Art Market Recovery: H1 2017 Sees Record Sales and +5% Growth
According to Artprice's report, the art market worldwide experienced a rebound in the first half of 2017, with auction sales rising by 5% compared to 2016. The highest sale was Jean-Michel Basquiat's Untitled (1982), which fetched $110.5 million at Sotheby's in New York in May, setting a new record for the artist. Other significant sales included Gustav Klimt's Bauerngarten at $59.3 million, Constantin Brancusi's La muse endormie at $57.4 million, and Cy Twombly's Leda and the Swan at $52.9 million. The US market saw a 28% increase, followed by the UK at 13% and France at 7%. Art Basel in June reported impressive sales, drawing in younger collectors, though concerns linger about the sustainability of Basquiat's record, with only six artworks surpassing that price.
Key facts
- Artprice reports +5% growth in global auction sales for H1 2017 vs H1 2016.
- Jean-Michel Basquiat's Untitled (1982) sold for $110.5 million at Sotheby's New York in May 2017, a record for the artist.
- Top 20 most expensive works sold in New York and London between March and May 2017.
- US market improved 28%, UK 13%, France 7% compared to previous year.
- Art Basel 2017 described as best edition by dealers including Marc Glimcher, Dominique Levy, Marc Payot, and Alison Jacques.
- 300 museum and non-museum institutions were active buyers at Art Basel.
- Fujita Museum auction featured high-value Chinese antiquities.
- Only six artworks in history have sold for more than Basquiat's record: by Picasso, Modigliani, Giacometti, Bacon, and Munch.
Entities
Artists
- Jean-Michel Basquiat
- Gustav Klimt
- Constantin Brancusi
- Cy Twombly
- Francis Bacon
- Max Beckmann
- Pablo Picasso
- Wassily Kandinsky
- Joan Miró
- Roy Lichtenstein
- Alberto Giacometti
- Claude Monet
- Zhang Daqian
- Amedeo Modigliani
- Edvard Munch
- Cheng Rong
- Antonella Crippa
Institutions
- Christie's
- Sotheby's
- Artprice
- Art Basel
- Pace Gallery
- Hauser & Wirth
- Alison Jacques Gallery
- Fujita Museum
- documenta 14
- Venice Biennale
- Skulptur Projekte Münster
- Forbes
- Start Today
- Zozotown
- Intesa Sanpaolo
- Artribune
Locations
- New York
- United States
- London
- United Kingdom
- Hong Kong
- China
- Basel
- Switzerland
- Kassel
- Germany
- Venice
- Italy
- Münster
- Paris
- France
- Australia
- South Korea
- Spain
- Geneva
- Milan
- Japan