​A famous work by Russian realist painter Ilya Repin was vandalized by a visitor at Moscow's Tretyakov Gallery on May 25.

​Ivan the Terrible and His Son Ivan on November 16th, 1581, a painting dating from 1885, was seriously damaged in the attack, in which the man used a metal fence post to smash the protection glass and rip the canvass.

"The painting is badly damaged, the canvas is ripped in three places in the central part ... The falling glass also damaged the frame," the Gallery said in a statement.
"Luckily, the most valuable images, those of the faces and hands of the tsar and prince were not damaged," the statement said.
The attacker was detained and a criminal case was brought against him, the Interior Ministry reported, without revealing his identity.

Russian news agency TASS quoted an unnamed law enforcement official as saying the perpetrator was a 37-year-old man from Voronezh, a city some 525 kilometers south of Moscow, who attacked the painting because of the "falsehood of the historical facts depicted on the canvas."
​
READ MORE: Russia's Dangerous Struggle With Obscurantism


The painting depicts Ivan the Terrible mortally wounding his son in Ivan in a fit of rage, and it is considered the most psychologically intense of Repin’s paintings -- an expression of the artist's revolt against violence and bloodshed.
The painting was subjected to vandalism for the first time in 1913, when Abram Balashov, a mentally ill man, cut it with a knife in three places. Repin himself participated then in the restoration of the painting, the gallery said in its statement.

Dr. Clare McAndrew (Art Basel)graph. 

Art Basel and UBS last week published the second edition of the Art Basel and UBS Global Art Market Report. Written by renowned cultural economist Dr Clare McAndrew, Founder of Arts Economics, The Art Market 2018 presents the results of a comprehensive and macro-level analysis of the global art market in 2017.
Last year, the global art market grew by 12%, reaching an estimated $63.7 billion, with the United States retaining its position as the largest market and China narrowly overtaking the United Kingdom in second place. In 2017, dealer sales increased 4% year-on-year to an estimated $33.7 billion, representing a 53% share of the market, while public auction sales increased 27% to $28.5 billion. Much of the uplift in sales in the auction and dealer sectors was at the top end of the market; away from the premium price segment, overall market performance was mixed.
 A continuation of Dr Clare McAndrew's extensive research into this field, the report begins with an analysis of global sales data, including the key benchmark statistics on global transaction values, volumes and geographic market shares. It then continues in successive chapters by analysing the dealer and auction segments, art fairs and exhibitions (comprising a new stand-alone chapter), online sales, global wealth and art buyers, and economic impact metrics.
Key findings of The Art Basel and UBS Global Art Market Report include:

