Sales of 'less elitist' contemporary art soar
PARIS (AFP) - Sales of contemporary art rose 15 per cent in the year to June as the worldwide market bounced back from the global financial crisis, according to research published on Monday.
Artprice, a French company which tracks art sales worldwide, said the strong performance compared with a 2.4 per cent contraction in the overall art market and reflected the growing investment value of works by artists born after 1945.
Artprice calculated the total value of such works sold in 2012-13 at 1.047 billion euros (S$1.7 billion), surpassing the previous year's sales by 140 million euros as well as the previous record of 979 million euros, set in 2007-08.
"It's proof of the maturity of the contemporary art market which, until recently, was the first to fall in times of crisis," Artprice's president-founder Thierry Ehrmann told AFP.