Auction: France in fourth place in the art market

Even though auction sales worldwide contracted in 2019, there have never been so many items sold since 1945 for a total of $ 13.3 billion.

France signed the best performance in its history by improving its auction sales revenue by + 18% with $ 830 million. It thus ranks fourth among the powers of the art market. Even if the United Kingdom in third place weighs 2.5 times more than France. In terms of objects sold, France is second, with 82,000 lots sold in 2019, just behind the United States (99,000 lots sold).

"Les meules" by Claude Monet sold for $ 110 million in New York, the "Rabbit" by Jeff Koons for $ 91 million or even $ 88 million for Buffalo II by Robert Rauschenberg remain the winning trio of objects sold at auction in 2019.

Jeff Koons / Christie's Rabbit

In 2019, according to Artprice's annual report, the art market showed great vitality. A total of 550,000 lots were traded in auction rooms, an absolute record for 75 years. This is partly explained by the internet, which has facilitated access to information on the art market and the development of the market in Asia and South America. However, turnover contracted by 14% compared to the previous year.

Buffalo II by Robert Rauschenberg / Christie's

The explanation is by no means alarming. This year, even if demand continues to grow for Contemporary and Post-War Art, 2019 has not seen the sale of major pieces by Picasso, Modigliani or Giacometti. Only Claude Monet's canvas has exceeded $ 100 million. Overall, 90% of the lots being sold for less than $ 17,000.

According to Artprice, the art market is showing a certain maturity and has become much less speculative than in the past. On average prices increased by 0.48%. In addition, the rate of unsold goods is 38%.

Street Art sought by collectors

For the record, a market is considered speculative if the rate of unsold goods is less than 20%. If the rate exceeds 60%, it means that the market is in crisis. According to Artprice, this market remains a good financial investment. The revenue from sales has quadrupled since 2000. For example, the Artprice100 index (global and planetary index on ancient, modern and contemporary art) shows an increase of + 396% since 2000 so the interest rates of banks are rather close to zero.

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In 2019, several trends marked the auction: Street Art imposed itself in auction rooms with its own stars: Kaws and Banksy. There are also African-American and African artists who recover their place in history and on the market. Kerry James Marshall climbs to 55th place in the Artprice ranking.