PARIS FLEA MARKET : € 500 MILLION

Photograph Copyright Newmediaguy

The total amount of sales generated by the famous flea market with is 2500-3000 stalls at the Porte de Saint Ouen in Paris - which boasted to be "le plus grand marché du monde" - is approximately € 500 million ($775 million) per year. In comparison Francis Bacon's Tryptique sold for $86,28 million (€ 57.5 million) in 2008 which means that 2 Bacons's, 3 Picassos, 2 Van Goghs and one Monet sold in some minutes in London or New York represent as much as the St Ouen fleas market in a year. The International Art Market is a monster with a huge appetite.

The average revenues for the vendors in St. Ouen turn around 160,000 Euros which means that on average, after taxes, amortization, rents, overheads and so on, the annuel net income of the individual staller at St Ouen is about 60,000 Euros. Not bad for people who sell "fleas" but far away from the revenues of a Wildenstein or a Sotheby's. In 2007 the revenues (total sales) of Sotheby's were $ 4.6 billion giving a net income of $ 213 million. Its competitor, privately owned by Mr. Francois Pinault, Christie's, realized revenues of $6.3 billion in 2007.

The American art dealer industry includes about 6,000 stores with combined annual revenue of $ 4 billion.