{"id":5342,"date":"2014-03-13T20:00:51","date_gmt":"2014-03-13T19:00:51","guid":{"rendered":"http:\/\/www.conceptualfinearts.com\/cfa\/?p=5342"},"modified":"2015-07-18T10:06:02","modified_gmt":"2015-07-18T08:06:02","slug":"the-tefaf-art-market-report","status":"publish","type":"post","link":"https:\/\/www.conceptualfinearts.com\/cfa\/2014\/03\/13\/the-tefaf-art-market-report\/","title":{"rendered":"The TEFAF Art Market Report: there\u2019s a reason for all those online art sales start-ups"},"content":{"rendered":"\n\t\t<style type=\"text\/css\">\n\t\t\t#gallery-1 {\n\t\t\t\tmargin: auto;\n\t\t\t}\n\t\t\t#gallery-1 .gallery-item {\n\t\t\t\tfloat: left;\n\t\t\t\tmargin-top: 10px;\n\t\t\t\ttext-align: center;\n\t\t\t\twidth: 33%;\n\t\t\t}\n\t\t\t#gallery-1 img {\n\t\t\t\tborder: 2px solid #cfcfcf;\n\t\t\t}\n\t\t\t#gallery-1 .gallery-caption {\n\t\t\t\tmargin-left: 0;\n\t\t\t}\n\t\t\t\/* see gallery_shortcode() in wp-includes\/media.php *\/\n\t\t<\/style>\n\t\t<div id='gallery-1' class='gallery galleryid-5342 gallery-columns-3 gallery-size-thumbnail'><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon portrait'>\n\t\t\t\t<a href='https:\/\/www.conceptualfinearts.com\/cfa\/2014\/03\/13\/the-tefaf-art-market-report\/dscn8581\/'><img loading=\"lazy\" decoding=\"async\" width=\"113\" height=\"150\" src=\"https:\/\/www.conceptualfinearts.com\/cfa\/CFA-content\/uploads\/2014\/03\/DSCN8581-e1394735731265.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon portrait'>\n\t\t\t\t<a href='https:\/\/www.conceptualfinearts.com\/cfa\/2014\/03\/13\/the-tefaf-art-market-report\/dscn8582\/'><img loading=\"lazy\" decoding=\"async\" width=\"113\" height=\"150\" src=\"https:\/\/www.conceptualfinearts.com\/cfa\/CFA-content\/uploads\/2014\/03\/DSCN8582-e1394735806664.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl 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class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/dt><\/dl><br style=\"clear: both\" \/><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.conceptualfinearts.com\/cfa\/2014\/03\/13\/the-tefaf-art-market-report\/dscn8646\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"113\" src=\"https:\/\/www.conceptualfinearts.com\/cfa\/CFA-content\/uploads\/2014\/03\/DSCN8646.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon portrait'>\n\t\t\t\t<a href='https:\/\/www.conceptualfinearts.com\/cfa\/2014\/03\/13\/the-tefaf-art-market-report\/dscn8647\/'><img loading=\"lazy\" decoding=\"async\" width=\"113\" height=\"150\" src=\"https:\/\/www.conceptualfinearts.com\/cfa\/CFA-content\/uploads\/2014\/03\/DSCN8647-e1394736614603.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.conceptualfinearts.com\/cfa\/2014\/03\/13\/the-tefaf-art-market-report\/dscn8649\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"113\" src=\"https:\/\/www.conceptualfinearts.com\/cfa\/CFA-content\/uploads\/2014\/03\/DSCN8649.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/dt><\/dl><br style=\"clear: both\" \/><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon portrait'>\n\t\t\t\t<a href='https:\/\/www.conceptualfinearts.com\/cfa\/2014\/03\/13\/the-tefaf-art-market-report\/dscn8660\/'><img loading=\"lazy\" decoding=\"async\" width=\"113\" height=\"150\" src=\"https:\/\/www.conceptualfinearts.com\/cfa\/CFA-content\/uploads\/2014\/03\/DSCN8660-e1394736728735.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.conceptualfinearts.com\/cfa\/2014\/03\/13\/the-tefaf-art-market-report\/dscn8661\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"113\" src=\"https:\/\/www.conceptualfinearts.com\/cfa\/CFA-content\/uploads\/2014\/03\/DSCN8661.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon portrait'>\n\t\t\t\t<a href='https:\/\/www.conceptualfinearts.com\/cfa\/2014\/03\/13\/the-tefaf-art-market-report\/dscn8663\/'><img loading=\"lazy\" decoding=\"async\" width=\"113\" height=\"150\" src=\"https:\/\/www.conceptualfinearts.com\/cfa\/CFA-content\/uploads\/2014\/03\/DSCN8663-e1394736796506.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/dt><\/dl><br style=\"clear: both\" \/><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.conceptualfinearts.com\/cfa\/2014\/03\/13\/the-tefaf-art-market-report\/dscn8664\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"113\" src=\"https:\/\/www.conceptualfinearts.com\/cfa\/CFA-content\/uploads\/2014\/03\/DSCN8664.