It is safe to say the global arts market is booming, with people showing greater interest in creative artwork, and the profile of the art aficionado constantly developing. Art is being enjoyed by the masses and is everywhere you go, in the office, at the station, in fast food restaurants. This greater awareness means people are more appreciative of high quality art.
In 2014, the global market hit its highest ever-recorded level, a total of just over €51 billion worldwide, a 7% year-on-year increase taking it above the 2007 pre-recession level of €48 billion. This rise means that the market’s value had doubled in size over the previous decade. In May 2015, Picasso’s ‘Women of Algiers (Version O)’ sold for $179m at Christie’s in New York, breaking the world record for the highest sale at auction.
The US is the largest single market, accounting for 39% of the global market. The UK, along with China, is the second largest with 22% of global share, and The Curators is fortunate enough to be based in one of the most vibrant, art-appreciating countries in the world, with a huge talent pool.
Moreover, the UK art market accounts for two-thirds of the entire European art market. The global art market is dominated by the three major art markets of the US (39%), China (22%) and the UK (22%), while by sector, post war and contemporary art continued to lead (with 48% of all fine art auction sales) with sales of modern art accounting for 28% of the global fine art auction market1.