Quote That in 1700 Any Books Went to Sothebys and Art to Christies

NEW YORK, June 17, 2019 /CNW/ -- Thierry Ehrmann: "Patrick Drahi's conquering of Sotheby's confirms the Art Market'due south entry into the digital era of the 21st century. Artprice has always argued that the global Fine art Marketplace -- weighing roughly 90 billion dollars -- was several decades behind in terms of digital culture and Internet."

Fine Art auction turnover for the earth 2 major sale houses: Christie's and Sotheby'south  [https://imgpublic.artprice.com/img/wp/sites/11/2019/06/artprice-sothebys-vs-christies.png]

"So it'due south keen news for the Art Market and Artprice to see Sotheby's – the only listed sale operator -- being caused by Patrick Drahi, a 55-year-sometime global entrepreneur with a portfolio of telecommunications, media and digital companies. The offer cost, which represents a premium of 61% to Sotheby's closing price on June 14, 2019, and a 56% premium to the company'due south thirty trading-twenty-four hour period book weighted boilerplate share price, reflects Patrick Drahi's genuine confidence in Sotheby's capacity for exponential development via a digital mutation."

Artprice: "Since 2000, the Art Market has enjoyed a period of distinctly virtuous growth, condign an efficient market with a return on investment of almost 7% per year and a book growth of 450%. For much of this menses, the backdrop to this growth has been a savings environment of zero or even negative interest rates in the eurozone. Meanwhile, the market itself has evolved from roughly 500,000 art collectors after WWII to nigh ninety million Art Consumers today, the vast majority of whom are completely at ease with new technologies."

Thierry Ehrmann: "The soft power of the world' major powers is a powerful geopolitical driver for the growth and development of the Museum Manufacture®. Artprice was one of the first players to appreciate and anticipate the global importance of this industry. As nosotros analysed in an earlier written report, more museums opened between ane Jan 2000 and 31 December 2014 than during the previous 2 centuries. Every year approximately 700 new museums with international standing – each belongings a minimum of four,500 artworks – open up their doors on five continents, representing ane of the primary sustainable drivers of the global Art Market place."

For 21 years, Artprice – the global leader in Art Market information and a dedicated digital pioneer – has contributed to the Fine art Market's evolution into the digital era. Its databanks are today an accented worldwide reference in terms of exhaustivity, indices and Art Market statistics. Remember that Artprice, via external growth and R&D, was the first global role player to produce algorithm indices, using Big Information and Artificial Intelligence based on the observation of billions of connections to our databanks in strict compliance with existing data protection laws effectually the world.

In his statement, the position of Sotheby's CEO, Tad Smith, is perfectly lucid: he openly welcomes Patrick Drahi into the Sotheby's family: "Known for his commitment to innovation and ingenuity. He has a long-term view with a proven runway tape in the field of telecommunications, media and digital companies and I strongly believe that the company volition be in first-class easily for decades to come with Patrick as our possessor."

Likewise, Domenico De Sole, chairman of the Sotheby'due south board of directors, welcomes the move: "Post-obit a comprehensive review, the Board enthusiastically supports Mr. Drahi'southward offering, which delivers a pregnant premium to marketplace for our shareholders."

Several key facts and figures concerning Sotheby's and the Fine Fine art auction market:

Sotheby's is the world'south number two Fine Art sale operator with a total turnover of $iii,93 billion in 2018, behind Christie'southward with $5 billion. Together, the two Anglo-Saxon giants business relationship for over half of the planet'south Fine Art auction turnover: Christie's for 32.iii% and Sotheby's for 25.4%. Their respective strengths are based on global coverage of the Art Market.

Sotheby's 2018 Fine Fine art auction turnover by location
© Artprice.com

New York: $2 billion (51%)
London: $i.i billion (28%)
Hong Kong: $554 million (fourteen%)
Paris: $188 million (5%)
Milan: $32 million (0.8%)
Melbourne: $24 million (0.half dozen%)
Mumbai: $8 million (0.2%)
Zurich: $7 million (0.2%)

Despite 275 years of beingness, Sotheby'southward has experienced a number of relatively close  strategy changes:

• 2015: Tad Smith became CEO and the firm terminated sales in mainland China (Beijing) and the Heart East (Doha)
• 2016: 13.five% of Sotheby'due south was acquired by the Chinese insurance visitor Taikang Life Insurance, whose CEO is the founder of the Chinese sale operator, China Guardian
• 2017: the house eliminated buyers' fees from online sales
• 2018: buyers' fees were re-established for online sales

Sales growth at both Christie's and Sotheby'southward has been around 400% since 2000, comparable to the 450% growth of the global Art Market place over the same period.

Later the announcement of Sotheby'due south H1 2018 results, Sotheby's share price dropped 10%. Despite rising sales, the company'southward profits fell by 23%, a wrinkle that Sotheby's blamed on its own guarantee strategy. Evidently the sale of Modigliani's Nu Couché (sur le côté gauche) (1917-18) for $157 meg – an accented record for Sotheby's – was non the all-time fiscal transaction of the year for the world's second largest auction operator.

Artprice: "The world's top 2 auction houses, with no rivals to date, are at present both owned past French investors and collectors: François Pinault acquired Christie'southward in 1998 and now Patrick Drahi effectively owns Sotheby'due south since 17 June 2019."

Copyright ©2019 thierry Ehrmann – www.artprice.com

About Artprice:

Artprice is listed on the Eurolist by Euronext Paris, SRD long only and Euroclear: 7478 - Bloomberg: China - Reuters: ARTF.

Founded past thierry Ehrmann (come across Who'south who certified Biography ) (c) https://imgpublic.artprice.com/img/wp/sites/11/2019/03/2019-bio-whoswho-thierry-ehrmann.pdf).

Discover Artprice in video: https://www.artprice.com/video

Artprice is the global leader in art price and art index databanks. It has over 30 million indices and auction results covering more than 700,000 artists. Artprice Images® gives unlimited access to the largest Art Market resource in the world: a library of 126 million images or prints of artworks from the yr 1700 to the nowadays solar day, along with comments by Artprice's art historians.

Artprice permanently enriches its databanks with information from half-dozen,300 auctioneers and it publishes a constant flow of art market trends for the earth's principal news agencies and approximately 7,200 international press publications.

For its 4,500,000 members, Artprice gives access to the world's leading Standardised Marketplace for buying and selling art. Artprice is preparing its blockchain for the Art Market. It is BPI-labelled (scientific national French label) Artprice'due south Global Fine art Market Annual Study for 2018 published last March 2019: https://www.artprice.com/artprice-reports/the-fine art-market-in-2018

Artprice is associated with Artron Group the Chinese leader in the Fine art Market, its solid institutional partner.

Well-nigh the Artron Group:

Artron Art Group (Artron), a comprehensive cultural industrial group founded in 1993 by Wan jie, is committed to inheriting, enhancing and spreading art value. Based on arable art data, Artron provides fine art industry and art fans with professional service and experience of quality products by integrated application of It, advanced digital science and innovative crafts and materials.

Having produced more than 60,000 books and auction catalogues, Artron is the globe'southward largest art book printer with a full print volume of 300 meg a yr. It has more than than iii million professional person members in the arts sector and an average of fifteen million daily visits, making it the globe'southward leading art website.

Artron'south Web: www.Artron.net

Artprice's Contemporary Art Market Annual Report for 2018 - free access at:
https://www.artprice.com/artprice-reports/the-contemporary-fine art-marketplace-report-2018

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