Report shows strength of Irish art and antiques market

The Irish fine art and antiques market was worth more than €61 million last year and accounted for almost 6,000 jobs. The figures are included in the 2014 art market report compiled by Irishwoman Dr Clare McAndrew for the European Fine Art Foundation.

The report estimates that the global market business is valued at €47.4 billion and supports 2.5 million jobs worldwide in more than 308,000 businesses. These include auction houses, antiques dealers, galleries and antiques shops.

The sector is being transformed by the internet. Online sales in 2013 were estimated to have been in excess of €2.5 billion, around five per cent of global sales of art and antiques. It is estimated that online sales will grow at a rate of at least 25 per cent per annum, meaning that they could exceed €10 billion by 2020.

Dr McAndrew is a cultural economist whose company Arts Economics provides research and consultancy services to private and public sector clients investing in fine art, antiques and collectibles. Her report found that three countries dominated the international market in 2013: the US accounted for 38 per cent; China 24 per cent; and, the UK 20 per cent. Post-war and contemporary art was the largest sector of the market and accounted for 46 per cent of the fine art auction market.

Ireland accounts for just a fraction of the global market, she said, with 2013 turnover estimated at “roughly €61.3 million, so it’s just 0.1 per cent of the global total and nearly 0.5 per cent of the EU’s.” Ireland has 55 auction houses selling fine art, antiques and collectibles and some 650 dealers and shops. The report found that Irish auction houses employ 1,430 people (EU total: 79,728) and dealers and shops employ 4,550 (EU total 324,030) giving a total employment figure for Ireland in 2013 of 5,980.

Given the improving economy, both turnover and employment figures could rise significantly in future years.

Worldwide, the report estimated that 600,000 millionaires are mid- to high-level art collectors, equating to less than 2 per cent of the world’s millionaire population. And what do the rich buy? Dr McAndrew said: “High net worth individuals allocate an average of 10 per cent [of their wealth] to so-called investments of passion.”

Last year, the most popular category was jewellery, gems, and watches, with a 32 per cent allocation globally; second was luxury collectibles such as antiques, wines, coins and stamps; then art with a 17 per cent share.