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Artprice by Artmarket publishes its 2020/21 Contemporary Art Market Report. With Frieze and FIAC soon re-opening, the Contemporary art market has grown 2,700% in volume over the last 21 years and 117% within the last 12 months, essentially driven by NFTs

2021/10/06 Commentaires fermés

According to thierry Ehrmann, CEO of Artmarket.com and Founder of Artprice:

Sales strategies offering a large number of works at relatively affordable prices and growing demand from multi-generational collectors allowed the Contemporary art segment to resist the negative impacts of the health crisis a lot better than any other segment.

In fact, the 2020/21 period marks the Contemporary segment’s best year in auction history, both in terms of lots sold and in terms of global auction turnover, and it saw the Contemporary art segment move into a new space vis-à-vis the rest of the art market.

Part of this movement was driven by the sensational arrival of NFTs and the staggering prices obtained for works by very young artists, both of which appear to have profoundly transformed the art market’s overall landscape. The NFTs very likely mark a substantial acceleration of the Hegelian power struggle that will release artists from their condition of slavery and make them masters of their own markets… and reconfigure the entire global art market in the process.

The 2020/21 period also saw a very marked opening of the Eastern art market to Western art, a trend that has allowed Hong Kong to establishing itself as the world’s second hub for buying and selling Contemporary art after New York.

In the past 21 years, the Contemporary art market has posted a volume increase of +2,700% and it rose sharply by +117% last year. It is now a fully-fledged global market, active on five continents.

“As an artist/sculptor for over 35 years and creator of the Organe Contemporary Art Museum (dubbed “Museum of the Future” by L’Obs. https://youtu.be/29LXBPJrs-o) which manages the Abode of Chaos, I believe that in 2021 – in a society that is rapidly destroying all forms of singularity – Contemporary art remains the last singular domain of activity that can affirm our humanity. And I believe this explains the growing passion for art which now attracts 120 million collectors, professionals and art enthusiasts.”

As announced exclusively on AFP on 4 October 2021 (along with key figures), Artprice’s 2020/21 Contemporary Art Market Report is now (5 October 2021) online in full. This Report represents an essential tool as we head into the major autumn art fairs (notably the Frieze and the Fiac) and is now available free of charge at the following address:

https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2021

All-segment price index v s. Contemporary segment price index

Key figures

This performance sets Contemporary Art apart from all other periods of creation.

102,000 C ontemporary works sold at auction over 12 months generating a total of $2.7 billion,

up 117% compared with the 2019/20 period (which shrank 34% vs. 2018/2019).

Contemporary Art accounted for 23% of the entire art market in 2020/21, vs. 3% in 2000/01;

that’s eight times more lots sold and 26 times more value than 20 years ago.

The offer of Contemporary artworks has never been so diversified and so well in tune with demand, with 70% of the works offered finding buyers.

It covered works by 34,600 artists, including 1,300 auction debuts (i.e. new to the auction market) and it generated 5,000 new auction records.

The works were sold through 770 auction houses in 59 different countries.

In terms of turnover, Christie’s (32%), Sotheby’s (26%) and Phillips (10%) accounted for two-thirds of the global total.

In terms of location, New York and Hong Kong hammered 60% of total global turnover from Contemporary art.

Painting was the top category, both in terms of value (73%) and in terms of lots sold (42%).

Painting accounted for 82% of the 7-digit results versus 6% for drawing and 6% for sculpture.

The NFT medium already generated nine 7-digit results, i.e. three times more than the photography medium in the same period.

Our Contemporary Art Price Index has climbed 400% since 2000.

Jean-Michel Basquiat’s painting In This Case (1983) was worth $1million in 2002. In 2021 it fetched $93 million!

China became the world’s leading hub for Contemporary art, accounting for 40% of the segment’s global turnover.

Unsurprisingly, the USA (32%) and the UK (16%) were in second and third place.

Hong Kong posted exceptional turnover growth of +277% overtaking London.

Beijing also posted respectable turnover on the Contemporary segment with $305 million (up 161%).

Paris was in 5th place with $55 million, lagging even further behind its primary global competitors.

Marking the first-ever sale of an NFT in a public sale, Beeple’s Everydays alone accounted for 3% ($69 million) of the Contemporary art segment’s total turnover.

Banksy joined the Top 5 best-selling artists on the entire art market, behind Picasso, Basquiat, Warhol and Monet.

At just 34 years old, the American artist Avery Singer saw one of her paintings fetch over $4 million at auction.

FRIEZE versus FIAC:

London will soon be hosting the Frieze art fair and its museums, galleries and auction houses will no doubt once again demonstrate the strength of its art market, just two weeks before Paris draws the international art community towards the FIAC.

While the UK capital has little to fear from the French capital (which generates only half of London’s fine art auction turnover), it must nevertheless be concerned by the rise of Hong Kong. The former British colony has become ultra-attractive, especially for the high-end Contemporary art market. In H1 2021 alone Hong Kong generated $962 million compared with $1.2 billion in the UK.

London nevertheless remains unavoidable for Modern art (with the sale this year of a superb painting by Kandinsky) and it is still contributing to Banksy’s extraordinary market ascent with a new record at $23.3 million. In terms of annual auction turnover, the anonymous street artist, originally from Bristol, is now the world’s most popular living artist on the secondary market.

Methodology

This report analyzes the Contemporary art market (artists born after 1945) based on public auction results for works of Fine Art hammered around the world between 1 July 2020 and 30 June 2021.

It concerns only results for paintings, sculptures, installations, drawings, photographs, prints, videos and NFTs, and excludes anonymous cultural artefacts and furniture.

All sums quoted in US dollars ($) refer to hammer prices, including buyer premiums, converted to US dollars on the day of the sale.

2021, an exceptional vintage

The Contemporary art segment (artists born after 1945) posted a historic auction turnover performance in H1 2021, up 50% versus H1 2019 (and five times the total hammered in H1 2020, impacted by the early days of the covid pandemic).

At the root of this historic performance ($1.58 billion in H1 2021) there was a rapid adaptation of the Contemporary art market during the second half of 2020 in response to the health crisis and involving a successful transition to online sales and an equally successful orientation of the market towards a new and emerging population of Contemporary art buyers. The resulting growth was particularly visible in the United States ($592 million in H1 2021) and Hong Kong ($435 million), but also in Germany ($21.7 million) all of which posted unprecedented turnover totals for a first semester on the Contemporary segment.

The Modern (-8%) and Post-War (-4%) segments did not quite regain the levels of activity that prevailed before the health crisis, making the Contemporary segment’s performance look even more pronounced. Twenty years ago, Contemporary art accounted for just 3% of the entire art market. In H1 2021, it represented 23%. With a total of over $300 million in just six months (twice Andy Warhol’s total in the same semester) Jean-Michel Basquiat alone generated 4.3% of the entire art market’s auction turnover (all periods combined).

Semestrial auction turnover from Contemporary a rt around the world

Asia … the m arket pivots towards the East

After an extremely difficult 2020, China, Hong Kong and Taiwan posted exceptional performances in H1 2021) taking their total turnover from sales of Contemporary art for the 2020/21 period to USD 1 billion, i.e. 40% of the segment’s global turnover.

The Asian market has therefore become the primary global hub for sales of Contemporary art and these sales concerned Asian artists of course, but also a growing number of Western artists. This new phenomenon reflects an increasingly solid and active market in Asia and the Pacific rim.