• Global Sales: Following two years of declining sales, in 2017 the market turned a corner with increasing sales in both the dealer and auction sector. The art market achieved total sales of an estimated $63.7 billion in 2017, an increase of 12% on 2016. The volume of sales (number of transactions) grew more moderately than values, at 8% year-on-year. The value gains were driven by sales at the top end of the market, capped by record prices in the auction sector. Away from the premium price segment, overall market performance was mixed. In 2017, aggregate sales by dealers accounted for a larger share of the market, at 53% by value, with total auction sales accounting for 47%.
• Leading Markets: The top three markets – United States, China and United Kingdom – further cemented their position in the market in 2017, accounting for 83% of total sales by value, up 2% from 2016. The United States was again the largest market by value with an estimated market share of 42%. China overtook the United Kingdom in 2017 at 21% of total sales with the United Kingdom falling to 20%.
• Asia's Growth: Sales in China are by far the largest in Asia by value. When combined with other markets such as Japan, South Korea, India and Indonesia, Asian sales accounted for a 23% of global share in 2017. Although this is still significantly less than the United States, at 42%, and the EU, at 33%, strong wealth dynamics in Asia and dynamic local markets suggest that its share could increase in the near future.
• Dealer Figures: Sales in the dealer sector increased 4% year-on-year to an estimated $33.7 billion, compared to an estimated $32.5 billion in 2016. Performance was mixed between sectors and segments but overall there were more gainers than losers in terms of annual sales. 59% of respondents to the annual dealer survey conducted by Arts Economics for this study reported positive year-on-year growth, 13% reported that sales were stable, and 28% indicated a decline in sales. Dealers with sales below $500,000 saw a decline on average of 4%, the second consecutive year of losses in this segment, while the most growth was in the segment above $50 million (up10%).
• Gallery Openings and Closures: The ratio of gallery openings to closures in 2007 was over 5:1 and has declined rapidly since then, dropping to 0.9:1 in 2017, that is, more closures than openings. The number of gallery closures has varied considerably throughout this period, peaking in 2009 in the middle of the large contraction in sales in the art market, and falling in recent years. Gallery openings however have declined steadily over the last decade, with the number of new galleries established in 2017 around 87% less than in 2007.
• Auction Figures: Sales at public auction of fine and decorative art and antiques reached $28.5 billion in 2017, up 27% year-on-year. From 2007 to 2017, besides the very lowest end of the market (works sold for less than $1,000), all segments up to $1 million have shown negative annual growth rates and declined in value. In contrast, the market over $1 million has grown, with the biggest increases at the very highest end, with the total value of works sold for over $10 million increasing by 148% over ten years, and by 125% year-on-year in 2017. Sales of Post War and Contemporary art reached a total of $6.2 billion in 2017, increasing 12% year-on-year. The Modern art sector increased 39% to reach $3.6 billion. Values in the Impressionist and Post-Impressionist sector rose 71% to $2.3 billion, while sales in the wider Old Master market reached under $1.3 billion. Sales in the European Old Masters sector rose 64% year-on-year to reach $977 million, exceeding their previous peak of ten years ago in 2007 (at $906 million). However, this uplift was due to the sale of the Leonardo da Vinci painting 'Salvator Mundi' for $450 million at Christie’s in the United States, without which sales would have actually fallen 11%.
• Art Fairs: Art fairs continue to be a central part of the global art market, with aggregate sales estimated to reach $15.5 billion in 2017, up 17% year-on-year. Art fairs accounted for estimated 46% of dealer sales in 2017, up 5% year-onyear – with on average five fairs attended in 2017.The costs for dealers to participate in fairs has risen to $4.6 billion in 2017, up 15% from $4 billion in 2016.  Online Sales: The online art market reached an estimated new high of $5.4 billion in 2017. This represents 8% of the value of global sales – a 10% year-onyear increase, and up 72% over the last five years. Online sales have been a key method to access new buyers, with dealers reported that 45% of their online buyers were new to their businesses in 2017. Auction houses also view online sales as key way to generate new buyers, with 41% of those buying online at second tier auction houses were new buyers, while in top-tier houses they averaged over 40%.
• Global Wealth and Art Buyers: In collaboration with UBS and its Chief Investment Office, Clare McAndrew and her team were also able to gather fresh insights on the collecting behavior of US-based high net worth individuals. In 2017, the number of millionaires worldwide reached an historical high of 36.1 million, increasing 7% annually as 2.3 million individuals were added. Millionaire wealth rose by 10% to just under $129 million. The survey of HNWIs in the United States in 2017 revealed that 35% were active in the art and collectibles markets. The survey indicated that the most common price range for buying works was for less than $5,000 (79% of respondents), and 93% reported that they most often bought at prices less than $50,000. Just less than 1% bought at prices in excess of $1 million. 73% of respondents felt that a passion for collecting art or collecting art as an expression of their personality was a key consideration when purchasing works, whereas a minority (32%) thought return on investment was. 86% of collectors surveyed said that they had never sold a work from their collection. While 73% of those surveyed had a professional financial advisor, relatively few used an art advisor (8%).
• Economic Impact: The art market directly employed an estimated 3 million people in 2017 – with approximately 310,685 businesses operating in the global art, antiques and collectibles market. It is estimated that last year, the global art trade spent $19.6 billion on a range of external support services directly linked to their businesses, an increase of 9% year-on-year.

