Politique Internationale — Globalisation, museum pre-emption, accumulating information on works of art, competition from auction houses: is the art trade riskier today than it used to be?
François Curiel — If by ‘risky’ you mean ‘difficult’, then no, I don’t think it’s any riskier today. I would even go so far as to say that globalisation and technological advances have made it easier to trade works of art, since they have reduced the information asymmetries between the various players in the market. Online databases make it possible to verify the authenticity, provenance and price trends of a large number of works. Blockchain and the use of artificial intelligence are already accentuating this major trend at Christie’s, by helping to trace the provenance of works and confirm their pedigree. This increased transparency facilitates transactions and boosts confidence in the market. In addition, the diversity of auction houses offers a wide range of works and prices, and the growing number of art fairs enables us to reach an increasingly international audience, thus broadening the market.
The rise of China on the art market – which has become, depending on the year, the world’s second or third largest player – has also contributed to this geographical expansion of the art world in recent decades, multiplying the geographical opportunities and depth of the market. This is partly due to a rise in domestic demand, supported by the development of major local auction houses such as Poly Auction and China Guardian. In 2024, according to the latest Art Basel report, global imports of art and antiques have continued to grow for the third consecutive year, up 6% to reach $33 billion, with major importing regions such as Hong Kong maintaining strong demand (1).
P. I. — Is it more risky to find reliable contacts and/or partners?
F. C. — Above all, it’s a question of choosing the right partner or partners. There is a real need for support among individuals wishing to diversify their assets into works of art, and not just for the very wealthy. Works of art are a separate asset class, requiring one or more specialists: in 2024, a quarter of customers said they had relied on advisers to help them decide what to buy. Leading specialists such as Marc Blondeau in Geneva and Sandy Heller in New York have developed highly sought-after consultancies. Solid expertise, coupled with an educated awareness of art and its market, and above all a collector’s eye, are still eminently necessary in this role. Regardless of their financial potential, expert appraisals enable us to grasp the most important aspect of works of art: their humanity, their imperfections and their grace.
P. I. — The art market, a world that stirs up so many emotions and passions: can we talk about it as a generic, well-identified, well-defined entity? Or is it a much more fragmented field?
F. C. — There is not ‘one’ but ‘many’ art markets, depending on whether we’re talking about old, modern or contemporary paintings, …