Geographical breakdown of Contemporary a rt a uction turnover (2020/21)

Four artists representing four major trends:

Banksy (1971) – Street Art recognized as a major global discipline

At 47 years old, the anonymous Street artist is one of the world’s top-five most successful signatures on the secondary market, all creative periods combined.

In the specifically Contemporary segment, he ranked second behind Basquiat with a turnover total volume of $181 million, representing 7% of the segment’s total income. This represents a new record for one of the three most sough-after artists on the Contemporary art market.

Over the last five years, Banksy’s annual turnover total has been growing exponentially: $3 million in 2016, $7 million in 2017, $16 million in 2018, $29 million in 2019, $67 million in 2020 and $123 million in H1 2021…

Amy Sherald ( 1973) – Woman Power

One of the strongest results in the 2020/21 period was for a work by Amy Sherald, the artist who painted Michelle Obama’s official portrait in 2018 and who has since been represented by Hauser & Wirth.

On 7 December 2020 Phillips sold her painting The Bathers (2015) for an impressive $4.26 million, 21 times its high estimate. The canvas depicts two black women in colorful swimsuits against a blue background. Six months later Phillips hammered another mega-result for her canvas It Made Sense… Mostly In Her Mind (2011), again in New York. Estimated between $500,000 and $700,000, the work fetched over $3.5 million.

These two results dwarfed the artist’s previous auction record of $350,000 in 2019.

Beeple (1981) – The viral madness of NFTs

Completely unknown to the traditional art auction market last year, Beeple is today one of the three most expensive living artists in the world – all media combined – after David Hockney and Jeff Koons.

With a single result that was not only colossal but was also online and for a non-fungible token and paid in Ethers, Beeple attracted the second best Contemporary art auction bid of the 2020/21 period. The first NFT ever offered in a public auction, Beeple’s Everydays: The first 5000 Days (2021) fetched an eye-watering $69.3 million against a starting price of $100… and for an artist who had no gallery, no exhibitions and no previous auction sales!

But he did have several million followers on Instagram and the support of Christie’s, one of the oldest and most reputable auction houses on the planet.

Amoako Boafo (1984) – The art market is also integrating Black Lives Matter

Another young artist now selling internationally is Amoako Boafo. On 2 December 2020 he made a sensational auction debut in Hong Kong (Christie’s) with a canvas titled Baba Diop that fetched a new personal record at $1.14 million, 10 times its low estimate.

It was therefore not that surprising when the following day his drawing Untitled (Two Hands) multiplied its high estimate by ten, also at Christie’s Hong Kong.

Images:
[https://imgpublic.artprice.com/img/wp/sites/11/2021/10/image1-price-index-all-vs-contemporary-artprice-artmarket-EN.png]
[https://imgpublic.artprice.com/img/wp/sites/11/2021/10/image2-world-contemporary-semestrial-auction-turnover-artprice-artmarket-EN.png]

[https://imgpublic.artprice.com/img/wp/sites/11/2021/10/image3-geographical-breakdown-of-contemporary-art-auction-turnover-artprice-artmarket-EN.png]

Copyright 1987-2021 thierry Ehrmann www.artprice.comwww.artmarket.com

About Artmarket:

Artmarket.com: Artprice registers a record number of Fine Art auction transaction in H1 2021

2021/09/30 Commentaires fermés

Throughout the first half of 2021, still seriously inhibited by the health crisis, the Fine Art auction market secured the continued circulation of artworks. In fact, the auction majors managed to project a substantially more attractive image of their activities by a savvy mix of online sales, thematic and charitable sales and a daring collaboration with what would traditionally be called the ‘primary’ market. In addition, the auctioneers have at last opened their doors to dematerialized artworks and have been surfing on a wave of ultra-Contemporary art that has also caught the attention of the mainstream media.

Weekly evolution of global Fine Art auction turnover

Comparison between the last five years

Weekly evolution of global Fine Art auction turnover – Comparison between the last five years

thierry Ehrmann, CEO and f ounder of Artmarket.com and of its Artprice department:

Artprice has registered the highest -ever number of successful Fine Art adjudications in the world , up +10.5% compared with H1 2019, which already set a historic record.

The absence of international fairs has clearly redirected some collectors to the auction houses (live or online), but the growth in the volume of transactions predates the health crisis and is basically just re-starting again . ”

High-end market vs. affordable market

After a chaotic year 2020, the art market’s auction agenda essentially returned to normal, notably with the resumption of New York’s spring sales. The sessions organized during week 19 (from 10 to 16 May 2021) totaled $1.5 billion in New York, equivalent to 21% of global art auction turnover in H1 2021.

However, our data for the H1 period suggests the art market is still relatively affordable: of the 302,100 lots auctioned around the world, 51% were acquired for less than $1,000, including buyers’ fees. And, unlike the ultra high-end market, these affordable works have been offered and sold very evenly throughout the year. Online sales now even ensure a low level of art market activity during the months of July and August, which are usually marked by a complete standstill.

Fine Art lots sold at auction filtered by price range (H1 2021)

Fine Art lots sold at auction filtered by price range (H1 2021)

Hong Kong bucks the trend…

The former British colony is now playing a vital role in the international strategies of the auction majors like Christie’s, Sotheby’s, Phillips and Bonhams, but also of China Guardian and Poly Auction, and together they have made Hong Kong the most luxurious art marketplace on the planet.

Only 3,200 Fine Art works were sold in Hong Kong in H1 2021, but they totaled nearly $1 billion ($962 million). In fact, the average price of an artwork in Hong Kong auctions during H1 2021 was $300,000! A price that sets Hong Kong apart from New York (average price $41,000), London ($32,000) and Paris ($10,600), and from the rest of China ($94,000).

In just six months, 18 lots fetched over $10 million in Hong Kong although none reached $50 million. Today, Hong Kong’s ultra high-end market is as intense as London’s, and nine times bigger than the Paris market (where two lots crossed the $10 million threshold in the same period). In mainland China, only eight lots sold for more than $10 million over the same period, but the $50 million threshold was once again breached (for an 18th century work by Xu Yang).

First “unlimited” sale

Sotheby’s sale entitled “The Fungible Collection” was a perfect example of the creativity shown by the major auction houses in H1 2021. The international auction company acquired by Patrick Drahi in 2019 worked directly with the anonymous artist Pak and the web platform Nifty Gateway (without going through a gallery) to sell an unlimited series of NFTs.

Core to the collection was the Open Editions, which allowed collectors to purchase as many fungible cubes as they wished during the sale period for fixed prices. The duration of the sale was three times 15 minutes, spread over three days, and the price rose each day. It resulted in the sale of 23,598 digital cubes: 19,737 cubes at $500 on Day 1; 3,268 cubes at $1,000 on Day 2 and 593 cubes at $1,500 on Day 3. In addition to these small works, there were two unique lots (The Switch for $1.44 million, and The Pixel for $1.35 million) as well as several ‘awards’. Some NFTs (potentially worth several million dollars) were awarded to the best buyers, as well as to anyone who managed to solve a puzzle invented by Pak.

This extraordinary session questioned not only the notion of a digital artwork and its ‘ownership’, but also the notion of value creation in the ‘Art Market 2.0′, in which the offer can be multiplied at a lower cost.

