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Artmarket.com: the Artprice100© index is continuing to grow… +405% since 2000

2021/03/09

Artprice’s blue-chip artists index, the Artprice100©, actually grew by 1.8% over the past year… a year marked by the almost complete absence of international fairs, but also by the forced transition of galleries and auction houses to a digital modus operandi. And yet… the price of the Art Market’s top one hundred artists (by auction turnover) continued to climb, taking its total growth since 2000 to +405%.

Annual change in the Artprice100 © vs. S&P 500 – Base 100 in January 2000

thierry Ehrmann, President and Founder of Artmarket.com and of its Artprice Department: “The resilience of the Art Market in times of crisis is perfectly illustrated by the evolution of our Top-100 benchmark index. The positive performance of the Artprice100 © in 2020, although modest, is extremely reassuring. True… it doesn’t compare well with the US stock markets (the S&P 500 posted a sensational growth of +16% last year, rising from 3,234 pts to 3,756 pts in twelve months”.

While the construction of the Artprice100© is inspired by that of the S&P 500, the two indices nevertheless remain profoundly different and should be compared with caution.

Artprice100© versus S&P 500: warning!

The Artprice100© is designed as a portfolio of artworks representing the one hundred most important artists on the art market (see the composition below). It’s a purely theoretical exercise. It is clearly not possible to acquire a share in all the works by an artist that will be auctioned in the coming year. In fact, no-one can even predict which works will hit the secondary market over the next twelve months. But the results as a whole provide an excellent appreciation of the general price evolution for each of these artists.

The composition of the Artprice100© index is based on purely objective criteria. It is established on 1 January of each year on the basis of two criteria, both resolutely independent of any personal preference: a performance criterion and a liquidity criterion. The initial investment is thus made in proportion to the auction performances of the artists over the last five calendar years (2015-2019), on condition, however, that their works are exchanged regularly: at least seven auction appearances per year over a ten-year period (excluding prints).

Analysis of the composition

There are two good reasons for calculating a specific price index for a set of top-selling artists: firstly it allows the analysis of the performance of a well-diversified portfolio, constructed objectively on the basis of the auction results for well-established artists. Secondly, it allows observation of the evolution of the 100 artists who constitute the veritable hardcore of the global Art Market.

Pablo Picasso remains the portfolio’s dominant artist with a weight of 8.8% in the initial investment. On the basis of all original works by Picasso sold at auction in 2020, Artprice calculates that his price index increased overall by +2.2% in the twelve months of 2020. This result is perfectly consistent with the overall evolution of the Artprice100©.

Picasso is one of 45 Modern artists included in the composition of the 2020 index. This period of creation is by far the most solid segment of the art market and it represents approximately half of the initial investment.

Distribution of the Artprice100 © in January 2020 by period of creation

As in 2019, only four female artists have qualified for inclusion in the composition of the Artprice100© in 2020: Yayoi Kusama, Joan Mitchell, Louise Bourgeois and Barbara Hepworth. They account for just 3.3% of the portfolio’s total value. On the other hand, the number of living artists has increased significantly, thanks to the ‘entry’ of seven active painters, with only three ‘departures’ from the composition.

Entries (living artists) ; Lee Ufan, Zhou Chunya, Rudolf Stingel, Zhang Xiaogong, Yoshitomo Nara, Takashi Murakami, Zeng Fanzhi

Departures (living artists) ; Günther Uecker, Frank Auerbach, Michelangelo Pistoletto

Composition of Artprice100© on 1 January 2020 (Rank, Initial weight, Period)

