. The companies running these portals recover these Sotheby’s and Christie’s have been developing their internet sales costs by hosting sales for large numbers of operators. The world’s activities for several years. For 2012, Christie’s declared that 27% largest auction portal sites are : of the bids it received were communicated via its live auctions system, launched in 2006. It is worth noting that although this . Artfact – whose sites are artfact.com, invaluable.com and system was not intended for use with its prestige sales, Christie’s auctionzip.com: This company, based in the Unites States and nevertheless sold an Edward Hopper painting to an online bidder with an office in the UK, claims 2.5 million unique visitors per for USD 9.6 million. Alongside their “live auctions” system linked month for all of its sites together. to physical sales, Christie’s also organises purely “online sales”. Having conducted a sale of this type for the first time in 2011, . ATG Media – hosts the-saleroom.com, lot-tissimo.com and Christie’sorganised 6 in 2012, generating a total of EUR 4.8 million, encheres.lefigaro.fr: Based in the UK, this company is specialised a modest sum, but consistent with the nature of the goods offered in auction sites. In 2012, the site the-saleroom.com hosted 2,400 (wine, multiples from limited series, etc.). “live auctions”, generating GBP 53 million in turnover for the operators that used the service. ATG Media provides the technical The heterogeneity of artworks and their high prices could represent infrastructure for the German site lot-issimo.com and the French obstacles for the development of online sales in this segment of the site encheres.lefigaro.fr. market. In this context, Heritage Auction Galleries, specialised
Chapitre 02 170 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 171 . Liveauctioneers – site liveauctioneers.com: This company, which Breakdown between Catalogued and Miscellaneous sales in the Art & gives access to auction sales in 40 countries, also provides internet Collectibles sector around the world in 2012 users with access to a database containing 12.5 million auction results. Chine 835 204
As explained in the section of this report dealing specifically with Etats-Unis 2 043 10064 France, two French companies are specifically focused on the French Royaume-Uni 2 738 7115 market : Ventes cataloguées
France 4 217 5368 Ventes courantes . Drouot - site drouotlive.com: For 2012, drouotlive.com posted an auction total of EUR 7.5 million excluding fees. Allemagne 589 735 127 02 Chapter Suisse 37 . Interenchères – owner of interencheres.com: This generalist site is open to all sectors and is not exclusively focused on Art 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 & Collectibles. interencheres.com generated EUR 1.9 million in turnover during 2012.
Average number of annual sales in Art & Collectibles sector around the world in 2012 3.3.2 Sales categories
In 2012, the total number of auction sales identified by the CVV Chine 3
worldwide amounted to 41,322, just very slightly fewer than in Etats-Unis 17 2011. Of this total, 29,035 sales, representing 69.3%, were classified as Miscellaneous sales which do not involve the production of a Royaume-Uni 24
catalogue and usually offer medium or low quality objects. This France 26 proportion was stable compared with 2011. Allemagne 6
This proportional breakdown between Miscellaneous and Catalogued Suisse 5 sales is very different from one country to another. Miscellaneous 0 5 10 15 20 25 30 sales account for 56% of total sales in both Germany and France, but 72% in the UK and 83% in the USA. The proportion is much lower in Switzerland (23%) and in China (20%). The frequency of sales is also very different in the different countries. These substantial country differences are to a large extent related to the nature of the sales themselves. For example, Chinese operators While French and British operators conduct an average of 26 and 24 generally conduct just two major sales, one in the spring and another sales per year respectively, American operators organise 17 per year in the autumn, with very occasional minor sales at other times of the and the averages for German and Swiss operators are respectively just year. 6 and 5 per year. However, even that average is twice the Chinese average since Chinese operators post an average of only 3 sales per However, their major sales offer several thousand objects and can year. last for several days, and are sometimes presented in several different catalogues.
