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CINOA, its members and affiliated dealers proactively support and participate in the TEFAF Art Market studies. Through this participation, CINOA ensures that the substantial role played by dealers in the international art market is properly recognised.
TEFAF 2009 Report
The art market has become a global marketplace with new collectors in emerging economies who may contribute towards protecting it from the current international economic situation. This fundamental shift in the geography of art buying is revealed in a new report commissioned by The European Fine Art Foundation.
The report, Globalisation and the Art Market, Emerging Economies and the Art Trade in 2008, has been prepared by Dr Clare McAndrew, a cultural economist specialising in the fine and decorative art market. It is the latest in a series of important annual studies commissioned by TEFAF.
The report takes a detailed look at the growing importance of China, Russia, India and the Middle East in the art market in recent years. It also examines the past and possible future effects of the current world economic climate on international art buying.
Copies of the report can be ordered at €20 each excl. postage. Order now.
TEFAF 2008 Report
A huge growth in the international art market led to sales almost doubling in just four years pushing it to its highest ever recorded annual total of €43.3 billion in 2006. The figures are revealed in a new report commissioned by The European Fine Art Foundation, written by Dr. Clare McAndrew.
The key findings of the survey are:
- The value of art market sales increased by 95% from €22.2 billion in 2002 to a record €43.3 billion in 2006.
- The number of transactions increased by 24% from 25.8 million to 32.1 million during the same period.
- 2005-2006 was a boom year for the art market with sales increasing by 50.3%.
- A huge increase in sales in China has turned it into the fourth largest global art market with a 5% share by value.
- Europe’s share of the art market dropped by 6.3% while the US increased by 2.4%.
- The UK remains the largest market in the European Union with 60% of the European market and a 27% global share.
- Contemporary art has seen the highest growth rates over the last five years and although the US has the largest share of this sector with 47% China now equals the British proportion of 20%.
- The spread of wealth resulting from globalisation may help protect the international market from the effects of a recession.
- Although auction houses have often dominated the headlines, dealers have a 52% share of global sales and art fairs are emerging as an increasingly important method of selling.
The report can be ordered online for €15 exclusive of postage costs. Order now.
CINOA has actively supported and participated in the up-coming TEFEF 2009 Report which will be released in March 2009.
The new study will concentrate mainly on the new emerging art markets: China, India, Russia, and the Middle East. It will look at the impact of these markets on international art sales and focus especially on the effects of new buyers from these areas, and the effect they are having not just in their own markets, but on art sales and businesses around the world.
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