1 – Pablo PICASSO (1881-1973) ; 8.8% – Modern

2 – Andy WARHOL (1928-1987) ; 5.0% – Post-War

3 – Claude MONET (1840-1926) ; 4.7 % – 19th Century

4 – Jean-Michel BASQUIAT (1960-1988) ; 3.6% – Contemporary

5 – QI Baishi (1864-1957) ; 3.5% – Modern

6 – ZAO Wou-Ki (1921-2013) ; 3.3% – Post -War

7 – Gerhard RICHTER (1932-) ; 2.8% – Post-War

8 – WU Guanzhong (1919-2010) ; 2.4% – Modern

9 – FU Baoshi (1904-1965) ; 2.4% – Modern

10 – Amedeo MODIGLIANI ( 1884-1920) ; 2.2% – Modern

11 – Roy LICHTENSTEIN (1923-1997) ; 2.0% – Post-War

12 – Cy TWOMBLY (1928-2011) ; 1.9% – Post-War

13 – Alberto GIACOMETTI (1901-1966) ; 1.9% – Modern

14 – Lucio FONTANA (1899-1968) ; 1.8% – Modern

15 – Marc CHAGALL (1887-1985) ; 1. 7% – Modern

16 – Alexander CALDER (1898-1976) ; 1.7% – Modern

17 – Joan MIRO (1893-1983) ; 1.6% – Modern

18 – Willem DE KOONING (1904-1997) ; 1.6% – Modern

19 – David HOCKNEY (1937-) ; 1.5% – Post-War

20 – Yayoi KUSAMA (1929-) ; 1.5% – Post-War

21 – Jean DUBUFFET (1901-1985) ; 1.4% – Modern

22 – René MAGRITTE (1898-1967) ; 1.4% – Modern

23 – Henri MATISSE (1869-1954) ; 1.4% – Modern

24 – Fernand LÉGER (1881-1955) ; 1.2% – Modern

25 – Christopher WOOL (1955-) ; 1.2% – Contemporary

26 – Wassily KANDINSKY (1866-1944) ; 1.1% – Modern

27 – SAN Yu (1901-1966) ; 1.1% – Modern

28 – Jeff KOONS (1955-) ; 1.0% – Contemporary

29 – Henry MOORE (1898-1986) ; 1.0% – Modern

30 – Peter DOIG (1959-) ; 0.9% – Contemporary

31 – Paul GAUGUIN (1848-1903) ; 0.9% – 19th Century

32 – Joan MITCHELL (1926-1992) ; 0.9% – Post-War

33 – LIN Fengmian ( 1900-1991) ; 0.8% – Modern

34 – Ed RUSCHA (1937-) ; 0.8% – Post-War

35 – Yoshitomo NARA (1959-) ; 0.8% – Contemporary

36 – Pierre-Auguste RENOIR (1841-1919) ; 0.8 % – 19th Century

37 – CHU Teh-Chun (1920-2014) ; 0.8% – Post-War

38 – Edgar DEGAS (1834-1917) ; 0.7% – 19th Century

39 – Auguste RODIN (1840-1917) ; 0.7% – 19th Century

40 – PU Ru (1896-1963) ; 0.7% – Modern

41 – Robert RAUSCHENBERG (1925-2008) ; 0.7% – Post-War

42 – Richard PRINCE (1949-) ; 0.6% – Contemporary

43 – Rudolf STINGEL (1956- ) ; 0.6% – Contemporary

44 – Frank STELLA (1936-) ; 0.6% – Post-War

45 – Sigmar POLKE (1941-2010) ; 0.6% – Post-War

46 – Camille PISSARRO (1830-1903) ; 0.6% – 19th Century

47 – Louise BOURGEOIS (1911-2010) ; 0.6% – Modern

48 – Whan-Ki KIM (1913-1974) ; 0.6% – Modern

49 – Paul SIGNAC (1863-1935) ; 0.6% – Modern

50 – Yves KLEIN (1928-1962) ; 0.6% – Post-War

51 – Keith HARING (1958-1990) ; 0.5% – Contemporary

52 – Richard DIEBENKORN (1922-1993) ; 0.5% – Post-War

53 – Pierre SOULAGES (1919-) ; 0.5% – Modern

