THE contemporary

The contemporary art market
United States
39.9%
China
21.2%
Germany
10.9%
United Kingdom
10.8%
Italy
2.6%
Other
8.5%
France
0.8%
Brazil
0.8%
Japan
2.1%
India
1.6%
Switzerland
0.9%
Revenue from Contemporary Art Auctions by artist nationality July 2014 – June 2015
© ARTPRICE.COM
Americans and the Chinese, the best performing
nationalities on the Contemporary art auction market
are the Germans (10.8% of the market), followed
by the British (10.7%), the Italians (2.6%), the
Japanese (2%), the Indians (1.5%), the Swiss (0.9%),
the Brazilians (0.8%) and the French (0.8%).
It is difficult not to notice France’s low position
in this ranking. Clearly France does not provide a
sufficiently favourable environment for its artists
to shine in the ultra-competitive global market.
Under-represented in the global rankings, French
artists often emigrate in order to enhance their
chances of survival and success, their home market
being insufficiently dynamic. Although France is
the 4th best national marketplace for Contemporary
art, its turnover is marginal ($35.5 million, i.e.
2% of global turnover) compared with the three
major art market powers. France’s auction market
is particularly lacklustre with more than half the
works offered remaining unsold (56%). Not considered
one of the best markets for the sale of prestige
artworks, the French market maintains a certain
dynamism on the back of a denser and cheaper offer
than other countries 1 .
While the French auction market is stagnating (it
would have completely collapsed a long time ago
were it not for Christie’s and Sotheby’s Parisian out-
1) France represents 10% of global transaction volume
(lots sold).
lets 2 ), the UK’s auction turnover on Contemporary
art has posted an extraordinary growth rate of
74%, confirming London’s growing power on the
global art map (London accounted for 99% of the
UK’s Contemporary art auction turnover). With a
turnover total of $410 million, representing 23% of
global auction turnover from Contemporary art,
the UK belittles the turnover generated on Continental
Europe. It retains its 3rd position in the
country ranking and has considerably narrowed
the gap with China. The previous year, the two powers
were separated by $630 million. This year the
gap is only $130 million.
London is the historical European marketplace.
Christie’s, the world’s most powerful auction operator,
was founded in London in 1766. Today the
firm largely dominates its international rivals on
the Contemporary art sector, accounting for no less
than 37% of the market’s global turnover 3 . After
New York, London is where Christie’s, Sotheby’s
and Phillips generate their best results, often with
the same artists (Peter Doig, Christopher Wool,
Jean-Michel Basquiat, Martin Kippenberger are
the best London performers in terms of turnover).
Nevertheless, London does have a certain speci-
2) The Anglo-Saxon auction houses now dominate France’s
secondary art market. Sotheby’s and Christie’s today
account for 2/3 of France’s Fine Art auction turnover, all
periods combined.
3) Christie’s global turnover from Contemporary art was
$649 million for the 2014/2015 period.
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