Images:

[https://imgpublic.artprice.com/img/wp/sites/11/2021/09/image1-weekly-evolution-global-fine-art-auction-turnover-5-years-comparison.png]

[https://imgpublic.artprice.com/img/wp/sites/11/2021/09/image2-fine-art-lots-at-auction-by-price-range-h1-2021.png]

Copyright 1987-2021 thierry Ehrmann www.artprice.comwww.artmarket.com

About Artmarket:

Artmarket.com: Artprice analyses the art market’s dazzling recovery from the health crisis in H1 2021, fortified by its digital transformation

2021/08/05 Commentaires fermés

In the first semester of 2021 the art auction market managed to recover all of its dynamism. If all goes well, the art fairs will resume in September. They will, however, have to contend with a substantially modified market characterised by the sensational arrival of NFTs and sky-high prices for works by very young and popular artists, both phenomena which suggest a strong urge to shake up the established order. While collectors seem to be in a hurry to invest in what might be called the “Art Market 2.0”, even if it means by-passing galleries, lots of artists also want to take advantage of the art market’s digital transformation, and… the auction houses appear keen to join in the ‘disruptive’ process.

Artprice indicators of the art market ‘s health (H1 2000 – H1 2021)
Auction turnover, Sold lots, Unsold rates and Highest price (first semesters)

Artprice indicators of the art market ‘s health (H1 2000 – H1 2021)

According to thierry Ehrmann, President and Founder of Artmarket.com and its Artprice department “Two Art Markets are currently coexisting: one organic, the other disruptive . The first is traditional and takes into account the History of Art, with its codes, its museums, its galleries, its fairs, its biennials, etc. The second reflects a world undergoing a profound reorganization , challeng ing ‘ official history ‘ through movements like #metoo and #blacklivesmatter and clearly oriented towards the numerous political, climatic, health and technological challenges a head ”.

This analysis provides an overview of the transformations undertaken in H1 2021. The distinction between a “new” and an “old” art market is purely theoretical, but it allows us to apprehend the mechanisms now underlying a whole tranche of the market’s transactions. It also allows us to understand how Beeple’s The first 500 days (2021) could be purchased for $69 million against a starting price of just $100… an artist who wasn’t on the radar of any of the market’s key players: no gallery, no exhibitions and no auction results… but who had several million followers on Instagram and the support of Christie’s, one of the oldest and most respectable auction houses on the planet.

Fine Art auction turnover (H1 2000 – H1 2021)
(Broken down by creative periods)

Fine Art auction turnover (H1 2000 – H1 2021)

Affordable works at the core of the newly – configured market

Fine art auctions generated $6.9 billion in H1 2021, up 3% versus H1 2019. This performance is extremely reassuring in view of the health crisis, which is still paralyzing whole segments of the cultural scene and is still the source of substantial near-term uncertainty. The auction operators nevertheless managed to generate a turnover equivalent to the average for the ten years before the health crisis (H1 2010 – H1 2019), i.e. since China’s rise on the international art market.

This latest recovery is all the more robust for being based on a record number of transactions: 288,500 artworks were sold in six months, up 5% versus H1 2019. The increase is particularly visible in the affordable segments covering price ranges between $1,000 and $20,000 where the number of lots sold rose 13%. The high-end market slowed somewhat in the first six months of the year: lots sold between $1 and 50 million contracted 1.4%, from 855 lots (in H1 2019) to 843 lots.

The intensity of demand has been confirmed by a significantly lower-than-usual unsold rate. This indicator, which reflects the balance between supply and demand, has fluctuated between 32% and 36% for the past decade. For the first six months of 2021 it was down to 28% and should therefore be watched carefully over the coming months.

Beeple accounted for 1% of the art market

Online sales are now an integral part of auction house strategies. At the start of the year, the Anglo-Saxon giants Christie ‘ s, Sotheby ‘ s and Phillips dematerialized a little more than half of their operations: out of 258 fine art sessions, 133 were conducted exclusively online. These transactions still only generated a tenth (9.3%) of the operators’ turnover as they mainly use this sales channel for entry-level and mid-range lots.

But the automated online platforms set up by the sales companies are, by nature, perfectly suited to NFTs, which have substantial potential in the high-end market. In fact, NFTs already represent a third of the value of online sales, or 2% of the global secondary art market in H1 2021. With his very first sale at Christie’s generating $69 million, Beeple alone accounted for exactly 1% of it!

This new market is at the heart of the disruptive phenomena identified by Artprice and it is indicative of the drive towards innovation within the auction industry. A month after the sale of Beeple’s work at Christie’s, Sotheby’s organised a sale of NFTs (Non-Fungible Tokens) titled The Fungible Collection by Pak. Ten days later, Phillips offered the first second-generation NFT, a work called Replicator by Mad Dog Jones, which is designed to randomly generate replicas of itself.

Contemporary art out-performs Post-War art

The Contemporary art segment (artists born after 1945) posted a historic performance in H1 2021, up 50% versus H1 2019. The Modern art (-8%) and Post-War (-4%) segments have not yet returned to the levels of intensity that prevailed before the health crisis.

This situation has enhanced the visibility of Contemporary Art, which now accounts for 23% of global fine art auction turnover compared with just 3% twenty years ago. Having generated over $300 million (double Andy Warhol’s total), Jean-Michel Basquiat alone accounted for 4.3% of the global art auction market in H1 2021.

Top 10 artists on the global auction market in H1 2021

© artprice.com

  1. Pablo PICASSO (Modern Art): $352,169,000
  2. Jean-Michel BASQUIAT (Contemporary Art): $303,537,000
  3. Andy WARHOL (Post-War): $ 149,982,000
  4. Claude MONET (19th century): $131,638,000
  5. BANKSY (Contemporary Art): $123,328,000
  6. ZAO Wou-Ki (Modern Art): $114,518,000
  7. Gerhard RICHTER (Post-War): $97,920,000
  8. Sandro BOTTICELLI (Former Master ): $94,206,000
  9. Yoshitomo NARA (Contemporary Art): $85,937,000
  10. ZHANG Daqian (Modern Art): $82,295,000

Banksy, a sign of the times

At 47, the anonymous street artist Banksy is one of the five most successful signatures on the global art auction market, all creative periods combined! He is even the most lucrative living artist on the planet, and, without the support of either Larry Gagosian or David Zwirner! Universally adored for his poetic and cynical incursions into public spaces, Banksy is revolutionizing the art market with his Pest Control system that allows him to authenticate and control the circulation of hundreds of thousands of unique or limited editions works.

For five years, Banksy’s auction turnover has been growing exponentially: $3 million in 2016, $7 million in 2017, $16 million in 2018, $29 million in 2019, $67 million in 2020 and $123 million in H1 2021. With 913 lots sold at auction in just six months, Banksy now covers all price ranges. With 11 million followers on Instagram, he is already reaching future generations of collectors.

On 23 March 2021, his canvas Game Changer (2020) buried Christie’s estimate at a charity sale and set a new auction record at $23.2 million. The enthusiasm surrounding this work reveals the preferences of an art market in search of shocking works, in tune with current events. The work depicts a young boy abandoning his Batman and his Superman to play with a ‘super-nurse’ doll.

The Hong Kong accelerator

Halted in its growth in 2020, the Hong Kong art market has posted two consecutive semesters stronger than ever. The city is now posting the world’s highest average price for artworks sold at auction: with a total of $962 million hammered from only 3,200 fine art lots sold in H1, the average price is around $300,000. This statistic sets Hong Kong apart from the other major art market capitals since the average price is just $32,000 in London and $41,000 in New York.

