Art Market: High-Priced Lots Make Up 82% of Sales
The art market generated $66 billion in sales in 2013, an 8 percent increase from 2012. That’s just below the all-time high, according to research firm Arts Economics. Prices doubled in the boom from 2003 to 2007, hitting a peak of $66.9 billion, before the global recession cooled things off. Last year, 7 percent of the artworks auctioned were lots valued at more than €50,000 ($69,130). The high-priced lots accounted for 82 percent of total worldwide sales.