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Contemporary Art Market Reaches $1.4bn All-Time High Auction Turnover On Increasing Value of Lots

October 7, 2013 by Marion Maneker

Global Post reports on some numbers released by Artprice.com covering the Contemporary art market from June 2012 to June 2013 where the French auction price database saw a 15% rise in sales of Contemporary art over the previous year and topping the all-time high of 2007-2008:

Artprice calculated the total value of such works sold in 2012-13 at 1.047 billion euros ($1.4 billion), surpassing the previous year’s sales by 140 million euros as well as the previous record of 979 million euros, set in 2007-08. […]

Contemporary art still represents only 13 percent of the global art market but its significance is no longer in doubt: only ten years ago the sector’s sales totalled just 75 million euros.

The growth in the value of sales over the last year was not a result of more works coming to market: the total of around 45,000 items was stable.

Sales of Less Elitist Contemporary Art Soar (Global Post)

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Filed Under: Economic Trends

About Marion Maneker

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