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The year 2011 has been that of all records on the art market, marked by the dramatic emergence of Asia, led by China. The 10 digit extraordinary auctions selected by the data specialist on art, Artprice. By a sale at Sotheby's in New York.

11.5 billion USD: world product auctions. Time high this year, sales revenue for the first time exceeds the 10 billion USD, up 21% over the last twelve months. After a record first half, to 6.5 billion, the second half was equally outstanding, to $ 5.1 billion.

41.43%: the market share of China. China, the first country on the global art market since 2010, consolidated his lead. With auctions of $ 4.79 billion, up 38%, the country has a market share of 41.43%. Other Asian countries are also seeing strong growth. This is the case of Singapore, up 22%, or Indonesia, with a jump of 39% for example. And Asia as a whole now realize 43% of the art market.

4th: the position of France. France, third in 2006, is found from 2007 to fourth in the art market. This year again it keeps this place despite an erosion of its market share to 4.5%. Paris is now not only behind London and New York, but Beijing and Hong Kong. While Shanghai, with a growth of 21%, reduced the gap by half and heels less than $ 50 million the French capital.

$ 57.2 million: the price of a work record in 2011. This record does not belong to Pablo Picasso, Alberto Giacometti or, or Andy Warhol, but Qi Baishi who picks the best auction of the year for the work Eagle Standing on Pine Tree, Four-Character Couplet in Seal Script awarded $ 57.2 million 22 May 2011 in Beijing.

$ 272 million: the largest auction of the year. This is a sale by Christie's Contemporary Art in Post-War, New York on November 9. She has received two new records for Clyfford E. Still, as a record for the artist Gerhard Richter. Only 17% of the lots remained unsold, and 41 have gone over $ 1 million.

12,400: the number of artists who have set new records. More than 12,400 artists saw their auction up to new heights with Qi Baishi (57.2 million this year against 12.5 before 2011), Clyfford Still (55 million against 19), Roy Lichtenstein (38.5 million against 38), Egon Schiele (35 million against 20), Salvador Dali (19 million against 5), Gerhard Richter (18.5 million against 13) …

1688: the number of million. The auction for more than a million dollars jumped 33% in 2011. Unsurprisingly, it is China that holds the record for most number of works of art auctioned at above one million dollars, with 774. Hong Kong alone, he has won twice as many bids as millionaires in the entire euro zone!

58.5%: share of turnover achieved by the 1% most expensive lots. The remaining 99% of auctions share less than half the art market. And unsurprisingly, the "1%" are traded mostly in China, 50%, then the United States, 23%, and the United Kingdom to 20%.

34%: the rate of returns. Since 2007, never a sales ratio was spent below 35%. It's done this year with a sales ratio of 34.8%. And while the number of lots available for purchase at auctions rose 7%.

69%: the percentage of lots sold at less than 5000 dollars. Only 69% of the lots were auctioned in 5000 dollars. While in 2009/2010 this rate reached up to 74%. This year the number of lots does not diminish affordable, it actually increases by 4.5%, but less rapidly than the number of high-end lots. Asia, which now carries 43% of art market wins 19% of its lots beyond the $ 100 000.

Since same day cash advance is a high risk loan for the lender, the interest rates charged are high. The lender has no security and does not even conduct a credit check.

The number of registered employment center has again sharply in October. The unemployment rate could pass the symbolic threshold of 10% this year as the economy is threatened lights of a new recession. Explanations. Agency employment center in Nice

Unemployment continued to fly in October in France: the number of job seekers without activity (category A) has again increased sharply in October, 1.2%, or 34,400 people, to reach 2.814 million , according to figures released Monday by the Ministry of Labour. The total number of people seeking work, including those engaged in a reduced (categories A, B and C) also increased by 17,200 to 4.193 million people (0.4%).

The rating agency Moody's warned Monday about the risks posed by the rise in yields on French government bonds on the rating of sovereign debt of France in a context of uncertainty on growth.

"The sustained high funding costs amplify the fiscal challenges facing the French government in a context of deteriorating growth prospects, with negative consequences on credit", written Kockerbeck Alexander, an analyst at the agency.

Moody's announced in mid-October that it would monitor and assess the stability of the perspective of the French Aaa rating within three months.

In September, French investors withdrew more money from their life insurance policies than it invested. Net outflows which had been observed only twice since 1997. Explanations.

