1、CONTEMPORARY ART MARKET 2011/2012LE RAPPORT ANNUEL ARTPRICETHE ARTPRICE ANNUAL REPORTLE MARCH DE LART CONTEMPORAINLES DERNIRES TENDANCES - THE LATEST TRENDS / LLITE DE LART - THE ART ELITE / ART URBAIN : LA RELVE - URBAN ART: THE NEXT GENERATION / TOP 500 DES ARTISTES ACTUELS LES PLUS COTS - THE TOP

2、-SELLING 500 ARTISTS WORLDWIDE CONTEMPORARY ART MARKET 2011/2012LE RAPPORT ANNUEL ARTPRICETHE ARTPRICE ANNUAL REPORTLE MARCH DE LART CONTEMPORAINSOMMAIRE SUMMARYTHE CONTEMPORARY ART MARKET 2011/2012Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3、 . . . . . . . . . . . . . . . . . . . . page 9THE LATEST TRENDSHow well did Contemporary art sell this year? . . . . . . . . . . . . . . . . . . . . . . . . . . . page 11Relative global market shares : Asia/Europe/USA . . . . . . . . . . . . . . . . . . . . . . . page 12Competition between Beijing

4、and Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 14Europe offers both quantity and quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 15Top 10 auction results in Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5、 . . . . . . . . . . page 16France: a counter-productive market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 17Paris - New York . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 19Paris-London .

6、. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 20Paris-Cannes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 21THE ART ELITE The years records

7、: stepping up by the millions . . . . . . . . . . . . . . . . . . . . . . . . . . page 25China: a crowded elite . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 26New records in painting: Top 3 . . . . . . . . . . . . . . . . . . . . . . .

8、. . . . . . . . . . . . . . . . . . . . page 28The Basquiat myth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 28Glenn Brown, art about art . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9、 . . . . . page 29Christopher Wool revolutionises abstract painting . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 30New records in photography . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 31Jeff Wall: genealogy of a record . . . . .

10、. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 32Polemical works promoted as emblems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 34New records in sculpture & installation . . . . . . . . . . . . . . . . . . . . . . . . . .

11、. . . . . . . . page 36Cady Noland: 4 .2 m for Oozewald . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 36Antony Gormley: new top price for Angel of the North at 3 .4 m . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 36Peter Nortons records o

12、n 8 and 9 November 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 37Wim Delvoye & Jan Fabre, two Flemish artists in the spotlight . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 38GALLERYS INSIGHT Mario Cristiani, Lorenzo Fieschi, Maurizi

13、o Rigillo, Directors at gallery Continua (Italy, China, France) . . . . . . . . . . . . . . . . . . . . . . . . . . . page 41Gael Diercxsens, Director at Gladstone Gallery (Brussels, Belgium) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 41Philippe Valentin, Director at Chez Valenti

14、n Gallery (Paris, France) . . . . . . . . . . . . page 42Cristina Guerra, Director at Cristina Guerra Gallery (Lisbon, Portugal) . . . . . . . . . page 42COLLECTORS INSIGHT Baudouin Michiels (Belgium) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page

15、45Christine and Jean-Claude Rouger (France) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 45Andrei Tretyakov (England) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 46Claire and Christian Deroche (France) . . . . . . .

16、 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 46URBAN ART: THE NEXT GENERATION UK: Beyond Banksymania . . . who else is out there? . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 50A boom for Brazilian urban art? . . . . . . . . . . . . . . . . . . . . . . . . . .

17、. . . . . . . . . . . . . . . . . . page 51United States: always on the money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 52France holds out while Australia comes to life . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 54TOP 500 ARTPR

18、ICE 2011/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 57THE ARTPRICE HEADQUARTERS - CONTEMPORARY ART MUSEUMThe Alchemy between the Abode of Chaos, The Server Group and Artprice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19、. . . . . page 72page 9FOREWORDTHE CONTEMPORARY ART MARKET 2011/2012 ForewordEach year in October, Artprice publishes an overview of the global Contempo-rary art market . This round-up of recent key events and trends uses the auction results recorded between July 2011 and June 2012 for artists born