Chapitre 02 172 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 173 Global ranking of the top 10 countries in the Art & Collectibles sector IV. Atlas of the Art & Collectibles sector Sales turnover in EUR million
Produit des ventes (en millions €) Nombre de Rang Pays Nombre de ventes The presentation of the global atlas of the Art & Collectibles sector 2012 2011 Variation sociétés actives focuses on the world’s three primary zones for auction sales: Asia, North 1 Chine 8 987 11 517 -22,0% 315 1 039 America and Europe. In 2012, these three zones accounted for 98.4% of 2 Etats Unis 6 784 6 071 +11,7% 714 12 107 3 Royaume-Uni 3 532 3 369 +4,9% 413 9 853 the sector’s global turnover, almost the same as in 2011 (98.7%). There 4 France 1 499 1 525 -1,7% 368 9 585 were 2,498 operators active in the sector in 2012 representing 95.4% of 5 Suisse 702 609 +15,2% 36 164 the total number of companies in the world identified by the CVV. 6 Allemagne 658 831 -20,8% 237 1 324 7 Canada 472 272 +73,5% 50 675 8 Australie 209 197 +6,1% 61 1 129 South America, which had 70 active operators in 2012 generated 9 Italie 206 187 +10,1% 48 361 Chapter 02 Chapter roughly 1% of the sector’s global turnover. The Middle East, Oceania 10 Autriche 204 201 +1,6% 11 631 and Africa generate very small amounts of auction turnover, with each Autres 1 304 1 331 -2,0% 348 4 454 Total 24 558 26 110 -5,9% 2 601 41 322 zone possessing around ten operators. Regarding the Middle-East, Christie’s only organised 4 sales in Dubai during 2012. Note: in the case of Chinese operators, a single sale can be spread over several sessions and several days, which partly explains the low number of sales these operators post vis-à-vis their turnover figures.
4.1 Aggregated data for the main countries Even if China’s 2012 total decreased 22.0% vs. 2011, it is still the global leader of the auction market in country turnover terms. However, The data gathered allows analysis of different indicators: sales China’s global market share contracted in 2012: after reaching 44.1% turnover, the number of companies and the number of sales. The in 2011, it fell back to 36.6% in 2012, a contraction that automatically table and the graphs presented summarise the major trends observed boosted the shares of most other countries. Of these, the United and they are followed by a detailed analysis of each major zone and States’ share rose to 27.6% from 23.3% in 2011 on the back of national the main countries within it from an auction perspective. turnover growth of 11.7%.
Market shares of the top six countries
9,7% 2,9% 2,7% 8,4% 36,6% Chine 2,3% 6,1% Etats Unis 3,2% Michelin Royaume-Uni guide rouge, 1900 France 5,8% Montant adjugé : 15 000 € 14,4% Allemagne 44,1% Chamalières, 21 juillet, Vassy - Jalenques SVV, M. Gonzalez. Suisse © Vassy - Jalenques SVV Autres 12,9%
27,6%
23,3%
Chapitre 02 174 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 175 The top 10 ranking saw changes in 2012. Switzerland, whose auction Numbers of operators per country (A&C sector) turnover progressed, moved to fifth place while Germany slipped Operators active in the A&C sector in 2012
back to sixth place after posting lower turnover. Sweden, whose auc- 900 tion business had already contracted in 2011, dropped out of the top 800 700 10 in 2012, whereas Italy, after a sharp fall in 2011, returned to the top 600 10 in 9th place. 500 400 300 2012 Apart from the top 10 countries, activity in the 46 other countries 200 2011 where at least one sale in the Art & Collectibles sector took place 100 0 contracted by 2.0%, after dropping 15.7% in 2011 despite the addition of 17 new companies to their ranks (330 in 2011 and 347 in 2012). Chapter 02 Chapter
Global auction turnover (A&C sector) 2012 / 2011 in EUR million
14 000 12 000 4.2 Asia 10 000 8 000 2012 Auction turnover in Asia 6 000 per region / province 2012 4 000 2011 2 000 0
Numbers of sales per country (A&C sector) Numbers of sales in 2012 / 2011
14 000 12 000 10 000 8 000 6 000 2012 Auction turnover per country / province 4 000 2011 2 000 0
Chapitre 02 176 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 177 Art & Collectibles sector: key figures for Asia in 2012 from being the reality in all countries. While, the major international
Produit des auction operators like Sotheby’s and Christie’s sell their best pieces Rang Société Pays Produit des ventes 2012 9 329 M€ ventes 2012 to collectors the world over, regardless of where the sale is organised, Beijing Poly International Auction Variation du produit des ventes par 1 750 M€ Chine -20,9% Co., Ltd. Certain markets remain very specific, particularly that of China, rapport à 2011 China Guardian Auctions Co., 2 637 M€ Chine whose auction fare is primarily aimed at domestic demand. Ltd. Nombre de ventes cataloguées 911 3 Christie's 549 M€ Monde Nombre de ventes courantes 314 In recent years China has been the growth driver of the global art 4 Sotheby's 457 M€ Monde market with an extraordinary expansion of its national market and Prix moyen par vente 7,62 M€ Macau Chung Shun International 5 403 M€ Chine Auctions Co.,Ltd intense purchasing by its collectors on the international market. Nombre de sociétés au produit des 95 But Chinese demand remains strongly oriented towards Chinese ventes annuel supérieur à 20 M€ art, whether it be Modern or Contemporary art or works created throughout its long history: porcelain, calligraphy, jade etc. As a 02 Chapter 4.2.1 China: Slowdown and geographic