Global art market recovers. The dynamics of this process can not but rejoice professionals. Market drivers are the very wealthy buyers of masterpieces of Asian and activity rich. For Russian art, too, there are positive signals

During the first half of 2010 the global turnover of the auction of the art market has exceeded 2.9 billion Euro. great merit in this belongs to the two market leaders out of reach - Sotheby's and Christie's. The auction giant reported an increase in annual revenue by 67 and 140%respectively (compared to the first half of 2009).

reasons for this rapid recovery of the market are two: collectors and investors bought the work in the upper price segment and increased activity of buyers from Asia.

In 2010, at auction, a significant number of things of the highest level, met with great enthusiasm, have been recorded even nine-digit results. 169 works of art were sold for amounts in excess of 1 million pounds (each). Only admitted to the Christie's evening sale on June 23 "The Art of Impressionism and modernism" brought 152 million pounds ($ 226 million). Interestingly, the total result of the auction is a very high figure for an auction of art in Britain: 8 works were sold over 5 million pounds, 31 work had shifted to one million pounds. Record auction belongs to the work "Portrait of Angel Fernandez de Soto" brush by Pablo Picasso, gone under the hammer for 34.8 million pounds (51,6 million dollars).

• Pablo Picasso
  Portrait of Angel Fernandez de Soto
  (Absinth Drinker). 1903
  Estimate: 30-40 million pounds
  Result: 34.8 million pounds
  Christie's. 06/23/2010. Lot number 8

Giovanna Bertazoni, director of Impressionist and Modern Art Christie's, London, commented on the results the following words: "Buyers from around the world today, fought for the lots, thereby demonstrating the willingness to buy rare and unique works of art».

If we talk about the main competitor, Christie's, then at Sotheby's sale of Impressionist and contemporary art has increased by 188%to 684 million dollars. For example, last June 22 evening sale in this segment yielded 112 million pounds (165 million dollars), with three works went under the hammer for more than $ 10 million pounds, which was the first such result for the auctions held in London. In the auction was attended by collectors from 13 countries. More than half the lots are gone within the estimate. The average lot value was 3.2 million pounds.

second-largest profit in the history of the auction house recorded in the first half of 2010, Sotheby's. To a large extent, this is the merit of the three sales:

• Andre Derain "Trees in Collioure" from the collection of Ambroise Vollard, $ 24 million;
• Henri Matisse "Odalisque playing checkers," 17.4 million dollars;
• «Modern Rome - Campo Vachchino William Turner, 44.9 Millon dollars (a record price for the artist).

• JOSEPH MELLORD William Turner Modern Rome - Campo Vachchino
  Sotheby's. 07/07/2010. Lot number 57
  Estimate: 12-18 million pounds
  Result: 29,721,250 pounds
  Source: sothebys.com

art market continues to gain momentum after the crisis, it became clear even after the largest art fair Tefaf Maastricht, which took place in March of 2010, which was brought works of art more than 2.7 billion dollars.

of the market in the first half of 2010 show, and indices of consumer activity (see fig.). During this period, the average for all segments have been sold 67-68%of lots, while in sections of impressionism and modernism, contemporary art and Russian art of the number of lots sold was 74, 74-76, and 65-68%respectively. The sharp rise in consumer activity was observed in the autumn of last year, due to the completion of the crisis period mainly on the foreign art market. In the first half of 2010 indices of consumer activity has stabilized (and even showed a small increase) in the markedly higher compared to the same period of last year's level. Consistently high level of consumer activity, given that these figures - the average in the respective segments, indicates that the market return to operating condition, without failure, and stir.

• Indices of consumer activity
  blue line - in a segment of impressionism and modernism; red line - the total index of consumer activity;
  green line - in a segment of Russian art;
  gray line, in a segment of contemporary art.

According to the agency artprice.com, in America today is easier to sell the work of $ 100 thousand and more dollars than the product in the price category up to 10 thousand. " At the peak of the crisis, when the market was far from past years, remained unsold, around 38%sverhdorogih lots, in 2010, the same number of failed deals with the works of more 100,000 dropped to 27%. A segment of works valued at a million or more, nekuplennyh things was only 20%.

