Sales volumes on the art market fell 7% during
the first quarter of 2013 compared to 2012 as a result of a parallel 50% fall in value
on the Chinese market.
Sales volumes however increased in the U.S. and
U.K thanks to strong demands on works by Pablo Picasso, Gerhard Richter and
Joan Miro while China anyhow appeared set to make a quick recovery apt to erase the present
slide.
There was a prolonged decline in prices among
modern, impressionist, and old masters during the past decade on the international art market while demand
became stronger for Contemporary art jumping from 850 million USD to some 6
billion USD.
There were nevertheless some strong results
during the past months, notably for Amedeo Modigliani, Jean-Michel Basquiat,
Pierre Auguste Renoir, Picasso or Magritte but these did not counterbalance China's downslide, considered by specialists as normal since buyers
there needed some kind of respite after a flurry of incredible sales.
Buyers are now more
cautious than ever and tend to diversify their purchases especially as the art market
has been less attractive during the past six months. In this respect some
important sales of Post-War and Contemporary art due to be held in May 2013 by
Christie's, Sotheby's and Phillips will surely test the strength of the market.
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