MARKET SEGMENTATION OF THE WESTERN ART MARKET
Breaking the art market into segments allows the use of simple and effective analysis tools. In the Western art world, the most commonly used divisions are periods and media as these categories are best suited to the structure of the market. They can be used to observe market trends, but also allow a focus on intrinsic market specificities.
Old masterpieces are extremely rare on the market these days because the majority either belong to Museums or have been acquired by collectors who usually hold on to them for generations. An Old Masters collector has a very different profile from a Contemporary art collector who is much more sensitive to modish considerations and price fluctuations. The major periods (subjective market subdivisions) each have specific characteristics that deserve to be underscored. And on the basis of our analysis of the relative price indices for each period, we have observed that the art market is increasingly focusing its attention on 20th century art, to the detriment of other more distant periods.
Annual Global Art Market Report 2014 by Artprice & Artron will be online March 3, 2014