TEFAF Report on Recession

TEFAF commissions a report on the art market from Art Economics, a consulting firm run by Dr. Clare McAndrew, to analyze the global art market. You can buy the report here. We’ve made some charts from the data in the report. We’ll post those later.

  • Global sales of art and antiques are divided between auction houses and dealers, which shared approximately 45% and 55% of the market respectively
  • In 2008, total sales in the global market for fine and decorative art reached just over €42.2 billion, down over 12% from its peak in 2007 of €48.1 billion. In 2009, sales are estimated to have slipped further, dropping by about 26% to €31.3 billion as the effects of the global recession filtered down to some sectors of the art market.
  • The EU was a net exporter of art in 2008, with exports of €5.5 billion exceeding imports of €4.9 billion. The US is the largest global trader of art and a net exporter in 2008 with €5.2 billion in exports and €4.9 in imports.
  • There are currently over 400,000 listed businesses in the art market worldwide. These businesses support close to 2 million jobs and also a substantial amount of indirect employment and revenue through links to a range of other industries associated with the art trade.
  • The middle market (in terms of prices) appears to have been one of the worst hit by the global recession in 2008 and 2009, while the very high and very low ends of the market have fared better.