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Artprice: Art Market Trends 2008

April 3, 2009

PARIS, April 3 /PRNewswire-FirstCall/ — According to Thierry Ehrmann,
Artprice’s founder, “art market history will remember 2008 as a turning
point, switching from speculative euphoria to sharp contraction. The
multi-million dollar sales of the spring gave way to extreme buyer wariness
in the autumn as the art market fell victim to the spreading global economic
and financial crisis. Exactly when and why did the meltdown occur? Artprice’s
annual art market report for 2008 answers these questions and provides
valuable insights into likely developments through 2009″.

Artprice publishes its exclusive art market report distributed to over
6,300 media organisations and international institutions every year. Based on
roughly 5.4 million auction results from approximately 2,900 auctioneers, the
annual report “Art Market Trends 2008″ contains 39 pages of micro- and
macro-economic analyses, focusing on individual sales and general price
evolutions in all segments of the market. Edited by ArtMarketInsight
(Artprice’s press agency) in collaboration with Artprice’s Econometrics team,
the report also contains a number of original rankings such as the year’s TOP
500 artists by sales revenue and TOP 100 highest hammer prices.

After seven consecutive years of price inflation, the art market buckled
under the weight of the systemic crisis at the end of 2008. The combined
impact on the art market of the financial and economic crises was
particularly felt in the Unites States and on the market’s most volatile
segment, contemporary art. The rapid price inflation on so-called ‘emerging’
art markets also seems to have come to a dead halt and the first half of 2009
will be an interesting test of confidence for Russian, Asian, Turkish and
Indian collectors, amongst others.

    Download the entire document in PDF format (free of charge)

http://imgpublic.artprice.com/pdf/trends2008_en.pdf

    Contents

    - From peak to trough
    - Black October and auction failures
    - Volatility of Contemporary art prices
    - The United States in crisis
    - London: new capital of the Fine Art market
    - Christie's and Sotheby's
    - Art Market Confidence Index
    - The TOP 10 artists
    - Top 100 hammer price 2008

    - Top 500 Artprice 2008 Artists ranked by auction turnover

Source: http://www.artprice.com (c)1987-2009 thierry Ehrmann

Artprice, the world leader in art market information, lists over 25
million auction prices and indices covering over 405,000 artists,
continuously updated from 2,900 international auction houses. Artprice
provides daily information on art market trends for the main financial press
titles and agencies worldwide. Artprice Images(R) offers unlimited access to
the largest database of art market information in the world, a library of
108,000,000 images and engravings of art works from 1700 to the present day.
Artprice offers standardised adverts to its 1,300,000 members (member log in)
and is the world’s leading market for buying and selling works of art
(source: Artprice).Artprice is listed on Eurolist by Euronext Paris:
Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF

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

SOURCE Artprice.com


Source: newswire



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