27 Feb '15, 2pm

World art sales hit new record in 2014

World art sales hit new record in 2014

Global art sales set a fresh record in 2014 driven by acquisitions from new museums, while China maintained its place at the top of the market. Works worth $15.2 billion (13.5 billion euros) sold at auction during the year, an increase of 26 percent on 2013, Artprice said in its annual report, produced with China’s Artron. A record number of 1,679 sales worth $1 million or more were recorded over the year, four times more than a decade ago, it added. Thierry Ehrmann, founder and CEO of Artprice, described the figures as “an amazing result, an increase of 300 percent in a decade” . He added that the boom was not being driven by speculators, with 37 percent of lots going unsold in the West and 54 percent in China. 2014 also saw 125 artworks sell for $10 million or more, not including commission, against 18 in 2005. Greater China (Mainland, Hong Kong and Taiwan) maintained it...

Full article: http://www.luxuo.com/art/world-art-sales-record-2014.html

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