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Business

ART MARKET SNAPSHOT – THE MASTERPIECE MARKET IN 2017

By | Art Market Snapshot, Business | No Comments

There is no doubt that the art market in 2017 will long be remembered for a single transaction; the sale of the ‘Salvador Mundi’ presented by Christie’s as ‘the last da Vinci’ remaining in private hands. It sold at the Post-War and Contemporary Evening sale in November for a staggering $450 million – almost tripling the previous record price for a work of art sold at auction.
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COLLECTING – GROWTH IN THE ONLINE MARKET

By | Business | No Comments

Over the last decade more and more has been written about the impact of the internet on the art market, with varying levels of generalisation and assumption.  A flurry of start-ups has been vying to take the lead in this new area of an age-old market, but a recent report by Hiscox shows that it is Christie’s and Sothebys who are emerging as leaders in the online art market, even though they were initially slow to embrace internet sales. The recent demerger of Auctionata and Paddle8, and subsequent filing for insolvency of Auctionata, reflects continuing challenges for new online players in the market when it comes to gaining a share of the market, and perhaps the trust of customers, something that is impossible to win quickly without the security of a long-running, global brand and reputation.
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