Artnet has had a sneak peak at the yearly report from TEFAF Art Market Report and one of its findings is that the art market is worth over 51Billion euros.
Other highlights from the report are :
- The distribution of sales by value in the global art market dominated by the US (39 percent); China (22 percent); and the UK (also 22 percent).
- Approximately 1,530 lots were sold at auction for over €1 million in 2014 (this includes 96 lots for more than €10 million), up nearly 17 percent from 2013.
- The dealer sector was estimated to account for around 52 percent of the global art and antiques market by value, or some €26.4 billion in 2014.
- In 2014 postwar and contemporary art was the largest sector of the fine art market, representing 48 percent of all fine art sales by value. Auction sales of postwar and contemporary art reached €5.9 billion, up 19 percent on 2013 and the highest total ever recorded.
- The US was the key center worldwide for sales of postwar and contemporary art with a share of 46 percent of the market by value.
- Sales of modern art were the second largest, accounting for 28 percent of the global fine art auction market with auction sales of €3.3 billion.
- In 2014, there were 180 major art fairs with an international element, covering fine and decorative art. The top 22 fairs generated visitors in excess of one million.
- Sales made at fairs accounted for a reported 40 percent of all dealer sales in 2014 or an estimated €9.8 billion.
- In 2014, sales of art online were estimated conservatively to have reached €3.3 billion, or around six percent of global art and antiques sales by value.
- The middle market has been the focal point for online selling with the majority of sales taking place between about $1,000 and $50,000.
