Having studied the
minutes of the discussions held by the Senate Commission concerning
the Legal Attractiveness and Competitiveness of
the French Art Market, Artprice notes that the entire debate on
7 March 2018 was largely structured around Artprice's market
statistics and demands (available on online at the Senate's
website).
Catherine Morin-Desailly, Chairman of the Committee, opened
the meeting by quoting Artprice:
"According to Artprice, France generated 5.3% of global auction
turnover [on Fine Art] in 2017, in a context of strong recovery
after two years of slowdown. Our country is far behind the top
three marketplaces, China and the US (with roughly 30% each) and
the UK with roughly 20%".
The SYMEV (France's
National Union of Voluntary Auction Sales Operators), which
represents nearly all the auction operators in France, described
France's system of auction market supervision by the Conseil des
Ventes Volontaires (CVV - Council of Voluntary Sales, France's
auction market oversight authority) in the following terms:
"... our regulatory systems impose obstacles.
Trust the professionals! The existing oversight system regarding
the sums invested, established since 2001, is totally archaic; it
penalizes our competitiveness and attractiveness".
The SYMEV's critique of
the Council of Voluntary Sales at the meeting of the Senate
Commission is unambiguous. The following strongly-worded text is
available on the Senate's website:
"The French art market
is quite capable of defending its position, but
the Council of Voluntary Sales, whose existence was justified in
2001 when it was created, has become an outdated supervisory body
for us. This was already concluded two years ago in the report
by Messrs. Herbillon and Travert on behalf of the Parliamentary
Committee on Cultural Affairs and Education calling for regulatory
reform.
The existence of this
Council of Voluntary Sales adds no additional security to the
French art market compared with those of New York or London. If
today's buyers need guarantees, it is up to the auction operators
to provide them.
We cannot allow
scandals such as those that have emerged in recent years to
undermine confidence in our public art market. We must create our
own system of self-regulation to ensure that questionable objects
can no longer access the French market. The Council of Voluntary
Sales should only deal with "current" regulatory breaches, which
are rare but nevertheless detrimental to our reputation".
Artprice's constant
requests to practice genuine auction bidding on its unique
Standardized Marketplace are perfectly reflected in the following
text from the SYMEV:
"Auction operators have changed; the
world has changed. Our competitors today are not bailiffs, but
rather websites where items are sold to clients on their
smartphones. We urgently need to restore confidence in our
auction market by making it more transparent".
All of
Artprice's claims with regard to the prejudice it has suffered
since 2012 were effectively corroborated at this Committee meeting,
leaving no room for any other interpretation of the facts.
Before
January 2012 when Artprice launched its online auction sales
activity, its share price had a long-term history above €50, a
price that included anticipated revenues from its online
auctions.
The anticipations of
investors, shareholders and the market regarding the potential of
Artprice's online auction activity were confirmed when its first
day online offered $700 million in value. Most unfortunately, this
positive news was simultaneously undermined by a totally iniquitous
Communiqué from the Council of Voluntary Sales stating that the CVV
was launching an emergency injunction against Artprice, an
injunction that never materialised and which therefore qualifies as
false information as defined in France's
Monetary and Financial Code.
The economic damage
caused by the fake news was immediate and devastating. It wiped
more than ten million euros off Artprice's market capitalisation on
the first day of activity. However, this damage, illustrated by the
stock market graphs from that period, does not take into account
the long-term loss of earnings suffered by Artprice and its
shareholders since 2012.
These conflicts have
all been extensively documented in Artprice's AMF reference
documents (articles 4.2.6 and 4.2.7 regarding "Risks and
Litigation").
* See
below Artprice's press release of 11 January 2012: Artprice Refutes
Any Emergency Injunction From France's Auction Market Supervisor,
the Conseil des Ventes Volontaires (CVV).
Almost
7 years later, France's Art Market professionals have finally
expressed, before the Senate, their acute awareness of the
non-competitiveness of the French Art Market and have fully
endorsed Artprice's vision of how France can recover its former
position on the global Art Market. Artprice's IPR protected
Standardized Marketplace®, offering nearly
70,000 works every day, represents a superb opportunity for the
French art market and an ideal portal where all Art Market
operators are invited to sell their works.
Artprice's online sales
activity is therefore fully operational, just as it was in early
2012, but with more experience (2005/2018). Moreover, Artprice is
ready and willing to put its financial, technical and digital
expertise (an Internet pioneer since 1987 with direct contact with
6,300 Auction Houses in 2018 and 4.5 million ultra-qualified users
[allowing big data analysis]) at the service of those who wish to
join us in competing with the art market's international players on
a level playing field.
www.artprice.com Copyright thierry Ehrmann 1987/2018
About Artprice:
Artprice is listed on the Eurolist by Euronext Paris, SRD long only
and Euroclear: 7478 - Bloomberg: PRC - Reuters: ARTF.
Artprice celebrates its 20th birthday, editorial by thierry
Ehrmann, founder and CEO of
Artprice. https://www.actusnews.com/fr/ARTPRICE/cp/2017/10/04/artprice-celebrates-its-20th-birthday-editorial-by-thierry-ehrmann-founder-and-ceo-of-artprice
Dicover Artprice in
video: https://www.artprice.com/video
Artprice is the global leader in art price and art index databanks.
It has over 30 million indices and auction results covering more
than 700,000 artists. Artprice Images(R) gives unlimited access to
the largest Art Market resource in the world: a library of 126
million images or prints of artworks from the year 1700 to the
present day, along with comments by Artprice's art
historians.
Artprice permanently enriches its databanks with information from
6,300 auctioneers and it publishes a constant flow of art market
trends for the world's principal news agencies and approximately
7,200 international press publications. For its 4,500,000 members,
Artprice gives access to the world's leading Standardised
Marketplace for buying and selling art. Artprice is preparing its
blockchain for the Art Market. It is BPI-labelled (scientific
national French label).
Artprice's Global Art Market Annual Report for 2017 published in
March
2018: https://www.artprice.com/artprice-reports/the-art-market-in-2017
Artprice's Contemporary Art Market Annual Report for 2017 - free
access
at https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2017
Artprice's press
releases: http://serveur.serveur.com/Press_Release/pressreleaseen.htm and https://twitter.com/artpricedotcom
Artmarket News:
https://twitter.com/artpricedotcom & https://twitter.com/artmarketdotcom
https://www.facebook.com/artpricedotcom & https://plus.google.com/+Artpricedotcom/post
http://artmarketinsight.wordpress.com/
Discover the Alchemy and the universe of
Artprice http://web.artprice.com/video, which headquarters are
the famous Museum of Contemporary Art, the Abode of Chaos
http://goo.gl/zJssd
https://vimeo.com/124643720
The Contemporary Art Museum The Abode of Chaos on
Facebook: https://www.facebook.com/la.demeure.du.chaos.theabodeofchaos999
The Abode of Chaos/Demeure du Chaos Contemporary Art Museum by
thierry Ehrmann,author, sculptor, artist, photographs
https://www.flickr.com/photos/home_of_chaos/sets/72157
Contact ir@artprice.com
Press release (PDF)
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ARTPRICE COM via Globenewswire
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