adjustment result, the Chinese operators have specialised on these markets. This phenomenon, coupled with the strong growth in the number of major 2011 was an exceptional year for China with a 51.5% increase to EUR fortunes in the country until 2011, caused an unprecedented rise in 11.5 billion driven by remarkable turnover growth at Poly Auction the prices of Chinese art throughout the world, as we saw in France (+29.2% in 2011) and China Guardian (+47.5% in 2011). Contrary to in 2012. These phenomena have been amplified by the activity of expectations, China’s growth momentum stopped abruptly in 2012: Chinese investment funds focused on the art market and attracted the country’s Art & Collectibles sector posted a 22% fall in turnover by the rapid increase in prices, creating all the right conditions for a to EUR 9 billion. The main contributors to this trend reversal were speculative bubble speculative. Asia’s two largest operators: Poly Auction and China Guardian posted respective contractions of -45% and -49%. In 2012, according to the World Wealth Report published by Wealth-X, not only did the number of HNWIs with assets above USD Several different factors can be advanced as possible reasons for the 30 million contract by 2.3%, but the overall wealth of this population drop in China’s auction activity : diminished by 7.3%. The richest Chinese were therefore less numerous and less well-off in 2012 than in 2011. As the bulk of Chinese collectors . The diminution of the number of millionaires and therefore of are members of this population, we can assume that their incomes the number of potential art collectors in China; significantly diminished in 2012 and that they decided to reduce their spending on art, thereby specifically impacting the global market for . The increasing rarity of high quality works by China’s Old Chinese art. This phenomenon shrank the Chinese market and sales Masters; of Asian art throughout the world.
. A change in the behaviour of buyers on the Chinese market, who There are nevertheless lots of old and classical Chinese artworks had earned a reputation for being bad payers. among the national auction records in the Art & Collectibles sector of various countries around the world. As already mentionned, the As discussed earlier in this report, the global economic slowdown exceptional works in this category have been subject to very strong resulted in a contraction of the number of major fortunes in China demand among international Chinese collectors for several years. But during 2012. Bearing in mind the internationalisation of auction as there is a limited stock of these old and classical works, they are sales, and particularly of the most prestigious sales, it is possible bound to become increasingly rare, and the quality of works on offer that the shrinkage of China’s HNWI population may not have had is bound to diminish. It appears therefore that collectors quite simply that much impact since the rest of the world’s HNWI population reduced their spending. continued to grow. However, the globalisation of auction sales is far
Chapitre 02 178 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 179 Another phenomenon concerning the Chinese auction market is the 4.2.3 Turnover in other Asian countries was weak question of unpaid bids: Until recently, Chinese auction operators were encountering major difficulties with bid settlement. The efforts India posted a total turnover of EUR 34 million and still only has made by the Chinese authorities to purge the market of this problem 8 operators active in the Art & Collectibles sector. These companies and reassure international investors have undoubtedly contributed are all of modest size: The 2 largest, Saffronart and Oswal Antiques, to calming the fever that has impacted the Chinese art market posted turnover of approximately EUR 6 million each in 2012. and particularly its art auction market. We do not have access to any standardised and reliable information regarding the extent of In South Korea, after a bad year 2011 with turnover of only EUR 13.5 unsettled auction bids in China. Nevertheless, by way of illustration, million, Seoul Auction posted EUR 32 million in 2012, in line with if the monetary value of unsettled bids represents 25% of the China’s the EUR 30 million recorded in 2010. declared auction turnover, the country’s total turnover would be the same as that of the United States. The Indonesian Company Larasati continued to develop its activity. 02 Chapter After EUR 4 million in 2010 and EUR 6.7 million in 2011, its turnover It is however important to point out that while the auction turnovers amounted to EUR 11.4 million in 2012. of China’s largest auction operators fell dramatically, this was not the case for all Chinese operators. In fact, the number of Chinese firms posting turnover above the EUR 20 million actually increased 4.3 North America (by several units) as did the total number of operators and the total number of sales organised in China. As indicated above, companies Geography of North American auction turnover in 2012 per State/Province like Macau Chung Shun International Auctions Co., Ltd and Guangdong Poly Auction Co. Ltd posted very large increases in their auction turnover for 2012. However, as that growth relied heavily on the sale of a small number of extremely expensive lots, there can be no certainty that the good results posted in 2012 by these companies will be repeated in the future.
