Adduco Capital Partners – consulting and advisory specialist in Fine Art acquisitions and sales.
Having had exposure to the private art market for over 10 years in sales and advisory, we have always been struck by the way works of art were offered in the market. More particularly, the lack of transparency, the very poor dissemination of correct information and the hurdles (seemingly created) that make transactions so difficult to conclude. Our role is to make this a seamless exercise.
By creating accessibility and an optimal environment to transact. Our connections to scholars and art experts, who are qualified to comment on the provenance and authenticity of the works as well as having access to a network of collectors and buyers allows us to affect credibility and stability.
Our approach provides a very good transactional framework for the private art market. It is also a means to create and cement mutually beneficial relationships and this adaptive template is applied to other lines of business.
1. Global sales of art and antiques reached an estimated $50.1 billion in 2020, down 22% on 2019 and 27% since 2018.
2. Online sales of art and antiques reached a record high of $12.4 billion, doubling in value on the previous year, and accounting for a record share of 25% of the market’s value.
3. Although all three of the major art hubs, the US, the UK, and Greater China, experienced a decline in sales, they continued to account for a majority of global sales by value in 2020, at 82%.The US retained its leading position with a share of 42%, with Greater China and the UK on par at 20%.
4. Sales in the US art market fell by 24% in 2020 to $21.3 billion, but remained 76% above their level in the last recession in 2009.
5. Greater China’s sales decreased by 12% in 2020 to $10.0 billion, the third year of falling sales values, although a less severe decline than its other major peers.
6. Sales in the UK declined by 22% to $9.9 billion in 2020, their lowest level in a decade, but still 10% above the previous recession in 2009.
Global Key findings from Art Basel and UBS report 2020