Issue 1982 | 19th March 2011 UK £2.00 – USA $6.50 – Europe €3.95
international page 48 | SCANDINAVIA
Simon Hewitt surveys the auction and fairs scene across Sweden, Denmark, Finland and Norway
China pushes UK art market into third place
■ TEFAF report shows activity moving East as global market bounces back after slump
Ivan Macquisten reports
CHINA has pushed the United Kingdom into third place as a player in the world art market and is now second only to the United States.
The news came as TEFAF (The
European Fine Art Foundation) launched their latest detailed report, The Global Art Market in 2010: Crisis and Recovery, which shows a huge bounce back since the slump of 2009. The report, which presages TEFAF’s
Maastricht fair this week and is widely acknowledged as the industry’s premier
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study of the global scene, details a 52% rise in the global market over the year. Although the UK market has revived
along with the rest, its rate of recovery has been muted compared to China and the United States, where regulation and bureaucracy is seen as less stringent. The report’s headline statistics give the
US a 34% share of a global market worth an estimated total of €43bn, up from a low of €28.3bn in 2009. China, which overtook France to
become the world’s third largest market in 2009, has now taken second place with a 23% share, while the UK retains 22%. While China’s burgeoning wealth
and infl uence is hardly news, the shift in market activity to Hong Kong and Beijing certainly is. As the report also reveals, Japan still has far more billionaires than China and while booms in Japan in the late 1980s and Russia and the Middle
continued on page 4 L&W Duvallier Irish Antique Silver Over-the-counter gem in Petersfi eld
HAMPSHIRE auctioneers Jacobs & Hunt of Petersfi eld achieved a new house record on February 25 when they sold this 17th century Italian specimen marble plaque, above, for £37,000 (plus 20 per cent buyer’s premium). Within a 13½ x 11½in (34 x 29cm) frame of semi-precious hardstones and
ebony is an oval amethyst panel painted with a depiction of The Adoration of the Magi using the contours and lustre of the stone as a background.
continued on page 3
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