4.2.2 Japan: return to normal after a slump in 2011
In 2011, Japan suffered a catastrophic tsunami with severe economic, social and public health consequences. The combined annual turnover of Japanese auction operators dropped 17% to EUR 100 million. In 2012, with the country’s economic activity recovering, the volume of business of its eight operators in the Art & Collectibles sector progressed 14% to EUR 114 million, close to its 2010 level. The largest operators in Japan in this sector are Shinwa Art Auction (turnover of EUR 28 million) and Manichi Art Auction (turnover of EUR 17 million). The most publicised sales concern artworks, mainly Impressionist, Modern and Contemporary that have already been exchanged in Western markets.
Chapitre 02 180 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 181 Key figures for North American Art & Collectibles sector in 2012 4.3.2 Canada: recovery at RM Auction
Produit des Produit des ventes 2012 7 269 M€ Rang Société Pays Canada, with 50 auction operators, remained in 7th place in the 2012 ventes 2012 Variation du produit des ventes par global ranking by country. Its total auction turnover in the Art & +14,6% 1 Christie's 1 669 M€ Monde rapport à 2011 Collectibles sector rose 75% to EUR 475 million in 2012 versus EUR Nombre de ventes cataloguées 2 348 2 Sotheby's 1 656 M€ Monde 272 million in 2011. This growth was primarily driven by its largest
Heritage Auction auction firm, RM Auctions which is also specialised in sales of Nombre de ventes courantes 10 522 3 669 M€ Etats-Unis Galleries collection vehicles, and, like its American peers, posted exceptional Prix moyen par vente 0,56 M€ 4 Mecum Auction 306 M€ Etats-Unis growth in 2012: +92% to EUR 278.4 million. RM Auctions alone Nombre de sociétés au produit des accounted for two thirds of Canada’s 2012 turnover growth. The 23 5 RM Auctions 278 M€ Canada ventes annuel supérieur à 20 M€ progression of RM Auctions’ turnover nevertheless came after a 30% drop the previous year. 02 Chapter 4.3.1 United States : Sustained growth in the different activity sectors The second largest Canadian operator, Heffel Fine Art Auctions, specialised in the sale of art objects, posted a 6% fall in turnover to In 2011, Auction turnover in the United States progressed only 1.5% EUR 24.4 million. while it increased substantially in Europe and, above all, in Asia. In 2012, the opposite scenario occurred with American auction companies posting the strongest activity growth. The combined 4.4 Europe auction revenue of the 714 operators identified as being active in the Art & Collectibles sector rose to EUR 6.8 billion, i.e. 12% more than Geography of European auction turnover in 2012 per country in 2011. The United States’ global share of this market this rose from 23.3% in 2011 to 27.6% in 2012, a level equivalent to its 2010 share.
The American market benefited from growth in the Fine Art and the Furniture & Art Objects categories at the US branches of the multina- tional operators (Christie’s and Sotheby’s, as well as Philips de Pury and Bonham’s). But the American auction market also saw excellent performances at the operators specialised in Collectibles, particularly Heritage and, above all in 2012, those specialised in selling collection vehicles: Mecum Auction (+136% with EUR 306 million), Gooding & Company (+76% with EUR 148 million) and Barrett-Jackson (+28% with 114 million EUR), which in 2012 came 4th, 6th and 8th respectively in the main ranking of the principal American operators in terms of auction turnover.
This sharp increase in activity at the main companies also occurred in a context of market concentration. Thus, whereas there were 24 operators posting annual turnover of more than EUR 20 million in 2011, there were only 19 in 2012.
