The year 2023 marks a significant turning point for Romania’s art market. Whether this perception holds in the current year, 2024, remains to be seen. For the first time, the Romanian art market reported a positive profit margin in 2023—a remarkable achievement, especially given the outdated legislative framework within which both primary and secondary market players operate. Reform has been delayed, and the sector remains shackled by antiquated regulations.

The total turnover in Romania’s art market last year reached 122 million lei (24.4 million euros), with a profit of 7.5 million lei (1.5 million euros). This marks a significant turnaround compared to the previous year’s negative figures of -0.5 million lei (100,000 euros), despite a gross growth rate of 5%.

 

Growth Indicators

The growth trend was revealed in a study commissioned by Scemtovici & Benowitz Gallery through a marketing agency specializing in art, artists, and cultural industries. The study included data from 30 of Romania’s most important commercial galleries and four major auction houses.

This initiative continues Scemtovici & Benowitz’s tradition of analyzing Romania’s art market and providing objective tools for understanding the sales phenomenon within the industry. Following the publication of figures for 2022, this is the gallery’s second comprehensive market study.

The gallery has taken on the mission of increasing transparency, acknowledging the art market’s need for performance metrics based on objective data. The commitment to measuring, analyzing, and publishing market indicators reflects the gallery’s understanding of the importance of these tools in fostering a more robust art market.

 

Market Leadership

Entities affiliated with the Artmark auction house, including A10 BY ARTMARK, Art Safari SRL, Artmark Holding SRL, Sineva Evaluări Artă SRL, and Artsafe Logistics SRL, maintained their leadership positions in the market. Through strategic vision and financial investment, Artmark has built a constellation of companies that span primary and secondary markets and indirect monetization channels (e.g., Artsafari SRL).

Artmark accounted for 63% of the total art market turnover in Romania in 2023, with sales exceeding 10.2 million euros, of which 9.1 million euros came from public auctions. Key highlights include record-setting sales such as Nicolae Tonitza’s Fetița cu fundiță roz (1933) for 110,000 euros, Francisc Șirato’s Interior cu maci și margarete for 22,000 euros, and Horia Damian’s Cosmogonie (1959) for 22,000 euros.

Artmark also expanded operations to Croatia (Zagreb) and Bulgaria (Sofia), demonstrating its commitment to modernization and internationalization. In Zagreb, auctions generated an average of 315,000 euros per event, with a 70% clearance rate, while in Sofia, the average reached 400,000 euros, with an astonishing 90% clearance rate.

 

Broader Industry Growth

Other industry players saw a 54% growth compared to the previous year, reaching a turnover of 42 million lei (8.4 million euros). This trend points to a democratization of the market, with the emergence of young collectors and new buyers, many of whom come from the IT sector.

Prominent galleries such as Galeria Rădulescu, Plan B, Galeria Nicodim, and Galeria Posibilă also reported significant achievements. Notably, Galeria Nicodim tripled its turnover in Romania compared to 2022.

 

Art Fairs and Collaborative Efforts

Events like RAD Art Fair and MoBu Art Fair further supported the art ecosystem. These fairs fostered dialogues between artists and collectors, with MoBu emphasizing democratization by inviting fine arts universities to participate without charging fees.

 

Challenges and the Road Ahead

Despite the positive figures, Romania’s art market remains fragile, with systemic issues such as the lack of objective valuation mechanisms and legal frameworks. Unlike in countries like the U.S., where art assets are regularly assessed and can serve as collateral, Romania’s market remains opaque and limited in its scope.

The solution lies in collaborative efforts across the industry. Syndicated marketing strategies and unified approaches are essential for achieving sustainable growth. Two annual art fairs are a laudable start, but further development is necessary to mature and stabilize the market.

 

Call to Action

We invite stakeholders who share our vision for a thriving Romanian art market to join us in creating actionable plans for the future. Together, we can build a foundation for sustainable growth and elevate Romania’s art market to new heights.