Artprice's Response to the Council of Voluntary Sale's Press Dispatch via the AFP

Artprice's Response to the Council of Voluntary Sale's Press Dispatch via the
                                     AFP

PR Newswire

PARIS, June 28, 2013

PARIS, June 28, 2013 /PRNewswire/ --

Artprice and its founder and ceo, thierry Ehrmann, have discovered the AFP
report on statements made by the Council of Voluntary Sales (CVV) through the
voice of its President Catherine Chadelat. Since the eve of the launch of its
Standardized Auction Marketplace (January 2012) Artprice has been under
regular attack from this French auction market authority.

In her latest comments Madame Chadelat apparently said "Ebay and Artprice are
the major unregulated players of the Internet auction market, which is not
subject, for the time being, to any regulation. They act without any
qualification, security or guarantees regarding the authenticity of artworks.
We would like to see an adjustment of the law or a clear and accurate
information that would eliminate any confusion with physical auctions."

Without going into yet another controversy and referring readers to various
regulated 2012/2013 press releases in response to the Council of Voluntary
Sales, Artprice observes numerous contradictions in the statements of the AFP
report. See Artprice statement regarding an article published in Les Echos on
25 March 2013 http://www.actusnews.com/communique.php?ID=ACTUS-0-31321

In reality, Artprice complies fully with Article 5 of Law No. 2011-850 of 20
July 2011 transposed in paragraphs 2 and 3 of Article L 321.3 of the French
Commercial Code regarding regulated auctions. As such, the notion of an
"unregulated Internet auction market that is not, for the time being, subject
to any regulation" is in fact completely false. Moreover, Artprice has engaged
in constant communication in this respect, which goes far beyond the
constraints imposed by law.

Concerning the notion of "security", with its highly sophisticated and totally
independent trusted third party exchange system (escrow/release), Artprice
provides guarantees to the parties in the sale and acquisition of artworks
that go far beyond those provided by the majority of physical auction houses.

Concerning "guarantees of authenticity", in the case of catalogued auctions,
these guarantees are primarily based on expert certificates and references to
catalogues raisonnés or any other documents proving authenticity. However,
Artprice gives all parties in a transaction access to all of these elements
and in a very structured way, thereby allowing the parties to act with full
knowledge of a work's authenticity.

Besides these observations, Artprice notes that the CVV publishes global
auction sales figures apparently collected from some 2,600 auction operators.
However, we cannot help noting the enormous difference between its figures and
Artprice's figures, which have been calculated for the last 13 years from
4,500 auction operators.

In effect, the indication that the United States (via New York) is ahead of
China (via Beijing) in terms of art auction sales is based on a very
restrictive approach that skews the reality and reflects a serious lack of
information. In reality, China has 41.4% share of the global market, ahead of
the U.S. with 23.6%. As for France, it has only a 4% market share and an
almost non-existent Contemporary Art segment that has all but disappeared from
the global art market's radar screen. Its collapse has been constant and
steady since the late 1960s

According to thierry Ehrmann, "it is high time that France recognized that
they have lost the war on the art market that started in 1960. France is faced
with the problem that art markert players are mistaking culture, in which area
France ranks 1st, and the art market, where their role is virtually
insignificant."

http://www.artprice.com(c)1987-2013 thierry Ehrmann

About Artprice :

Artprice is the global leader in databank on Artprices and indices with more
than 27 million indices and auction results covering more than 500,000
artists. Artprice Images® offers unlimited access to the largest Art Market
resource in the world, a library of 108 million images or engravings of
artworks from 1700 to the present day along with comments by Artprice's art
historians. Artprice permanently enriches its databanks with information from
4,500 international auction houses and auctioneers and publishes a constant
flow of art market trends for the main news agencies and 6,300 international
written media. For its 2.072 million members (member log in), Artprice posts
standardized adverts in what is today the world's leading Standardised
Marketplace® for buying and selling works of art by private contract or at
auctions -regulated by French law alinéas 2 et 3 de l'article L 321.3 du code
du commerce.

Artprice is listed on Eurolist B SBF 120 by Euronext Paris (SRD long only):
Euroclear: 7478 - Bloomberg: PRC - Reuters: ARTF

http://twitter.com/artpricedotcom

Discover the Alchemy and the universe of Artprice
http://web.artprice.com/video, which headquarters are the famous Museum of
Contemporary Art, the Abode of Chaos

http://goo.gl/mwsqp

Contact:e-mail: ir@artprice.com

SOURCE Artprice.com

Contact: Josette Mey, tel: +33(0)478-220-000
 
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