World Art Sales Hit a New Record in 2014

500 Years Of British Art

Art is always a hot market, but a lot of the sales depend on the world economy as a whole to determine whether or not people have the ability to spend money. There will always be a select group of people that have enough money to buy art, and surprisingly, in 2014, art sales were higher than ever, setting a new record for the amount of money the industry brought in last year. These sales numbers were mainly from the purchases of new museums, most in China, who lead the market in acquisitions.

Auction house Works is worth $15.2 billion from their 2014 sales which was a 26 percent increase from the year prior and was a big leap compared to other year’s numbers. A record number of 1,679 sales of artwork that were all over the amount of $1 million or more happened last year which is a massive four times more than ten years ago.

The entire industry has seen a 300 percent rise over the decade which is nearly unbelievable. It was an unseen boom for the market because 37 percent of art lots went unsold in the west with 54 percent of China’s lots going unsold as well. There were 125 pieces of art that sold for over $10 million alone. The United States were a big driving factor of the art industry last year with $4.8 billion being soaked up by the U.S. auction houses which was a 21% boost from 2013.

The demand for art seems to be booming and people are aggressively pursuing content all over the world. Museums are definitely spending the most money on the artwork because they need a minimum of 3,000 to 4,000 quality pieces to get noticed and draw in visitors; however, that’s not to say that the private purchases aren’t growing as well. Either way, the art industry is receiving the attention it deserves and as a result is thriving.

Photo by Warrick Page/Getty Images

Add Comment

Actors Basketball Players Bloggers Boxers Celebrities Criminals Football Coaches Football Players Golfers Hockey Coaches MMA NASCAR Olympians Politicians Skateboarders Soccer Coaches Soccer Players Tennis Wrestlers
The Richest People in Europe - Liliane Bettencourt
20 of the Richest People in Europe
10 of the Most Fiscally Corrupt Politicians in History
The Top Five Richest Chefs in the World
Rolls Royce Dawn is Named Best Luxury Car
Shelby American’s 50th Anniversary Super Snake
Jaguar Will Unveil the re-worked F-Type 400 Sport in 2017
1966 Batmobile no. 5 Sold for $210,000
10 of the Most Luxurious Things To Do in Boston
10 of the Most Luxurious Things To Do in Boston
Top Five Hotels to Send Christmas Abroad
A $191,000 Flight is One Way to Ring in 2017
Five Luxurious Places To Celebrate New Year’s Eve 2016
The Top 10 Sites to Buy Luxury Watches on the Internet
A Guide for the First-Time Rolex Buyer
Why We Love the The 2016 Rolex Air-King
Why We Love the Jaeger-LeCoultre Master Ultra Thing Squelette
The Top Five Women’s Sneakers Brands in 2016
Five Upcoming Sneaker Collections to Check out in August
Five of the Most Expensive Sneakers at Sneakerness Berlin
Five Sneaker Brands to Look for at New York Market Week
The Most Expensive Cheeses in the World
$1,000 Ice Cream Sundae Serendipity 3
Here’s Where You Can Enjoy a $1,000 Ice Cream Sundae In Vegas
Mauro Camusso Creates his Wine in a Disused Mineral Mine
The Top Five Red Wines of 2016
Laucala Hilltop Estate
The Five Most Expensive Hotel Suites in the World
The Place to Stay During the Sundance Film Festival
Alpe d’Huez Voted Europe’s Best Ski Resort
The Four Seasons Gorgeous New Hawaiian Resort