Citi Reports Average Annual Growth of Market at 13% Over Past 15 Years

November 13th, 2015

Pablo Picasso's La Carafe (Bouteille et verre) sells at Christie's, via Rae Wang for Art ObservedA recent report by Citi has noted an impressive rate of growth for the art market in the past 15 years, when sales totaled about $3 billion.  “Since then, global auction turnover has grown at an average annual compound rate of 13%, reaching $16.1 billion in 2014,” says JPMorgan Asset Management’s Benjamin Mandel.  “Not bad considering that the period was punctuated by the deepest global recession in almost a century.”

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