The International Art Market 2007-2009- Trends in the Art Trade during Global Recession.
This report presents an analysis of the key trends in the art market from its peak in 2007 to one of its lowest points in the decade in 2009. In 2008, total sales in the global market for fine and decorative art reached just over €42.2 billion, down over 12% from 2007 when they reached their highest point in history of €48.1 billion. After a worse than estimated contraction in the second half of 2009, the global art and antiques market fell by 33% year-on-year and 41% from the market’s peak in 2007, one of the biggest declines in the art market since its previous recession in the early 1990s. Despite the contraction, sales in 2009 were still well above any year of the arts market’s history before 2006.
The report looks at the major art markets of the UK, France, the US and China in detail as well as art buyers and their motivations including a growing interest in art as an investment asset.