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/dt><\/dl>\n\t\t\t<br style='clear: both' \/>\n\t\t<\/div>\n\n<div dir=\"ltr\">\n<p>&nbsp;<\/p>\n<p>At\u00a06.23 pm, when we start writing this article, the TEFAF is packed with people, and almost everyone is dressed up for the occasion. The people here are very different from those you meet at the opening of Frieze or Art Basel. However this doesn&#8217;t mean that contemporary art players are not attending TEFAF. On the contrary, we have spotted Anish Kapoor \u2013 who seemed very interested in the old masters&#8217; section \u2013 and the former Swiss ambassador in China Uli Sigg. Is this latter finally turning his attention to fine arts after donating his extraordinary collection of Chinese contemporary artists to the M+ museum in Hong Kong?<\/p>\n<p>&nbsp;<\/p>\n<p>Inside the booths there are many red spots besides the artworks&#8217; captions, and this is the first sign the the fair has had a good start as a lot of the insiders were indeed expecting. We didn&#8217;t see many chinese collectors and, unfortunately, still not many young ones either. The majority of the visitors seemed to be European, in spite of &#8211; or perhaps thanks to &#8211; the crisis and the weakness of the US dollar.<\/p>\n<div>\n<div id=\":10t\" tabindex=\"0\" role=\"button\" data-tooltip=\"Hide expanded content\"><img decoding=\"async\" alt=\"\" src=\"https:\/\/mail.google.com\/mail\/u\/0\/images\/cleardot.gif\" \/><\/div>\n<\/div>\n<div>\n<p>&nbsp;<\/p>\n<p>Effectively, according to the latest TEFAF Art Market report, published today by the European Fine Art Foundation \u2013 owner of the Maastricht fine art fair \u2013 the outlook for the 2014 is extremely bullish.<\/p>\n<p>&nbsp;<\/p>\n<p>These are the conclusions of Dr. Claire McAndrew, who prepared the document:<\/p>\n<p>&nbsp;<\/p>\n<blockquote><p>1.<i>\u00a0<\/i><i><b>The market is stronger than ever (almost)<\/b><\/i><br \/>\nThe global art market grossed \u20ac47.42 billion in 2013. That represents a 7.5% increase by value over 2012 and the second most prosperous year on record for the industry. Only 2007 yielded a higher total, with \u20ac48.07 billion in output, only \u20ac646 million more than 2013. Transaction volume is however lower than prerecession levels (and lower than 2011), meaning that artworks are selling for marginally higher prices than they were in the prerecession years rather than industry capacity having expanded.<\/p>\n<p>&nbsp;<\/p>\n<p>2.\u00a0<i><b>The US is still the most dominant, most quickly growing, and richest force in art market<\/b><\/i><\/p>\n<p>The United States maintained its 20-year-long hold at the top spot of the art market. Value of the US market increased 25% year on year, the fastest of any country or region. And its global art market share increased to 38%. The country also remains at the top of the wealth spectrum, having 42% of millionaires worldwide.<\/p>\n<p>&nbsp;<\/p>\n<p>3.\u00a0<i><b>China may still be world #2, but diminishing growth means one might want to look elsewhere if trying to ride the emerging market rocket ship<\/b><\/i><\/p>\n<p><i><b><\/b><\/i>China clocked in at 24% of global share of the art market in 2013, representing \u20ac11.5 billion in sales. \u20ac7.5 billion of those sales came from auctions, 71% of which took place on the mainland. However, buyers were not as gung-ho as in previous years, with the art market seeing only 2% in growth for 2013 over the previous year. Buy-ins also remain high at 53%.<\/p>\n<p>&nbsp;<\/p>\n<p>4.\u00a0<i><b>The EU is still a safe (if a bit boring) bet<\/b><\/i><br \/>\nGrowth in the EU remains tepid. It was the only region to post a loss for 2013 with market share by value, falling 3% from 2012, but still holds on to 32% of the global market. Sales in France and Germany bucked that trend, rising 13% and 11% over sales in 2012, respectively. Southern Europe, still recovering from the euro crisis, saw more slack or negative growth.<\/p>\n<p>&nbsp;<\/p>\n<p>5.