World Art Sales Breach $12 Billion Mark With China Retaining Its Top Buyer Tag

China retained its spot as the top buyer of art works in 2013 with new figures showing that global art sales hit a record high of $12.05 billion last year.

France-based Artprice said sales of artworks around the globe -- which include paintings, sculptures and photographic prints -- grew 13 percent in 2013.

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The market rebounded after a nine percent drop in 2012 that was due mainly to a decrease in sales in China.

But China remained the top art buyer for the fourth year running in 2013, accounting for $4.078 billion in sales, Artprice said.

It was followed closely by the United States, which accounted for $4.016 billion of sales, up 20 percent from 2012.

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"These two powers alone account for two-thirds of the art market," said Artprice CEO Thierry Ehrmann.

Britain was in third position but far behind, accounting for $2.11 billion worth of sales. France was fourth with $549 million in sales, followed by Germany and Switzerland.

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Ehrmann said growth in the art market continued to rely on the works of a small number of popular artists selling at high prices.

"Half of the revenues from 2013 were based on only 100 artists and 25,000 lots," Artprice said.

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A new world record for the most expensive piece of art auctioned was reached in November when a triptych by British painter Francis Bacon -- "Three Studies of Lucian Freud" -- sold for $142.4 million at Christie's in New York.

New York is the "epicentre" of top-level sales, Artprice said, accounting for 39 of the 50 best auctions last year.

With $3.55 billion in sales, Christie's beat out rival Sotheby's, with $3.10 billion, for the spot of top auction house.

Ehrmann said he expected 2014 to be another record year as the art market cements its place as a "true safe haven" for investors.

Source-AFP