US unseats China as the world’s biggest art market after US$2.8 billion was spent at auctions this year
Anti-corruption measures on mainland have reportedly made investors more wary
Boosted by record-breaking New York sales of a Picasso painting and a Giacometti sculpture, the United States has become the world’s leader in public art auctions, unseating China, a 2015 report by Artprice showed.
The US art auction market grew by 20 per cent in the first six months of the year, with sales totallingUS $2.8 billion, nearly a billion more than China with sales worth US$1.9 billion, said the report.
“An unexpected rebound, considering that, year after year, China seemed to confirm its place as number one,” said Thierry Ehrmann, president and founder of Artprice, which compiles data on the art market, auction sales and artist’s prices.
Fuelled by a strong dollar, the US boom is based in New York where nearly all its art auctions are held, and the Big Apple ranks more than ever as the top place to find art masterpieces.
Another object of intense bidding was Alberto Giacometti’s bronze statue Man Pointing, which became the most expensive sculpture sold at auction for US$141 million.