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Summary of our market study
The French art auction market is estimated at 2 billion euros.
The global art auction market is valued at $31 billion.
The United States, China and the United Kingdom account for 84% of market value.
Global market trends point to a shift towards more private sales, with major auction houses such as Sotheby's and Christie's achieving nearly $2 billion in private sales.
The French art auction market is not subject to much speculation, which sets it apart from other major markets. The diversity and fragmentation of the landscape seem to spare it from the high volatility observed in markets dominated by a few major players.
French auctions focus less on the sale of stars and more on a wide range of works.
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.
Leading auction houses in the art world
- Christie's, synonymous with prestige in the art world, has long been a giant in the auction sector.
- Sotheby's is Christie's eternal rival.
- Phillips is a more modern and dynamic player, known for its focus on contemporary art, design and culture.
- Poly Auction is establishing itself as a powerhouse in China.
- China Guardian is another influential Chinese auction house.
- Heritage Auctions, based in the United States, stands out as the world's largest auction house for collectibles.
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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.
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