Hong Kong also managed to attract three remarkable paintings by Jean-Michel Basquiat which each fetched over $35 million. Both Christie’s and Sotheby’s now seem convinced that these masterpieces of American Contemporary Art (which New York’s MoMA regrets not having acquired when they were much more affordable) will sell for better prices in Asia than in London.

In the medium term, Hong Kong could even become the second largest market in the world ahead of the UK, which totaled $1.2 billion in H1 2021 (only 21% more than Hong Kong’s $962 million). Ten years ago, the UK’s secondary art market was nearly five times larger than its former colony (+380%). However, the UK retains a much more diversified art market: in H1 2021, it sold 36,000 works, ten times more than Hong Kong.

Today, the former British colony is essentially playing an accelerator role for the ultra-contemporary art market with Hong Kong buyers showing a greater willingness to bid substantially above estimates, forcing London and New York auctioneers to align their prices with Hong Kong’s results, or risk seeing the works of future art market superstars all sold through Asia.

Artists under 40 generating 7-digit results

Since his death less than two years ago, 62 works by Matthew Wong (1984-2019) have been auctioned in New York, London and Hong Kong.

The ‘international rachet mechanism’ that has affected the prices of this artist’s creations can be seen at work in the prices of other superstars of his generation, born after 1980. The ascensions of artists like Salman Toor, Avery Singer and Amoako Boafo have been incredibly swift. Within a matter of months their works have become simply unavoidable on the international art market. Highly gifted and appearing to be highly emblematic of our era, their works have have been subject to fiercely competitive demand from American, European and Asian collectors at the same time.

Top 5 artists born after 1980 (H1 2021): geographical breakdown of auction turnover

1. Matthew Wong, $30 million: Hong Kong (44%), New York (37%), London (19%)

2. Avery Singer, $10.5 million : Hong Kong (53%), New York (38%), London (8%)

3. Salman Toor, $7.9 million: New York (45%), London (28%), Hong Kong (27%)

4. Ayako Rokkaku, $7.2 million: Hong Kong (40%), Tokyo (35%), Taipei (11%)

5. Amoako Boafo, $5 million: London (35%), New York (33%), Hong Kong (32%)

As we can see above, the sales of works by Japanese artist Ayako Rokkaku (b. 1982) have not followed this schema. Her colorful acrylics on canvas are circulating with substantial intensity in Southeast Asia where 44 of his paintings were auctioned in H1 2021 for an average price of $170,000. Her best works, initially put into circulation by the Amsterdam-based Delaive gallery, almost always end up at auction in Asia.

Blue-chip artists still holding strong

In New York, Pablo Picasso’s Woman Seated by the Window (1932) crossed the $100 million threshold for the first time in 24 months. This result confirms the renewed confidence of both buyers and sellers. The exponential rise in the value of Picasso’s works over the last quarter-century has crystallized, despite the sequence of financial and health crises. The value of this painting evolved from $7.5 million in 1997 to $45 million in 2013, finally reaching $103.4 million this year.

The year 2021 also started very well on New York’s high-end market with the eagerly awaited sale (at the end of January) of a portrait attributed to Sandro Botticelli. Fetching just over $92 million, this was the second best auction result ever recorded for an Old Master behind Leonardo da Vinci’s Salvatore Mundi. However, more than three and a half years after its sale, the $450 million payed in November 2017 for the portrait of Christ holding a crystal orb has become subject to a growing number of questions.

The first six months of 2021 also saw the sale of several Impressionist masterpieces (by Monet, Van Gogh and Cézanne,) as well as a number of masterpieces of American Abstraction and Lyrical Abstraction (by Twombly, Rothko and Chu Teh-Chun, among others). There were also some very famous portraits (Warhol’s Double Elvis and Lucien Freud’s David Hockney). But the period will remain above all marked by the first sales of NFTs and the extraordinary price records for very young artists that Artprice will analyze in detail in its upcoming Contemporary Art Market Report, to be published on the occasion of the Frieze and FIAC art fairs in October.

Images:

[https://imgpublic.artprice.com/img/wp/sites/11/2021/08/image1-artprice-indicators-art-market-health-H1-2000-H1-2021.png]

[https://imgpublic.artprice.com/img/wp/sites/11/2021/08/image2-artprice-fine-art-auction-turnover-H1-2000-H1-2021.png]

Copyright 1987-2021 thierry Ehrmann www.artprice.comwww.artmarket.com

About Artmarket:

Artmarket.com publishes the new Artprice’s Report on the Contemporary Art Market, the primary growth driver with a +2,100% increase over 20 years

2020/10/13 Commentaires fermés

Artprice is proud to present this exclusive report which traces the evolution of the Contemporary Art Market over 20 years”, announces thierry Ehrmann, President and Founder of ArtMarket.com and its Artprice department. “The story it tells reflects a multitude of sociological, geopolitical and historical factors, all of which contributed to the rapid rise of Contemporary Art in the global Art Market. A marginal segment until the end of the 1990s, Contemporary Art now accounts for 15% of global Fine Art auction turnover, and is now its primary growth driver, having increased +2,100% over 20 years. As a result of the Covid-19 pandemic in 2020, the Art Market switched almost entirely to the Internet. 2021 will no doubt see an extension of this trend. ”.

The Artprice’s 2000-2020 Report : 20 years of Contemporary Art auction history

The new report is now available for free in English, French and Mandarin

https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2020

Growth

The Contemporary Art Market is not what it was 20 years ago. It has undergone profound structural changes, with evermore artists (from 5,400 artists to nearly 32,000 today) and evermore artworks (from 12,000 lots offered to 123,000) and it has grown and expanded geographically, from 39 to 64 countries active in auctions. It has accelerated with the fluidification of remote transactions and is now the most dynamic and profitable segment of the entire Art Market. In 20 years, the number of auction houses participating in the Contemporary Art Market has almost doubled, the number of specialized sessions has tripled, and the number of lots sold has multiplied by six.

→ The Contemporary Art rush

→ The market’s pillars

→ Painting… above all

Diversity

Contemporary Artists from China, Japan and Korea… from Africa and the African diasporas… from Latin America and the Middle East… are today all operating in a market that has not only opened internationally, it has opened to female artists and a whole range of alternative narratives with substantial cultural and symbolic significance. This challenge to Western hegemonic narratives of Art History has opened new horizons for thousands of artists around the world. Since the start of the 21st century, the question of diversity has been at the heart of debates, and at the root of major developments within the Art Market.

→ A new landscape

→ « No Man’s Land »

→ Black (also) matters (in art)

Valuation

The Contemporary Art Market is a market under the influence of a number of different factors including passion for art, soft-power ambitions, financial speculation, fashion and of course nowadays, the massive influence of the digital sphere in terms of marketing, coolhunting etc.. Today social networks (the new influencers), pop stars, luxury and streetwear brands play an active role in the popularization of artists. They contribute to the orientation of tastes, just as art critics used to do. Online presences have played a vital role in countering the impacts of the Covid crisis, and have proved absolutely essential for a number of major market players. In reality, the Contemporary Art Market has just passed an important milestone in 2020, a milestone that represents the true beginning of its digital revolution.

→ In search of novelty

→ Multiple choice…

→ Digital agility

This extraordinary progression is driven by the passions that Contemporary Art elicits, but it is also based on the confidence that it has won. Nowadays, collectors no longer necessarily prefer work by dead artists, and they allow themselves to be convinced by new techniques, new art forms and new influences by living artists. Today, at a time of unprecedented crisis, the Contemporary Art Market is still galloping forward. Indeed, it’s the segment that adapts fastest to changes and the one that lends itself best to online sales.