Life insurance is on track to lose its status as a favorite investment of the French? They have in fact removed in September of 11.5 billion euros of their life insurance policies, for a collection of only 9.7 billion. Is a net outflow of 1.8 billion, according to the French Association of Insurance Companies (FFSA). The event is rare. "Not since the collapse of Lehman Brothers to record outflows over the collection in October and December 2008. Since 1997, and the creation of monthly indicators for this type of investment, there has been, taking into account the month of September 2011, three months of negative balance "ensures Philippe Crevel Secretary General of the circle of investors.Why is this?

The crisis … but not only

"Collapse of awards, signs of recession … The start of the flight of investors is linked to economic and market uncertainty. People do not know what will happen to their money in the long term, or insurance Life is a long-term investment "analysis Philippe Crevel. "The environment encourages individuals to anxiety out of stock or bonds" in Le Figaro said Pierre de Villeneuve, Chairman of the Committee of the FFSA life. But all is not the fault of the crisis. Some even think that its effect is marginal. "There is no effect of panic at all.The returns of life insurance are relatively stable and the people know, it remains very popular "advance Cyrille Chartier Kastler, president of consulting firm Facts & Figures, specializing in insurance.

A significant leak in the richest

He said the decline in collections is due to a growing disenchantment of investors richer for life insurance due to a reform put in place a year ago and a half. "Since then, private management contracts (over 120,000 euros of savings) have their performance limited warranty. The government did not want to be guaranteed a higher return to a type of life insurance rather than another, "he explains. Result, private management contracts, which accounted for 25 of the 120 billion collected by life insurance in 2009, are being "strongly reduced" as the president of Facts & Figures.

Demographic factors

"The aging population is also more and more retirees draw on their life insurance for current expenses, as some households in times of crisis," said Le Figaro Bernard Spitz, President of the FFSA. In addition, many of the contracts seem to arrive today at maturity, making them easy to buy. According to the circle of investors, 64% of the outstanding life insurance has over 8 years and 47% of contracts over 12 years.

Yields less attractive

In the 2000s, life insurance used the net returns of 5.3% on average. Ten years later, in late 2010, this rate is only 3.4%. And for 2011, Facts & Figures anticipates yields between 3 and 3.1%. If it remains very attractive, life insurance suffers from the decline continues, very reassuring for investors."Added to this the fears of an increase in the tax burden of its performance, related to the context of rigor. An increase in taxation would make life much less cost" analysis Philippe Crevel.

Competition for real estate

In the opinion of all experts, real estate appears to be the main competitor of insurance. It represents a safe haven, with high efficiency in the eyes of investors, including easier. "The stone is also good protection against inflation," says Cyrille Chartier Kastler. "In Paris, for example, 54% of transactions are not loans. Buyers are good money somewhere. They drain on the part of their life insurance" advance Philippe Crevel.

Then come the investment banking, including booklets boosted short-term."Banks in search of cash, have directed their clients to the bank books by offering rates comparable to those of life insurance, or even higher. The non-hazardous liquid savings has increased by more than 11 billion euros in the second quarter of 2009, "says the secretary general of the circle of investors.

"No event" or "end of the big time"?

However, the situation of companies and the sustainability of life insurance policies do not appear immediately threatened. When an individual agrees this type of contract, the company invests the money in currency values ​​or bond, they sell at the time of outflow. "The diversification of investments and their management over time in a supervisory narrow sector soundness guarantee" assures Bernard Spitz.

"And then, outflows of 1, 9 billion is a non-event," said Cyrille Chartier Kastler.It is true that in view of 1.367 trillion in assets of life insurance, it still represents a drop of water. Still, the rise of stocks slows over time. From December 2010 to September 2011, the total amount increased by 29 billion euros, against 72 billion over the same period a year earlier. "The great period of growth in life insurance is behind us," concludes Philippe Crevel.

The German government has reduced by almost half its growth forecast for 2012, confirming fears of a sharp slowdown in Europe's largest economy due in part to the crisis in the euro area.

Berlin expects growth of 1.0% in 2012 and not more than 1.8%. For 2011, the government now plans to grow by 2.9% instead of 3.0%.

"The pace of expansion slowed, as expected," said Economy Minister Philipp Rösler, but added: "Our economy remains on a growth trajectory."

An environment less favorable for export explains in particular the slowdown in growth, the ministry said.

"Domestic demand will become even more the mainstay of economic growth in Germany," he observes."Growth as a whole is that it will almost this year and next."

