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Summary of our market study
The French art auction market is estimated at 2 billion euros.
The global art auction market is valued at $31 billion.
The United States, China and the United Kingdom account for 84% of market value.
Global market trends point to a shift towards more private sales, with major auction houses such as Sotheby's and Christie's achieving nearly $2 billion in private sales.
The French art auction market is not subject to much speculation, which sets it apart from other major markets. The diversity and fragmentation of the landscape seem to spare it from the high volatility observed in markets dominated by a few major players.
French auctions focus less on the sale of stars and more on a wide range of works.
The auction market's transition to digital platforms continues to shape its evolution.
France, like other markets, is seeing an increase in online sales and the impact of social networks like Instagram on market dynamics and visibility.
Leading auction houses in the art world
- Christie's, synonymous with prestige in the art world, has long been a giant in the auction sector.
- Sotheby's is Christie's eternal rival.
- Phillips is a more modern and dynamic player, known for its focus on contemporary art, design and culture.
- Poly Auction is establishing itself as a powerhouse in China.
- China Guardian is another influential Chinese auction house.
- Heritage Auctions, based in the United States, stands out as the world's largest auction house for collectibles.
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Summary and extracts
1 Market overview
1.1 Definition and scope of study
The art market refers to the production and trade of works of art and antiques. The art auction market focuses on auctions, which accounted for 42% of global art sales in 2019, and therefore excludes art dealer sales (58% of global sales) which are the subjet of another study.
According to Wondeur AI's classification, the production of works of art is divided between star artists (1% of the world's artists), celebrated artists (1%), established artists (14%) and emerging and under-represented artists (84%).
The art market can also be segmented by category of work (sculpture, painting etc.), by period (contemporary, modern etc.) or by price range.
The global art auction market was worth US$24.2 billion in 2019, a 17% decline compared to 2018, after two consecutive years of growth. However, private sales increased, with Sotheby's and Christie's selling $1.8 billion worth of art on the private circuit.
The sector is largely dominated by the United States, China and the United Kingdom, which accounted for 84% of the market value in 2019. The global market is traditionally very closed and is dominated by large auction houses such as Christie's, Sotheby's, Phillips, Poly Auction, China Guardian and Heritage Auctions.
For many years, the French art auction market has been characterized by its strong stability. It experienced the strongest growth in the world in 2019, increasing by 16% compared to 2018. These figures relate to "fine art" and therefore exclude sales of antiques, historic furniture and decorative objects. The specific characteristics of the French market, which is less speculative, more fragmented and more diversified, also play in its favor.
In addition, the market is going digital, not only because of the increase in sales on the Internet, but also because of the growing influence of online information tools and social networks such as Instagram.
List of charts presented in this market study
- Évolution des montants adjugés sur le marché de l'Art et des Objets de collection
- Évolution des montants adjugés dans le domaine de l'Art et des Antiquités
- Part du marché mondial des motants adjugés lors de ventes aux enchères
- Les cinq maisons de ventes les plus importantes
- Évolution du nombre de maisons de ventes du secteur Art & Objets de collection déclarant une croissance de leurs ventes, selon leur chiffre d'affaires
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Latest news
Drouot.com emancipates itself from the auction house - 18/03/2024
Proceeds auctioned to Internet users in 2023: 344 million euros, representing a 3.5-fold increase in 4 years.
- Online sales in 2023: - 1,400 auctions.
- - Number of registered bidders 290,000.
- - Goods sold : 204,000 lots.
Customer base:
- - average age of Drouot.com account holders 45.
- - Share of professional buyers down from 31% to 23%, in favor of private buyers.
- - 58% of buyers come from France, with strong representation from the USA, UK and Belgium.
Expansion of the platform:
- - 785 homes for sale by 2023, representing a two-fold increase in 4 years.
- - One in three sales by a foreign player.
- - 170 European houses, excluding France and Belgium, conducted 1,800 sales in 2023.
- - Nearly 60 houses operating outside the European Union, from around ten countries.
Competition:
- - Interenchères saw its live and online art sales increase by 5%, totaling 248 million euros.
- - Drouot.com faces several international competitors, including Lot-Tissimo in Germany and The Saleroom in England.
Artcurial wins out over Christie's and Sotheby's - 08/08/2023
- Artcurial was founded in 2002 and became the third-largest player in the French art market in 2005.
- In 2022, Artcurial achieved record sales of €216.5 million.
- Arqana, a racehorse auctioneer affiliated to Artcurial, achieved a sales volume of 225 million euros and sold almost 5,000 horses in 2022.
- It ranks second in the European market.
- Artcurial set up operations in Monaco in 2015, Morocco in 2019 and Switzerland in 2022.
- Artcurial also owns the John Taylor real estate group, acquired in 2017, with a portfolio of 6,000 properties worth €16 billion.
- The Artcurial group's consolidated sales in 2022 were €1.6 billion, making it one of Europe's leading intermediaries for exceptional properties.
Drouot: Vesper Invest becomes a shareholder - 10/07/2023
- Drouot: 110 auctioneers shareholders, 70 auction houses
- Vesper Investissement takes a 30% stake in Drouot
- Drouot Patrimoine takes over Drouot Digital, La Gazette Drouot, Drouot Logistique, Drouot Immobilier and the auction house with the largest number of rooms in the world (15)
- Drouot valuation: 20.4 million euros
- Groupe Drouot achieved total sales of 338 million euros for the half-year, up 14% on 2022.
Art: how auction houses compete in the middle market - 12/07/2022
- Bonhams aims to consolidate the mid-range segment
- Bonhams has 14 auction rooms (London, New York, Los Angeles, Hong Kong, Paris, etc.) and experts in some sixty sectors
- Purchases from well-known houses in their respective countries, such as Bukowskis in Sweden, Bruun Rasmussen in Denmark or Cornette de Saint Cyr in France.
The art market is in turmoil: England's Bonhams has just acquired France's Cornette de Saint Cyr. - 28/06/2022
- In 2022, Bonhams acquired the French institution founded in 1973.
- It has offices in Paris and Brussels.
- Since its takeover by the Epiris fund in 2018, Bonhams has been shopping in Europe and the United States.
- 31.8 million in sales in 2021, ranking 10th in France.
- Fierce competition and the costs generated by this exceptional Parisian location have eroded margins.
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