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Global art market rises in value by 17 per cent to record $8.7 billion

Published on Aug 6, 2014 11:28 PM
 
In this file picture taken on June 27, 2014, British artist Tracey Emin sits on her iconic art installation, "My Bed" during a press preview at Christie's auction house. Tracey Emin's unmade bed artfully littered with condoms, cigarette packs and underwear fetched at auction, £2.2 million (S$4.6 million) in London on July 1, 2014. During the first six months of 2014, the global art market rose in value by 17 per cent to a record US$7 billion (S$8.7 billion), according to new industry figures. -- PHOTO: AFP

PARIS (AFP) - The global art market rose in value by 17 per cent to a record US$7 billion (S$8.7 billion) in the first half of 2014, according to new industry figures.

Artprice, a French company which tracks art sales worldwide, said that during the first six months of the year, art works sold at public auction totalled US$7.15 billion, up on US$6.11 billion for the same period in 2013.

“The art market is hungry,” Thierry Ehrmann, Artprice’s president and founder, told AFP.

“We have gone from 500,000 collectors in the post-war period to nearly 70 million ‘art consumers’ – art lovers and collectors – worldwide,” he said.

 
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