2011 Annual Art Investment Report
Skate's Art Stocks Review
Global Art Industry: Affected by Economic Uncertainty in 2011, Art Stocks Lose on Average 15% in Value
Skate's provides ongoing coverage of the global art industry on its website and blog, and Table 21 summarizes the share performance data for all listed companies worldwide that derive most of their economics from servicing the art industry or managing art assets. 2011 was the worst year since 2008, with Skate's Art Stocks Index, the only benchmark for the industry, shedding 13.6% of its value. Against this backdrop, the performances of Artprice, Abbey and Noble look very impressive and have been detailed in Skate's reporting during the year (see archive of Skate's Market Notes). Over the longer term, however, global art industry shares continue to outperform the S&P 500 as shown in the chart below.
Table 21. Skate's Art Stock Index (Global Art Industry Performance) in 2011
| Company | Listing / Currency | December 2011 Performance | YTD 2011 Performance | Price as of Dec-30, 2011 USD |
Price 52-wk Low USD |
Price 52-wk High USD |
Market Cap as of Dec-30, 2011 USD mln |
|---|---|---|---|---|---|---|---|
| Sotheby's | NYSE / USD | -9.2% | -36.8% | 28.53 | 25.00 | 55.67 | 1,927 |
| Artprice.com | Paris / EUR | 50.8% | 457.7% | 66.23 | 10.46 | 84.81 | 424 |
| Artnet | Frankfurt / EUR | 13.0% | -25.2% | 5.27 | 4.15 | 11.50 | 30 |
| Collectors Universe | NASDAQ / USD | 3.7% | 4.8% | 14.57 | 11.59 | 18.80 | 115 |
| Stanley Gibbons | London / GBP | -1.7% | -0.6% | 2.54 | 2.36 | 3.28 | 64 |
| MCH Group | Zurich / CHF | 2.5% | -20.0% | 40.56 | 38.11 | 55.12 | 210 |
| Mallett | London / GBP | 3.4% | 7.1% | 1.12 | 1.00 | 1.24 | 15 |
| Abbey House | Warsaw / PLN | -4.1% | 254.6% | 4.81 | 1.31 | 7.40 | 49 |
| Noble Investments | London / GBP | -3.2% | 32.8% | 2.56 | 1.92 | 2.92 | 40 |
| Sobranie Fotoeffect | Moscow / RUB | -2.5% | -9.1% | 16,135.15 | 16,135.20 | 18,531.00 | 454 |
| Art Vivant | Tokyo / JPY | 0.8% | -23.0% | 2.30 | 2.28 | 3.21 | 36 |
| Seoul Auctions | Seoul / WON | -6.2% | -40.3% | 2.45 | 2.23 | 4.19 | 41 |
| Shinwa Art Auction | Tokyo / JPY | 3.3% | 5.9% | 400.55 | 358.94 | 1,028.46 | 23 |
| Skate's Art Stocks Index | -1.6% | -13.6% | 177.5 | 157.4 | 241.8 | 3,428 | |
| Skate's Investable Art Stocks Index | 1.5% | - | 80.9 | 68.2 | 100.0 | 2,740 | |
Global Art Industry Still Outperforms S&P 500 over Longer Term
Source: Skate's Art Market Research
Table 22. Skate's Art Stock Index: Historical Performance
| Metric | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 |
|---|---|---|---|---|---|---|---|
| SASI Index value as of December 31 | 109.6 | 150.9 | 172.0 | 66.4 | 114.8 | 205.4 | 177.5 |
| Year performance, in points | - | 41.3 | 21.1 | -105.7 | 48.5 | 90.6 | -27.9 |
| Year performance, in % | - | 37.7% | 14.0% | -61.4% | 73.0% | 78.9% | -13.6% |
| S&P 500 year performance, in % | - | 13.6% | 3.5% | -38.5% | 23.5% | 12.8% | 0% |
| Number of stocks as of December 31 | 11 | 11 | 11 | 12 | 12 | 11 | 13 |
| Year trading volume (USD, mln) | - | 17,676.8 | 27,781.6 | 20,602.2 | 6,122.0 | 13,206.2 | 13,573.8 |
| Market cap as of December 31 (USD, mln) | 2,099.2 | 2,889.7 | 3,294.1 | 1,270.6 | 2,198.5 | 3,921.5 | 3,427.5 |