Artprice’s 2016 Global Art Market Annual Report: A Genuine Alternative to Financial Markets, with China in First Place
PARIS, February 27, 2017/PRNewswire/ —
Our 16th Global Art Market Annual Report is once again the fruit of an alliance between Artprice, the world leader in Art Market information, founded and directed by thierry Ehrmann, and Artron, its powerful Chinese institutional partner, directed by Wan Jie. The result is the only truly global art market report providing reliable insight into both the Western and the Eastern art market.
The two entities have pooled their resources to analyse the global Art Market in unprecedented detail. No other organisation or team is currently capable of processing and interpreting such high quality macro- and micro-economic big data.
The Report contains Artprice’s now-famous Top-500 artists ranking, the market’s top 100 results, numerous detaild analyses – per country, per marketplace, per creative period and per artistic medium – in 21 chapters. Free download at Artprice.com
China returned to world leader position with $4.8 billion in turnover and 91,400 lots sold
The USA was second with $3.5 billion and 72,500 lots sold
The United Kingdom came third with 17% of the global auction turnover
Global auction turnover totalled $12.45 billion in 2016 with 675,500 lots sold
The lots sold in the West increased +11% (USA +24%, UK +27%)
96% of the lots sold fetched under $50,000 worldwide
New York ($3.2 billion), Beijing ($2.3 billion), London ($2.1 billion) and Hong Kong ($1.15 billion)
The year’s best result was $81.5 million for French artist Claude Monet’s La Meule (1891)
The world’s top-selling artist in 2016 was Chinese artist Zhang Daqian ($355 million)
Total artworks offered for auction worldwide increased +8%
The market’s growth drivers are the ease of access to Art Market information, electronic sales, market financialisation, a growing population of ever-younger art consumers (from 500,000 in the 1950’s to 70 million in 2016) on all continents.
There is also the growth of the museum industry (700 new museums per year), a global economic reality in the 21st century. More museums opened between 2000 and 2014 than in the previous two centuries. The Art Market is now a mature and liquid market offering 10% to 15% annual returns on works purchased over $100,000.
In 2016, in the battle of titans between China and the USA, China re-emerged as the market’s leading power with a massive lead of $1.3 billion over the USA.
Similarly, over 30% of the artists in this year’s Top 500 ranking are Chinese artists (vs. 15% American).
With negative central bank rates, the Art Market shows is enjoying insolent health with its Contemporary segment posting a 1,490% increase in annual turnover in 17 years and a 36% linear progression in the average value of an artwork.
The Internet is now the only way forward for the world’s 6,300 Auction Houses (97% connected) on all continents.
The Art Market is an efficient, historical and global market whose ability to withstand economic and geopolitical crises is beyond any doubt.
1987-2017 thierry Ehrmann
Artprice is listed on the Eurolist by Euronext Paris, SRD long only and Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.
Artprice is the global leader in art price and art index databanks. It has over 30 million indices and auction results covering more than 647,000 artists. Artprice Images(R) gives unlimited access to the largest Art Market resource in the world: a library of 126 million images or prints of artworks from the year 1700 to the present day, along with comments by Artprice’s art historians.
Artprice permanently enriches its databanks with information from 6,300 auctioneers and it publishes a constant flow of art market trends for the world’s principal news agencies and approximately 7,200 international press publications. For its 4,500,000 members, Artprice gives access to the world’s leading Standardised Marketplace for buying and selling art.
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