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Matthew Ledvina 1
Matthew Ledvina
Overview of the
Western Art Market 2017
2017 was an
exceptional year
for the Western art
market, with more than
413,000 works of art
sold at auction over
the course of the year.
The unsold rate was
34%, which is relatively
low and suggests a
dynamic yet selective
‘buy’ market.
Matthew Ledvina 3
RECORD SALES
More than 37,000 pieces sold in
2017 set new records for the art-
ist, including two pieces that sold
for more than $100 million apiece.
There were 1,093 pieces in total that
sold for more than $1 million. These
statistics relate to the high end of the
market, but there is also plenty of
activity at the lower end of the scale.
DESPITE THE MAJORITY OF COLLECTORS BEING PLEASURE-SEEKERS,
INVESTING IN ART AS AN ASSET IS DEFINITELY BECOMING A
POPULAR DIVERSIFICATION TOOL AMONG ELITE INVESTORS.
LOWER PRICE BRACKETS
The two lowest price brackets – un-
der $1,000 and between $1,000
and $50,000 – accounted for the
majority of art sales in 2017, at 50%
and 45% respectively. The fact that
only 5% of total sales crossed the
barrier of $50,000 suggests that, at
present, the Western art market is
still mainly driven by pleasure rather
than profit.
You can find out
more about this
topic by visiting the
blog of Matthew
Ledvina.
Matthew Ledvina

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Overview of the Western Art Market 2017

  • 1. Matthew Ledvina 1 Matthew Ledvina Overview of the Western Art Market 2017
  • 2. 2017 was an exceptional year for the Western art market, with more than 413,000 works of art sold at auction over the course of the year. The unsold rate was 34%, which is relatively low and suggests a dynamic yet selective ‘buy’ market.
  • 3. Matthew Ledvina 3 RECORD SALES More than 37,000 pieces sold in 2017 set new records for the art- ist, including two pieces that sold for more than $100 million apiece. There were 1,093 pieces in total that sold for more than $1 million. These statistics relate to the high end of the market, but there is also plenty of activity at the lower end of the scale. DESPITE THE MAJORITY OF COLLECTORS BEING PLEASURE-SEEKERS, INVESTING IN ART AS AN ASSET IS DEFINITELY BECOMING A POPULAR DIVERSIFICATION TOOL AMONG ELITE INVESTORS. LOWER PRICE BRACKETS The two lowest price brackets – un- der $1,000 and between $1,000 and $50,000 – accounted for the majority of art sales in 2017, at 50% and 45% respectively. The fact that only 5% of total sales crossed the barrier of $50,000 suggests that, at present, the Western art market is still mainly driven by pleasure rather than profit.
  • 4. You can find out more about this topic by visiting the blog of Matthew Ledvina. Matthew Ledvina