artnet Releases First Quarter Auction Results
New York, NY (PRWEB) April 18, 2014 -- artnet, the world’s leading resource to buy, sell, and research Fine Art, Design, and Decorative Art online has released its recent findings from auction sales in Q1 of this year. With over US$2.2 billion in value sold so far, the art market started 2014 strong. This year’s performance followed a successful 2013, a year which witnessed the global Fine Art market increase of 5% by value sold according to the artnet Price Database.
Global Overview
In the first quarter of this year, the global Fine Art market increased 37% by value sold, jumping from US$1.6 billion in Q1 2013 to reach over US$2.2 billion this year. This increase was in large part due to an extremely successful Q1 in the United Kingdom, with Christie’s and Sotheby’s auctions alone bringing in an additional US$400 million in the first quarter. With the United Kingdom market topping US$1.2 billion, up 47% from the US$847.9 million sold in Q1 2013, the global market was able to surge ahead of last year’s first quarter figures.
Spotlight: United Kingdom
The total value sold in the United Kingdom this quarter represented over half of the value sold globally in Q1, and reached almost half of all value sold in the country last year. Since the recession, the United Kingdom art market had struggled considerably to regain market share, with the market incrementally decreasing in value sold for the past two years. If the art market continues at the pace set this quarter, the United Kingdom could realistically surpass its pre-recession high reached in 2008, with over US$3.5 billion sold. The individual successes of Christie’s and Sotheby’s were instrumental in the overall growth of the market. Christie’s London and Sotheby’s London were up 52% and 45%, respectively, by value sold in Q1 of this year, accounting for 95% of the additional value sold in the United Kingdom during that period. Both auction houses increased the number of special auctions held, featuring prominent private collections including Sotheby’s London’s sale of the A.J. Thompson Collection, and Christie’s London’s sale of the Mira Jacob Collection. Christie’s London also featured a successful sale of Italian artworks, Eyes Wide Open: An Italian Vision. The sale resulted in 13 new artist records according to the auction house, including the sale of Alberto Burri’s Combustine Plastica, which sold for US$7.6 million.
Several countries in the Eurozone also saw promising signs of growth this quarter. Value sold was up relative to Q1 2013 in France (+45%), Belgium (+11%), Germany (+8%), and Switzerland (+5%).
Following a year of constant growth, 2014 began rather slowly in the United States, with the market down 7% by value from the first quarter of 2013. Following impressive London sales, Christie’s and Sotheby’s continue to promise big consignments for their upcoming Post-War and Contemporary sales in May. The Chinese art market was also off to a slow start, down 22% by value from last year. Globally, high value lots performed particularly well this quarter, with 292 lots selling for over US$1 million this year, up over 50% from the same period last year. These lots represented a total value of US$1.2 billion, accounting for over half of the value sold this year.
The top five works sold so far in 2014 were all sold in London, and were spread across the Contemporary, Modern, and Impressionist categories. Led by Francis Bacon’s Portrait of George Dyer Talking, which sold for GBP 42.2 million at Christie’s Post-War and Contemporary auction in London, these five works accounted for 17% of value sold in the United Kingdom this year. Portrait of George Dyer Talking also became the most expensive work ever sold at Christie’s London.
The top 10 artists in 2014 by value sold at auction in Q1 include: Andy Warhol (US$112.7 million), Francis Bacon (US$75.8 million), Gerhard Richter (US$75.2 million), Juan Gris (US$57.5 million), Camille Pissarro (US$39 million), Qi Baishi (US$37.4 million), Wu Changshuo (US$37.2 million), René Magritte (US$35.7 million), Fernand Léger (US$35.5 million), and Cy Twombly (US$34.3 million).
Media Contacts:
To receive further information, or to arrange interviews, members of the media may contact:
Thierry Dumoulin
Vice President of Marketing and Sales
+1-212-497-9700 ext. 205
tdumoulin(at)artnet(dot)com
About Us:
artnet is the leading online resource for the international art market. Established in 1989, artnet provides reliable information and market transparency to art collectors. With our comprehensive suite of products, artnet can empower anyone with a passion for art.
Rita Salpietro, artnet, http://www.artnet.com, +1 (212) 497-9700 Ext: 198, [email protected]
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