Ancient art, the storm hasn't passed yet, but the Old Masters give hope. From 2006 to today, prices have presented, at an international level, a negative trend which places the index of this sector systematically below that of the global market. In particular, the fact that the old masters sector covers a small market share compared to the rest could make it more sensitive to economic shocks. The data comes from the annual report on the artistic goods market edited by Nomisma in collaboration with the LUM “Jean Monnet” University.
In Italy, the price index for ancient art goods increased slightly in the first part of 2013 and mainly reflects the trend in the price of ancient paintings. The price dynamic settles down in the second half of the year; on the basis of provisional data available, prices are expected to grow, albeit in limited terms, during the first half of 2014. The forecast for the Old Master market indicates a moderate recovery compared to 2013.
In fact, it is the entire art market that is changing. According to the Nomisma report, a notable change has emerged in the art market intermediation process in the past year. Galleries become the main sales channel to the detriment of auction houses. Over the last four years, the market share of galleries has in fact gone from 58,84% to 72,96%.
Within the panorama of auctions, it should be noted the systematic reduction in the number of lots offered from 2011 to 2013 in each market segment; Italy, after a bad 2012, in 2013 marks a recovery in the turnover of the main Italian auction houses, which, albeit with different rates, all return to positive values.
Nomisma also conducted a survey aimed at professional operators: as regards 2013, the majority of the interviewees declared a sharp drop in turnover (antiques) and a significant share – 85% – excluded any form of increase, mild or strong. The ancient art sector is going through a moment of difficulty also caused by the particular economic situation. The numbers and evaluations present in the 2013 Report suggest an increasingly despecialized collecting and the aesthetic driver continues to be predominant in the investment in works of art with ever greater attention also paid to economic values. On the basis of the price indexes, the antiques segment showed greater resilience in the period 2006-2013, with an essentially nil average annual return, compared to the Italian 2,5th century sector (-XNUMX%). From the analysis of the data it is striking how the diversification of the portfolio with the collecting of contemporary and antiques involves a lower risk assumption compared to other forms of investment.