The coalition parties are divided on aid to Greece. The Prime Minister threatened to resign if the Slovak Parliament does not vote, this afternoon, strengthening the EFSF. If the vote is negative, the mechanism of rescue of Greece is paralyzed. Slovak Prime Minister Iveta Radicova and the president of Freedom and Solidarity Movement (SaS) Richard Sulik in negotiations for el parliamentary vote of expanding the EFSF on 10 october 2011.

The Slovak coalition parties, on the brink because of a profound disagreement on strengthening the Rescue Fund of the euro area (EFSF), should continue their last-minute negotiations Tuesday morning, a few hours of the crucial vote in Parliament . A small party of the four-party coalition, the Freedom and Solidarity Movement (SAS), is willing to torpedo the EFSF during the vote, expected in the afternoon.

Facing the worst crisis since the installation of his cabinet in July 2010, Prime Minister Iveta Radicova threatened to resign if the coalition could not agree, according to the Slovak press. According to news agency SITA, has offered to link the vote on the EFSF a vote of confidence, to resign if the strengthening of the Fund does not go to Parliament or to resign before the election. "I will make a responsible decision, by tomorrow morning, on the proposal that I will do my coalition partners," she said Monday, without further details. She said it was his "ability to govern" is at stake

Bratislava does not pay its contribution of 7.7 billion EFSF

To enter into force, the expansion of EFSF must be ratified by 17 countries in the euro area.Entry into the euro area in 2009, Slovakia is the last of its members have not yet ruled on this issue. Malta has given the green light Monday night. Considering that the Slovaks are too poor to pay for the mistakes of others, the head of SaS Richard Sulik opposes EFSF, unless that Slovakia is provided to pay its contribution of 7.7 billion euros to the fund increased to 440 billion, a possibility already excluded by Brussels.

His liberal and Eurosceptic movement also requires Bratislava gets a veto on future disbursements EFSF and may disengage from the ongoing European Stability Mechanism (ESM) intended to replace the EFSF in 2013. A negative vote of Slovakia paralyze the financial rescue mechanisms decided on July 21 at a summit of leaders of the eurozone help the financially troubled countries, including Greece heavily in debt.

The ruling coalition in Bratislava holds 79 of the 150 parliamentary seats and therefore does not have a sufficient majority without the 22 members of the SAS. If the SAS continues to block the vote in Parliament, the coalition would seek the support of the opposition Social Democratic Party (Smer-SD) of former Prime Minister Robert Fico (62 deputies). But it said it would not support the EFSF unless obtained major concessions: a government reshuffle or early elections.

The action EADS is among the largest declines in the CAC 40 index on Thursday morning at the Paris Stock Exchange, while concerns are emerging about a domino effect on aircraft manufacturers difficulties refinancing of French banks in dollars.

In a market that was down 3.93%, weighed down by the performance of particular financial and cyclical stocks, the parent company of Airbus shows a fall of 6.81% to 21.14 euros at 10:45.

"It lowers the title.This is the first strong example of the effects of the crisis of dollar liquidity for European banks on the real economy, "said David Thebault, head of quantitative trading at Global Equities.

"We must certainly take this into account (the difficulties of banks) in financing equipment for all aircraft manufacturers," judge his side an analyst based in London, in a note.

This risk is relative, however, under the control of German banks to lend and potentially U.S. institutions, said the analyst, who also refers to possible emergency measures on the part of the French state.

"There are ways to deal with it immediately: some will take the place of French banks – U.S. banks and Chinese – and there are other ways to finance an aircraft, especially to leasers (lessors ) and 'vendor financing' EADS ', also adds Christophe Menard, an analyst at Kepler.

These fears of financial difficulties echo the statements of some leaders of the aviation sector in the Istat, a conference on the financing of aircraft, held in Barcelona on Tuesday.

French banks, which accounted for about 31% in aircraft financing transactions in 2010, reduced their availability significantly, said on this occasion the chief financial officer of Ryanair, Howard Millar.

The five major central banks around the world, including the ECB, announced September 15 a coordinated commercial banks to offer loans in dollars in three months to prevent freezing of the money market which would be caused by the debt crisis sovereign in Europe.

European banks, particularly French, have seen their share price fall since the beginning of the summer on fears related to potential recapitalization needs and issues of liquidity in dollars, American money market funds and other traditional lenders Greek dollar fearing failure and potential devastating effects on the markets.

