New York – the Mecca of Contemporary art

The United States has recovered its leader position on the global Contemporary art market, resuscitating the fierce competition with China. In total the United States generated $650 million from Contemporary art, nearly $90 million more than China. This strong performance was essentially driven by New York, the global capital of the art market. New York is home to the biggest art collectors, the most powerful galleries and the most prestigious museums. It also has the strongest networks, allowing the fastest emergence of young artists in the world.

In fact, almost the entire value of the United States’ Contemporary art auction turnover is generated in New York ($631 million in 2014/2015¹, i.e. 97% of the US Contemporary art market). The city is today the unchallenged epicentre of the ultra-high end of the art market. With just 6% of the global number of lots sold, New York generates 36% of the global turnover². In fact, New York is ideally placed to benefit from the current boom in the art market, which is being driven by a minority of ultra-rich individuals and institutions with investment budgets in the millions of dollars. Christie’s and Sotheby’s generate their best turnover figures in New York and hammer their best results in the Big Apple. Nine of the top ten best results during the 2014/2015 period were hammered in New York, and one in London.

The intense media focus on the ultra-high end of the art market tends to overshadow the fact that more than half the artworks sold in the city sell for under $5,000. So New York’s art offer is not exclusively reserved for a wealthy elite and it remains accessible for all kinds of non-professional art aficionados.