Italian Art Market Slumps at London Auctions, Domestic Sales Buck Trend

The Italian sales at London auctions in October 2016 saw a 50% drop in total sold compared to the previous year, continuing a negative trend that began in 2015 after significant growth from 2012 to 2014. Sotheby's reported weakness as early as 2015, and in Milan, Christie's spring 2016 auctions lost a quarter of total sales year-on-year, while Sotheby's lost 40%. In contrast, national auction houses Il Ponte, Pandolfini, Cambi, and Wannenes saw improved sales in June 2016. International commentators like Colin Gleadell (Telegraph, Artnet) and Anny Shaw (Artsy) noted the decline, with some attributing it to the global art market contraction, others to the dominance of Italian secondary market operators in London, and some viewing the Italian Sale format as outdated. The number of non-Italian buyers increased while Italian buyers decreased, suggesting sustained international interest but limited domestic purchasing power. Top-selling artists included Fontana, Burri, Schifano, Festa, Melotti, Manzoni, Anselmo, Pascali, Rotella, and Scarpitta, while Pistoletto, Boetti, Paolini, and Penone struggled. Italian galleries in London—Tornabuoni, Cardi, Robilant+Voena, Mazzoleni, Lampertico, Gracis, Repetto—along with Marian Goodman and Thomas Dane, presented both established and lesser-known Italian artists. Upcoming auctions at Sotheby's, Dorotheum, and national houses are expected to face intense competition.