Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Works worth $15.2 billion (13.5 billion euros) sold at auction during the year, an increase of 26 percent on 2013/XINHUA-File

Kenya

World art sales hit new record in 2014: data firm

Works worth $15.2 billion (13.5 billion euros) sold at auction during the year, an increase of 26 percent on 2013/XINHUA-File

Works worth $15.2 billion (13.5 billion euros) sold at auction during the year, an increase of 26 percent on 2013/XINHUA-File

PARIS, France, Feb 26 – Global art sales set a fresh record in 2014 driven by acquisitions from new museums, while China maintained its place at the top of the market, data firm Artprice said Thursday.

Works worth $15.2 billion (13.5 billion euros) sold at auction during the year, an increase of 26 percent on 2013, Artprice said in its annual report, produced with China’s Artron.

A record number of 1,679 sales worth $1 million or more were recorded over the year, four times more than a decade ago, it added.

Thierry Ehrmann, founder and CEO of Artprice, described the figures as “an amazing result, an increase of 300 percent in a decade”.

He added that the boom was not being driven by speculators, with 37 percent of lots going unsold in the West and 54 percent in China.

2014 also saw 125 artworks sell for $10 million or more, not including commission, against 18 in 2005.

Greater China, grouping the mainland, Hong Kong and Taiwan, maintained its market leader status, accounting for $5.6 billion in sales, closely followed by the United States.

However, in a sign that a slow-down in Beijing’s economy and an anti-corruption drive that has curtailed luxury spending may have taken their toll, sales in China were down five percent compared to 2013.

Pages: 1 2

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...