• Global art and antique sales totalled £39.7bn
• EU among most stagnant regions, with sales falling by 2%
• Read a summary of the key findings
The European Fine Art Foundation (TEFAF) has released its annual report on the international art and antiques market. The study for 2013, written by cultural economist and investment analyst Clare McAndrew, used data gathered from a range of sources: art dealers, auction houses, collectors, fairs, financial databases, industry experts and many others involved in the international trade of art.
Here, we round up and visualise some of the report's key findings.
Reading on mobile? Click here to view the data visualisations via desktop
*Annual turnover*
Although the report focused its attention on the US and Chinese art markets in particular, this year's headline finding was that the global art market reached €47.4bn (£39.7bn) in total sales of art and antiques in 2013, close to its highest ever recorded total and advancing 8% year-on-year.
* *
The number of market transactions also increased, but uncorrelated to the growth in value. As McAndrew noted in her report, what this reveals is a top-heavy art market: "A significant part of the uplift of the market was due to higher priced works, rather than simply more works sold."
*Market share by value*
The US accounted for 38% of the global market by value – China meanwhile dropped to 24% and the UK was in third place with 20%. The EU as a whole fell 3% year-on-year to 32% in 2013. The report explained: "Within the EU, the hierarchy of sales has remained stable over the last ten years, with the UK consistently having by far the highest total sales by value."
* *
In terms of the winners and losers within the EU, the UK actually dropped in EU market share by 2% on 2012 figures, while France and Germany enjoyed a more buoyant year with sales rising 13% and 11% respectively. Many of the other smaller markets (Spain, Sweden, Austria, Italy) were mainly stagnant or declined.
*Ancillary economic impact*
"The art market also creates significant revenue and jobs through a number of ancillary industries and support services used by auctioneers, dealers and collectors," wrote McAndrew in the report. "Some businesses such as conservation and restoration would probably not survive without it. Others such as packing, shipping, insurance and other professional services are used in other industries but have developed into high value niche services to meet the specialised needs of buyers and sellers in the art market."
*Key findings*
• Sales in the US increased by 25% year-on-year, confirming its position as the key centre for sales of the highest priced art
• The EU has been one of the most stagnant regions of the art market, with sales falling by 2% in 2013
• Post-war and contemporary art was the largest sector of the market and included the highest priced works sold during the year; it accounted for 46% of the fine art auction market by value and 44% by volume
• Online sales in 2013 were estimated to have been in excess of €2.5bn, around 5% of global art and antique sales
• In 2013, dealers reported making 33% of their total sales through art fairs, while sales through galleries increased 6% to 50%
• The US and UK accounted for a combined majority of 69% of world imports as they continued to attract both international and domestic demand for art and antiques
• The UK and US together accounted for the majority of the value of exports of art, with a combined share of 65%
• The UK was the largest importer and exporter of art globally and a net importer of art, with imports of €6.1bn exceeding exports of €5.8bn, both just marginally ahead of the US
• China remains the most important of all of the newer art markets, both in terms of the size of its domestic sales and the importance of its buyers globally
Download TEFAF's art market report (€10) here
*This content is brought to you by **Guardian Professional**. To get more articles like this direct to your inbox, sign up free to become a **member of the Culture Professionals Network**.* Reported by guardian.co.uk 14 hours ago.
• EU among most stagnant regions, with sales falling by 2%
• Read a summary of the key findings
The European Fine Art Foundation (TEFAF) has released its annual report on the international art and antiques market. The study for 2013, written by cultural economist and investment analyst Clare McAndrew, used data gathered from a range of sources: art dealers, auction houses, collectors, fairs, financial databases, industry experts and many others involved in the international trade of art.
Here, we round up and visualise some of the report's key findings.
Reading on mobile? Click here to view the data visualisations via desktop
*Annual turnover*
Although the report focused its attention on the US and Chinese art markets in particular, this year's headline finding was that the global art market reached €47.4bn (£39.7bn) in total sales of art and antiques in 2013, close to its highest ever recorded total and advancing 8% year-on-year.
* *
The number of market transactions also increased, but uncorrelated to the growth in value. As McAndrew noted in her report, what this reveals is a top-heavy art market: "A significant part of the uplift of the market was due to higher priced works, rather than simply more works sold."
*Market share by value*
The US accounted for 38% of the global market by value – China meanwhile dropped to 24% and the UK was in third place with 20%. The EU as a whole fell 3% year-on-year to 32% in 2013. The report explained: "Within the EU, the hierarchy of sales has remained stable over the last ten years, with the UK consistently having by far the highest total sales by value."
* *
In terms of the winners and losers within the EU, the UK actually dropped in EU market share by 2% on 2012 figures, while France and Germany enjoyed a more buoyant year with sales rising 13% and 11% respectively. Many of the other smaller markets (Spain, Sweden, Austria, Italy) were mainly stagnant or declined.
*Ancillary economic impact*
"The art market also creates significant revenue and jobs through a number of ancillary industries and support services used by auctioneers, dealers and collectors," wrote McAndrew in the report. "Some businesses such as conservation and restoration would probably not survive without it. Others such as packing, shipping, insurance and other professional services are used in other industries but have developed into high value niche services to meet the specialised needs of buyers and sellers in the art market."
*Key findings*
• Sales in the US increased by 25% year-on-year, confirming its position as the key centre for sales of the highest priced art
• The EU has been one of the most stagnant regions of the art market, with sales falling by 2% in 2013
• Post-war and contemporary art was the largest sector of the market and included the highest priced works sold during the year; it accounted for 46% of the fine art auction market by value and 44% by volume
• Online sales in 2013 were estimated to have been in excess of €2.5bn, around 5% of global art and antique sales
• In 2013, dealers reported making 33% of their total sales through art fairs, while sales through galleries increased 6% to 50%
• The US and UK accounted for a combined majority of 69% of world imports as they continued to attract both international and domestic demand for art and antiques
• The UK and US together accounted for the majority of the value of exports of art, with a combined share of 65%
• The UK was the largest importer and exporter of art globally and a net importer of art, with imports of €6.1bn exceeding exports of €5.8bn, both just marginally ahead of the US
• China remains the most important of all of the newer art markets, both in terms of the size of its domestic sales and the importance of its buyers globally
Download TEFAF's art market report (€10) here
*This content is brought to you by **Guardian Professional**. To get more articles like this direct to your inbox, sign up free to become a **member of the Culture Professionals Network**.* Reported by guardian.co.uk 14 hours ago.