TEFAF Art Market Report Reveals Contemporary Art Domination In 2015
The 2015 TEFAF art market report has been released reporting a staggering €51 Billion £36b world wide market. Growth especially in the online art market added €3.3 billion (£2.3b) 6% to the total. The middle market (priced between £1000-£30,000) accounted for much of online selling.
Post-War and Contemporary art accounted for almost half of total spend at auction The US continued to be the largest single market with a 39% share at €19.9bn, with the UK and China in joint second place with 22% of global share each at €11.2bn. This was a 2% increase in share for the UK and 2% fall for China. The UK art market accounted for two thirds of the European sector. The US increased its market share by 1% in 2014,but all and all the market remained buoyant and stable.
The report shows that post-War and Contemporary art at auction grew in volume and value outstripping the 2007 high of €3.49bn by 2011. At an all-time high of €5.88bn for 2014 - a year-on-year increase of 19% - they have quadrupled the €1.42bn post-crash low of 2009.
The TEFAF report was commissioned by The European Fine Art Foundation, organisers of The European Fine Art Fair (TEFAF), which opened to the public on Friday 13th March and continues until 22nd March at the MECC in Maastricht, The Netherlands. Dr. Clare McAndrew, a cultural economist specialising in the fine and decorative art market and founder of Art Economics, has researched and written the report. Representing the best that is currently available for sale from 7,000 years of art history, TEFAF Maastricht is the world’s leading event of its kind, renowned for its commitment to excellence, expertise and elegance.