Global fine art market paints a dramatic picture

TURNOVER and the number of fine art items offered at auction globally have fallen dramatically this year, according to two of the leading market trackers. The British-based Art Sales Index, who record hammer prices of pictures over £250/$400, sculpture and miniatures over £1000/$2000 and photographs and prints over £2000/$3000, have noted an 11.5 per cent drop in the number of lots offered from the 2001/2002 season to that of 2002/2003.