Contemporary Art Market 2014 the Artprice Annual Report
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CONTEMPORARY ART MARKET 2014 THE ARTPRICE ANNUAL REPORT Nota bene : all given prices refer to hammer prices before fees; all refe- rences to the dollar ($) relate to the US dollar; all sales of art works men- tioned in this report relate only to Fine Art sales, i.e. paintings, sculp- tures, installations, drawings, photographs, prints, watercolours and exclude antiques, anonymous cultural goods and furniture. A r t pr ice.com/en Artprice.com/fr Artprice.com is the global leader in da- Artprice.com est le leader mondial des tabank on Artprices and indices with banques de données sur la cotation et les more than 30 million indices and auc- indices de l’Art avec plus de 30 millions tion results covering more than 500,000 d’indices et résultats de ventes couvrant artists. Artprice Images® offers unlim- plus de 500 000 Artistes. Artprice.com ited access to the largest Art Market permet un accès illimité au plus grand resource in the world, a library of 108 fonds du Marché de l’Art au monde, million images or engravings of artworks bibliothèque constituée de 108 millions from 1700 to the present day along with d’images ou gravures d’œuvres d’Art de comments by Artprice’s art historians. 1700 à nos jours commentées par ses historiens. Artprice.com permanently enriches its Artprice.com enrichit en permanence databanks with information from 4,500 ses banques de données en provenance international auction houses and auction- de 4 500 Maisons de ventes et publie eers and publishes a constant flow of art en continu les tendances du Marché market trends for the main news agencies de l’Art pour les principales agences et and 6,300 international written media. 6 300 titres de presse dans le monde. Artprice.com/de Artprice.com/es Artprice ist mit seinen Datenbanken Artprice es el numéro 1 de las bases de der Weltmarktführer im Bereich für datos de precios e índices del arte con Kunstmarktbewertungen und indi- más de 30 millones de resultados deta- zes mit mehr als 30 Millionen Indizes llados de subastas, niveles, índices e in- und Auktionsergebnissen von 500.000 dicadores de precios, y cubre 500.000 Künstlern. Artprice Images® bietet Ih- artistas. Artprice Images® permite un nen unbeschränkten Zugang zu einer acceso sin límite al fondo documentario weltweit einmaligen Bibliothek mit 108 más completo del mundo, una biblioteca Millionen Abbildungen und Drucken de 108 millones de imágenes y grabados von Kunstwerken von 1700 bis heute. de catálogos y cualquier publicación de subastas del 1700 al presente. Die Datenbanken werden von Artprice Aumentamos permanentemente nues- laufend mit Daten aus 4.500 Auktions- tras bases de datos con nuevos remates häusern ergänzt. Zudem veröffentlicht procedentes de 4.500 salas de subastas de Artprice die Trends des Kunstmarkts todo el mundo. Artprice publica en con- für die wichtigsten Agenturen, für 6.300 tinuo la tendencias del mercado del arte Zeitschriften in aller Welt. para las principales agencias de prensa y 6.300 títulos de prensa en el mundo. A rtprice.com/zh Artprice.com/it Artprice.com是全球艺术市场的领军者, Artprice.com è il leader mondiale delle 它强大的数据库和艺术市场指数包含了来自 banche dati sulla quotazione e gli indici 超过 万名艺术家 多万条成交结果和 dell’arte con oltre 30 milioni di indici e 50 3000 di risultati i vendite coprendo 500 000 指数。Artprice.com可以让您无限浏览全 artisti. Artprice Images® permette un 球艺术市场 信息,其资料库包括含1.08亿 accesso illimitato al più grande fondo 幅作品图片的拍卖图录及从1700年至今的 del mercato dell’arte al mondo, bibliote- 艺术史学家的艺术品评论记录。 ca costituita da 108 milioni di immagini Artprice.com无时无刻不在更新来自全球 o incisioni d’opere d’arte da 1700 ai no- 4500多家拍卖行的最新拍卖信息,并定期将 stri giorni commentati dai nostri storici. 其发布给全球6300余间主要通讯社。 Artprice.com arricchisce costantemente le sue banche dati in provenienza dalle 4 500 case d’aste e pubblica in continuo le tendenze del mercato dell’arte per le prin- cipali agenzie e 6 300 giornali nel mondo. Facebook.com/artpricedotcom With the artprice.com multi-user subscriptions no need to wait in line Auction houses, museums, experts, insurers, give your specia- lists and valuation departments unlimited access to art market data. Check the price of our subscriptions directly online. THE WORLD LEADER IN ART MARKET INFORMATION T 00 800 2780 0000 (toll free number) | The Universe of Artprice on: web.artprice.com/video Artprice.com is listed on Eurolist (SRD Long Only) by Euronext Paris (PRC 7478-ARTF) Our customers have no time to waste. We provide them an estimated price range in 72 hours. Receive your ARTPRICING report within 72 hours that includes an estimated price range for the work, one similar identified work, and possibly up to 3 similar works and the price range trends from 1995 onwards (unit price from €49 to €29). THE