According to thierry Ehrmann, President and Founder of Artprice, the alliance with AMMA (Art Market Monitor of Artron) is set to last over time, with excellence in mind, for the East and West to produce the best possible Art Market information in terms of quality. thierry Ehrmann commented: ‘The global Fine Art Market posted a new record level of activity in 2014, with a total auction turnover of $15.2 billion, up 26% compared with 2013 ($12.5 billion) and more than 300% compared with a decade earlier. This growth was largely driven by the Chinese market and the Chinese economy, but also by an intensifi cation of the ultra‑high end segment of the Western art market. In terms of transaction volumes, the number of artworks sold in the world was stable versus 2013 at 505,000. The unsold rate has been perfectly stable for the last four years, at 37% in the West and 54% in the East, which shows a clear lack of speculation.
In 2014, China returned to the global leader position with total auction turnover of $5.66 billion, down 5% versus 2013. From a segment perspec‑ tive, China’s Contemporary art market showed the sharpest contraction (‑14%); but traditional painting and calligraphy, which represents 84.3% of the Chinese art market, also showed signs of fatigue (‑3.9%). In the Western world, the art market posted a spectacular progression in the USA with an annual growth rate of 21%.
The world’s most powerful economy therefore retains its second place on the art market with a short‑ fall of nearly $800 million versus China. With a 2014 auction turnover of $4.88 billion, the USA posted its best‑ever auction market total. The UK remained in 3rd place with $2.87 billion (up an exceptional 35% on the previous year) ahead of France ($496 million, ‑10% in 2014), Germany ($219 million, +3%), Switzerland ($146 million, -8%) and Italy ($123 million, +11%).
Annual Global Art Market Report 2014 will be online March 3, 2014