Image: [https://imgpublic.artprice.com/img/wp/sites/11/2020/10/GMAC-2020-ArtMarket-Artprice-EN.jpg]

PDF: https://imgpublic.artprice.com/pdf/the-contemporary-art-market-report-2020.pdf

Copyright 1987-2020 thierry Ehrmann www.artprice.comwww.artmarket.com

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About Artmarket

Artprice by Artmarket’s 2019 Annual Art Market Report shows continued growth with an all-time record number of transactions based on global confidence in the market, and the French market was particularly strong in 2019

2020/02/21 Commentaires fermés

Artprice by Artmarket’s 2019 Annual Art Market Report shows continued growth with a all-time record number of transactions based on global confidence

Artprice by Artmarket’s 2019 Annual Art Market Report shows continued growth with a all-time record number of transactions based on global confidence in the market, and the French market was particularly strong in 2019.

Fruit of the alliance between Artprice by Artmarket.com, world leader in Art Market information (founded and directed by thierry Ehrmann), and Artron, its powerful Chinese institutional partner (directed by Wan Jie), our 22nd Annual Art Market Report allows a global view of public Fine Art sales of paintings, sculptures, drawings, photography, prints and installations from 1 January 2019 to 31 December 2019.

Claude Monet - Haystacks (1890)

Claude Monet – Haystacks (1890)

thierry Ehrmann: “Today’s Art Market is exceptionally mature, capable of withstanding political instabilities, as both London and Hong Kong’s results have shown. China, which hardly existed on the global Art Market in 2000, now generates almost a third of its total value.

22nd Annual Report by Artprice by Artmarket

This report contains the famous Artprice ranking of the Top 500 best-selling artists on the global fine art auction market and the Top 100 auction results. It also contains an analysis of the global Art Market from a geographical perspective (by country and by major city), a breakdown by historical periods and by artistic media, a selection of crucial Artprice market indices and 8 key chapters providing an uncompromising analysis of today’s global Art Market. No other entity is currently capable of generating such high quality macro- and micro-economic metadata based on proprietary Big Data and AI algorithms.

This 22nd Annual Report on the Global Art Market is distributed worldwide exclusively by Artprice by ArtMarket and Cision, which together have created the first international press agency dedicated to Art Market information: Artpress agency®, which belongs to Artmarket.com, is the global leader in art market information.

Read this 22nd Global Annual Art Market Report for free:

https://www.artprice.com/artprice-reports/the-art-market-in-2019

Confident and stable growth, with a record number of transactions worldwide

The Art market has continued to deepen with a record 550,000 fine art lots sold via auctions around the world in 2019, generating a total of $13.3 billion. This was the highest annual number of lots sold since 1945… creating the deepest and broadest public art market ever recorded.

Driven by a healthy combination of investment logic, speculative buying, passion collecting and insatiable demand for major signatures from the world’s new museums, the global Art Market posted a buoyant level of activity in 2019 with a record number of 550,000 transactions worldwide.

The drivers of this growth are ease of access to Art Market information, electronic sales (99% of the market’s participants are connected to the Internet) – the financialization of the market, a growing population of ever-younger art consumers (from 500,000 after WWII to 120 million in 2019) and the extension of the market to the entire Asia/Pacific area, plus India, South Africa, the Middle East and South America.

In terms of turnover, the global Art Market posted a contraction of -14% mainly due to a dearth of masterpieces above the $50 million threshold; however, the unsold rate remained perfectly stable at 38%, as did the overall art price index, which only changed +0.48%.

Remember the “unsold rate” has been closely watched for 120 years as it quickly indicates when a market is moving into speculative mode (below 20%) or into a meltdown of confidence mode (over 60%). According to the famous Art Market sociologist Raymonde Moulin, the current rate of 38% is close to the “ideal” unsold rate.

The strength of the Art Market is related to its unparalleled level of selectivity, very much reflecting Artprice’s dictum “Buy the right work, from the right period, with a good story, by the right artist, at the right time.”

Over 20 years, the Art Market has experienced very substantial growth

An efficient, liquid and transparent Art Market that resembles financial markets.

In a world where many countries are posting quarterly economic growth rates well below 1%, the Art Market has once again confirmed its efficiency, liquidity and transparency… just like a financial market. The key growth figure bear witness to this evolution:

– the Art Market’s total auction turnover has grown fourfold since 2000, from $3.2 billion to $13.3 billion in 2019

– the number of lots sold has doubled over the same period from 272,000 lots sold in 2000 to 550,000 sold in 2019.

Our Artprice100® (a global index covering all historical periods of creation combined: i.e. Old Masters, the Modern period and the Post-War/Contemporary periods) showed a +396% increase in value between 1 January 2000 and 31 December 2019.

While the Central Banksand notably the ECBare maintaining close to zero or even negative base interest rates, the Art Market is posting frankly insolent health and our Artprice100® virtual index (covering all historical periods of creation combined) is currently posting a +396% increase since 2000.

The Internet (Microsoft estimates over 6.3 billion people are connected worldwide) has now become the principal and definitive forum for auction operators worldwide and they are using it to consolidate their market shares on all continents. Of the world’s 6,300 auction houses, 99% are today present on the Internet (versus just 3% in 2005).

France joins the quartet of major Art Market powers

France posted the best performance in its auction history, raising its auction turnover +18%. With a total of $830 million in 2019, it substantially upgraded its fourth place in the ranking of major Art Market powers. However, it still has a long way to catch up with the 3rd-placed UK, which posted an annual auction turnover total on fine art 2.5 times higher.

thierry Ehrmann: “If Eric Turquins Caravaggio had sold at auction, as planned, and not privately two days before its scheduled auction in Toulouse, France’s annual turnover total would have been close to $1 billion in 2019.

Nevertheless, Frances fine art auction strength is essentially its core high-volume backbone. With 82,000 fine art lots sold in 2019, France represented the second largest market in the world, behind the United States (99,000 lots sold), but ahead of the UK (70,000) and China (66,000).

France can today congratulate itself on having the strongest auction house in Europe: Artcurial, which now ranks 11th in the world by annual turnover.

General overview of 2019

The global Art Market generated $13.32 billion, down -14% mainly due to a drop in the number of ultra-high value masterpieces offered (worth > $50 million)

The number of lots sold worldwide reached a new historical high of 550,000

The average lot price in 2019 reached $24,300

The median lot price was $940

Approximately 90% of all lots sold fetched less than $17,000

The unsold rate remained stable at 38% (slightly more than a third)

The overall price index remained stable at +0.48%

The Contemporary art price index was up +4.44%

Financial performances

Repeat sales* show an average annual return varying between +5.5% and +8.2% since 2000

Works purchased between $200,000 and $1 million generate the strongest annual return: +8.2% since 2000

* The same work bought at auction and sold at auction in 2019

Soft Power

The United States ($4.6 billion) outperformed China ($4.1 billion) and the UK ($2.2 billion)

China suffered a milder correction (-9%) than the United States (-22%) and the UK (-21%)

The top three powers on the Art Market accounted for 82% of global fine art auction turnover

France was the only major power to post positive growth: +18%

Auction houses

Christie’s and Sotheby’s together hammered 54% of the global art auction market: $3.65 billion and $3.59 billion respectively

Five Chinese auction houses ranked in the Top 10 worldwide

Phillips confirmed its excellent 2018 results with its second best-ever annual total, despite an -11% contraction

Artcurial ranked 11th in the world becoming the leading European auction house

Artists and record results

In 2019 there was only one auction result above $100 million (compared with two in 2018).

