Report: Art Basel & UBS 2020: key indicators
ARTinvestment.RU   06 марта 2020

AI results and comments the data of the main analytical report on the art market in 2019

Thursday, March 5, 2020, hosted the event, which analysts art market was expecting since the beginning of the season, — output report The Art Market from 2020 Art Basel & UBS. Many of us have had the opportunity to consider the results of the auction sales at the end of 2019 — on these data and public — and make your own picture in January. However, the most interesting in the report: Art Basel & UBS that led the process of data collection and analysis Clare McAndrew in recent years and provides data on the private market and he is known to be different from the public market. Including its unpredictability.

in Front of you the main figures for 2019, which are now considered to be official:

  • Total sales of art and Antiques reached in 2019 turnover to $64.1 billion, which is 5% lower than last year (at the same time, immediately reminds the report, the turnover of sales above the level of 2017. — AI.);
  • the Number of transactions with objects of art, on the contrary, grew by 2 % compared to the figures of 2018: it sold 40.5 million art objects. This is the highest figure over the last decade;
  • the Turnover of the public market (auction and private sales auction houses, including online) in value terms amounted to 42 % of the total turnover of the art market, which is 4% lower than the same indicator 2018. The turnover of the non-public market (dealers, galleries, and specialized online-площадки) accounted for 58 % of total market turnover. Note that in 2018, according to the Art Basel & UBS, the distance between the public and private sales was less 46% 54 %;
  • Three main regional market — USA, UK and China — in 2019-прежнему provided much of the sales terms. However, their share decreased by 2% in comparison with the figures of 2018 (from 84 % to 82 %);
  • the art Market of the United States remained the largest in the world, it accounted for 44 % of the turnover of the global art-рынка. Despite the fact that the amount of sales decreased by 5 % compared to the year 2018 (to $28.3 billion), the US market maintains a leading position for the last 50 years;
  • After two years of growth, the UK market declined in volume by 9% to $12.7 billion In it accounted for 20% of the turnover of the global art market@the semicolon
  • In China the third year in a row the volume of sales in value terms have continued to decline. In 2019, the decline was 10 % compared to the 2018 year ($11.7 billion). Nevertheless, China has provided 18% of the turnover of the global art-рынка and retained third position in the top of the main players@the semicolon
  • the Only domestic market, which has improved performance in 2019, was France. Pulling European collectors from London due to "Broksita", France increased its share of global sales with 6 % to 7 %, i.e. to $4.2 billion.

the Total sales of the art market, 2009-2019

Figure

the market Turnover, mln

Dynamics of turnover, %

Number of transactions

million units.

Dynamics of number of transactions, %

Year

2018-2019

2009-2019

2018-2019

2009-2019

2009

39,511

62

31,0

34

2010

57,025

35,1

2011

64,550

36,8

2012

56,698

35,5

2013

63,287

36,5

2014

68,273

38,8

2015

63,751

38,1

2016

56,948

36,1

2017

63,683

39,0

2018

67,653

– 5

39,8

2

2019

64,123

40,5

a Brief summary of AI: after a substantial drop in sales in 2008-2009 in the Wake of the global financial crisis, the art market has shown significant growth — with $39.5 billion (2009) to $65 billion (2011). The explosive development of China's domestic market and Chinese art on the international arena has led to the fact that by 2014, sales reached a historic high of $68,2 billion.

In 2019 from-за geopolitical tensions ("Pexit", the impeachment of the President of the United States, unrest in Hong Kong) and an impending trade war (US and China) decreased investment in the real sector and lower global GDP growth (the slowest pace of growth in world GDP after the financial crisis of 2008-2009). In sum, it has created economic uncertainty for the main buyers of art, and as you know, emotional investments are not a major investment in times of stress and world turbulence.

Next, we will briefly present the most interesting data in the report on segments of the art market, and after — will sum the results.

non-public market (galleries and art-дилеры)

  • the Volume of the sector of private galleries and dealers in terms of cost, according to the methodology of calculating indicators Art Basel & UBS, in 2019, reached $36.8 billion thus non-public market increased by 2 % compared with 2018;
  • the Representation of women-художников galleries in the primary market increased by 8 % (from 36% to 44 %). The share of sales of "women's art" also increased from 32% in 2018, up to 40% in 2019.

the Public market (auction house)

  • Total sales at public auction items of fine and decorative art and Antiques (excluding private sales auction houses) reached in 2019, $ 24.2 billion Is 17% lower compared to the indicators of 2018. It is noteworthy that the greatest drop in turnover was exhibited in three world auction centers: new-Йорке, London and Hong Kong, while the turnover decline in regional sales was smaller;
  • Despite the decline in sales at public auction,private sales auction houses raised (including those by Christie's and Sotheby's) to $1.8 billion.

