Strategic Value of Kusin

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Public Commentary

  Chelsea Now
    Vol. 3, #16
  Art + Auction
    March 2009

The European Art Market in 2002: A Survey, published by The European Fine Art Foundation, March 7, 2002, Helvoirt (The Netherlands)

The following is an executive summary of the entire text. It also includes two of the twelve Tables contained in the complete work and a final page focusing on future impediments to growth in the European art markets.

Executive Summary

 The European art market comprises 24,500 businesses directly employing approximately 74,000 people.

 Its total sales in 2001 amounted to $10.6 billion (€ 12 billion), representing 45% of the $23.5 billion (€ 26.7 billion) global marketplace.

 The European art trade in 2001 spent € 1.66 billion on ancillary goods and services, indirectly creating about 62,000 additional jobs.

 Much of the art trade is conducted across national borders, with imports from outside the European Union totaling € 1.53 billion and exports to non EU destinations of € 1.81 billion in 1999.

 From 1998 to 2001, the average price of a work of fine art sold at auction in the EU declined 46% to $8,796. The average price of a painting sold in the United Kingdom advanced 36% to $20,874; in the United States, the average price advanced 54% to $59,341.

 The EU as a whole has lost 7.2% global share of market since 1998. The Continental EU has lost 9%. The US, the principal competitor of the EU, increased its market share by 7% during the period.

 The UK is the largest European art market, accounting for 56% of the total, with France, the second largest, with 16.8%.

 Europe's loss of global market share can largely be attributed to taxation and regulations.

Tables 1 and 4 contained in the complete published text are central to an understanding of the whole.

Table 1. Overview of the Major Art Markets in 2001

Table 4. Sovereign Share of Market 1998-2001

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