Art Trading Returned to Peak Levels in 2011, Says Skates

George Bellows, Dock Builders, 1916.
George Bellows, Dock Builders, 1916, brought $3.89 million, making it the top lot of Sotheby's May 2011 American art sale.
(Sotheby's)
Sold for $1.6 million from Galerie Michael Schultz at Art Miami, Gerhard Richter's Abstraktes Bild, 2001, oil on aludibond, 19 1⁄2 x 28 1⁄2 inches.
Sold for $1.6 million from Galerie Michael Schultz at Art Miami, Gerhard Richter's Abstraktes Bild, 2001, oil on aludibond, 19 1⁄2 x 28 1⁄2 inches.
  • Mark Rothko's Untitled No.  17 (est.  $18-22m) sold for $33.68m at Christie's in May 2011.

    Mark Rothko's Untitled No. 17 (est. $18-22m) sold for $33.68m at Christie's in May 2011.

    Christie's International

Art trading volumes grew close to $80 billion for 2011, achieving peak levels previously seen in 2006-2007, according to Skates Annual Art Investment Report.

The figure was boosted by over 2,000 transactions completed on the auction market involving artworks priced at $1 million or more per work, and a similar number of high-end sales completed by galleries and during art fairs, says Skates.

Bloomberg reports that the contemporary-art market surged by 35 percent in 2011’s auctions as wealthy buyers increasingly sought alternative investments. Sotheby’s and Christie’s International achieved a combined total of $1.7 billion from evening sales, according to Bloomberg News.

For 2012, art market trends may include galleries and dealers gravitating more towards  e-commerce platforms to increase sales.

Museum-led securitizations may expand the art funds industry from $1 billion to $10 billion in a few years time.

Skates' report reads that museums "will instead be seen as government-owned treasuries that can help balance government deficits by using capital markets and modern finances to unlock the value of their vaults without necessarily selling significant volumes of art treasures (“de-accessioning” in museum terminology). Cash from capital markets can be used to finance museum budget deficits."

More News Feed Headlines

Rendering, Lucas Museum of Narrative Art

Chicago Group's Legal Action Disrupts Lucas Museum Plans

  • February 07, 2016 17:41

A spring groundbreaking for the Lucas Museum of Narrative Art, planned to open on prime lakefront ...

Read More

£2,500 - View of Lochnagar, or Beinn Chìochan, in the Grampians of Scotland near Balmoral.  by Prince Charles

Prince Charles Makes Millions For Charity From Prints of His Watercolors

  • February 04, 2016 13:05

The Prince of Wales has become one of Britain’s most successful living artists, selling ...

Read More

T.rump bus

Artists Make a Statement With Trump Campaign Bus

  • February 04, 2016 13:05

David Gleeson and Mary Mihelic, cofounders of politically minded art collective T. Rutt, ...

Read More

Among the looted antiquities found in a Geneva freeport and returned to Rome.

Dozens of Looted Antiquities Tied to U.K. Art Dealer Returned to Italy

  • February 02, 2016 13:20

Two "priceless" Etruscan earthenware sarcophaguses and 45 boxes of “exceptional pieces of ancient ...

Read More

Related Press Releases

 

ArtfixDaily Artwire