A recent publication of the TEFAF annual World Art Market report reveals the latest trends of the industry.
Read some of the highlights below:
– Total sales in 2016 were $45 billion, up 1.7% on 2015.
– Sales moving away from auction houses to the private sector, both to private sales by auction houses and to dealers. In 2016 public auction sales of works of art, high-end Jewellery and decorative arts reached $16.9 billion globally, down from $20.8 billion in 2015.
– The value of auctions sales across the three continents becomes more evenly distributed once privately brokered sales at auction are taken into the picture. The respective shares over the main continental players are China 36%, Europe 33%, and the Americas with 30%.
– Once hesitant about the online market, the industry appears to have reached a level of acceptance for online sales as an important channel for lower-end art and antiques sales. Over 75% of fine artworks sold online are less than $5000 in value, and over 25% are less than $500. For wine and stamps over 70% sold online is less than $500. eBay sells over 800 million items, and a large fraction of art and antiques.
Click here to access the full report.