Art Market Blog – Art Market Facts and Figures from 2007

Art Market Blog – Art Market Facts and Figures from 2007

explosion.jpg2007 saw an explosion of the price of art around the globe resulting in one of the most significant years that the art market has ever seen so I thought that I would put together a few interesting facts and figures that represent the achievements and milestones of 2007.

-Auction house Bonham’s totalled $590 Million in sales in 2007 which was a 25% increase over 2006

-Sotheby’s and Christie’s each sold about $6 Billion dollars of art in 2007

-According to the European Fine Art Foundation the value of global art market sales increased 95% between 2002 and 2006

-In 2007 Christie’s sold a total of 793 works at auction for over $1 million

-During 2007 Christie’s achieved the highest half yearly sales total in art market history

-Auction sale price guarantees had risen to an estimated $800 million by November 2007

-Sotheby’s net profit for the nine months to September 07 was $111 million which is triple that of the previous year.

-The combined total of Russian art sold by Christie’s and Sotheby’s in 2007 was $324.9 million, an increase of 45% over 2006

-The record for the most spent at a single auction was set by Christie’s with their November 2007 sale of Impressionist art which brought in $491.4 million

-Damien Hirst became the most expensive living artist at auction with the sale of his Lullaby Spring pill cabinet for $19.1 million at Sotheby’s in June 2007 which was the eclipsed by Jeff Koons whose Hanging Heart sold in November 2007 for 23.6 million making Koons the most expensive living artist at auction.

-A Mark Rothko painting became the most expensive work of post-war art sold at auction when it sold for $72.8 million at Sotheby’s New York in May 07

Nick**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

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10 Responses

  1. […] In Memory and Honor of Dr. Martin Luther King, Jr. – TalkLeft: The Politics Of Crime wrote an interesting post today on Art Market Blog – Art Market Facts and Figures from 2007 « ArtHere’s a quick excerptTagged by artnotice under art investment, artist, art market, art news, art blog, arts, […]

  2. Nick,
    Sounds great for those of us who have gone “stellular”. How about the rest of us rabble? Sadly, sales are few and far between. I think those of us on the other end of the spectrum are so undervalued and so eclipsed by the stellular ones with connections, most of the world will never know how brightly we shine.

  3. Dear Debra,

    Thanks for the comment. I know that it is hard being an artist and there is so much talent that never gets recognised. It is unfortunate that in order for an artist to get recognised these days they have to almost become a business and a brand.

    Nicholas Forrest
    artmarketblog.com

  4. pooooooop

  5. Вот это да!

  6. Hi Nich,
    Can you tell me where I can find statistics and forecasts for the European Art Market?
    Thanks for your help!
    Astrid

  7. Interesting piece of blog

  8. no os habГ©is equivocado

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