In this context, speculation saying that the French government could be forced to intervene to stop the bleeding is growing, especially as fears of a credit freeze remake regular surface due to the persistence of debt crisis in the euro area.

Politicians and bosses of banks took turns for several weeks to deny any need for new capital, but struggle to convince.

BNP Paribas, which has undertaken to strengthen its equity more quickly, said last week it would reduce the size of its balance sheet of about 10% by the end of 2012 and it would also reduce its needs funding dollar.

Societe Generale for its part intends to strengthen its capital of four billion euros by 2013, including asset sales and reducing their activity.

Italy has had to make a record performance to place five-year bonds Tuesday, which illustrates again the difficulties faced by Rome to finance to sustainable levels.

The euro briefly fell below $ 1.36 and European stock markets have widened their losses after this operation, before these assets back into positive territory in mid-session.

The hope that China will come to the aid of Italy by investing in debt, a prospect that had supported the market on Monday night and Tuesday morning, gradually dissipated, which weighed on the bond issue.

In all, the Italian Treasury has raised 6.485 billion euros, 3.865 billion of new securities to five years, sold at a yield unprecedented 5.60%.

The coverage ratio of the award to five years rose to 1.279, well below that in the last similar operation, where he had established at 1.93.

The cost of financing which faces Italy took off despite the buybacks of sovereign debt in recent weeks made by the European Central Bank (ECB) to support Italy – a program that has led to the resignation sensational Jürgen Stark Friday.

"A disappointing auction, where the relatively low coverage rate is obtained at an exorbitant cost," said Richard McGuire, technical analyst at Rabobank.

The Italian Minister of Economy, Giulio Tremonti, met last week a Chinese delegation, said on Tuesday a spokesman for the Italian Treasury, which did not however want to comment on the content of the meeting.

These offers came a day after an article published in the Financial Times reported that Italy had asked China to support its debt by buying quantities "significant".

EMERGENCY ACTION

Chinese leaders have repeatedly publicly expressed their support for a Euro mired in difficulties.

But according to the Wall Street Journal citing a source familiar with the matter, it is not certain that the talks between China and Italy lead, pointing out that visits of Chinese delegations in Greece and other countries in the region Euro difficulties had raised hopes for investment from the second world economy that never materialized.

The renewed investor concerns about the difficulties Italy has led to a further widening of the yield spread between Italian and German bonds to 394 basis points.

This level is near the peak of 400 basis points reached in August, just before the European Central Bank does not fly to the rescue of Italy in redemption of government bonds issued by Rome.

On Monday, the CDS to five years in Italy has reached a new high of 505 basis points, up 38 basis points, according to Markit, which tracks the derivatives market.This means it costs EUR 505.0000 to guard against exposure to 10 million Italian sovereign bonds.

Italy has entered the center stage of the debt crisis because of its sluggish growth and its debt of 1,900 billion euros, representing about 120% of the GDP of the country.

Italian MPs are looking into the austerity plan introduced by the government of Silvio Berlusconi plans to reduce the budget to balance of Italy in 2013.

The Italian Senate approved on Wednesday through a vote of confidence in the austerity plan intended to bring 54 billion euros according to the Italian Treasury.

Italian MPs will be asked to vote on Wednesday by a vote on the austerity plan of the Italian government said on Tuesday the prime minister, Silvio Berlusconi.

Herman Van Rompuy, European Council President, said that the implementation of the austerity program was crucial not only for Italy but for the euro area as a whole.

According to economists, the cost of a bailout of the country at once would exhaust all resources in the European Financial Stability Fund (EFSF).

According to Nathalie Kosciusko-Morizet, if movement of the plane generally niches from the Grenelle Environment Forum will also be involved. France-Info on Tuesday, Minister of Ecology says the tax loopholes of the Grenelle Environment Forum will be involved where the "general movement of the plane."

The tax loopholes resulting from the Grenelle Environment Forum will be involved where the "general movement of the plane," said the Minister for Ecology Nathalie Kosciusko-Morizet France Info radio Tuesday. "We understand that it's easier to spend than to save 10 billion 10 billion. And when you have to save 10 billion it has to be that everyone puts it," said the minister.

"I think if there is a general movement of the plane, from the niches of the Grenelle Environment Forum will also be involved," she added, stressing defend their "efficiency".The minister did not say what niche could be affected and to what extent.