Surprisingly, the crisis has not affected the art market in China, whose sales amount for the first 6 months of the year reached 322 million euros, up more than a hundred million more than revenue in the first half of 2007 (212 million). The second part of 2009, China surprised everyone by committing transactions at 384.4 million euros, beating on this indicator and France, and Britain and giving way to one-third of the United States. Experts have long believed the Asian market is one of the fastest growing and promising. In the largest auction houses, the third and fourth place are the titans of the market Celestial - Poly and the China Guardian. Five of the fifteen most successful auction houses in the world are based in China. Compared with the first half of 2009 in the auction capital of Asia, Hong Kong, the auction turnover increased by 158%. For the success of Hong Kong is largely responsible at Christie's and Sotheby's, which opened its offices there. The results of the sales the auction house Christies in Asia and the Middle East totaled 215.7 million pounds (323.6 million pounds), increasing performance by 134%(in pounds) compared to the same period last year. The most important result of the first half of the Asian market began its rapid growth, seriously surpassing all other segments of the art world. Vysokoveroyatno that investment in the art of Asia will become one of the most profitable in the next few years.

Russian sales

result of the Russian Trading Christie's and Sothebys' in London in June, including a section of Russian books, showed strong growth on all fronts. At Christie's Russian week was attended by representatives of more than 20 countries around the world, and the number of customers on the phone was a record year for Russian trading. All this testifies to the stability of the art market and confirm the high level of international demand for significant works of art.

top lot Russian Week in June, buyers by persistent struggle "chosen" canvas Kuzma Petrov-Vodkin «Vasya", which never exhibited since 1932. Attracted much attention even during the pre-auction display, it was sold for 1.8 million dollars.

• Kuzma Petrov-Vodkin Vasya
  Oil on canvas. 38 x 53
  Christie's. 08/06/2010. Lot number 41
  Estimate: 250-350 thousand pounds
  Result: 1,833,250 pounds

With the restoration of the market grew and demand, which has become richer and more interesting. Consumer audience continued to gain momentum, increased substantially figure by the number of international buyers at the auction. Estimated auction houses, seriously increased the number of buyers from the Middle East. Segment of the Russian art continues to attract new buyers from the region.

evening auction Sotheby's, held on June 7, 2010, brought $ 15 million (10.4 million pounds pounds), exceeding the upper pre-sale estimate . The volume of trades over the same period last year grew by 81,4%. Top lots evening began work Alexander Yakovlev «Titi and Narang, chief's daughter Eka Bondo, pushed for 2 , 5 million pounds (3.6 million), three times exceeding the Pre-auction expectations, and rare work "Portrait of Zinovy Grzhebina sold for 1.7 million pounds (2.5 million) among the other lots that deserve attention in the evening, I would like to note the work Sergei Vinogradov and Yuri Pimenov , who found buyers for 1,2, 0,6 and 0,4 million pounds, respectively.

Summing up the first half of 2010, we can certainly talk about the positive trends, steady growth and rapid market recovery. Skeptics may lead counterargument - say, gallery-segment did not feel as good as before. But this is a simple explanation: as in previous periods, the auction market is living much better than the galleries. This is due to large-scale advertising company auction houses and the prevailing stereotypes of the buyers. Yes, the Antique Show in early 2010 was not too successful, but, according to the largest gallery owners, the position of the spring was much better and more leisure time was not.

Globally active buyers . Better segment was sold works worth above one million dollars, but in the section of works costing up to $ 100 thousand is a stable demand, and many deals have been concluded.

in highly probable future growth segment of the work of 100,000 to 1 million dollars: the deal for tens of millions of dollars have already stopped to be a rarity, and buyers can afford such investments, becoming smaller. In the coming year, the market's attention will switch from first-class works by artists of world-class in their graphic work, the product of their adherents and followers. Most likely, we will witness a new price records for artists who were in the shadow of his more famous colleagues.

advisable to look to the works of Asian artists, as the boom on them has just begun and you can still have time to skim the cream. But investment in works of Russian artists of the first half of the twentieth century, or at least known representatives Fauves or Expressionists may not be less successful. Contemporary art, proven in the crisis is not the best way, too, recovered rapidly, but again remains the lot of venture capitalists and people with good sense. Indicative of the events on the art market in the second half of 2010 will be the auction block in November - December and make the first conclusions of the market for Russian art we are a couple of days, following the XXIX Russian Antique Salon.

Yegor Molchanov, AI

Source: artinvestment.ru