Last week, Stéphane Corréard was invited to a lunch organized by the Furniture and Works of Art department of the Union d'Experts insurance experts network. He is one of the great witnesses of the contemporary art market. On the occasion of the International Contemporary Art Fair in Paris, we are interested in his experience as a collector. Moreover, he is a major actor on the Paris market as the organizer of the Salon des Galéristes. In fact, this position allows us to enter the backstage of this very active market at the international level.
He notes that the contemporary art market is dynamic
There is nothing more instructive than talking to seasoned personalities. Stéphane Corréard gives us a behind-the-scenes look at the expectations of the "new rich" collectors. These people offer themselves a collection of contemporary art objects to affirm their new social position.
He cites the example of a retired merchant who sells his business. Following this, he invests 30% of his capital in contemporary art. The rates of progression are dizzying.
The quotation site Artprice has just announced record rates of growth for the first half of the year
This strong demand at the international level explains the record prices known in public sales rooms on a list of the first 100 artists (Basquiat always in the lead).
These figures are to be put into perspective because 70% of the works of art sold in France have an average cost of 7,500 euros.
He is often asked how an artist's rating is formed. His answer is based on his experience. Indeed, a diploma from an art school or a well-known artist's studio remains a sure factor.
Indeed, artists who have graduated from well-known art schools are better identified.
Thus they are exposed by gallery owners at first. Then collectors and institutional organizations (museum, foundation) buy their works. The art critics and publications relay the notoriety of the artist.
The first market is therefore fundamental to establish a solid quotation over time. The approach is different in Anglo-Saxon countries on the question of the work of the art dealer and gallery owner, whereas in France the prices in the sales room are often less expensive than in the gallery for the same artist.
Insurers and brokers responded to our invitation and contributed to the discussions on this topic.
Then we discovered the main stands of the FIAC and ended our visit by the wing of the second floor dedicated to the artists in the making.
A journey rich in emotion with the aim of making new professional contacts at the highest level on this market of contemporary art in France and we will not fail to find them at the exhibition of gallery owners from 7-10.XII.2017 at the Carreau du Temple in Paris.
This day was organized by the Cercle Menu Plaisirs, whose activities we will have the pleasure of presenting to you in a future post.
