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Home / Exclusive Insights / The state of the art market: a brief overview

by Catherine Asquith

The state of the art market: a brief overview

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VELVENOIR / Blue Chip Brokerage

Catherine Asquith
catherine@velvenoir.com

According to Dr Clare McAndrew’s 2019 Art Market Report, the global art market accounted for US$67.4 billion last year, an increase of 6% from the previous year, which points to positive growth in the sector.

The three main markets, the United States, the United Kingdom and China, remain the strongest accounting for 84% of the global market’s total value. The other salient points in McAndrew’s report are:

  • Millennials emerged as active market participants;
  • The online market has witnessed continued growth;
  • Auction figures rose by 3% “year on year”; and
  • Art fairs continue to play a central role in the global art market.

Sotheby’s Mei Moses Index discerns a shift in market trends; up until recently, Impressionist and Modern Art held a prominent position in secondary market growth. However, over the past two years, it is now the Post-War and Contemporary Art market which has seen the strongest growth, up by 12.8% compared with the Impressionist and Modern Art market at 10.8%.

This shift in investment has been evidenced in newsworthy, strong results for artists such as Jean-Michel Basquiat, Pierre Soulages, Zao Wou-ki and Alberto Giacometti.

Whilst the “Basquiat phenomenon” has garnered an unprecedented command of the art market, with record-breaking auction results and survey/retrospective shows at numerous, prestigious museums and galleries, the perhaps less ‘spectacular’ artists, such as Soulages, Zao Wou-ki and Giacometti for  example, have been steadily accruing value; suggestive of a more educated sector of the market re-assessing previously over-looked historical masters and preferring the ‘long game’ investment.

the team

Catherine Asquith

Manager Blue Chip Art Brokerage - VELVENOIR

Catherine Asquith

Catherine’s expertise rests with a working knowledge of contemporary art practices inclusive of painting, sculpture, photography, and works on paper, in addition to a nuanced understanding of the unique Australian Indigenous art practices. Specialist areas include Australian Art (Impressionist, Modernist, Contemporary), Aboriginal Art (Pintupi / Papunya Tula), and Asian Contemporary Art.

Over the years, Catherine collaborated with auction houses on selected exhibitions; and has placed numerous artworks with significant institutional and corporate art collections, in addition to private and institutional art collections located across the globe. Catherine manages the VELVENOIR Blue Chip Department since 2018 and guides clients throughout the secondary market.

 

Enrico Cavaliere

Old Master / Modern and Post War - Art Specialist

Enrico Cavaliere

Equipped with an academic curriculum in Art History and Art Business developed between Italy and the U.K. and after successful, relevant experiences in both major international auction houses (Christie’s and Sotheby’s) as well as private galleries in London, Enrico subsequently decided to set up his own company and founded Hippeus Art Brokerage in January 2016. With a specific focus on the Italian secondary market, spanning from Old Masters (17th and 18th Century, in particular) to the Post War period (artists such as Fontana, Bonalumi, Castellani, Burri and Scheggi) Enrico proficiently advises his clients on every delicate aspect surrounding the purchase – or sale – of valuable, high-quality artworks.

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