US$14.4 billion and an increase of 5% by value sold from the previous year in the global Fine Art market. A general view showing the strength regained by the art market in 2013, that reaches the historical peak of 2011 with $ 16.2 billion. This week Artnet, the leading resource to buy, sell, and research Fine Art, has published data on auction sales for the last quarter of 2013, going to complete the general data of the last year. Although this year’s total sales value fell short of the post-recession peak reached in 2011 (US$ 16.2 billion), this figure was particularly promising considering the sluggish performance of the art market in China (-3%) and the United Kingdom this year (-4%). Both countries failed to reach 2012 levels by value and volume sold, although their Q4 results suggest a more promising outlook for 2014. The overall growth of the art market for the fiscal year is directly tied to Q4 performances, when the overall market increased 20% by value from the same period last year. Q4 was marked by significant increases in value sold in the United States (+27%), China (+13%), the United Kingdom (+11%), and France (+8%).
Of the lots offered in 2013, the number of high-value works (works sold for over US$1 million) increased almost 10% from 2012, with 113 works selling for over US$10 million, a new record in auction history. Collectively, these works accounted for over US$2.6 billion, and represented 18% of global Fine Art sold this year by value.
This year, the success of the art market in the United States was shaped by two primary factors: the booming Post-War and Contemporary Market and the dominance of Christie’s. In 2013, sales at Christie’s New York represented roughly half (47.6%) of the value of art sold in the United States, grossing US$2.3 billion in sales in Fine Art alone, up 30% from value sold in 2012. Over 40% of the value sold at Christie’s this year was generated from the famed Post-War and Contemporary sales in May and November, both of which set subsequent new records for value sold during a single auction.
The top 10 artists in 2013 by value sold at auction include:
Andy Warhol – $427.1 million
Pablo Picasso – $422.8 million
Zhang Daqian $320.6 million
Jean-Michel Basquiat $286.8 million
Qi Baishi $265.6 million
Francis Bacon $219.8 million
Gerhard Richter $189 million
Roy Lichtenstein $160.9 million
Zao Wou-Ki $158.3 million
Claude Monet $157.1 million