Art Sales in 2014 Break All Records

The European Fine Art Foundation (TEFAF) published their annual report on global art sales. According to the document, last year’s world art sales break all previous records with a total of €51 billion. The highest number of art deals were made in USA (39%), China (22%) and Great Britain (22%). About 1530 lots were sold at auctions in 2014 (including 96 for over €10 millions). The most popular types of art were Contemporary and Post War.

In 2014, sales of art on-line reached 6% of global art sales. Art News published an infographic describing how much money was earned by various art sellers and which social networks were used to attract customers.

“The art market reached its highest ever record level of sales with continuing in Modern and Post War and Contemporary art. It continues to be a highly polarized market, with a relatively small number of artists, buyers and sellers accounting for a large share of value. However, a promising trend counteracting this to some extend in the growth in on-line sales, which has encouraged a greater volume of sales in lower price segments,” said Dr Clare McAndrew, who researched and wrote the report.