Art Auction Index

How do the art market heavyweights measure up?

The world’s top ten artists by turnover generated $393 million at auction in 2002. With only 1.6% of total transaction volumes they represent 16% of the art market. Although over 59,000 different artists had lots sold at auction last year, the proceeds of sales remain concentrated among a handful of top names. Interestingly, though, the market share the top ten command is shrinking year by year. In 2002, their weight in the auction sales turnover was 20%. In 1999 it was over 24%, and in that year the list.

This year, the TOP 10 included more high-priced impressionists and post-impressionists: Paul Cézanne, Vincent Van Gogh and Auguste Renoir. In 2002, they had dropped out to be replaced by Peter Paul RUBENS and more recent artists such as Fernand Léger, Gerhard Richter and Alberto Giacometti. This year, Mark Rothko ranks 5th with only 10 lots. The big exception is Pablo Picasso, who has been comfortably anchored in the top spot for more than 10 years. Picasso alone turn over $75 million on the world’s auction floors annually. With 3% of all fine art sales his supremacy is unchallenged. He is market leader for prints and ceramics, number two in drawings, number four in paintings. Every year nearly 1,400 Picasso works change hands, two thirds being prints.

excerpt from: Art Market Trends 2003
© 2004 artprice.com

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