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NYC Grows but Loses Ground in Art Auctions
China moves into a position typically occupied by France
Thomas Johansmeyer (tomj)     Print Article 
Published 2008-04-16 04:14 (KST)   
Geographically, New York City remains the world's art seller for another year. But, the competition is gaining ground.

While New York keeps its No. 1 spot by contributing 43 percent of the world's art auction revenue (according to a report by ArtPrice.com), competition is increasing, particularly for London and China.

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Art auction revenue in New York grew at an aggressive 34.5 percent rate in 2007. A substantial 609 sales surpassed the US$1 million threshold.

Art Market Trends 2007, published by ArtPrice.com, reports that "contemporary and post-war art generated the biggest returns" for the first time in history. This category edged past the Moderns (for example, Picasso) and Impressionists for example, Renoir).

The top sales included works by Mark Rothko ($65 million), Andy Warhol ($64 million) and Francis Bacon ($47 million).

Despite substantial growth in New York, the city lost 1.89 percentage points of market share.

London, with a global art auction market share of 30 percent, gained 2.5 percentage points of market share relative to 2006 results.

London's gains were led by auction activity for works by Bacon, Damien Hirst and Lucian Freud. Hirst's "Lullaby Spring" sold for approximately $17 million after having been estimated at up to $8 million at Sotheby's.

According to ArtPrice.com, international auction houses helped push China to third in global art auction market share, moving it into a position typically occupied by France. This growth was aided by 75 sales of at least $1 million.

France finished 2007 fourth in market share but still had a strong year. Prices were up 29.3 percent year-over year, representing a strong auction market in France.
©2008 OhmyNews
Other articles by reporter Thomas Johansmeyer

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