Contemporary art lifts market in the first half of 2017August 14, 2017
Segment contributes 15 percent to US$ 6.9bn global turnover
Contemporary art accounted for 15 percent of global turnover in the first half of 2017, according to Artprice’s latest report. In 2000, contemporary art accounted for just 3 percent of turnover. Price increases of 9.6 percent in the segment have contributed to the rise.
Across old, modern and contemporary segments, the market produced a turnover of US$ 6.9bn (including fees). This was generated through more than 228,700 fine art lots sold publically worldwide. The U.S. took the lead in sales, with a turnover of US$ 2.2bn, while China came second with a turnover of US$ 2bn.
The report indicates that the art market presents a positive environment for investors as there has been linear growth of 47.5 percent in the average value of an artwork over the past six months. In the contemporary segment alone, average growth in value currently stands at 116 percent.
Thierry Ehrmann, Founder and CEO of Artprice, said the art market has, “resisted a significant increase in global geopolitical tensions and the emergence of a negative interest rate environment that hurts savings.” He added that, “The Art Market is an efficient, historical and global market whose capacity to resist economic and geopolitical crises requires no further proof.”
Check out the full report here.