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‡ ×he buying and selling of high

quality oil paintings is truly an
international activity. Buyers and
sellers from all over the world
convene at auction sales, galleries,
and private homes to exchange
high quality works of art.

‡ result of complex
interactions than can usually
not be explained by economic
theory.
`

 @
   




‡ ^ 
 ‡ ^ 

uorks priced from $50,000 ×he works are transportable

and up to $1-6M. oil paintings on canvas.

×he bulk of the works sell

from $50,000 to $500,000.

nly a few $1-2M paintings a
year are sold.
×he $3M, $4M and $5M sales
are works by artists like
Rembrandt. Spectacular
paintings like these only appear
on the market every few years.
[ometimes, works are painted
on wood, as in old, European
altarpieces.

ccasionally, very old works
may have been done on stucco,
and new works may have used
some form of plastic.

`

@
   



‡ rxists only in cities with financial
and cultural capital that attracts
ongoing concentration of market
activity
‡ ` network of international economic
activity in major world cities: New
York, London, Paris, Berlin, Geneva,
Milan, Tokyo, Hong Kong
‡ he U.S. leads the world market for
contemporary art with 50% of sales
‡ ew emerging art markets: China,
India, Russia, and the Middle East
`

‡ `lthough auction houses have often
dominated the headlines, dealers:
52% share of global sales; art fairs
are emerging as an increasingly
important method of selling.
‡ urrent art market is being driven
by influx of a new demographic of
younger buyers and collectors
‡ ar less sensitive to economic crises
and geopolitical events than other
assets ± long term stability
‡ onsiderably less volatile than the
stock market
@
   




 `

  


    
`
 r
 


 
± `rtists
± ©ealers and Galleries
± ollectors, Buyers (individual, corporate, institutional)
± `uction houses
± `rt consultants and Advisors
± `rt investment services and funds
± useums and all museum professionals
± `rt media: press, magazines and journals, websites
± `rt Fairs
± iennials, international art forums like Documenta
± `rt market services (e.g., Artnet, information aggregators, databases)

`

@
   




`
 
`

 
 
‡ Art prices develop completely or largely independently of the stock
markets or other investments such as bonds or commodities

‡ There are many factors which determine the value of an artists work but the
main influence is the career progression of the artist

‡ Price Index:

`

`@   



‡ 2008 - a turning point, beginning in a mood of speculative euphoria

and ending in violent contraction
‡ The art market fell victim to the economic and financial crisis as it
spread round the globe
‡ The two most dynamic art market places swapped positions in the
global auction revenue ranking as London ousted New York from
first place ± new capital of the art market
‡ A huge increase in sales in China has turned it into the fourth
largest global art market with a 5% share by value
‡ Contemporary art has seen the highest growth rates over the last
five years

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‡ Art ± popular marker of wealth and social status in many cultures

‡ The most important art markets:

ew York
%ondon
^aris

‡ Fine art is in fact a very stable investment

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