​Clare McAndrew, Founder, Arts Economics said: "After two years of uncertainty and decline, the market turned a corner in 2017 with growth in the auction and dealer sectors, as well as at art fairs and online. Despite some remaining political volatility, robust growth in high-end global wealth, accelerating financial market returns, stronger consumer confidence and increased supply led to a much more favorable environment for sales. However, these industry-wide gains were driven by sales at the top end of the market, and away from this premium segment, performance was not all positive, with many businesses coming under pressure. This divergence in performance is a continuing concern, particularly as the majority of employment and ancillary spending comes from the very many other businesses in the art trade below the top tier. To maximize its economic impact, the market to be functioning well at all levels."
Noah Horowitz, Director Americas, Art Basel said: "This report provides an unparalleled overview and analysis of the current state of the market. While the strong gains realized in 2017 as well as the field’s ever more global infrastructure are certainly reassuring, its top-heavy nature and rapidly changing dynamics, as captured in this report, have also never been clearer. Dr Clare McAndrew's findings are a must-read for any serious market participant or commentator, offering fresh insight on a wide range of the most pressing issues in today’s art business."
Paul Donovan, Chief Economist, Global Wealth Management, UBS: said: "The performance of today's growing and globalized art market is a fascinating reflection of wider economic trends and highly correlated with GDP and HNW populations. Collecting is a passion that we share with many of our clients. Alongside our own exclusive art services, this collaboration with Dr Clare McAndrew and Art Basel is a natural fit for our ongoing commitment to the research and analysis of markets and economic data for our clients."

​

BY ANGELA M.H. SCHUSTER ON JANUARY 4, 2018


The evening sales of Old Master paintings at Sotheby’s and Christie’s in London (held on December 6 and December 7, respectively) showed a marked uptick in the art market category—up 75.6 percent from December 2016 and 58.5 percent over 2015, according to Peter Gerdman, an art market analyst at London-based ArtTactic.

At Sotheby’s, 41 of the 50 lots on offer achieved a total of £25,048,950 ($33,552,100). The sale was led by Joseph Wright of Derby’s iconic oil on canvas, An Academy by Lamplight (1769), which brought an artist record £7,263,700 ($9.736,990), more than doubling its £3.5 million ($4.7 million) high estimate.

At Christie’s, 27 of the 36 offered lots sold for a total of £21,772,000 ($29,162,800). The star lot of the evening was Saint Francis and his Brother Leo in Meditation, an early 17th century canvas by Doménikos Theotokópoulos, better known as El Greco. The Mannerist work realized £6,871,250 ($9,203,780) on its £5 million to £7 million ($6.7­$9.4 million) estimate. Christie’s has clearly had a banner year in the Old Masters arena, having sold Leonardo Da Vinci’s Salvator Mundi for record-shattering $450,312,500 in New York in November.

The December sales at the Sotheby’s and Christie’s brought in a combined total of £46,820,950 ($62,714,900) with buyer’s premium, easily exceeding presale expectations of £30,660,000 to £44,980,000 ($41,067,900–$60,249,000). By comparison, the December 2016 sales at the two houses garnered £14.8 million ($18.8 million) and £12.2 million ($15.4 million), respectively.
“2017 showed an unpredictable growth in the Old Master auction sector,” says Gerdman, adding that reported sales at auction totaled $797 million. This figure represents a year-on-year growth of 123.1%—growth largely attributed to the single sale of the Salvator Mundi. “That extraordinary sale has propelled the Old Master paintings market back into the limelight,” he says, “but the long-term effect on the wider sector, currently impacted by a diminishing supply of top-tier works, remains to be seen.”

