Contemporary Art’s market performance 2017/2018
Stimulated by a sensational record of $110.5 million in May 2017, the Contemporary art Market has just ended a third consecutive semester of growth. The principal drivers of this growth are ever-stronger demand for works by the stars of Contemporary art and a proliferation of supply in a particularly favorable economic context.
Stimulated by a sensational record of $110.5 million in May 2017, the Contemporary art Market has just ended a third consecutive semester of growth. The principal drivers of this growth are ever-stronger demand for works by the stars of Contemporary art and a proliferation of supply in a particularly favorable economic context.
All indicators are positive
For the first time since the 2008 financial crisis, the Contemporary art Market’s four main health indicators are all positive for the last 12 months (end-June 2017 to end-June 2018):
- The global auction turnover rose +19%, reaching $1.9 billion
- The volume of transactions grew +17% with 66,850 Contemporary lots sold
- The global unsold rate remained stable at 39%
- The price index of Contemporary art increased by +18.5%
The almost identical increase in the Market’s three main indicators – all three very close to +18% – suggests a rapid, but perfectly balanced, growth of Contemporary art auction sales. Thus, in the past year we have witnessed an almost uniform progression of the market in terms of prices, lots sold and auction turnover.
Contemporary Art Auction Market
For the first time since the 2008 financial crisis, the Contemporary art Market’s four main health indicators are all positive for the last 12 months (end-June 2017 to end-June 2018):
- The global auction turnover rose +19%, reaching $1.9 billion
- The volume of transactions grew +17% with 66,850 Contemporary lots sold
- The global unsold rate remained stable at 39%
- The price index of Contemporary art increased by +18.5%
The almost identical increase in the Market’s three main indicators – all three very close to +18% – suggests a rapid, but perfectly balanced, growth of Contemporary art auction sales. Thus, in the past year we have witnessed an almost uniform progression of the market in terms of prices, lots sold and auction turnover.
Contemporary Art Auction Market
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2018/
