Summary

As of 2020, the global art auction market, representing 42% of the art trade and valued at $24.2 billion in 2019, showed a 17% decrease from the previous year. The market, composed predominantly of emerging and under-represented artists (84%), along with star, celebrated, and established artists (collectively 16%), is influenced by digital growth and social media platforms like Instagram. Dominant regions, including the United States, China, and the United Kingdom, make up 84% of market value. While global market trends indicate a transition towards increased private sales, with major auction houses like Sotheby's and Christie's making $1.8 billion in private sales, the French market notably deviates with a 16% growth in 2019, potentially due to its stability, lack of speculation, and market diversity. The market structure is overseen by leading auction houses such as Christie's, Sotheby's, and Phillips, with a focus on fine art exclusivities and varied segmentation by category, period, or price.

French Art Auction Market Trends and Dynamics

The French art auction market demonstrates notable stability and growth within the broader global context. Diverging from the global art auction market's decline of 17% in 2019 compared to the previous year, the French market surged, exhibiting a robust growth rate between 15 and 20%. This marked increase solidifies France's position as a unique player in the art auction industry. France's art auction scene is less prone to speculation, setting it apart from other major markets. It boasts a diverse and fragmented landscape that seems to spare it from the high volatility observed in markets dominated by a few large players.

French auctions are less focused on headline-grabbing sales of star artists and more on a wide range of works, including those of emerging and under-represented artists, who constitute around 84% of the global artists' population. Despite global auction sales experiencing a dip, the auction market's transition to digital platforms continues to shape its evolution. France, like other markets, is seeing an increase in online sales and the impact of social networks like Instagram on market dynamics and visibility.

Conclusively, the French art auction market's growth, stability, and divergence from global trends can be attributed to its unique structural characteristics, such as market diversity and adaptability in embracing digital platforms.

Giants of the Gavel: An Overview of Dominant Auction Houses in the Art World

Within the bustling and intricate tapestry of the global art auction market, several key players stand out for their prowess and influence. These auction houses hold the reins of the art world, wielding significant power in the buying, selling, and establishing of art prices. As we delve into the dynamics of this elite marketplace, it becomes evident that a few names repeatedly rise to the top.

Christie's, a name synonymous with prestige in the art world, has long been a titan in the auction industry. With a history stretching back to the 18th century, Christie's has cemented its reputation for handling high-profile sales and catering to the crème de la crème of art collectors. Christie's ability to curate exclusive private sales alongside public auctions has helped maintain its position as one of the front-runners in the art auction market.

Sotheby's stands as Christie's perennial rival, with both houses frequently jockeying for the title of premier auction house. Sotheby's, too, boasts an extensive legacy in the art world, one marked by innovation and an expansive reach across various art categories and periods. Similar to Christie's, Sotheby's has excelled in the private sales arena, ensuring a foothold in each sector of the market from ancient artifacts to contemporary masterpieces.

Phillips represents a more modern and dynamic player, known for its focus on contemporary art, design, and culture. While younger and somewhat smaller than its venerable competitors, Phillips has managed to carve out its niche, appealing to newer generations of art collectors and enthusiasts who are drawn to cutting-edge trends and forward-thinking curation.

Moving eastward, Poly Auction emerges as a powerhouse within China, reflecting the country's substantial and growing impact on the global art market. China's burgeoning class of affluent collectors has found in Poly Auction a homegrown platform that bridges the rich cultural heritage of Chinese art with the wider global market for fine art and antiquities.

Similarly, China Guardian is another influential Chinese auction house that has gained international recognition, specializing in Chinese artwork, calligraphy, and rare books. Its ascent within the art auction hierarchy underscores China's significance and strategic economic positioning within the global market.

Heritage Auctions, based in the United States, distinguishes itself as the world's largest collectibles auctioneer and a major contender in the domain of fine art. 

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Summary and extracts

1 Market overview

1.1 Definition and scope of study

The art market refers to the production and trade of works of art and antiques. The art auction market focuses on auctions, which accounted for 42% of global art sales in 2019, and therefore excludes art dealer sales (58% of global sales) which are the subjet of another study.

According to Wondeur AI's classification, the production of works of art is divided between star artists (1% of the world's artists), celebrated artists (1%), established artists (14%) and emerging and under-represented artists (84%).

The art market can also be segmented by category of work (sculpture, painting etc.), by period (contemporary, modern etc.) or by price range.

The global art auction market was worth US$24.2 billion in 2019, a 17% decline compared to 2018, after two consecutive years of growth. However, private sales increased, with Sotheby's and Christie's selling $1.8 billion worth of art on the private circuit.

The sector is largely dominated by the United States, China and the United Kingdom, which accounted for 84% of the market value in 2019. The global market is traditionally very closed and is dominated by large auction houses such as Christie's, Sotheby's, Phillips, Poly Auction, China Guardian and Heritage Auctions.

For many years, the French art auction market has been characterized by its strong stability. It experienced the strongest growth in the world in 2019, increasing by 16% compared to 2018. These figures relate to "fine art" and therefore exclude sales of antiques, historic furniture and decorative objects. The specific characteristics of the French market, which is less speculative, more fragmented and more diversified, also play in its favor.

In addition, the market is going digital, not only because of the increase in sales on the Internet, but also because of the growing influence of online information tools and social networks such as Instagram.

List of charts

  • Évolution des montants adjugés sur le marché de l'Art et des Objets de collection
  • Évolution des montants adjugés dans le domaine de l'Art et des Antiquités
  • Part du marché mondial des motants adjugés lors de ventes aux enchères
  • Les cinq maisons de ventes les plus importantes
  • Évolution du nombre de maisons de ventes du secteur Art & Objets de collection déclarant une croissance de leurs ventes, selon leur chiffre d'affaires
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Latest news

Artcurial wins out over Christie's and Sotheby's - 08/08/2023
  • Artcurial was founded in 2002 and became the third-largest player in the French art market in 2005.
  • In 2022, Artcurial achieved record sales of €216.5 million.
  • Arqana, a racehorse auctioneer affiliated to Artcurial, achieved a sales volume of 225 million euros and sold almost 5,000 horses in 2022.
  • It ranks second in the European market.
  • Artcurial set up operations in Monaco in 2015, Morocco in 2019 and Switzerland in 2022.
  • Artcurial also owns the John Taylor real estate group, acquired in 2017, with a portfolio of 6,000 properties worth €16 billion.
  • The Artcurial group's consolidated sales in 2022 were €1.6 billion, making it one of Europe's leading intermediaries for exceptional properties.
The art market is in turmoil: England's Bonhams has just acquired France's Cornette de Saint Cyr. - 28/06/2022
  • In 2022, Bonhams acquired the French institution founded in 1973.
  • It has offices in Paris and Brussels.
  • Since its takeover by the Epiris fund in 2018, Bonhams has been shopping in Europe and the United States.
  • 31.8 million in sales in 2021, ranking 10th in France.
  • Fierce competition and the costs generated by this exceptional Parisian location have eroded margins.
Art: how auction houses compete in the middle market - 12/07/2022
  • Bonhams aims to consolidate the mid-range segment
  • Bonhams has 14 auction rooms (London, New York, Los Angeles, Hong Kong, Paris, etc.) and experts in some sixty sectors
  • Purchases from well-known houses in their respective countries, such as Bukowskis in Sweden, Bruun Rasmussen in Denmark or Cornette de Saint Cyr in France.

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Christie’s
Sotheby’s
Artcurial
Aguttes
Millon & associés
Tajan
Piasa
Pierre Bergé & Associés
Interenchères
Drouot L’Hotel
Agorastore
Bonhams

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