The First Art Newspaper on the Net   Established in 1996 United States Sunday, September 15, 2019

Contemporary art market slows as Chinese buyers switch focus
Despite the correction, contemporary art "remains a particularly high-performing long-term investment", Artprice said.

PARIS (AFP).- Global contemporary art sales slowed by a quarter in the year to July 2016 as demand in China dried up, according to leading index Artprice.

Turnover was $1.5 billion (1.3 billion euros) compared with $2.1 billion in the previous year.

"The market saw a healthy period of adjustment, which was as necessary as it was predictable," Artprice founder and chief executive Thierry Ehrmann said in the report released on Sunday.

Despite the correction, contemporary art "remains a particularly high-performing long-term investment", Artprice said.

It said the sector has experienced growth of 1,370 percent since 2000 and has produced an annual return of nearly five percent in the same period in a market in which the number of artworks has quadrupled.

The return rose to nine percent for works with a purchase price exceeding $20,000 dollars.

But Chinese collectors, who have driven the contemporary art scene in recent years, turned their back on modern art and bought classic works.

Chinese buyers snapped up Monets worth $214 million, a single Van Gogh work, "L'Allee des Alyscamps", that sold for $66 million and Modigliani works worth $170 million.

As a result of the change in Chinese buyers' priorities, China slipped to third in the global contemporary art market behind the United States and Britain -- or more precisely New York and London, which account for the overwhelming majority of the sales.

Sales in the US and Britain accounted for 65 percent of the global sales.

The United States sold $582 million worth of contemporary art in one year. Although that represented a 24-percent drop year-on-year, it still represented 38 percent of the market.

Sales in Britain were also down, but only by 10 percent, to $399 million.

An untitled Jean-Michel Basquiat painting sold for $57.2 million at Christie's in New York in May, setting a new record for the late artist.

Two other stars of the contemporary market, the Americans Jeff Koons and Christopher Wool, still sold more than $10 million of art each.

© 1994-2016 Agence France-Presse

Today's News

October 4, 2016

Experts say painting bought for $25 in 1899 could be an original Raphael

Hauser & Wirth announces worldwide representation of Arshile Gorky Estate

Contemporary art market slows as Chinese buyers switch focus

Tornabuoni Art opens solo exhibition of works by Alighiero Boetti

New commission by French artist Philippe Parreno unveiled at Tate Modern

Writers' privacy row erupts as Italy's Ferrante unmasked

Almine Rech Gallery opens new gallery space in London with an exhibition by Jeff Koons.

Mossgreen announces auction of the Raphy Star Collection of Important Asian Art

Ann Linnemann and six new Danish talents exhibit at Lacoste Gallery in Concord

South London Gallery opens new permanent garden by Mexican artist Gabriel Orozco

Richard Saltoun Gallery presents works by founding member of the illustrious Ton Fan Group

Jessica Carlisle opens exhibition of renowned British artist Paul Feiler

Sotheby's sales of Modern and Contemporary Asian Art achieve US$89,532,371

Victoria Miro exhibits works by Njideka Akunyili Crosby

Aura Satz's first exhibition in New York on view at Fridman Gallery

First major UK exhibition of the Italian artist Rodolfo Aricò opens at Luxembourg & Dayan

French-born artist Henri Barande exhibits for the first time in the UK at the Saatchi Gallery

Exhibition by artist Marc Camille Chaimowicz opens at the Serpentine

Exhibition highlights the ICA’s rich heritage as a home for radical contemporary arts and culture

Fowler Museum presents first solo U.S. museum exhibition of Cuban artist Belkis Ayón

Garment District space for public art showcases paintings by artist Umberto Squarcia Jr.

"The Guardian Animals + other invisible beings" opens at Moretti Fine Art

Sotheby's Hong Kong Classical Chinese Paintings sale fetches HK$65.76 million

Major exhibition of works by Jannis Kounellis on view at White Cube

Most Popular Last Seven Days

1.- Holocaust 'masterpiece' causes uproar at Venice film festival

2.- To be unveiled at Sotheby's: One of the greatest collections of Orientalist paintings ever assembled

3.- Bender Gallery features paintings by up and coming Chicago artist Michael Hedges

4.- Lévy Gorvy exhibits new and historic works by French master in his centenary year

5.- Artificial Intelligence as good as Mahler? Austrian orchestra performs symphony with twist

6.- Fascinating new exhibition explores enduring artistic bond between Scotland and Italy

7.- Exhibition explores the process of Japanese-style woodblock production

8.- Robert Frank, photographer of America's underbelly, dead at 94

9.- The truth behind the legend of patriot Paul Revere revealed in a new exhibition at New-York Historical Society

10.- Hitler bust found in cellar of French Senate

Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .


Ignacio Villarreal
(1941 - 2019)
Editor & Publisher: Jose Villarreal
Art Director: Juan José Sepúlveda Ramírez

Royalville Communications, Inc
Founder's Site. The most varied versions
of this beautiful prayer.
to a Mexican poet.

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.
Sending Mail
Sending Successful