The major capitals of the market
In 2014, the Art Market’s major capitals consolidated their dominance just a little further. New York ($4.68 billion) and London ($2.84 billion) accounted for almost half the global art market, together generating $7.5 billion in auction turnover (out of a global total of $15.21 billion), ahead of Beijing ($2.6 billion) and Hong Kong ($906 million). Closely followed by Shanghai ($422 million), Paris ($425 million) retains its 5th place, a position that it intends to defend. Several Parisian auction houses have made strategic choices in the past twelve months to strengthen their positions and raise their turnover. New alliances are underway that could change the current global ranking. We take a closer look at the strongholds of the Western art market with a statistical analysis of the 2014 performances in New York, London and Paris.
Annual Global Art Market Report 2014 by Artprice & Artron will be online March 3, 2014