Contemporary art market: collectors favour local artists at auctions [09/25/2002]

The art market is undeniably international. Works are being created and traded world-wide. And increasingly prices are tempting producers and purchasers alike to cross borders. The more expensive a work, the more international its reach, since potential buyers have deeper pockets and can pay more.

A survey of the top-selling contemporary artists in each main auction venue (see table) shows auction houses placing the most value on home-grown artists. With some exceptions, even the most fashionable artist at home in auctions sales will not necessarily stand among top selling artists in the other countries’ rankings. Spanish Miquel BARCELO is one of the rare exceptions, as about 90 % of its turnover is realised in London. Leader's place of the public sales of contemporary art in the United Kingdom in 2001 emerges from it. His recent record sale in London, a hammer price at GBP 850, 000 on June 26th 2002, should confirm its position this year again. On the other hand, the European art lover avid to get itself a creation of the American Bruce NAUMAN at auction have difficulties being satisfied somewhere else than in the United States. Several reasons in it.
At first, when the success confirms for an artist, it becomes difficult to find abroad his works in public sales. The market remains subjected to the limits of the artist’s production and is often dried up once satisfied the national demand.
Secondly, every country tends to keep(guard) its specificity by maintaining the promotion of the national production. Artists’ and buyers’ local roots still run deep. Confronted with an increasingly integrated world cultural space, international auction houses such as Sotheby’s and Christie’s develop diversification strategies to reach the public with a taste for contemporary art. One way is to play on the persistence of national differences.

The art market may be becoming international but it is not globalised and specificity is still a key issue when it comes to culture.