Claude Monet’s Haystacks (Meules) (1890) peaked the market at $110.7 million.

Its value was multiplied by 44 since its previous auction in 1986.

Claude Monet arrived second in the general classification by annual auction turnover, below Pablo Picasso and above Zao Wou-Ki.

Jeff Koons recovered the title of “most valued living artist in the world” when his Rabbit (1986) fetched $91.1 million

Gerhard Richter and David Hockney were the world’s best-selling living artists, each with annual totals of $130 million in 2019.

Three main trends

1. Street Art is increasingly present on auction podiums, with its own stars: Kaws and Banksy. Lots of other street artists are moving up the sales rankings including Invader, Stik, Shepard Fairey and Vhils.

2. African-American and African-origin artists are recovering their rightful places in art history and in the market. Kerry James Marshall climbed to 55th place in Artprice’s general ranking.

3. Christie’s HI-LITE sale in Hong Kong put a name on the first major art movement of the 21st century.

The Museum Industry® is a global economic reality in the 21st century that represents the driving force behind the Art Market

The growth of the museum industry is also playing a crucial role. With more than 700 new museums opening every year, the museum industry has become a global economic reality in the 21st century. More museums opened between 2000 and 2014 than in the previous two centuries.

Demand for museum-quality works is one of the key factors in the spectacular growth of the Art Market. The Art Market is now both mature and liquid.

Copyright 1987-2020 thierry Ehrmann www.artprice.comwww.artmarket.com

About Artmarket:

Artmarket.com is listed on Eurolist by Euronext Paris, SRD long only and Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.

Discover Artmarket and its Artprice department on video: https://en.artprice.com/video

Artmarket and its Artprice department was founded in 1997 by its CEO, thierry Ehrmann. Artmarket and its Artprice department is controlled by Groupe Serveur, created in 1987.

See certified biography in Who’s who ©:

https://imgpublic.artprice.com/img/wp/sites/11/2019/10/biographie_oct2019_WhosWho_thierryEhrmann.pdf

Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information in databanks containing over 30 million indices and auction results, covering more than 700,000 artists.

Artprice Images® allows unlimited access to the largest Art Market image bank in the world: no less than 180 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians.

Artmarket with its Artprice department accumulates data on a permanent basis from 6300 Auction Houses and produces key Art Market information for the main press and media agencies (7,200 publications). Its 4.5 million ‘members log in’ users have access to ads posted by other members, a network that today represents the leading Global Standardized Marketplace® to buy and sell artworks at a fixed or bid price (auctions regulated by paragraphs 2 and 3 of Article L 321.3 of France’s Commercial Code).

Artmarket with its Artprice department, has been awarded the State label “Innovative Company” by the Public Investment Bank (BPI) (for the second time in November 2018 for a new period of 3 years) which is supporting the company in its project to consolidate its position as a global player in the market art.

Artprice by Artmarket’s 2019 Global Art Market Report published in February 2020 :

https://www.artprice.com/artprice-reports/the-art-market-in-2019

Index of press releases posted by Artmarket with its Artprice department:

http://serveur.serveur.com/press_release/pressreleaseen.htm

Follow all the Art Market news in real time with Artmarket and its Artprice department on Facebook and Twitter:

https://www.facebook.com/artpricedotcom/ (4.7 million followers)

https://twitter.com/artmarketdotcom

https://twitter.com/artpricedotcom

Discover the alchemy and universe of Artmarket and its artprice department http://web.artprice.com/video headquartered at the famous Organe Contemporary Art Museum “The Abode of Chaos” (dixit The New York Times): https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013

L’Obs – The Museum of the Future: https://youtu.be/29LXBPJrs-o

https://www.facebook.com/la.demeure.du.chaos.theabodeofchaos999

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Contact Artmarket.com and its Artprice department

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Artprice by ArtMarket.com: How to objectively define Contemporary Art in 2020?

2020/01/14 Commentaires fermés

For the sake of coherence, clarity and transparency, Artprice’s editorial team has always divided Art History into five main periods with artworks being classified according to a simple and indisputable criterion… the birth year of their creators:

  • Old Masters’ … artists born up until 1760

  • 19th century’ … artists born from 1760 to 1860

  • Modern’ … artists born from 1860 to1920

  • Post-War’ … artists born between 1920 and 1945

  • Contemporary’ … artists born after 1945

2019 Contemporary Art auction turnover filtered by year of birth

2019 Contemporary Art auction turnover filtered by year of birth

[https://imgpublic.artprice.com/img/wp/sites/11/2020/01/artmarket-contemporary-art-auction-turnover.png]

As time advances, the period we refer to as ‘Contemporary Art’ is getting longer. It now covers artists as diverse as Jean-Michel Basquiat (1960-1988) and Oscar Murillo (b. 1986), Anselm Kiefer (b. 1945) and Kaws (b. 1974), Martin Kippenberger (1953-1997) and Cory Arcangel (b. 1978). On the other hand, our classification excludes Gerhard Richter (b. 1932), David Hockney (b. 1937) and El Anatsui (b. 1944).

According to thierry Ehrmann, Artprice’s founder and CEO of ArtMarket.com: “An objective ‘periodization’ of Art History helps us to study the market, its structure and its evolution, even if it means distinguishing – far too categorically sometimes – what is Contemporary from what is not. But the fact that Maurizio Cattelan generates thousands more Instagram posts than Marcel Duchamp and that a work by Kaws is suddenly as expensive as the best paintings by Pierre Soulages naturally raises numerous questions about the trends and contradictions that drive the Art Market, but also about the very notion of Contemporary art.”

In art, ‘Contemporary’ doesn’t mean ‘alive today’

How should we label the œuvres of Yayoi Kusama (b. 1929) or of Pierre Soulages (who has just celebrated his 100th birthday)? Although their careers began shortly after WWII, Kusama and Soulages produced some of their best works long after the deaths of Keith Haring and Jean-Michel Basquiat… And yet, on the Art Market, Kusama’s and Soulages’s prices are growing gradually whereas those of Jean-Michel Basquiat, for example, are still posting substantial volatility.

Perhaps we should see Contemporary art quite simply as art that has not yet become perfectly established. That’s the fundamental difference between Marcel Duchamp and Maurizio Cattelan, between Duchamp’s Fontaine (1919) et Cattelan’s Comedian (2019). Whereas Duchamp’s famous urinal remains controversial, few question its place in Art History, whereas Cattelan’s banana taped to the wall still has a long way to go before it is accepted.

This distinction remains ambiguous for certain artists. Look at Jeff Koons – there is a good chance today his work will be seen as having singularly marked the latter decades of the 20th century and his Rabbit (1986) sculpture is clearly already considered a kind of ‘classic’. However, his creations are still causing serious controversy and his approach to art has not yet been fully accepted. The recent Appeal Court ruling that Koons plagiarized the work of a French photographer in his work Naked (1988) is just the latest in a series of obstacles the American artist has faced.

Our birth-year analysis (based on 2019 results) throws up three exceptional dates… 1955, 1960 and 1974.