WORLD LEADER IN ART MARKET INFORMATION T 00 800 2780 0000 (toll free number) | The Universe of Artprice on: web.artprice.com/video Artprice.com is listed on Eurolist (SRD Long Only) by Euronext Paris (PRC 7478-ARTF) FOREWORD FOREWORD Each year, Artprice.com draws up an international report on the contemporary art market, as seen through the prism of auction sales. This report, the eighth in the series, is based on an analysis of sales results registered between July 2013 and the beginning of July 20141 for artists classified as “contemporary” according to their year of birth: here, those born after 1945. The study here analyses the results of hammer prices registered throughout the world and deliberately excludes buyer’s premiums, taxes and private sales carried out by auction houses. Although the figures provided do not include the buyers’ premiums, the total price paid for each work, including the buyer’s premium, can be found in the appropriate footnote. This exclusive report on the contemporary art market, which comes in six lan- guages, is published by ArtMarketInsight, the Artprice.com press agency, with the Artprice.com econometrics department. It contains original rankings, such as the Top 500 contemporary artists according to turnover. 1 The period under consideration covers 1 July 2013 to 3 July 2014, not 1 July to 30 June as with previous years, in order to include the same sales as the previous years, following a change in the London sales calendar this year. 9 THE LATEST TRENDS THE LATEST TRENDS Records in the art market The 2013-2014 period for the contemporary art sector has never been so competi- tive or speculative with a record set by Jeff Koons’ contemporary work of art sold €38.8 million, a record number of auction sales reaching the million dollar/euro threshold and a record auction turnover for a Post-War and Contemporary Art sale.1 In four short years, the global turnover achieved in the sale room, irrespective of period, has almost doubled since the slowdown of 2009/2010: a period that registered a price drop of 48%. Affluence has not been slow to return, buoyed up by a market structure that has changed significantly in many respects, including the increased glo- balisation and dematerialisation of sales. The galloping speculation of the period between 2004 and 2007 is once more to the fore and the Thierry Ehrmann contemporary market is more affluent than during the micro-bubble Sculptor, Visual of 2007: a year of rocketing prices, with revenues for the year up by artist, Artprice.com 50% for a similar number of works sold. A new peak was achieved this and Server Group founder & CEO year – the best in the history of contemporary art at auction in terms of auction turnover, price rises and record bids. The price index of artists born after 1945 has followed the trend, reaching unprecedented heights and even topping Contemporary Art - Price index Base €100 in 2004 180 160 140 120 100 80 60 © artprice.com 40 20 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1 €477 million, obtained at the Christie’s New York sale on 13 May 2014. 11 the levels attained at the height of 2007 by 15%. All in all, the global index of contemporary art prices has risen by over 70% over the decade. The art business is flourishing in a bubble that never bursts, and in continuing growth as regards works at the very top end of the market. This year, the high-end market acclaimed 13 contemporary works with prices of over €10 million, and designated the most expensive work in the world: a giant Balloon Dog by Jeff Koons, sold for over €38.8 million. The most speculative names in art - considered safe investments by some despite the sector’s volatility and wild fluctuations in price - are driven by powerful trendsetting gallery networks, curators and purchasing consultants, and by various leading players in the art market, of which the leading auction houses form an integral part. Contemporary Art - Auction Turnover - Breakdown by semester January 2004 - June 2014 M€ 900 M€ 800 M€ 700 M€ 600 M€ 500 M€ 400 M€ 300 © artprice.com M€ 200 M€ 100 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1st half 2nd half *M = million Prosperity depends simultaneously on tried-and-tested mechanisms and the vo- racious appetite of investors bidding from all over the world. The contemporary art market has become an economic UFO with the globalisation of demand, which involves the arrival of extremely rich investors en masse. Attracted by the diversification of investment and exceptional yield rates, demand has increased substantially, meaning that five times more works are sold today than 10 years ago, at price levels that bear no comparison. The global art market grew by 12% this year1, irrespective of the period of cre- ation, with revenues topping the €10 billion mark.