​A recent report in the Financial Times predicting that the Kenyan art market is on the cusp of a boom is overstated, according to data from artnet’s Price Database.
The article reported that the gradual cultural liberalization under president Mwai Kibaki in the 2000s provoked a generation of artists to tackle more controversial and challenging subjects—both in terms of content and style, encouraging collectors’ interest.
Related: The Highs and Lows of Africa’s Art Market Bonanza
Additionally, an annual auction of east African art at the Circle Art Agency in Nairobi is reportedly fostering a market for East African art.
However, the data indicates that the Kenyan art market—which is already tiny—is in fact shrinking. Since 2005, the total volume of sales of Kenyan artists at auction has totaled only $33.9 million. Without the sales of international star artist Wangechi Mutu, that figure drops to $7.6 million.
The market peaked in 2007, at a total auction sales volume of $6.8 million. Without the sales of Mutu, that figure falls to a peak of $1.7 million, achieved in 2012.

​Since 2012, when auction sales for Kenyan artists totaled $4.3 million, the market has steadily contracted, achieving $1.7 million in 2013, $3.2 million in 2014, and $1.7 million in 2015. Halfway through 2016, the market for Kenyan artists had totaled only $465,000.
Additionally, the number of Kenyan artists trading at auction is also very small, pointing towards a serious lack of diversity in the market. In 2007, when the market peaked at $6.8 million, those numbers were achieved by the cumulative sales of only four artists: Mutu ($5.4 million), Magdalene Odundo ($1 million), Simon Combes ($259,200), and Robert Glen ($92,802). Nine years later, two of the three artists with auction sales in 2016 are the same, Mutu and Odundo--Paul Onditi is the third.
Related: 10 Black Artists to Celebrate in 2016
However, as Giles Peppiatt, an African art expert at Bonham’s, pointed out to the FT, “Just because they are not fetching £100,000 a picture does not mean they are lesser. The trouble is, everyone expects everything to follow the trajectory of Chinese contemporary art. The market has cooled distinctly since those days.”
That is certainly true, but in terms of the market, Kenya still has a lot of catching up to do if it is to become a player in the African continent.

By Henri Neuendorf

​By Alexander Forbes
Mar 11th, 2016

​The European Fine Art Foundation (TEFAF) released the 2016 edition of its annual report on the state of the art market on Wednesday. Compiled once again by cultural economist Dr. Clare McAndrew, the report confirms suspicions of a downturn in the international art market. But it also identifies positive indicators for certain sub-sectors of the market. Here are the 10 things you need to know.
​

​Globally, sales of art were down 7% to $63.8 billion in 2015, compared to $68.2 billion in 2014. The amount of art transactions also decreased to 38.1 million, a 2% contraction. This will come as little surprise to anyone who has been watching headlines in recent months—in the art press, the pervading narrative has been one of a slowdown in the art market. Data began to trickle in to confirm this in recent weeks, as Sotheby’s reported a fourth quarter loss of $11.2 million and predicted a significant drop in sales in the first half of 2016 compared to last year. Meanwhile, a downturn in the macroeconomy—especially in key emerging markets like China and Brazil, which began to play out in the second half of last year—has led to jitters about the overall business climate in 2016. Though some headlines might suggest the art market is crumbling before our eyes, one would be advised to take pause. The rocket ship grown in the art market was not sustainable. Cyclical contractions are natural, healthy even, for both the global economy and the art market alike.
​

​$27.3 billion-worth of art was sold in the U.S. last year, a 4% increase over 2014. That is a smaller increase than the 10% year-over-year growth that was recorded from 2013 to 2014, but amid a landscape in which sales in every other major market center declined, the U.S. market is arguably at its most dominant global position in history. It was responsible for a 43% share of total sales of art by value in 2015, which is more than double the share of its next-biggest rival, the U.K., where sales contracted by 9% to $13.5 billion for a 21% stake in the global art trade.
​