Chapitre 02 182 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 183 Key figures for European Art & Collectibles sector in 2012 market share grew from 5.8% in 2011 to 6.1% in 2012. Meanwhile,
Produit des Rang Société Pays Paris, which ranked 5th in the 2011 marketplace ranking, moved down Produit des ventes 2012 7 559 M€ ventes 2012 to 6th place after Shanghai posted a better turnover performance. Variation du produit des ventes par 1 Christie's 1 816 M€ Monde -1,1% rapport à 2011 2 Sotheby's 1 314 M€ Monde Nombre de ventes cataloguées 8 592 This year saw a contraction of activity in the traditional sectors of 3 Bonham's 310 M€ Monde art and art objects in which the international firms and the main Nombre de ventes courantes 16 628 4 Dorotheum 152 M€ Autriche companies operating through hôtel Drouot are active. However, Artcurial - Briest - Poulain - Prix moyen par vente 0,30 M€ 5 144 M€ France F.Tajan France’s Collectibles segment is growing stronger every. This growth Nombre de sociétés au produit des 39 explains the growth posted by Artcurial which enjoyed good results ventes annuel supérieur à 20 M€ from sales of collection vehicles and comics.
4.4.1 United Kingdom: continued growth in London of The number of sales continued to progress, primarily due to the 02 Chapter the largest operators creation of a number of new companies over recent years. However, much of this progression involves Miscellaneous sales that are much After posting a modest 2.1% increase in 2011 (and very strong growth more accessible to small structures. Overall, French auction operators in 2010) the UK’s auction business accelerated again in 2012 with total still have a high capacity to organise catalogued sales, and, from an turnover growing 4.8% to EUR 3.5 billion. With much of the world’s international perspective, its proportion of catalogued sales is very auction business posting negative progressions, this growth pushed the high. UK’s global share from 12.9% in 2011 to 14.4% in 2012, consolidating its position as European leader on this market. While France is still the European country with the highest number of companies posting turnovers greater than EUR 20 million, there Within the UK market, London’s position is getting stronger every year. were only 9 in 2012 (of which 8 in Paris) versus 11 in 2011. In 2012, the capital accounted for 80% of the country’s total activity, versus 76% in 2011 and 72% in 2010. Outside London, the market was in fact concentrated on a very small number of international companies. 4.4.3 Switzerland: strong growth at the international Thus, Christie’s accounted for 38.0% of British activity ahead of Sotheby’s operators (26.9%), Bonham’s (8.5%) and Phillips de Pury & Company (2.3%). The combined market share of these four operators is more than 75%. The After a 2.2% contraction in 2011 Switzerland’s auction turnover business activity of the 413 operators active in the Art & Collectibles from Art & Collectibles progressed 14.8% in 2012 to EUR 700 sector in 2012 (versus 436 in 2011) was therefore excessively concentrated, million with an increase in the number of operators active in the while the the small operators posted very limited turnover figures: 206 sector (36 in 2012 versus 30 in 2011) but almost the same number of operators posted turnover of less than EUR 1 million in 2012. sales (164 contre 165).
This growth was very largely (88%) driven by the Swiss branches of 4.4.2 France: a slight fall in overall turnover, Christie’s and Sotheby’s which posted turnover growth of respec- but growth in Collectibles tively +35.7% and +14.6%. The two international operators’ combined share of the Swiss market in 2012 amounted to 56%. The Swiss third In 2012, France’s art auction market posted a slight contraction. operator in terms of revenue is its largest national operator, Koller, Its total turnover, including fees, amounted to EUR 1,499 million in which posted a small growth in turnover to EUR 83.0 million after 2012, i.e. 1.7% less than in 2011. This contraction came after an 8.6% EUR 81.3 million in 2011. progression in 2011. Nevertheless, with the overall contraction in the global market (particularly the Chinese market), France’s global
Chapitre 02 184 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 185 4.4.1 Germany: one of the sharpest falls in 2012 d’Aste Meeting Art posted a 21% progression in 2012 whereas both Sotheby’s and Christie’s in Milan posted volumes down by half. In 2011, Germany posted one of the strongest national turnover growth figures in the world (+9.2%). However in 2012, its national Austria came 10th in the 2012 ranking of country’s by auction turnover fell 20.9%, one of the worst performances in the world (after turnover (Art & Collectibles sector). The 11 companies active on China’s -22.0%). In total Germany’s operators generated EUR 657 this sector posted a combined sales turnover of EUR 204 million million in 2012. in 2012 (+1.5% versus 2011). The Austrian market is highly concen- trated. Dorotheum, the leading Austrian company and 15th in the This contraction in activity was largely due to 6% fall in the number world posted EUR 152 million in auction turnover in 2012, up 5.5% of operators active in the Art & Collectibles sector sector and an versus 2011, and represented 75% of total Austrian auction turnover 11.4% drop in the number of sales organised. in this sector. The second largest player in the Austrian market was Im Kinsky Kunst Auktionen, whose business had contracted by 46% 02 Chapter Apart from the reduced number of operators, certain large companies in 2011, but which posted 9.4% growth in 2012 with EUR 21 million experienced sharp falls in 2012 after posting substantial turnover (nearly 10% of Austria’s total auction revenue). increases in 2011. Villa Grisebach, posted a 30% contraction to EUR 39.0 million after a 69% increase to EUR 55.4 million in 2011. Sweden’s auction turnover in the Art & Collectibles sector has been on a negative trend for a number of years. In 2012, the 45 The company was thus relegated to 4th place in the German market operators active in Sweden’s Art & Collectibles sector generated behind Lempertz (+3.7% to EUR 51 million) and Nagel (-10% to EUR EUR 167 million, down 21% versus 2011 (which was down 5% versus 43 million) which occupied the 2nd and 3rd places respectively in the 2010). Lauritz Christensen Auctions, the country’s largest auction country’s national ranking for 2012. operator, posted a contraction of 1.4% to EUR 98 million.