Born on the East coast of the United States exactly 10 years after WWII, Jeff Koons and Christopher Wool make 1955 the best ‘vintage’ in our Contemporary Art results ranking filtered by year-of-birth. Neither have ever represented the USA at the Venice Biennale, but their works have been acquired by major American museums for decades. Two other artists also made a significant contribution to the results of the 1955 vintage: Kerry James Marshall (born in Alabama), who has ranked among the world’s Top 100 artists by annual auction turnover (all periods combined) over the past two years, and the Chinese artist, Zhou Chunya.

With an annual auction total of $129 million in 2019, Jean-Michel Basquiat still dominates the Contemporary Art Market. Almost alone, he made 1960 one of the best ‘vintages’ of the second half of the 20th century. Glenn Ligon, the second best performing artist born in 1960, contributed only $1.9 million.

Curiously, the new stars of Street Art, Kaws and Banksy, were both born in 1974, on either side of the Atlantic… Kaws in Jersey City in the USA, and Banksy in Bristol, England.

So, despite its lack of flexibility and its limitations, the historical classification adopted by Artprice remains coherent with the auction results recorded in 2019 (filtered by birth-year). If a new start date were to be chosen for the ‘Contemporary’ category, it could be argued that the year 1965 would be a logical separation date. However, the continuing market volatility on works by several major artists born during the 20 years prior to 1965 – Albert Oehlen (b. 1954), Rudolf Stingel (b. 1956), Zhang Xiaogang (b. 1958) and Damien Hirst (b. 1965) – suggests that their positions in Art History are still not yet fully established.

Copyright 1987-2020 thierry Ehrmann www.artprice.comwww.artmarket.com

About Artmarket:

Artmarket.com is listed on Eurolist by Euronext Paris, SRD long only and Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.

Discover Artmarket and its Artprice department on video: https://en.artprice.com/video

Artmarket and its Artprice department was founded in 1997 by its CEO, thierry Ehrmann. Artmarket and its Artprice department is controlled by Groupe Serveur, created in 1987.

See certified biography in Who’s who ©:

https://imgpublic.artprice.com/img/wp/sites/11/2019/10/biographie_oct2019_WhosWho_thierryEhrmann.pdf

Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information in databanks containing over 30 million indices and auction results, covering more than 700,000 artists.

Artprice Images® allows unlimited access to the largest Art Market image bank in the world: no less than 180 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians.

Artmarket with its Artprice department accumulates data on a permanent basis from 6300 Auction Houses and produces key Art Market information for the main press and media agencies (7,200 publications). Its 4.5 million ‘members log in’ users have access to ads posted by other members, a network that today represents the leading Global Standardized Marketplace® to buy and sell artworks at a fixed or bid price (auctions regulated by paragraphs 2 and 3 of Article L 321.3 of France’s Commercial Code).

Artmarket with its Artprice department, has been awarded the State label “Innovative Company” by the Public Investment Bank (BPI) (for the second time in November 2018 for a new period of 3 years) which is supporting the company in its project to consolidate its position as a global player in the market art.

Artprice by Artmarket’s 2018 Global Art Market Report published in March 2019: https://fr.artprice.com/artprice-reports/le-marche-de-lart-en-2018

Index of press releases posted by Artmarket with its Artprice department:

http://serveur.serveur.com/press_release/pressreleasefr.htm

Follow all the Art Market news in real time with Artmarket and its Artprice department on Facebook and Twitter:

https://www.facebook.com/artpricedotcom/ (4.7 million followers)

https://twitter.com/artmarketdotcom

https://twitter.com/artpricedotcom

Discover the alchemy and universe of Artmarket and its artprice department http://web.artprice.com/video headquartered at the famous Organe Contemporary Art Museum “The Abode of Chaos” (dixit The New York Times): https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013

L’Obs – The Museum of the Future: https://youtu.be/29LXBPJrs-o

https://www.facebook.com/la.demeure.du.chaos.theabodeofchaos999

(4 million followers)

https://vimeo.com/124643720

Contact Artmarket.com and its Artprice department

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Artprice by Art Market publishes its 2019 Contemporary Art Market Report between the Frieze and the FIAC. The Contemporary art market has grown 1,800% in 19 years and its price index rose 22% in 2018/19

2019/10/08 Commentaires fermés

Growth of 1,800% in 19 years… and a price index up +22% last year… Contemporary art is now a global market on all five continents of the planet.

In 2000, the global Contemporary Art auction market turned over $103 million. In 2019 it hammered $1.9 billion.

Artprice by Art Market, founded and headed by Thierry Ehrmann, in collaboration with his Chinese institutional partner, Artron / AMMA (Art Market Monitor of Artron,) founded and headed by WAN Jie, has published its 22nd Annual Art Market Report.

The remarkable and perfectly matched increase in the three main growth indicators for the secondary market in Contemporary Art – global turnover, lots sold and the overall price index – clearly indicates a phase of extremely rapid sales growth over a 20-year period that has seen numerous unprecedented geopolitical, economic and financial crises.

The market’s price index has just posted a 22% increase, which dwarfs the return on investment investors can expect on cash in a negative or near-zero interest rate environment that is eroding short-term savings and capital throughout the world.

As thierry Ehrmann, Founder/CEO of Artprice by Art Market, says, “For many art collectors, the art of collecting involves acquiring the right work by the right artist at the right moment. When these three ‘criteria’ are clearly satisfied, the result is often a ‘historical transaction’. This was the case last week (3 October) when Sotheby’s London offered Devolved Parliament by anonymous artist Banksy, fetching a stunning new record of €11.1 million. The piece is clearly a major work by an artist whose prices are rocketing… but it is also a painting that literally apes the British Parliament… and it was offered sale at a critical moment in Britain’s history as the British parliament finds itself in an untenable position over Brexit.

In an age when singularity is increasingly reproved and censured, Contemporary Art represents one of the last bastions of free and individual expression. As the planet becomes increasingly digitized, it reminds us we are human and I am not surprised we now have over 120 million collectors, professionals and investors participating in its expansion.”

The FRIEZE London art fair kicks off the year a few weeks before the FIAC in Paris. Whatever the outcome of Brexit, London’s museums, galleries and auction houses have demonstrated the strength of the London marketplace. The UK capital will continue to be an unavoidable hub because it can bring together the best of the Old Masters (this year, a rare Botticelli) with the hottest works on the Contemporary market like Banksy’s Devolved Parliament which fetched $12 million (£9.9 million) at Sotheby’s on 3 October 2019.

Artprice by Art Market’s Contemporary Art Market Report – an indispensable tool for participants and attendants at the major autumn art fairs (Frieze and Fiac in particular) – is available free of charge at the following address:

https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2019

The key features of Artprice by Art Market’s Annual Contemporary Art Market Report:

The analysis of the global Contemporary Art Market presented in this report is based on results hammered at Fine Art public auction sales around the world. This analysis therefore concerns specifically paintings, sculptures, installations, drawings, photographs, prints, videos, and it excludes anonymous cultural objects and furniture.

It covers the period 1 July 2018 to 30 June 2019.

Contemporary artists are defined as those born after 1945.

All prices are given in US dollars and include buyer fees.

A mature and stable market (2018/19 vs. 2017/18)

Global auction turnover has doubled in 10 years, reaching $1.89 billion,

from $103 million in 2000 to $1.89 billion in 2019.

The global average unsold rate is perfectly stable at 39%

The overall price index for Contemporary Art is up 22% vs. the previous 12 months

Greater demand and higher sales (2018/19 vs. 2017/18)

Last year saw the highest ever number of Contemporary artworks sold worldwide: 71,400 lots, a figure that represents a 480% increase since 2000.

