China regains leadership of the global art market in first half of 2016 – El Nuevo Herald

China, displaced last year by the United States regained its status as a world leader in art market downward during the first half of 2016, a surprise in a context of a slowdown in the second economy in the world.

despite the latter, “against all expectations, (China) again became world number one,” said Thierry Ehrmann, founder and CEO of Artprice, in a semiannual balance auction statement to AFP.

globally, the art market turnover in the first six months of the year $ 6.530 million ($ 5.900 million), including expenses, down from 15% over the same period of 2015.

“the contraction in turnover in the art market seems so huge because 2014 and 2015 had begun absolutely exceptional, recording sessions historical sales and record (price) amazing,” according to Artprice.

While the market remains dynamic in the number of transactions (2.3% more than the previous year), low amounts is explained by a “shortage” of sales of “masterpieces” in the Western market, underlines this French company, leader of information on the art market.

the falls were particularly strong in New York (-49%) and London (-30%). The Christie’s in London, home for example, only had 12 sales above 10 million during the first half of the year, against 31 last year in the same period.

The demand for “masterpieces” it is in full evolution: once “essentially structured by the ego of billionaires and big collectors” now also depends museums, increasingly numerous worldwide

potential sellers would find themselves in. a phase of evaluating the impact of this new situation on prices of works of art and would be “doing time”, according to Ehrmann.

in this context, China and regains its range leader, with a turnover $ 2.300 million biannual, up nearly 20%. The Asian giant currently accounts for 35% of the world market.

After five years of dominance, last year gave first place to the United States, which in 2016 fell to the second step, with a turnover of $ 1.700 million, equivalent to 26% of the world market.

China benefits in particular from the dynamism of Hong Kong (+ 10%), “one large square in the world that continues to grow”. In particular, according to analyzes Artprice, thanks to the recovery of some degree of confidence by investors, thanks to a new “extremely severe” legislation against defaults.

Britain, Third World Square , recorded a turnover of $ 1.400 billion, well ahead of France, fourth with $ 302 million.

the result of the recent referendum on the “Brexit”, despite fears caused at first on the market art, would not impact since the “flow” between England and the continent is “very weak”, according to Ehrmann.

as for the artists, the best sold was Picasso, whose works generated $ 63 million from the sale of 1,718 lots worldwide. Outperforms Chinese painters Zhang Daqian ($ 34 million with 286 lots) and Wu Guanzhong ($ 30 million with 74 lots).