Extraordinary result for art in the first six months of 2014, primarily for impressionism, modern and contemporary art. This is confirmed by the balance sheet data for the first six months of the most important international auction houses, Sotheby's and Christie's and others, the increase in sales also concerns minor auction houses present in various European countries. Difficult to talk about a great recovery, it seems rather a new investment trend aimed at collecting particularly interesting works, certainly unique but also interesting from the point of view of financial return and now in the spotlight of international operators operating in the complex art market.
Sotheby's closed the second quarter and first half of 2014 with a net increase of 24%, 42% of operating income, 20% of earnings per share, for a total of 403.8 million $ (recorded on the stock exchanges of London and Hong Kong) , favorite cities of collectors from all over the world. The lots sold in auctions over one million dollars are 487 which accompany another truly incredible figure, 26% of the buyers are their first purchase in the auction house.
The Modern Art and Impressionist sector recorded 247,3 million with the two top lots: Nynphèas by Claude Monet ($45,1 million) and Composition with Red, Blue and Gray by Piet Mondrian ($25,9 million). Contemporary Art consecrates Francis Bacon with the work Three Studies for portrait of George Dyer (45,4 million $ starting from an estimate of 34 ml). In addition, the sector dedicated to ancient art by old masters: Old Masters which, with the British Painting division, closed the semester at $127,4 million, exceeding the estimate of $73/108 million.
Success also for Christie's which sees an increase of 22%, 51 works sold for over $10 million, 71% increase in online activities, 24% new customers. For art: Post-War & Contemporary Art records a record for these first six months of 2014 with a total "combined all divisions in all locations" sales of ($1.3 billion) a 20% increase over the same period of 2013 (30% in $). Exceptional results also for the "Impressionist & Modern Art" department, which also includes "Modern British Art". While the Old Masters, including 19th Century European paintings and Russian Art, closed with +16%.
In all of this, it must also be considered that a part of the buyers or attorneys who buy on behalf of other people, companies and funds, now find themselves operating in a much wider market than in previous years and not just for financial transactions, but also to grab the best work that will then enter the collections of new customers from emerging countries. Sometimes the interest can also be aimed at increasing the heritage of new private museums.
At the same time, for those who work in the art market, something new is taking place that needs to be seriously taken into consideration, or at least to be observed very carefully. In recent years we have seen the growth of interest in European and American art, first of all by the "scrooges" of new countries who have begun to collect works to complement them with others by important authors of their country. While those same works especially "Asian" did not interest the Western world in the slightest. Now these same works appear in auctions, such as Hong Kong, and we begin to register buyers who are anything but Asian. In short, works unknown to us are beginning to enter European and US private collections with values that are still accessible, but perhaps the road is not that difficult to soon become top lots alongside a Monet, Mondrian, Richter or a drawing by Botticelli.
But what meaning can we give to this phenomenon? I don't think it's a phenomenon, I rather think it's the normal consequence of internationalization and the recognition of different cultures, therefore also the different art expressions that have been, are and will always be in every country. Perhaps better to speak of a "contamination" of meanings where art, from a personal, historical, social language becomes reading of a world much closer and at the same time more distant than ever.
Second semester 2014? I think the year-end results will be the continuation of those achieved at the end of June, foreign collectors will increase and auction houses will present more and more extraordinary works, I'd keep an eye on the Hong Kong market, I think it could give some nice surprises.
Italian art? It still does not enjoy what it deserves, however last spring's auctions gave a sign of recovery for modern and contemporary art, this demonstrates a renewed trust in our country, there is only to be hoped…
What could an art portfolio look like for the next 6 months for a medium-term investment? I might suggest 70% impressionism, modern and contemporary art, 20% old master, 10% historical Asian art (modern).
