Winds of change in the world of French art auctions

[14/06/2002]

  French auctions have always been concentrated in Paris and dominated by the auctioneers of Drouot, who between them knocked down around 50% works of art sold at auction. The Tajan auction house had the highest turnover in the art auction market.

But since the reform of France’s auction market took effect in 2002 Drouot, which lost most from the changes, has had to sharpen up its act. Its market share fell by 11% on the previous year, and first quarter turnover was down 23.2% on Q1 2001. Today, the preferred venues for auctions are the Georges V Hotel for Tajan and the Marcel Dassault Hotel for Artcurial-Briest rather than the traditional auction rooms of Drouot Richelieu and Drouot Montaigne. With ambitious new rivals snapping at their heels the old houses are embracing change. Many are restructuring and mergers are on the agenda – solidarity being the best defence against oligopoly. Strategies are being drawn up and competition is intensifying. Artcurial which recently merged with prestigious auction house Briest has now bought up Poulain Le Fur. The latter move was one of the coups of the year, and heralded a series of prestigious and newsworthy auctions. This new larger and more dynamic group should rapidly become a dominant force on the French art market. Also, there are rumours that Pierre Bergé, which pulled out of the acquisition squabble over Drouot, might link up with Godeau, Chambre, Nicolay and Buffetaud and climb back in the ring.

This move towards concentration has spread outside Paris. A number of provincial houses have come together in a group known as “Ivoire”, comprising more than ten auctioneers. Their aim is to mount an auction house with nationwide reach. There is also talk about pooling exceptional pieces for joint auctions. Several members of the group Ivoire have already had pieces in an auction organised by Artcurial-Briest on 6 June 2002.
The end of the season has a packed schedule. The transition period for auctioneer status ends on 10 July. Thereafter, only companies will be able to hold auctions. The French reforms and the arrival of the big British houses could leave deep scars on the French auctions market. It has become increasingly difficult to say who will rank first on the French market by the end of the year. 2001 turnover

For Fine art aucions

EUR in thousands

  > 10 000   5 000 to 10 000   2 000 to 5 000   1 000 to 2 000   < to 1 000