Artprice Press Agency
Artist
Movement
Market Trends
Contemporary art
Analysis
Sales
ART MARKET TRENDS
PRESS RELATIONS
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High-profile auctions at Sotheby's and Christie's in the US usually make May the eagerly
awaited highlight of the early year art season. And results at the impressionist and
modern sales certainly hit the headlines. No one will forget the all-time record price
paid for a sculpture, Brancusi's "Danaide", which went for USD16.5m on 7 May 2002.
But while rising prices and record prices make the news, behind the scenes sales volumes
have actually been falling. Global turnover was down 32.21% on May 2001. Total receipts
at the market's leading auction houses, traditionally stimulated by their prestigious
New York sales, have slumped this year because of a significant fall in the number
of lots put up for auction.
In the US, collectors have been rushing to buy those pieces that are offered. Bought-ins
are unusually low, and prices still rising. In Europe, though, not only are fewer
lots coming up for auction but bought-ins have risen. This more selective approach
by buyers is part of the reason turnover is down by 55.6% in France and 63.4% in Germany
on the same period last year. Fortunately, over the last few months the bought-ins
ratio looks to have stabilized. But in May, less than 64% of lots found a buyer.
True, some sellers have noted the rise in prices and are looking to cash in. Perhaps,
though, they should think about revising their reserve prices if they want to arouse
the interest of potential buyers.
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Trends for the last 6 months
Turnover
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Prices of art works
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Lots sold
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Bought in lots
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Bought in lots [may]
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Percentage
of bought in lots
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Growth rate
compared to April 2001
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| United
States |
17,35% |
-26,86% |
| United
Kingdom |
31,89% |
+17,66% |
| France |
35,71% |
+14,81% |
| Germany |
39,85% |
+21,73% |
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Other countries |
42,44% |
+42,18% |
| Total |
36,57% |
+24,38% |
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Turnover [may]
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In USD
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Growth rate
compared to April 2001
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| United States |
418,043,537 |
-32,05% |
| United Kingdom |
21,802,686 |
-23,81% |
| France |
10,006,010 |
-35,13% |
| Germany |
5,564,625 |
-60,30% |
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Other countries |
55,141,581 |
-30,90% |
| Total |
510,558,439 |
-32,21% |
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Lots sold [may]
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Number of lots
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Growth rate
compared to April 2001
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United States |
4,129 |
-33,83% |
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United Kingdom |
2,529 |
-28,72% |
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France |
2,472 |
-55,80% |
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Germany |
2,400 |
-63,34% |
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Other countries |
10,151 |
-42,74% |
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Total |
14,716 |
-45,32% |
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Top 5 artists having reached their highest auction price [may]
TOP 5 auction sales of fine art [may]
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Sale turnover |
Auctioneer |
Place of sale |
Theme of sale |
Date |
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USD 114 115 000
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Sotheby's |
New-York |
Impressionist and Modern Art (Part I) |
08-may-02 |
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USD 88 485 000
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Christie's |
New-York |
Impressionist and Modern Art (Evening Sale) |
07-may-02 |
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USD 41 795 000
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Christie's |
New-York |
Contemporary Art |
14-may-02 |
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USD 38 455 000
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Sotheby's |
New-York |
Contemporary Art (Part I) |
15-may-02 |
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USD 28 995 500
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Sotheby's |
New-York |
American Art |
22-may-02 |
Top 5 contemporary artists newly sold at auction [may]
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