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Art sales by auction grow by 124% and average annual returns are 40%

The value of art sales by auction in Romania grew by 124 percent in 2010 compared to the previous year, from 3.7 percent to 8.3 million euros, and the average annual returns were 40 percent, according to the second edition of the Romanian Art Market Index.

The index, a catalogue of annual returns for the period between 1995 and 2010 of the best selling Romanian painters, was launched on Tuesday during a press conference by the auction house Artmark and the Bucharest Stock Exchange.

The catalogue, which can be viewed online on the website www.indexulpieteidearta.ro, contains the monitoring and processing of all public sales operations (by art auction) in Romania over the past 16 years (1995-2010). The catalogue covers about 1,000 Romanian painters, either patrimonial or contemporary, the best selling ones during this period. The information includes the quotations and annual returns of these artists and draws conclusions of average annual returns on the entire trading period of each artist, depicted by charts following the evolution of their market value.

Artmark managing director Manuela Plapcianu said that investments in art 'become a common measure to diversify the investments portfolio,' indicating that the index represented a project 'to set a milestone for the art market.'

She presented the past year in the field of art, mentioning that a lot of major events took place, with the value of the art sales by auction growing in Romania by 124 percent in 2010 compared to 2009.

Besides, the average annual returns of the Romanian art market over the past 16 years was 36 percent, larger than the average annual returns for investments in gold, realty or Romanian securities.

Plapcianu also said that the seven auction houses in Romania, Alis, Araart, Artmark, Calusari, GoldArt, Monavissa si Quadro, auction off an average 700 works every month.

The index reveals that Rudolf Schweitzer Cumpana ranks first among the ten best sold Romanian artists over the past 15 years, followed by Theodor Pallady, Alexandru Biju, Nicolae Vermont, Nicolae Tonitza, Iosif Iser, Samuel Mutzner, Adam Baltatu, Gheorghe Petrascu and Octav Bancila.

Currently, the classification of the best sold works on the Romanian market is dominated by Nicolae Grigorescu, who holds the first four positions with 'Peasant Girl Resting' (270,000 euros), 'Pub at Rucar' (230,000 euros), 'Landscape at the Forest Edge' (200,000 euros) and 'Shepherdess' (175,000 euros). These are followed by 'Aise' (160,000 euros) by Camil Ressu, 'Spring Flowers' (155,000 euros), 'Oxen-Drawn Cart' by Nicolae Grigorescu (155,000 euros), 'Carnations' by Stefan Luchian (140,000 euros), 'Poppies' by Stefan Luchian (130,000 euros), 'Women in the Park' by Ion Andreescu (130,000 euros) and 'Harbour' by Marcel Iancu (130,000 euros).

The first index of the Romanian art market was launched late in May 2010 .

Sursa: http://www.actmedia.eu

Tags: euros romanian market index percent returns auction average annual sales

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