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New York is world’s art sales capital

Sales in the international art and antiques market reached €47.4 billion in 2013, an increase of 8% on the previous year according to recent statistics released by The European Fine Arts Foundation the world’s leading fair for art, antiques and design.

London Art Fair 2014

The Art Market Report 2014 compiled by TEFAF cites the main factors behind the continuing recovery of the art and antiques market in 2013 as a 25% increase in the value of sales in the United States, which has now firmly re-established its position as the principal centre of the global market, and an 11% growth in the value of the Post-War and Contemporary sector. The latter reached its highest-ever auction sales total of €4.9 billion as significant record prices were paid for artists such as Francis Bacon, Roy Lichtenstein and Andy Warhol.

“Most high priced works in postwar and contemporary art are being sold in New York, both at auctions and in dealer sales,” said Clare McAndrew, a cultural economist who compiled the report. “It’s not just the U.S. buyers. People from Latin America and Asia are buying in New York.”

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