by Shane Lewis 9 August '19
Semi-annual Art Market Report (H1 2019)
FROM THE WORLD LEADER IN ART MARKET INFORMATION
Risks and strategies on the secondary art market – the balance of supply and demand – the profitability of investment in works by the market’s leading artists – the rapid development of Hong Kong – and the mid- and long-term outlook… With the collaboration of its Chinese State partner AMMA (Art Market Monitor of Artron), Artprice paints a balanced and insightful picture of activity on the global art auction market in the first half of 2019.
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The most striking feature of the semester was a distinct lack of masterpieces. However… demand has never been stronger, or prices so high. The highly sought-after masterpieces by the great masters of Modern Art are becoming increasingly rare. At the market’s ultra-high-end, only one artwork crossed the $100 million thresholds: a superb Haystacks painting by Claude Monet.
According to Thierry Ehrmann, Artprice’s Founder/CEO, “we are seeing the emergence of an imbalance between supply and demand in the Art Market, (…) with supply unable to keep up with demand in auction rooms.”
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As with any market imbalance, the tightening of supply has naturally impacted the market’s activity: turnover volumes are down sharply in all of the planet’s major marketplaces, while the market’s price indexes have risen.
The USA (-20%), China (-12%) and England (-25%) all posted turnover contractions
The number of lots sold between $10 and 100 million was down 41%
Top-quality Modern (-21%) and Old Master (-38%) works were in short supply
Claude Monet dominated H1 2019 with 23 works generating $251 million
Contemporary Art prices posted an increase of 40%
New record for a living artist: Jeff Koons’ Rabbit (1986) fetched $91 million
The average annual return worked out at +4.6% for an average holding of 13 years
The Artprice100© posted growth of 16% in H1 2019Download the report.