54 – George CONDO (1957-) ; 0.5% – Contemporary

55 – Norman Perceval ROCKWELL (1894-1978) ; 0.5% – Modern

56 – WU Hufan (1894-1968) ; 0.5% – Modern

57 – Alb erto BURRI (1915-1995) ; 0.4% – Modern

58 – Gustav KLIMT (1862-1918) ; 0.4% – Modern

59 – ZENG Fanzhi (1964-) ; 0.4% – Contemporary

60 – Egon SCHIELE (1890-1918) ; 0.4 % – Modern

61 – Damien HIRST (1965-) ; 0.4% – Contemporary

62 – Ernst Ludwig KIRCHNER (1880-1938) ; 0.4% – Modern

63 – Chaïm SOUTINE (1894-1943) ; 0.4% – Modern

64 – Fernando BOTERO ( 1932-) ; 0.4% – Post-War

65 – Edvard MUNCH (1863-1944) ; 0.4% – Modern

66 – Pierre BONNARD (1867-1947) ; 0.4% – Modern

67 – Kazuo SHIRAGA (1924-2008) ; 0.4% – Post-War

68 – WEN Zhengming (1470-1559) ; 0.4% – Old Master

69 – ZHOU Chunya (1955-) ; 0.4% – Contemporary

70 – Morton Wayne THIEBAUD (1920-) ; 0.4% – Post-War

71 – Georg BASELITZ (1938-) ; 0.4% – Post-War

72 – Salvador DALI (1904-1989) ; 0.4% – Modern

73 – Tsuguharu FOUJITA (1886-1968) ; 0.4% – Modern

74 – François-Xavier LALANNE (1927- 2008) ; 0.4% – Post-War

75 – SHI Tao (1642-c.1707) ; 0.4% – Old Master

76 – DONG Qichang (1555-1636) ; 0.4% – Old Master

77 – Max ERNST (1891-1976) ; 0.4 % – Modern

78 – Sam FRANCIS (1923-1994) ; 0.4% – Post-War

79 – Georges BRAQUE (1882-1963) ; 0.4% – Modern

80 – Maurice DE VLAMINCK (1876-1958) ; 0.4% – Modern

81 – Bernard BUFFET (1928-1999) ; 0.4% – Post-War

82 – Peter Paul RUBENS (1577-1640) ; 0.4% – Old Master

83 – Ufan LEE (1936-) ; 0.4% – Post-War

84 – Francis PICABIA ( 1879-1953) ; 0.3% – Modern

85 – Barbara HEPWORTH (1903-1975) ; 0.3% – Modern

86 – Albert OEHLEN (1954-) ; 0.3% – Contemporary

87 – Anselm KIEFER (1945-) ; 0.3% – Contemporary

88 – Giorgio MORANDI (1890-1964) ; 0.3% – Modern

89 – Alighiero BOETTI (1940-1994) ; 0.3% – Post-War

90 – Robert MOTHERWELL (1915-1991) ; 0.3% – Modern

91 – TANG Yin (1470- 1523) ; 0.3% – Old Master

92 – GUAN Liang (1900-1986) ; 0.3% – Modern

93 – Martin KIPPENBERGER (1953-1997) ; 0.3% – Contemporary

94 – Takashi MURAKAMI (1962-) ; 0.3% – Contemporary

95 – Donald JUDD (1928-1994) ; 0.3% – Post-War

96 – CHEN Yifei (1946-2005) ; 0.3% – Contemporary

97 – ZHANG Xiaogang (1958-) ; 0.3% – Contemporary

98 – Tom WESSELMANN (1931-2004) ; 0.3% – Post-War

99 – David SMITH (1906-1965) ; 0.3% – Modern

100 – Josef ALBERS (1888-1976) ; 0.3% – Modern

Images:

[https://imgpublic.artprice.com/img/wp/sites/11/2021/03/Artprice100-vs-SP500-1.png]

[https://imgpublic.artprice.com/img/wp/sites/11/2021/03/Artprice100-periods-2.png]

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