The last three years in the global art market have seen massive changes. The overall leaders have completely changed, with China rising from third and fourth place in the last decade to first in 2010. Meanwhile, France seems to be in a downward spiral, hard-pressed for a solution to fix its market. Their history has been prosperous in the past, but the 20th century has been less than kind. American art is still a viable commodity within the global market, however, as can be seen by Andy Warhol’s “performance” in 2010.
The taste of an art audience varies year by year, and with the 1991 crash and recovery shifting the focus from what was popular towhat sells. Fast forward to 2007, and the dominance of Pablo Picasso (1881-1973) and Andy Warhol (1928-1987) on the art market, intermixed with a few Impressionist, as well as a massive Chinese influence-all of which helped to form the art world into a global economy that is approaching 10 billion dollars per year. Andy Warhol is at the forefront of these sales, with his revenue alone in 2010 being his all time high of $313, 535, 564. (more…)