Posts Tagged ‘Contemporary art’
Demand for Contemporary art is in many ways “bulimic”. But which media are the most sought-after? How has supply and demand for paintings, sculptures, drawings, photographs and prints evolved and what are the most profitable segments for auction operators? Our analysis is based on artworks sold between mid-2012 and the end of June 2013.
The rapid growth in supply and demand of Contemporary art and the concomitant development of the segment’s high-end has in fact benefited all its media. Besides the constant new records generated by traditional paintings on canvas, drawing is the second hottest medium on the market. The number of drawings sold worldwide this year reached a record (over 10,700 lots for the period July 2012 – June 2013) that was seven times higher than the number of drawings sold over the same period 10 years earlier. The growth in the segment’s revenue has been five times faster than that… representing thirty-six times the volume of turnover generated over the same period ten years earlier and increasing no less than 25% this past year compared with the previous year (July 2012 – June 2013 versus July 2011 – June 2012 ). Several factors have underpinned this growth: in the West, inflation on the painting segment has naturally pushed many buyers towards the more affordable drawing segment, and in China, a tidal wave of Contemporary ink works has hit the market with a significant impact on the segment’s global turnover. Read the rest of this entry »