Monet and the Global Art Market

An exclusive contribution by Professor Andrés Solimano for IMGW News Trend Setters

𝐒𝐞𝐩𝐭𝐞𝐦𝐛𝐞𝐫 𝟏𝟗, 𝟐𝟎𝟐𝟓 | Claude Monet (1840–1926), the French painter, is regarded as the leading representative of the Impressionist school. Impressionism sought to capture fleeting moments of nature and urban life through freer brushwork, resonant colours, and unconventional perspectives. It was bold, innovative, and revolutionary. Rather than working exclusively in studios, Monet and his peers often painted en plein air, in the open air, to record the shifting effects of light and atmosphere.

“When they appear at auction, Monet’s paintings regularly achieve prices in excess of USD 100 million”

Monet frequently worked in series. He produced more than 30 paintings of Rouen Cathedral, several depictions of the poplars near Giverny, the cliffs of Normandy, the Gare Saint-Lazare in Paris, and more than 250 canvases of Water Lilies (Nymphéas) during the last three decades of his life at Giverny. Today, the world’s most important museums hold examples of these works in their collections. When they appear at auction, Monet’s paintings regularly achieve prices in excess of USD 100 million.

“Art markets are inherently illiquid. Masterpieces trade infrequently, and markets for emerging artists are thin and subject to speculation and manipulation. Consequently, short-term prices may not reflect an artwork’s long-term cultural or aesthetic value”

Global Art Centres: American Dominance and Chinese Ascendancy

For decades, the United States has been the largest art market, accounting for around 45 per cent of global sales, followed by the United Kingdom and China, each representing roughly 20 percent. France, Germany, Switzerland, and Brazil remain secondary markets.

The dominance of the United States can be linked to several factors: the sheer size of its economy, an extensive infrastructure of galleries and auction houses, and a favourable tax and regulatory environment.

China has emerged as the principal Asian art market since the early twenty-first century, propelled by rapid economic growth, the expansion of the middle class, and the rise of the super-rich. Hong Kong remains a major hub, complemented by the proliferation of galleries and the entry of Western auction houses into mainland China.

How to Assign Value to Art?

The extraordinary prices commanded by Monet’s Water Lilies highlight the complexities of valuing art. Unlike commodities, art cannot be priced on production costs alone. Demand is shaped by emotional responses, fashion, and herd behaviour.

Art markets are inherently illiquid. Masterpieces trade infrequently, and markets for emerging artists are thin and subject to speculation and manipulation. Consequently, short-term prices may not reflect an artwork’s long-term cultural or aesthetic value.

Roger Fry, the British art critic, suggested that the enduring value of a work should be judged by its standing in posterity, which may differ considerably from its “spot market” price. By this measure, Monet’s art has indisputably stood the test of time.

𝑴𝒆𝒆𝒕 𝒐𝒖𝒓 𝑨𝒖𝒕𝒉𝒐𝒓

Andrés Solimano, FIMC, is Chairperson of the Investment Migration Council in Switzerland and a leading expert on international economics, wealth distribution, migration, and inequality. He holds a PhD in Economics from the Massachusetts Institute of Technology (MIT). Solimano is the founder and Chairman of the International Center for Globalization and Development (CIGLOB). He has held distinguished roles, including Country Director at the World Bank, Executive Director at the Inter-American Development Bank, and Director of the project on International Mobility of Talent with the United Nations University – World Institute of Economic Research.

Solimano’s work focuses on the global forces shaping wealth accumulation, elite migration, and economic inequality. His recent publications include Reading John Maynard Keynes. A Short Introduction, (Routledge, 2024); Economic and Political Democracy in Complex Times, Routledge, 2022); A History of Big Recessions in the Long Twentieth Century, Cambridge University, 2020; Global Capitalism in Disarray: Inequality, Debt and Austerity (Oxford University Press, 2017), Economic Elites, Crises and Democracy (Oxford University Press, 2014), and International Migration in the Age of Crisis and Globalization (Cambridge University Press, 2010). He also edited The International Mobility of Talent: Types, Causes, and Development Impact (2008). Through his leadership and research, Solimano advises governments and organizations on global development trends, policies to manage wealth mobility, and strategies for reducing inequality and fostering sustainable growth.