Art sales fell in 2016, with China the biggest market

Flag of ChinaFlag of China. Photo Wikipedia

Last year was a relatively poor one for sales of art worldwide. The sale of very valuable works was halved, according to Artprice.
The statistics also show that China once again boasts the position as the world’s largest art market.

Altogether, art was sold for $12.5 billion (NOK 105 billion) at art auctions worldwide in 2016. That was 22% less than in 2015, when art was sold for $16.1 billion (NOK 135 billion). These figures were revealed in a list submitted by Artprice on Monday.

‘On every continent, select sellers are assuming a ‘wait and see’ attitude, says Artprice’s CEO, Thierry Ehrmann.

According to the report, China has now established itself as the world’s ‘superpower’ when it comes to art sales. Having been enthroned at the very top for five years, the country lost first place to the United States in 2015, but now the Chinese are back on top.

Last year, art was sold for $4.8 billion (NOK 40 billion) at auctions in China, which is a new record for the country.

 

Source: NTB scanpix / Norway Today

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