The European market strengthens its leadership in first half 2002

The European art market is winning its face-off with the US. France, the UK, Germany, Italy, Spain and Scandinavia currently account for almost 80% of sales volumes.

Europe is driving fresh momentum in the art market and is strengthening its position as market leader. With a H1 2002 market share of 55% in value terms, Europe has a clear lead over the US, which only accounted for 41.7% of total receipts. Ten years ago, the situation was completely different. In 1992 the US generated almost 68% of global receipts on fine art sales, through auctions at Christie’s and Sothebys. Since then, the two main auction houses have shifted their focus to alternative platforms. A decentralised approach has been adopted as a way to cut costs, find quality art works and develop closer relationships with buyers. Their strategy is now to sell works close to where they are produced and in this respect Europe is the main powerhouse. Moreover, in ten years, US sales volumes have fallen 24% versus a rise of over 62% in Europe.

Thanks to a surge in the number of prestigious art auctions held in London, Amsterdam and Paris, the turnover generated in Europe has grown fivefold since 1992. In the wake of the attacks on September 11, the Wall Street crash and the collapse of Worldcom, another symbol of American power now appears to be under threat. The US has seen its market share shrink by almost 8 points in just six months. Against a backdrop of falling receipts worldwide, it goes without saying that the US market has been worse hit than Europe, posting a 30% year-on-year decline in H1 2002.

With the new season just around the corner, art collectors seem to have turned their attention firmly to Europe, which is hoping to return to the glory days of yesteryear.