The top global art auction markets

[JMKeynes]

https://artpro.com/news/4206

“From the standpoint of cities, high-priced lots are mainly distributed in the four major art trading centers in the world, New York, Beijing, Hong Kong, and London.

In 2020, 34 lots of 10 million U.S. dollars were sold in New York, with a turnover of 810 million U.S. dollars, accounting for 42%. A total of 24 lots of 10 million U.S. dollars were sold in Beijing, with a turnover of 490 million U.S. dollars, accounting for 26 %. A total of 18 tens of millions U.S. dollars were sold in Hong Kong, with a turnover of 350 million U.S. dollars, accounting for 18%. A total of 15 tens of millions U.S. dollars were sold in London, with a turnover of 280 million U.S. dollars, accounting for 14%.”

[pico44]

I’d have guessed New York would be more dominant, though I haven’t parsed the numbers to understand what’s happening here.

[sopas ej]

Again, not surprising, being that NYC is the capital of capitalism. It's a place where even art is commodified.

[mrnyc]

not to thrown snow on that, but there are only like 500 top major collectors, so where these rootless rich buy the art is rather incidential. also, the artworld is among the most corrupt and manipulated of markets. other than that ... business is business and so sure its nice for the four cities to have their consolidation of it.

[ocman]

There’s not any real relevance to this metric other than incidental, because there’s basically just 2 main auction houses (Sothebys and Christies) that still exist today and so they have a complete monopoly on high end art market sales. And then you have smaller regional ones which are insignificant in comparison.

If you’re any wealthy buyer or institution looking for an acquisition or sell from anywhere in the world, it’s going to be Sotheby’s/Christies, if not through a dealer. Art is commodified. It’s money. which is just another financial market with the auction houses acting as broker.

[ocman]

Originally Posted by pico44

I’d have guessed New York would be more dominant, though I haven’t parsed the numbers to understand what’s happening here.

It’s more about which auction house is having a good/bad year. Christies/Sotheby’s aren’t regional institutions. They aggressively pursue art collectors anywhere around the world. Whomever cuts them a better deal and offers the best guarantees, gets the lot.

[Crawford]

Originally Posted by ocman

There’s not any real relevance to this metric other than incidental, because there’s basically just 2 main auction houses (Sothebys and Christies) that still exist today and so they have a complete monopoly on high end art market sales. And then you have smaller regional ones which are insignificant in comparison.

There's really a big three. Phillips is another major art auction house.

Sotheby's, Christie's and Phillips all have their global HQ in Manhattan.

[iheartthed]

Originally Posted by Crawford

There's really a big three. Phillips is another major art auction house.

Sotheby's, Christie's and Phillips all have their global HQ in Manhattan.

I thought Christie's is HQ'd in London?

[MAC123]

Originally Posted by iheartthed

I thought Christie's is HQ'd in London?

"Its main premises are on King Street, St James's in London, at Rockefeller Center in New York City and at Alexandra House in Hong Kong.[1] "

But yes I believe the hq is in London

[ocman]

Originally Posted by Crawford

There's really a big three. Phillips is another major art auction house.

Sotheby's, Christie's and Phillips all have their global HQ in Manhattan.

Christies is headquartered in London.

Phillips isn’t competitive enough to make a “3” which is why I left it out. Sotheby’s/Christie’s both monopolized 50% of lot turnovers last year. Phillips’ only has 3%, less than Chinese competitors.