How do the art market heavyweights measure up?
[15.06.2003]
The world’s top ten artists by turnover (see rankings) generated USD506 million at auction in 2002. With only 1.7% of total transaction volumes they represent 20% of the art market. Although over 48,000 different artists had lots sold at auction last year, the proceeds of sales remain concentrated among a handful of top names. Interestingly, though, the market share the top ten command is shrinking year by year. In 1999 it was over 24%, and in that year the list also included more high-priced impressionists and post-impressionists: Paul CÉZANNE, Vincent VAN GOGH, Georges Pierre SEURAT and Pierre-Auguste RENOIR. They have now dropped out to be replaced by Peter Paul RUBENS and more recent artists such as Fernand LÉGER, Gerhard RICHTER and Alberto GIACOMETTI.
The big exception is Pablo PICASSO, who has been comfortably anchored in the top spot for more than 10 years. Picassos alone turn over USD83 million on the world’s auction floors annually. With 3.3% of all fine art sales his supremacy is unchallenged. He is market leader for prints and ceramics, number two in drawings, number four in paintings. Every year nearly 1,400 Picasso works change hands, two thirds being prints
But, while Picasso may sell well in nearly every country in the world he is not actually the market leader in any national market. In France, sculptor Alberto Giacometti heads the list, with USD76.8 million, thanks largely to the inheritance sale held on 28 September 2002 (see ArtMarketInsight on 12 September 2002). In the US, Andy Warhol dominates with USD55.9 million, though Picasso comes second with USD37.8 million. As a general rule local artists dominate each national market, for example Germany’s Emil Hansen Nolde, Italy’s Giorgio de Chirico, Australia’s Brett Whitely or Sweden’s Anders Leonard Zom, all of whom are the best sellers in their home countries.
Top-selling artists at auction in each country: 2002 (USD million)
France
76,8
UK
76,4
US
55,9
Germany
44,3
Switzerland
12,1
Sweden
4,4
Italy
3,6
Canada
2,9
Australia
2,4