TEFAF Art Market Annual Report
27 March 2014
Cultural Economist Dr. Claire McAndrew’s Annual Art Market report was released during the 27th TEFAF Maastricht Art Fair in the Netherlands, which ran from 14th – 23rd March.
Initial analysis of the results seems promising; 2013 saw the second best total sales ever recorded, worth a staggering £39.8 Billion, only beaten by in 2007 when the Art Market was at its peak. However, a dozen Contemporary Artist’s sales account for £18.2 Billion, including Francis Bacon’s, Triptych of Lucien Freud, which realised the world record auction sale price.
Results show Post War and Contemporary sales accounted for 75% of total profits. Old Masters saw a 7% decrease with most sales passing through Europe. The UK ranked third place to China and USA accounting for 20% of the overall Art Market. As a whole Europe experienced negative growth of 3%, but is now showing signs of recovery from the Euro crisis.
Approximately 53% of the international Art Market is made up of Dealers. McAndrew’s data comes from 5,500 Dealers which represents less than 2% of the estimated 295,000 Dealers worldwide. As a result the Art Market still remains hard to quantify.
The report predicts that online sales will increase by £8.4 Billion between now and 2020, with sales of Asian Art in particular Chinese Ink Painting also increasing, whilst some Galleries will reconsider their Art Fair expenditure as it comes in as the second highest cost next to Advertising.
Figures acquired from G Adam, (14th March 2014) The Art Market: Clare McAndrew’s TEFAF Report. Financial Times [Online]. Figures are rounded up conversions for Dollar and Euro to Pound.