20、after 1945 as its backbone . The study contains macro- and micro-economic analyses that provide the keys to understanding the evolution of the Contemporary art auction market . It dissects the major market trends analysed throughout the year by Artprices ArtMarketInsight news agency and our economet

21、rics department . To complete this objective survey of the art market, Artprice also offers original rankings such as the top 500 Contemporary artists by auction turnover .China38,79% USA26,10% United Kingdom22,66% France2,47%Taiwan1,36%Germany0,86%Turkey0,74%Singapore0,70%Italy0,70%United Arabic Em

22、irates0,61%Others5,00% artpriceContemporary Art - Top 10 Countries by Auction Turnover (2011/2012)page 11THE LATEST TRENDSTHE LATEST TRENDSHow well did Contemporary art sell this year?The previous 12-month period that we looked at (i .e . July 2010 - June 2011) was a record year with bulimic demand

23、acquiring more than 41,000 works of Contem-porary art throughout the world four times more than at the start of the millen-nium! Those 41,000 Contemporary works fetched more than 915 m in auction turnover (excluding fees), confirming the potential of Contemporary art since it was more than ten times

24、 the annual turnover less than a decade before1 .Today Contemporary art represents big business for auction operators; at the end of 2011, young artists i.e. born after 1945 became a more profitable segment than Old Masters, generating 11% of total global auction revenue compared with less than 4% j

25、ust ten years earlier .With nearly 860 m in total global auction revenue from Contemporary art over the latest 12-month period, we are technically speaking looking at a contraction versus the previous period (- 55 m) . However, this drop in reve-nue (roughly -6%) for an equivalent number of works so

26、ld is nothing alarming and 2011/2012 stands out as the third best performance in the history of the Contemporary art market, behind the peak of the bubble 2007/2008 ( 976 .9 m) 1 859 m between July 2011 and June 2012 versus 88 .3 m between July 2001 and June 2002 .0204060800180200 artpric

27、e200320042005200620072008200920002Contemporary Art - Price indexBase 100 en 2002page 12and the excellent results last year .After 7 years of rising prices, the market contracted sharply in 2008 and 2009, including on the highly speculative Contemporary segment . The fall in art prices was

28、 as sharp as it was short (-43% between January 2008 and late 2009) and our price indicators rapidly recovered (+8% in annual terms recorded in July 2010 followed by +23% in annual terms in July 2011) . This year, the prices of Contem-porary art once again demonstrated good resistance . In a context

29、 of rapidly shrin-king financial markets around the world, they contracted only slightly (-4% between July 2011 and June 2012) and there is no major catastrophe to report . The 38 .5% of Contemporary works that remained unsold at the global level are not enough to worry the market, which has come a

30、long way (43% unsold between late 2008 and early 2009), and while the sold rate was a little over 60% of the submit-ted works last year versus nearly 70% at the very peak of the market, this figure simply reflects higher-than-usual buyer selectivity, a perfectly understandable and healthy reaction i

31、n a market characterised by solid price stability .Relative global market shares : Asia/Europe/USAThe Asian market, especially China, has become the most upscale in the world, ahead of the United States, and way ahead of Europe which is today the densest and the most affordable market . In fact, the

32、 performances in the Eastern planis-phere once again belittled the U .S . and European results . Asia accounted for 43% of Contemporary art auction revenue versus just under 30% for Europe and 26% for the United States . China accounts for 90% of the Asian market and generated 109 million more from

33、Contemporary art than the United States from approxi-mately the same number of works sold (China and the USA each accounted for about 15% of global transactions) .The performance of the Chinese market is carried by the “Chinese Dream” 2nd half1st half0 100,000,000 200,000,000 300,000,000 400,000,000

34、 500,000,000 600,000,000200320042005200620072008200920002 artpriceContemporary Art - Auction Turnover - Breakdown by semesterpage 13THE LATEST TRENDSwhich relies on rapidly successful businessmen, leaders of major groups and other investors who have flocked to the art market to diversify

35、their investments. Some invest in art as though it were a stock market, with artworks that are virtually split into multiples of dematerialized shares . This type of speculation has a future in China where the number of millionaires is rising and where specialized invest-ment funds are constantly po