As in France, but on a different scale, the companies specialised in Spain’s Art and Collectibles sector posted an auction turnover total sales of art objects contracted whereas the Collectibles specialists of EUR 102 million in 2012. Once again, the Collectibles segment was posted activity growth. As a result, the country’s leading auction the most dynamic with country’s largest operator, Aureo & Calicó, operator in 2012 is now a firm specialised in numismatics, Künker, specialised in sales of old coins, generating turnover of EUR 16 after it posted a turnover progression of 132% in 2012 to EUR 65 million. million. This increase reflects a similar increase in the number of sales organised by Kunker, which rose from 3 in 2011 to 7 in 2012. The Netherlands suffered from Sotheby’s closure of its Amsterdam branch in 2012, but Christie’s posted a 38% increase in turnover to EUR 54 million. But even that growth did not prevent the 4.4.2 The other European companies Dutch Art & Collectibles sector generating a total down 42% on 2011 (at EUR 83 million). In 2012, Italian operators posted an overall increase in their activity of more than 10%, to EUR 207 million, giving Italy 7th In the rest of Europe, only two companies generated annual turnovers place in the global ranking. This increase followed a -34% contraction of more than EUR 15 million the Art & Collectibles sector: Bruun in 2011, which means that the increase reflected more of a catching up Rasmussen (EUR 49 million in 2012) in Denmark and Bukowski effect than a real growth trend. Moreover, the trend was very uneven (EUR 77 million) in Finland. between the different operators and the figures show that while the Italian firms worst affected in 2011 recorded turnover growth in 2012, the international operators present in Italy continued to experience turnover shrinkage.For example, the largest Italian Operator, Casa
Chapitre 02 186 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 187 V. Conclusion
In total, the global Art & Collectibles sector posted a negative SANS TITRE – 1933 Yves TANGUY evolution in 2012. This trend was however very uneven between Montant adjugé : 2 065 200 € different operators, different regions and different specialisations. 4 décembre © : Artcurial – Briest – Poulain – F. Tajan The largest Chinese operators, which had driven the growth of the art sector’s secondary market in recent years, posted sharp falls in auction turnover during 2012. Nearly all of the Western operators specialised in sales of art ojects and furniture also posted lower turnover volumes. This was particularly true on the European 02 Chapter market, except for the major international operators whose business continued to grow in New York, London and Switzerland, whereas it shrank in the rest of Europe and in Asia.
The operators specialised in sales of Collectibles posted strong turnover growth. The most spectacular illustration of this trend is the appearance of the North American Collection Cars specialists among the continent’s highest ranked operators by turnover. But this phenomenon extended much beyond North America, as we saw with the activity growth of specialised companies on other markets such as numismatics.
In this context, the French market, despite a slight contraction, succeeded in consolidating its 4th place on the global auction, with a share of 6.1% in 2012 versus 5.8% in 2011.
Chapitre 02 188 Les ventes aux enchères sur le secteur «Art & objets de collection» en 2012 189 The Conseil des ventes volontaires de meubles aux enchères publiques is a public supervisory authority created by the Law of 10 July 2000. Under the provisions of this law, the Conseil must address an annual report of its activities to the French Keeper of the Seals and Minister of Justice, to the Minister of the Economy and Finance and to the Minister of Culture. This report is also communicated to the National Chamber of Authorised Judicial Auctioneers (Chambre nationale des commissaires-priseurs judiciaires), to the High Council of Solicitors (Conseil supérieur du notariat) and to the National Council of Sworn Merchandise Brokers (Conseil national des courtiers de marchandises assermentés).
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