Auction sales in Paris recorded a 2,35 billion FF (US $ 335,7 million) turnover for the first half of the year 2000, a 19,5% progression compared with the same period last year. Drouot had recorded a 1,96 billion FF turnover during the first six months of 1999.
The turnover for art sales totalled 1,9 billion FF ($ 271,43 million) against 1,6 billion FF ($ 228,57 million) for the first six months of 1999. Drouot-Richelieu record 1,37 billion FF (plus 16%) while the Drouot-Montaigne salesrooms totalled 180 million FF (plus 100%)
This progression resulted from solid economic factors and the healthy situation on the French Stock Exchange despite the fact France's heavy tax system coupled with a duty to be paid to the heirs of artists who died after 1930 still deter Foreign collectors from selling art works at Drouot.
Impressionist paintings have fared better in New York or in London than in Paris but remained much active in the fields of Old Masters' paintings and drawings, Art Nouveau and Art Deco, and 18th Century furniture.
The reform of the auctioning profession in France, due to intervene within six months, is likely to boost the French art market especially as foreign auction houses, notably Sotheby's, Christie's or Phillips, will then be allowed to hold sales in Paris. Still, one can fear that Drouot's turnover will go down since its new rivals will certainly conquer a large proportion of the Paris market.
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