Developments in the art market in 2013

Investments in works of art became increasingly profitable in 2013. A clear trend towards contemporary art was already emerging, which can, for example, explain the success of the German art fair Art Cologne in April 2013.

Gallerists in the contemporary and modern art market were largely satisfied. As director Daniel Hug stated in a final report, Art Cologne once again returned to the top tier of international art fairs.

The significance of this statement becomes clear when comparing global investments: The London-based market research institute ArtTactic estimates the turnover in the global art market at approximately US$1.6 billion in 2012.Within a single season, investments thus increased by almost 70 percent.

With a 41 percent share of sales, China also led the world in auctions. Auction houses Christie’s and Sotheby’s benefited from the trend toward contemporary art. The share of Chinese, Impressionist, and Classical Modern art was only slightly lower.

's market analysis ArtTactic since 2000 has shown concave sales increases across all the aforementioned genres. The institute also conducted an analysis of the reasons for purchasing art. 83 percent of the experts cited the emotional impact of the works as one of the main motives for investment. Social value was also a frequently mentioned reason, as was the perception of the works as luxury goods.

The most important artists of 2012/2013

Among the most expensive living artists in the western part of the world are four Germans: Gerhard Richter, Rosemarie Trockel, Georg Baselitz and the painter and sculptor Anselm Kiefer.

Manager Magazin published the ranking with Gerhard Richter in first place. Editions by the Cologne-based visual artist sold for €120,000 at Art Cologne.

Second place went to the American conceptual artist Bruce Nauman. Rosemarie Trockel the painter and sculptor Georg Baselitz out of third place in 2012.

Looking at auction sales of living and deceased modern artists, we find a different ranking. Andy Warhol and Pablo Picasso remain the most important artists, ahead of Gerhard Richter in third place. These three names remain unrivaled as Western brands in the art market. Their sales prices far exceeded US$250 million. Including Far Eastern art, we find the deceased Chinese painters Zhang Daqian and Qi Baishi in second and fourth place, respectively, in the international ranking.

According to surveys, Western artists such as Richter, Kiefer, and the American photographer Cindy Sherman important. Confidence in the art market is growing; not just for Christie’s and Sotheby’s; 65 percent of collectors believe in a crucial role for online businesses within the art world.