Putting a price-tag on works of art

[16.06.2002]

  If you think art prices are prohibitive, think again! Half of all artworks are auctioned at below EUR 1,000. Top hammer prices and other exceptional works auctioned over EUR 100,000 account for only 1.5% of auctioned lots! 15% of works sold are multiples or lithographs and rarely sell for more than EUR 1,500.

Large-scale paintings and other rare and expensive paintings are still exceptions on the market. Auctions fetching over EUR 1 million are rare on the British-American markets and almost unheard of in other cities that hold auctions. Barely one in a thousand works reach this level, but when one does, it is usually at one of the most prestigious auctions during the art market’s high season. Few artists reach the EUR 1 million mark nowadays and in fact only 437 artists have achieved this in the last 10 years.

This means the art market is accessible to all pockets and is a vital fallback when the Paris and New York stock markets are in a slump. In the wake of the events of September 11, the art market remained calm and prices remained unchanged. Since the beginning of the year, prices have continued to rise. Besides the aesthetic and ostentatious pleasures they offer, works of art remain a safe haven commodity – now, more than ever. Breakdown of lots sold by price range and country in 2001 in EUR United States United-Kingdom France World less than 1 000 31,11% 42,67% 51,98% 49,37% 1 000 to10 000 44,87% 41,20% 40,42% 39,08% 10 000 to 100 000 19,09% 13,56% 7,16% 10,03% 100 000 to 1 000 000 4,32% 2,32% 0,43% 1,40% more than 1 000 000 0,61% 0,24% 0,01% 0,12%