The Old Master market is not dead (ctd.)
July 24 2017
Picture: BAMF
The British Art Market Federation has a new report on the state of the British art market in 2017. It makes fascinating reading, and particularly in the context of Brexit, which I will return to. But for now here's a useful thought on the state of the Old Master market in general, from page 20:
European Old Masters dominate the Old Master sector in the UK, accounting for 94% of the value of Old Master sales in 2016, with only 6% of sales accounted for by non-European artists.
The UK was the largest sales centre for European Old Master works at auction in 2016 with a share of 43% (up 4% year-on-year). Sales of European Old Masters increased in the UK by 16% in value in 2016, by far the best performing of the fine art sectors.
The UK also has the highest share of sales in Europe in the sector, accounting for 71% of the value of EU sales of European Old Master works and 40% of number of lots sold.
"...by far the best performing of the fine art sectors."
With the recent round of sales in both London and New York performing strongly, and with bullish statistics from both this BAMF report as well as the annual Tefaf report, I hope we can now end this myth of a dying Old Master market.
