US and UK neck and neck in the auctions market

The US has led the art market for more than 20 years. In the mid-1990s, at the peak of American dominance, it hosted nearly 70% of the world’s fine art sales. Today, this has fallen to 38.7% and the US is on the point of being overtaken by the UK. Between January and July 2002, British auction houses handled 37.6% of the world art market’s turnover. London and Paris rose from the dying embers of the season in a flurry of record sales. Turnover and market shares in both cities were higher than in the first half-year 2001.

Until April, the first season was unusually calm. Sales were repeatedly put back in the nervy climate that followed September 11. It was not until the traditional prestigious sales of May to July that auctioneers began to bring down their hammers on a new era for the art market. In New York, May was less profitable than usual: turnover was down by 32% on May 2001. But London did well out of its June and July auctions with a string of high profile sales, including the famous Slaughter of the Innocents by Peter Paul RUBENS. Knocked down for GBP 45 million, this lot alone constituted 4.4% of the global art market’s turnover for the half-year. When artworks are fetching such high prices, a single sale can dramatically change the market. The fate of auction houses and the year’s profits are decided well before the actual bidding starts and depend on the quality and exceptional character of works unearthed well beforehand. In other words, from the moment the houses start building their catalogues, competition for the best pieces is intense. The economic climate aside, the content of catalogues at the prestige sales in November and December will be crucial in telling us whether the US or the UK will win this year’s race.

France, meanwhile, which has steadily lost ground since the 1980s is little by little edging towards the front again. French auction houses have taken advantage of recent reforms throwing open the auctions market to competition. Turnover at French sales has been 8% up on the first half of 2001 adding an extra 1.7 percentage points to France’s share of the market, which stands at 8.5% since the start of 2002. After a series of prestige auctions held by Sotheby’s and Christie’s in Paris (with the sale of the Alberto GIACOMETTI estate still to come on September 28), France is gradually re-establishing itself as a contender.

In 2002 the art market looks to be regaining its strength in the countries where it was born.

Market Shares 

1st half 2002

1st half 2001

United States 

38.7%

45.8%

United Kingdom

37.5%

31.5%

France

8.6%

6.9%

Italia 

2.3%

2.4%

Germany 

2.3%

2.7%

Switezrland 

2.2%

1.6%

Other countries 

8.3%

9.1%