Sales tendencies in modern and contemporary art in the world market

Abstract

The aim of the paper is to identify and examine changes in the modern and contemporary art market in the world in 2009–2015. The source data for the performed analyses are statistical data compiled annually by Artprice and ArtTactic. In order to identify the changes in sales values in the world market for modern and contemporary art, single-base and chain dynamics indicators were used in the first place. Next, in the framework of a dynamic analysis, the trend function analysis method was adopted, which enabled mathematical models of the trend function in linear and exponential forms, describing the changes in the global market of modern and contemporary art, to be constructed. The paper also shows changes in the sales of the world’s largest auction houses, namely Sotheby's and Christie's, in the years 2000–2015. The sales of modern and contemporary artworks were compared with the sales of other types of artworks. In addition, the author focused on those contemporary artists whose works were sold for the highest prices at auctions in the most recent auction seasons. It was empirically proven that the world market for modern and contemporary art is developing dynamically. The collected data enabled the author to formulate the conclusion that the value of sales of modern art at the Sotheby’s and Christie’s auction houses grew both dynamically and significantly.