Art-ярмарки

  • the Volume of sales at the fairs in 2019 reached $16.6 billion (in 2018 — $16.5 billion);
  • 15% of the sales were made before the opening of the fairs ($2.5 billion), 64 % — during fairs ($10.6 billion) and 21 % after the fairs, as a direct result of exhibiting at fairs ($3.5 billion);
  • the Share of sales at the fairs in the annual total volume of galleries and dealers increased in monetary terms less than 30 % in 2010 to 45% in 2019. However, relatively 2018, it decreased by 1 %.

Online-продажи art

  • Online-продажи art objects and Antiques in 2019 is estimated at $5.9 billion, which is 2 % less than the results in 2018. While the turnover of art sold via the Internet amounted to 9% of all sales at the art-рынке in monetary terms.
  • In 2019 57 % of art buyers at specialized online-площадках made a purchase on these resources for the first time. For auction houses "second tier" (except for Christie's and Sotheby's. — AI.) new online-покупатели paid 34 % of the total number of purchases.

Collectors

  • the Survey of more than 1.3 thousand HNW collectors (with own capital of more than $1 million — AI.), conducted by Arts Economics and UBS Investor Watch seven international markets, showed that Millennials (born 1980-2000. — AI.) has gained the largest number of art and spent the most in monetary terms. The average cost per collector is a new generation of $3 million over the last two years.
  • the Majority of HNW collectors also observed the highest frequency of resale of art objects by collectors-миллениалов. The average period between purchase and subsequent sale was a little less than four years.

Infrastructure art-рынка

  • In 2019 the world market of art objects and Antiques there were about 311 thousand companies, which employ 3 million people (1 thousand more than in 2018);
  • Of them in the non-public sector market — 297 thousand companies and more than 2.7 million people. 62% of employed in this sector were women, while 56 % of employees of both sexes were younger than 40 years;
  • In the public sector market in 14 thousand companies worked 285 thousand people, 1% more than 2018;
  • In 2019, companies in the art market, spent $19.9 billion for support services directly related to their business (the management of collections, transportation, insurance, storage, online-приложения, etc.). In turn, companies that provide these services, provided 369 thousand jobs.
  • the Largest portion of these costs (23 %, or $4.6 billion) was associated with paying presence on the art-ярмарках (and it concerned only the players of the non-public market — dealers and galleries). However, this expensive item was reduced compared to 2018 at 4 %.

Comment AI: I Want to believe that international and domestic media correctly will give the essence of the report: Art Basel & UBS: the turnover of the art market decreased due to objective reasons, not fell, collapsed or failed. At the same time, which is not typical for the crisis, has increased the number of transactions, i.e., sold and simultaneously acquired operations. Drawsattention and the growing distance between nonpublic and public markets in 2019 dealer sales (covering both primary and secondary market) increased moderately, while the sector of auction sales declined. Finally, it became more clearly defined a new class of collectors-миллениалов — as a demographically and activity buyings.

the Demographics of collectors and artists causes an individual interest in the report. Namely, as regards the presence of women. In 2019, the gallery became not only conclude with artists long-term contracts and expose them, but also actively to take their work at art-ярмарки for sale. Primarily this is due to the increase in the number of women among modern collectors, helped by high-profile sales at auction – in particular, Tamara de Lempicka.

In 2020, the improvement of market performance should be expected. Most likely, he will drop even more in volume — in the first place from-за coronavirus, which has already canceled many international fairs and, perhaps, will bring further major auction online. However, the situation of the global epidemic, which the contemporary art market is facing for the first time in history, oddly enough, may be able the market to improve: the proposal restrained in a calendar year, able to give a new emotional impetus to the next season. If this happens and the results of sales in 2021 will be the best in the history of art-рынка, we all have to bring the epidemic to the calendar as an inevitable tool for the recovery of the market, every ten years.

of Individual markets and their indicators in the report: Art Basel & UBS 2020 we will examine in the following materials AI.



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