The crisis is over. Especially if you are in the fine art business. In 2014, the global art market grew by 7% compared to the peak year of 2013. In total, the art trade turned over a value of 51 billion euros last year, making that market almost as big as the economy of Uzbekistan.
The internationally authoritative website artnet reports this today in their annual 'TEFAF Art Market Report', which is presented every year at the opening of the chic art fair in Maastricht.
Trends are reaffirmed in it. The big money - and the big gamble - is in contemporary art: 24.4 billion is spent on art made after World War II. This makes that trade grow 19% compared to 2013. The Piketty factor is also playing an increasing role: the rich are getting richer faster and faster, the poor are getting poorer. That 51 billion art trade includes 1530 works of art worth more than 1 million euros, and there are even 96 that fetched more than 10 million. A growth of 17 per cent.
By the way, you don't buy those expensive works through Marketplace. Turns out. The online trade in art, 6.6% of the total market, is mainly about artworks that fetch between 1,000 and 50,000 euros. The middle segment, according to Artnet.
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