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Artprice’s Annual Art Market Report 2011. Art Sales at Their Best

February 27, 2012

PARIS, February 27, 2012 /PRNewswire/ –

While old economies are struggling, growth is accelerating in the BRICS countries. The
five BRICS – Brazil, Russia, India, China and South Africa- have been enjoying much
stronger economic expansion than the developed countries and China’s growth in particular
has profoundly modified the geographical structure of the global art market according to
thierry Ehrmann, the founder and CEO of Artprice, the world leader in art market
information. Moreover, in Singapore, Beijing and Hong Kong, politicians are aware of the
enormous economic potential of art for their state or their city, and their governments
strongly support major cultural events including Contemporary Art fairs. In addition to
the 49% growth in auction revenue from artworks in China, a number of other Asian
countries have also posted particularly dynamic growth, such as Singapore (+22%) and
Indonesia (+39%).

This growth has been driven by the emergence of new and very wealthy collectors and a
growing number of art investment funds. As a result, the Asian art market has become the
most high-end area of the entire globe. For example, 12.1% of works sold in Asia sell for
between $100,000 and $1m, versus 2.2% for the rest of the world. China, Asia’s leading
economic power and world leader for sales of artworks, has surprised everyone not just by
its acquisitive capacity but also by its independence. It accounts for the highest auction
results (with 774 auction results above $1 million recorded in 2011 compared with 426 in
the USA and 377 in the UK), mostly generated at auctions in Beijing and Hong Kong. Even if
China were deprived of the strong Hong Kong sales of Christie’s and Sotheby’s, it would
easily remain the first global marketplace!

In 2011, the global art auction market generated 21% more than in 2010 and there is
not a single segment of the art market that did not progress in terms of turnover.
Compared with 2010, Modern art added $1.2B, Post-war art added $372m, Contemporary art
added $291m, Old Masters added $124 million and 19th century art posted an increase of $43
million. In addition, bulimic buying has not left any medium on the side-lines. 2011 saw
the sale of more paintings, sculptures, photographs, drawings and even prints than 2010.
Indeed, driven by the rocketing prices of the Chinese Old and Modern masters, drawing has
really come into its own, with its annual revenue up by $1.318 billion over the year.

This year, Artprice’s annual art market report – based on 6.3 million auction results
from 4,500 auction houses around the world and distributed to over 6,300 media
organisations and international institutions every year in 6 languages – will focus
particularly on China’s successful conquest of the global art market. Our 2011 Art Market
Trends contain macro- and micro-economic analyses providing the keys to understanding the
annual evolution of the global auction market. It discusses the major trends in the
market, analysed throughout the year on the ArtMarketInsight page of our website, by the
Artprice press agency and by our Econometrics Department. To complement this objective
appreciation of the art market based on a year of global auction results, Artprice also
offers numerous original rankings such as the Top 500 artists by auction revenue and the
Top 100 auction results of the year.

Download the complete PDF format document (Free download)


        A high-end market unaffected by the crisis
        New record year
        The powers at work
        Modern art: the core of the market in 2011
        The best of the Old Masters
        Contemporary art
        Structural mutation: the art market in the Internet age
        Top 10 Artists
        11 figures for 2011
        Powerful art market columnists comment the year
        2011 from the AMCI's viewpoint
        2011 in 140 characters - the year as seen by @artpricedotcom
        Top 100 auction results in 2011
        Top 500 artists by auction revenue in 2011

Source: http://www.artprice.com (c)1987-2012 thierry Ehrmann

Artprice is the global leader in databank on Artprices and indices with more than 27
million indices and auction results covering 450,000 artists. Artprice Images(R) offers
unlimited access to the largest Art Market resource in the world, a library of 108 million
images or engravings of artworks from 1700 to the present day along with comments by
Artprice’s art historians. Artprice permanently enriches its databanks with information
from 3,600 international auction houses and auctioneers and publishes a constant flow of
art market trends for the main news agencies and 6,300 international written media. For
its 1.3 million members (member log in), Artprice posts standardized adverts in what is
today the world’s leading Standardised Marketplace(R) for buying and selling works of art
by private contract or at auctions (regulated by French law alineas 2 et 3 de l’article L
321.3 du code du commerce).

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Contact: Josette Mey – tel: +33(0)478-220-000, email: ir@artprice.com

SOURCE Artprice.com

Source: PR Newswire