\u00a0<i><b>The UK takes a good share of that blame<\/b><\/i><br \/>\nFar and away the largest contributor to EU market power, at 63% of the art market value created by the economic region, the UK\u2019s fall of 5% in total year-over-year sales was a major contributor to the 2% EU decrease according to the report.<\/p>\n<p>&nbsp;<\/p>\n<p>6.\u00a0<i><b>Buy (relatively) young art<\/b><\/i><br \/>\nThe report confirms the flagging Impressionist and Modern market of recent years. Post-War and Contemporary sales continue to dominate the market, representing 46% of sales by value and 44% by volume. The sector\u2019s market value grew 11% in 2013.<\/p>\n<p>&nbsp;<\/p>\n<p>7.\u00a0<i><b>Fairs are still important, but not quite as much so as in recent years (It\u2019s getting too expensive to participate!)<\/b><\/i><br \/>\nAccording to dealers, fairs are retreating from their height of dominance. Fair sales fell 3% from 2012, representing 33% of dealer sales overall. Fairs represented the second biggest expenditure within the art market, coming in behind advertising expenses, at \u20ac1.9 billion. Gallery sales accounted for 50% of dealer balance sheets, up 6% from 2012.<\/p>\n<p>&nbsp;<\/p>\n<p>8.\u00a0<i><b>There\u2019s a reason for all those online art sales start-ups<\/b><\/i><br \/>\nTEFAF estimates that online sales within the art market could top \u20ac10 billion by 2020, growing at a projected annual rate of 25%. Online sales currently only make up about 5% of the total global art market or around \u20ac2.5 billion.<\/p>\n<p>&nbsp;<\/p>\n<p>9.\u00a0<i><b>The art market has never been more international<\/b><\/i><br \/>\nArt and antiques exports rose 25% to an all time high of \u20ac18 billion. Imports worldwide also hit a new record of \u20ac17.6 billion, a 19% increase.<\/p>\n<p>&nbsp;<\/p>\n<p>10.\u00a0<i><b>Keep your head on your shoulders, but there\u2019s still room to grow<\/b><\/i><br \/>\nHowever promising these results may be, don\u2019t lose sight of the fact that the art market is still a minute industry. According to the latest Forbes rich-list, Bill Gates, Carlos Slim Helu, Amancio Ortega, Warren Buffett, and Larry Ellison could each buy the entire year\u2019s global art output and still have between one and 29 billion to spare. More than 600,000 millionaires worldwide seriously collect art, a figure that represents only 2% of the global millionaire population. However, art remains the third most favored \u201cInvestment of Passion\u201d with high net-worth individuals allocating an average of 17% of their wealth to purchases of art and antiques. With the wealth of these individuals growing at a much higher rate than that of the population at\u00a0\u00a0large, the consumer base for art remains strong for the foreseeable future.<\/p><\/blockquote>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; At\u00a06.23 pm, when we start writing this article, the TEFAF is packed with people, and almost everyone is dressed up for the occasion. The people here are very different [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5370,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1793],"tags":[],"class_list":["post-5342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-to-be-discovered"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.conceptualfinearts.com\/cfa\/wp-json\/wp\/v2\/posts\/5342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conceptualfinearts.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conceptualfinearts.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conceptualfinearts.com\/cfa\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conceptualfinearts.com\/cfa\/wp-json\/wp\/v2\/comments?post=5342"}],"version-history":[{"count":0,"href":"https:\/\/www.conceptualfinearts.com\/cfa\/wp-json\/wp\/v2\/posts\/5342\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conceptualfinearts.com\/cfa\/wp-json\/wp\/v2\/media\/5370"}],"wp:attachment":[{"href":"https:\/\/www.conceptualfinearts.com\/cfa\/wp-json\/wp\/v2\/media?parent=5342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conceptualfinearts.com\/cfa\/wp-json\/wp\/v2\/categories?post=5342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conceptualfinearts.com\/cfa\/wp-json\/wp\/v2\/tags?post=5342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}