Art Market Blog – Staggering Art Market Statistics
The transformation that the art market has undergone over the last few years has been nothing short of staggering. As an Art Market Analyst I am constantly analysing and using facts, figures and statistics for various different purposes such as to justify the purchase of a painting or to try and predict the best time to sell an artwork. Every day I come across another amazing art market fact or figure that provides me with yet another reason to be excited about the future of the art market and art as an investment. As you have probably already guessed, I just love statistics and numbers.
One of the reason’s that I started the Art Market Blog was to share my enthusiasm and passion for art and art investment in the hope of encouraging more people to buy art so I am going to share some of the more interesting and exciting statistics that I have come across.
Staggering Fact Number 1: It is estimated that there are four times as many art buyers now as there were during the art market boom in the early 90′s.
Staggering Fact Number 2: Taking inflation (a persistent, substantial rise in the general level of prices related to an increase in the volume of money) into consideration, the current art market has not yet reached the levels of the art market boom of the early 90′s
Staggering Fact Number 3: According to Sotheby’s, the number of countries that their clients came from increased 61% in 2007 to 58 different countries
Staggering Fact Number 4: Again from Sotheby’s, the number of clients purchasing valuable lots worth US$500,000 or more from Sothebys increased 238% over five years resulting in a total of 848 for 2007
Staggering Fact Number 5: The 2007 figures for the art market showed China as having the third highest sale proceeds pushing France from third spot in the rankings.
Staggering Fact Number 6: According to Artprice, in 2007 the USA accounted for 46% of the world’s art auction turnover
Staggering Fact Number 7: According to Artprice, in 2007, of the 35 most expensive contemporary artists, 15 were Chinese
If these juicy tidbits of information don’t get you excited about the art market then I don’t know what will!!!
**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.