Wednesday, March 21, 2012

TEFAF Maastricht - What’s in a name?

Will The European Fine Art Fair need to change it’s name? A shifting market share from west to east begs the question.
TEFAF Maastricht (The European Fine Art Fair) is in session (March 16-25). With a history of over 25 years, TEFAF is heralded as “The World’s Leading Art and Antiques Fair” and carries weight in the art world. A report from TEFAF “demonstrates how China’s share of the global art market rose from 23% in 2010 to 30% last year, forcing the United States, with 29%, into second place. The UK, which was overtaken by China in 2010, remained third with a 22% market share, while France was a straggling fourth with 6%.” For the last few years, Dr. Clare McAndrew has compiled the report with not only statistics on the market but also with aninternational survey of dealers. The report goes on to predict that “the next decade will be the first period when emerging market countries contribute more to global economic growth than developed ones.”
China is one of the 18 countries represented this year, and the prediction suggests that other emerging economies may soon join the fair.

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