36、pping up (without much control incidentally) brin-ging an influx of capital to the market. The relationship between art and money is totally uninhibited in China and generates ever more ambitious projects, inclu-ding the creation of the first financial centre dedicated to art in the city of Xianem,

37、near Taiwan. The International Art & Xianem Financial Center is a project im-plemented by Beijing Huachen Auctions, the 24th auction company in the world for Contemporary art sales, to try to impose a new platform via exhibitions, auc-tions and other services linked to art and its market .On the auc

38、tion market, Chinas primary driver is Beijing, supported by the fire-power of Poly International but also by China Guardian, Beijing Hanhai, Rong Bao Beijing Council Interna-tional, Beijing Tranthy Inter-national, Sungari Internatio-nal and Beijing Huachen . For the time being, the market power of t

39、hese Chinese auc-tion houses is derived from their privileged positions in the Asian market (monopoly situations and government support) . They operate exclu-sively on the local market and their international reputations are uniquely based on their exceptional results in situ .Poly International was

40、 foun-ded in 2005 when Sothebys and Christies had a monopoly on the market dating back to the mid-eighteenth century . It did not take long for the Beijing company to be-come one of the worlds major auction companies . It now occupies 4th place in the global revenue ranking of auction operators with

41、 a total revenue of 56 .3 m from Contemporary art sales alone (July 2011-June 2012) behind Christies in first place (with 243 .9 m), Sothebys in second place (with 186 .7 m) and Phillips de Pury & Company in third place (with nearly 90 m) .So what are the keys to the incredibly rapid success of Poly

42、 International? First of all, the operator is part of China Poly Group Corporation1 that was created by the Peoples Liberation Army (PLA) . Subsidized by the Chinese government, Poly International immediately offered an aura of prestige and major financial resources. In addition, Chinese auction ope

43、rators benefited from protectionism via the implementation of government restrictions on foreign sales companies in mainland China . However, Poly International was not content with a purely local business and it set its sight on conquering the Western market, opening a represen-tative office in New

44、 York in March 2012 and participating in a project to open in Hong Kong (also 2012) in order to play in the same league as Christies, Sothebys 1 The group has several different activities including arms dealing, real estate, energy and culture .Contemporary Art - Top 10 Auction Houses by Auction Tur

45、nover (01 July 2011 - 30 June 2012)Auction HouseAuction TurnoverAuction TurnoverChristies 244,006,58028.25%Sothebys 189,004,19321.88%Phillips de Pury & Company 89,961,67410.41%Poly Auction 56,323,5396.52%China Guardian 37,715,0504.37%Hanhai Auction 23,077,5652.67%Rong Bao Auctions 19,877,1132.30%Rav

46、enel Art Group 16,631,4531.93%Council Auction 12,794,0771.48%Xiling Yinshe Auction 12,649,9051.46%Others 161,766,08918.73%page 14and Ravenel. Moreover, Beijings Poly business will soon benefit from the attrac-tiveness of a free port in the brand new Beijing International Airport, which will give the

47、 Chinese capital the same competitive advantages as Hong Kong .In Beijing, as everywhere in mainland China, most auctions companies are under state control and collectors from mainland China almost exclusively buy works created by their compatriots . The majority of them are neither trained nor in-t

48、erested in producing Contemporary Western art that happens to be far removed from their cultural codes . Meanwhile, Western collectors prefer expatriate artists who contrast strongly with the local subsidised production .Competition between Beijing and Hong KongIt is in Beijing and Shanghai, aptly r

49、eferred to as “villages of the cultural in-dustry” by the Chinese state, that the new stars of Chinese painting and sculpture have emerged. However, Zhou Chunya, as Zhang Xiaogang and Zeng Fanzhi, who are among the artists collected by Westerners, began by selling in Taipei and Hong Kong before bein

50、g sold in Beijing, Shanghai and Nanjing . Hong Kong was therefore one of the earliest markets to show signs of openness as of 2005 . The former British colony has become an epicentre of the art market and the combined forces of Christies, Sothebys and Ravenel accounted for 13% of global revenues fro