Observe · Regulate · Protect — since 2007. 19th OIMAP General Assembly: Singapore, 10–12 June 2026. Programme
Market

Painting

The painting market: old masters, the 19th century and the modern period, with their prices, players and precautions.

Updated : October 28, 2026· 3 min read

Pages in this section

The king segment of the market

A Calm Watering Place—Extensive and Boundless Scene with Cattle, Alvan Fisher (1816)
A Calm Watering Place—Extensive and Boundless Scene with Cattle, Alvan Fisher (1816)

Painting accounts for 38% of the global market, i.e. €25.8 billion in 2024. It brings together three major worlds: old masters, the 19th century and the modern period.

Each world has its rules: old masters are traded on attribution and provenance, the 19th century on quality and condition, modern painting on signature and authenticity.

This section rests on three pages: old masters, 19th century and modern painting. It complements the breakdown by segment page.

  • Painting
  • Attribution
  • Provenance

Painting in figures

€25.8bn2024 volume
910,000Lots sold
€9,400Median price
+4.9%Index change

Source: OIMAP Observatory.

Three worlds to explore

Breakdown

Modern36%
19th century24%
Old masters22%
Post-war18%

Share of the segment's volume.

Silver Wine Jug, Ham, and Fruit, Abraham van Beyeren (c. 1660–66)
Silver Wine Jug, Ham, and Fruit, Abraham van Beyeren (c. 1660–66)
Two Poplars in the Alpilles near Saint-Rémy, Vincent van Gogh (1889)
Two Poplars in the Alpilles near Saint-Rémy, Vincent van Gogh (1889)
The Departure of Saints Paula and Eustochium for the Holy Land, Giuseppe Bottani
The Departure of Saints Paula and Eustochium for the Holy Land, Giuseppe Bottani

Three worlds, three logics

Old masters, before 1800, form a market of rarity: few works, many buyers, extreme attention paid to attribution. The 19th century is a market of quality and condition, where the emotion of the subject counts as much as the artist's name. Modern painting is a market of signature and series, very active and very exposed to fakes.

Understanding which world you are in tells you which document to ask for: a certificate of authenticity for old masters, a conservation report for the 19th century, a certificate of provenance for modern painting.

Why painting is often certified

Painting is the most certified segment: 4,120 certificates of authenticity were issued for it in 2024, nearly half of the total. The financial stakes are high, attributions sometimes debated, and counterfeits numerous.

The certificate rests on a visual examination, an analysis of materials and documentary research. It may conclude to authenticity, to an attribution to the workshop, the school or a follower, or refuse the attribution.

The importance of catalogues raisonnés

For many artists, the catalogue raisonné is authoritative: if it does not mention a work, that work has little chance of being accepted on the market. These works are compiled by historians, sometimes with the participation of rights holders.

OIMAP keeps a directory of recognised catalogues raisonnés and artist committees. Accredited experts refer to it systematically, and any disagreement with a committee is recorded in the reasoned opinion.

The three worlds of painting

Three worlds
WorldPeriodMedian price2024 change
Old mastersBefore 1800€18,500+3.6%
19th century1800–1860€11,200+4.4%
Modern1860–1945€12,700+5.4%

Landmarks

  1. First catalogues raisonnés

    Development of expertise.

  2. Global market

    Opening to Asia.

  3. 46% of the market

    Maximum weight.

  4. €25.8bn

    Historic volume.

A market demanding proof

Portrait of a Man, Louis Lafitte (1793)
Portrait of a Man, Louis Lafitte (1793)
The Brook, Paul Cezanne (c. 1895–1900)
The Brook, Paul Cezanne (c. 1895–1900)
Still Life with Cheese, Antoine Vollon (probably late 1870s)
Still Life with Cheese, Antoine Vollon (probably late 1870s)

The steps of a secure purchase

  1. Target

    Define the artist, the period and the budget.

  2. Examine

    See the work, ask for photographs.

  3. Check

    Consult the BIOP and the Registry.

  4. Certify

    Have the certificates drawn up or verified.

  5. Buy

    Conclude and insure the work.

File to request before buying

A painting expert

Portrait of a Woman, Anna Claypoole Peale (1820)
« A good painting is three things: the hand, the condition, the history. You must be able to prove all three. »
Dr. Amara N'Diaye, chair of the certification committee

Vocabulary of painting

Attribution
Designation of the author of a work.
Catalogue raisonné
Critical inventory of an artist's work.
Follower
Artist who imitates a master's style.
Overpaint
Area retouched later.

Frequently asked questions

How can I tell whether a painting is authentic?

Only an independent expert examination can establish it: see the certificate of authenticity.

Does a restored painting lose its value?

A documented, light restoration preserves it.

Where can I see the major sales?

In the top 10.

What insurance should I take?

Useful documents

Contacts

Small Mosque in the Kaiserbagh, Felice A. Beato (1858)
Small Mosque in the Kaiserbagh, Felice A. Beato (1858)
OIMAP ObservatoryParis — Headquarters+33 1 00 00 01 00observatoire@oimap.exampleMonday to Friday, 9 am – 5 pm

Explore old masters

Nymphs and a Satyr (Amor Vincit Omnia), Nicolas Poussin (c. 1625–27)

The most heritage-rich segment.

Old masters
Image credits (23)
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