In 2010, Tax Assistance "green" had already been a movement of the plane, including the tax credit on equipment in support of sustainable development (installation of thermal insulation, condensing boilers ,…) or that the photovoltaic systems.

Angela Merkel and Nicolas Sarkozy were opposed to the creation of Eurobonds, though presented as an anti-crisis. Explanations. German Chancellor Angela Merkel and French President Nicolas Sarkozy during a press conférecne at the Elysee Palace August 16, 2011.

Until the last moment, the markets have hoped that the magic word is uttered on Tuesday night at the mini-summit between German Chancellor and French President. Las. The Eurobonds, the European bonds, which could present a solution to the debt crisis, are still not on the agenda. Nicolas Sarkozy and Angela Merkel will remain strongly opposed, while the debate is growing in Europe. Result, stock markets go down, disappointed by the weakness of the Franco-European.

The Eurobonds, what is it?

These are bonds issued in Europe.To avoid the sharp disagreement between interest rate bonds issued by different states in the euro area, it could issue its own securities markets. The rate is an average for that individual member countries are financed. This system would in some way to centralize the refinancing of the member countries of the euro area via a new product under the guarantee of the 17 member states.

How do they present a solution to the debt crisis?

Because of the doubts hanging over the strength of the European economy, some countries are now unable to obtain financing in the markets on acceptable terms. Obligations stamped with European countries, like Greece, Ireland, Spain and Italy, could be financed under much better conditions.If that is increasingly demanded by the markets, because they fear that, like Greece, other countries have their notes soon spoiled by the rating agencies. The risks of bankruptcy then cause a domino effect on all countries in the euro area, which would directly threaten the survival of the single currency. Currently, the European Financial Stability Fund (EFSF), created in 2010 by members of the EU, is a kind of substitute for Eurobonds, because through him all states provide for the repayment of debts to 440 billion European euros.Some states want it to reach 1,000 billion euros, but Paris and Berlin are opposed.

Why France and Germany do not want Eurobonds?

The idea of ​​a Eurobond is not new, but it has always encountered opposition from Berlin, as the best student in the euro area does not put out the fires for the last class. In fact, mechanically Eurobonds would increase the cost of credit rated countries such as Germany. Today a 10-year bond issued by Germany costs the country an interest of approximately 2.3% when the same bond issued by Greece is an interest of 15.26%.According to recent estimates of the famous German Ifo institute, the additional cost of Eurobonds for the German budget and would amount to 47 billion euros per year.

In addition, Paris and Berlin are concerned that these obligations could discourage European countries most low scores, like Greece to undertake needed economic reforms, that is to say the drastic reduction of their budget. But the reason most sensitive is primarily political: the creation of Eurobonds involve a scrutiny of the European Union on national budgets. Understand, a lot further economic federalism. Before discussing the sharing of debt, we must consider the budget and tax harmonization, particularly explains Nicolas Sarkozy's entourage.Ireland, for example, maintains a more advantageous tax system to attract companies.

However, in recent days some reluctance in Germany begin to break. For the first time Tuesday, members of the CDU party of German Chancellor Angela Merkjel lifted the taboo of Eurobonds, while the debate is growing in the country. "It does no good to see things in black and white. (…) I do not think (Eurobonds) be an instrument of the devil," said MP notably Johann Wadephul CDU at Handelsblatt in a statement. Last Sunday, the conservative daily Die Welt, which said that Berlin "does more, ultimately, a transfer of funds to government bonds in common."The maintenance of the euro area as a priority for Germany.

Who is in favor?

In France, the PS is favorable long, Francois Hollande has even made some of his presidential program. On Wednesday the former Prime Minister Laurent Fabius has also expressed its "disappointment" considering that Nicolas Sarkozy had made a "major mistake" by ignoring the common obligations. In fact, the left parties of different countries are generally more favorable to this system, like the German Social Democratic Party (SPD), which argues for months to create and eurobonds in return for a increased scrutiny of Europe on national budgets. In recent days new voices have emerged in the debate, such as Italy, whose economy minister said this weekend be conducive to the solution of Eurobonds.The Spanish Minister of Economy Elena Salgado for its view that the "Eurobonds" were "good idea" that can make its way, but is "not on the agenda," some countries such as Spain to "make change" to appease the "reluctance" in Germany. Side markets, many investors see the birth of Eurobonds responding adequately to the attacks on weaker nations in the euro area.