​The U.K. firmly became the second biggest art-market center last year thanks to a staggering decline in sales in China. Previously the world’s second largest market for art, China experienced a 23% decline in art sales in 2015, dropping to $11.8 billion. Its share of the global market declined by 3%, from 22% to 19%. The Chinese art market had contracted by 0.05% in 2014, a year which also marked the country’s slowest year of economic growth of the previous 24. Last year was worse, with estimates ranging from the officially reported 7% to as low as 1%. Trading on the Shanghai stock exchange was suspended multiple times throughout the year, when multiple sell-offs resulted in declines of the exchange’s value within a single trading session over the allowed threshold. Meanwhile, president Xi Jinping increased crackdowns on so-called elegant bribery, in which luxury goods and artworks are used to curry favor with officials, in perhaps the most significant blow to the mainland’s middle market.
​

​The art market got increasingly top-heavy in 2015, with 57% of all auction sales coming from works sold for over $1 million. That’s 9% more than the 48% of auction value derived from seven figure-plus works (measured in euros) in 2014, and it represents less than 1% of all transactions. Works over $10 million represented 28% of the total value generated from sales in 2015. That ultra-high-end segment of the market was the only value segment to grow in 2015—it was up 19%—thanks in no small part to several record-breaking sales. Picasso’s Les Femmes d’Alger (Version ‘O’) (1955) sold for $179 million at Christie’s New York in May to break the auction record for any painting and Modigliani’s Nu Couché (1917-18) sold for $170.4 million from Christie’s November sale
​

​While modern art is the second most popular market segment, representing 30% of all works sold in 2015, it outperformed its competitors, only falling by 1% in overall value, to $4.5 billion. That value was more concentrated—20% fewer works were sold in 2015—but this jibes with past performance during economic contractions. Post-war and contemporary artworks saw record growth during the boom times, thanks to, among other things, a trend of new collectors speculating on young painters in hopes of achieving a high return. But as jitters hit the global economy, the world’s wealthy tend to turn towards alternative assets that are seen as more consistent stores of value, modern artworks being prime among them.
​

Nearly half of all value generated from the sale of art in 2015—46%, down 2% from 2014—was from the post-war and contemporary art sector. Those sales represented 41% of the total volume of works sold last year. The post-war and contemporary art auction sales results are particularly interesting. A 14% drop was registered in auction sales, with $6.8 billion in post-war and contemporary artworks sold. That value was derived from 20% fewer lots than the year previous as well. While there are certainly numerous contributing factors to this decline, it could suggest that the fervent speculative interest in young painters has diminished and that the owners of those works, when trading them, are doing so privately. Dealers do not want similar works by young artists selling at auction for less than the previous high price. And thus, for contemporary art, the gallery backroom likely trumped the saleroom last year.
​

Fighting the general trend, 4% more works by Old Masters sold at auction in 2015 than in 2014. However, the sector also saw the steepest decline in value, at 33%. That can likely be mapped to a continued generational trend away from the sector. The report cites “particularly strong” private sales of Old Masters in 2015, speaking to the continued discretion of the collectors of these works.
​

Across the entire art market, perhaps the most encouraging data point is that of the online art market, which grew by a significant 7% for a total $4.7 billion in trade during 2015. Sales of art online now represent 7% of the overall value of art sales, up 1% from last year. There are several possible conclusions: A greater number of existing collectors are buying art online or are buying more expensive works online, and/or new collectors and art buyers are entering the market through these less intimidating and more seamless marketplaces. Data suggests it’s some combination of the two.
​

Sales made on the auction house floor accounted for 47% of total value generated in the art market in 2015. All other sales—private sales conducted by auction houses as well as sales by galleries and dealers—made up the remaining 53%. Those numbers are more or less on par with the previous year, despite auction houses citing the private sales side of their business as an increasingly key site for future growth. For galleries, fair sales contributed to a steady 40% of their total revenue, a figure that suggests any lagging sales reported at fairs this year and last are a function of macroeconomic shifts, rather than any decreased interest from collectors in engaging in art fairs.
​

​Across the art trade, dealers and auction houses spent 3% more on so-called supportive services ($17.8 billion) to conduct business last year. A portion of that can be attributed to inflation, one would assume. But it also raises an interesting question: How much more would have to be spent in order to keep the art market stable if the economy declines?
​