While one of Leonardo DaVinci’s pictures might have gone under the hammer for a record $450m (50% more than the previous record) last week, the TEFAF Art Market Report 2017 shows that Chinese artists occupied 5 of the top 10 traded artists. Zhang Daqian traded almost as much as Pablo Picasso. Admittedly Picasso sales were down 50%YoY but even still the art market has continued to surge in an asset bubble everywhere world.
So even since the heady days leading into the GFC art related exports are 100% higher than the post Lehman collapse shock and almost 50% higher than the previous peak. Imports showed a similar trend.
Art is usually unique. One offs. Trading of such pieces is also very sporadic. It is rare that a Monet or Chagall gets flipped inside a few weeks.
Perhaps the art world report’s best picture was this one. The political stage and how it will impact the art world?
Surely art’s crowing glories often come from tortured minds which sees artists lop off their ears, smear themselves in excrement or provide more excuses to take illicit substances to come out with the next masterpieces. Interesting how a US Presidency can impact US based art dealers. Although the data would show otherwise.
Then again as much as the total value is trading higher in the art world, according to Artnet, the average prices have been trending down since 2015. The overall picture is one of general prices having peaked during July 2015 and by the start of 2016, they were back to the level seen at the beginning of 2014. Over 2016 prices have fallen to the level they were at between 2014 and 2015, roughly 15% higher than the market trough in November 2012, and still 6.25% higher than ve-years ago.
Recall when the Japanese were snapping up Van Gogh & Monet’s during the bubble period. Has the art world sent a subliminal message?
A long report but one full of surprising trends.