Artworks by 21,996 Contemporary artists sold at auction, twice the number 10 years ago.

The year generated 284 new Contemporary Art auction results above the million-dollar line.

Art by living artists is becoming more expensive (2018/19 vs. 2017/18)

The year 2018/19 saw 20,000 new auction records hammered, confirming the rising power of this global market.

It also saw the highest price ever paid for a work by a living artist: $91 million for Jeff Koons’ Rabbit.

And… the second highest price ever paid for a work by a living artist: $90.3 million for David Hockney’s Portrait of an Artist

Banksy came out as the leader of the print segment after Avon and Somerset Constabulary (ed.10) fetched $382,000.

Kaws reached $14.8 million for a work sold 15 times its high estimate in Hong Kong.

Geographical distribution of the Contemporary Art Market

The United States, the United Kingdom, Hong Kong and China accounted for 89% of global Contemporary Art secondary market sales.

The United States and Asia accounted for 66% of global sales.

The UK market contracted to $435 million, down 20% on the previous year.

The top 3 European countries were France ($43.9 million), Germany ($21 million), Italy ($11.8 million) .

Excellent turnover in Hong Kong ($247.7 million), ahead of Beijing ($ 226.7 million).

Hong Kong now accounts for nearly 14% of global sales.

Japan ($20 million) ranked 7th in the world behind Germany.

Sharp contraction of the Singapore market: -64% ($655,000)

Public Auction Houses

Sotheby’s, Christie’s and Phillips generated 70% of global Contemporary Art turnover from 10% of the Contemporary lots sold.

The three organisations accounted for 85 of the segment’s top 100 auction results in 2018/2019.

Sotheby’s was the world’s strongest auctioneer on the Contemporary Art segment with turnover of $623 million (+17%).

Sotheby’s – 32.9% of the global market ($623 million).

Christie’s – 25.4% of the global market ($481 million).

Phillips – 11.9% of the global market ($225 million).

China Guardian ($73.5 million) is the leading Chinese auction operator.

French auction operators posted growth: Artcurial (+5%), Cornette de St-Cyr (+18%), Piasa (+67%).

Women in our global rankings

Only 4 women were among the top 100 Contemporary art auction results in 2018/19.

Only 12 women were among the top 100 Contemporary artists ranked by auction turnover in 2018/19.

Jenny Saville ($28.8 million) rose from 158th to 11th place in the top 500.

Julie Mehretu ($8.9 million) rose from 66th to 36th in the top 500.

Dana Schutz ($8 million) rose from 231st to 37th in the top 500.

Barbara Kruger ($3.7 million) rose from 157th to 70th in the top 500.

Tracey Emin ($4.4 million) rose from 126th to 58th in the top 500.

Artprice by Art Market’s full 2019 Contemporary Art Market report is available free of charge at the following address:

https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2019

Copyright 1987-2019 thierry Ehrmann www.artprice.comwww.artmarket.com

About Artmarket:

Artmarket.com is listed on Eurolist by Euronext Paris, SRD long only and Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.

Discover Artmarket and its Artprice department on video: https://en.artprice.com/video

Artmarket and its Artprice department was founded in 1997 by its CEO, thierry Ehrmann. Artmarket and its Artprice department is controlled by Groupe Serveur, created in 1987.

See certified biography in Who’s who ©:

https://imgpublic.artprice.com/img/wp/sites/11/2019/03/2019-bio-whoswho -Thierry-ehrmann.pdf

Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information in databanks containing over 30 million indices and auction results, covering more than 700,000 artists.

Artprice Images® allows unlimited access to the largest Art Market image bank in the world: no less than 180 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians.

Artmarket with its Artprice department accumulates data on a permanent basis from 6300 Auction Houses and produces key Art Market information for the main press and media agencies (7,200 publications). Its 4.5 million ‘members log in’ users have access to ads posted by other members, a network that today represents the leading Global Standardized Marketplace® to buy and sell artworks at a fixed or bid price (auctions regulated by paragraphs 2 and 3 of Article L 321.3 of France’s Commercial Code).

Artmarket with its Artprice department, has been awarded the State label “Innovative Company” by the Public Investment Bank (BPI) (for the second time in November 2018 for a new period of 3 years) which is supporting the company in its project to consolidate its position as a global player in the market art.

Artprice by Artmarket’s 2018 Global Art Market Report published in March 2019: https://fr.artprice.com/artprice-reports/le-marche-de-lart-en-2018

Index of press releases posted by Artmarket with its Artprice department:

http://serveur.serveur.com/press_release/pressreleasefr.htm

Follow all the Art Market news in real time with Artmarket and its Artprice department on Facebook and Twitter:

https: // www .facebook.com / artpricedotcom (4.5 million followers)

https://twitter.com/artmarketdotcom

https://twitter.com/artpricedotcom

Discover the alchemy and universe of Artmarket and its artprice department http: //web.artprice.com/video headquartered at the famous Organe Contemporary Art Museum “The Abode of Chaos” (dixit The New York Times): https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013

https://www.facebook.com/la.demeure.du.chaos.theabodeofchaos999

(4 million followers)

https://vimeo.com/124643720

https://www.facebook.com/the.demeure.du.chaos.theabodeofchaos999

Contact Artmarket.com and its Artprice department

Contact ir@artprice

Artprice by Art Market: the geopolitics of the 15th Lyon Biennale

2019/09/18 Commentaires fermés

Some fifty artists have been commissioned this year to produce in situ artworks at the former Fagor factories in Lyon. It’s the first time the Lyon Biennale will make use of the 29,000m² site located not far from the highly symbolic spot where the Saône flows into the Rhone. Entitled “Where Water Comes Together with Other Water”, from a poem by the American writer Raymond Carver, the theme of mixity has clearly been singled out as the dominant focus of this 2019 edition and the whole thing has been put together by the young team of curators from the Palais de Tokyo in Paris.

The Lyon Biennale is seeking to establish itself as a major event in the international Contemporary Art calendar and is supported by a substantial budget; but its primary responsibility is to highlight French culture and promote France’s power and influence. The result is of course a delicate balance that has to be re-imagined every two years… a challenge for its new Director Isabelle Bertolotti.

Courtesy of Biennale de Lyon 2019 "Where Water Comes Together With Other Water" © Stephen Powers

Courtesy of Biennale de Lyon 2019
« Where Water Comes Together With Other Water »
© Stephen Powers

[https://imgpublic.artprice.com/img/wp/sites/11/2019/09/15th-biennale-lyon-2019.jpg]

thierry Ehrmann, Artprice’s CEO/Founder, explains “Created in 1991 by Thierry Raspail, the Lyon Biennale has become one of the most remarkable cultural events of its kind worldwide. I particularly remember the legendary 2000 edition when Jean-Hubert Martin achieved a veritable tour-de-force with his Biennale entitled Shared Exoticism. The event was exceptionally coherent and relevant, a direct and logical suite to his founding exhibition The Magicians of the Earth presented in 1989 at the Pompidou Center.

Steered by Thierry Raspail for nearly 30 years, the Lyon Biennale has earned a global reputation and has been supported – in particular for Shared Exoticism – by its institutional partner Artprice and the Organe Contemporary Art Museum which manages The Abode of Chaos. Over the years it has come to overshadow the Paris Biennale, founded by André Malraux in 1959 and the last edition of which was in 2008.”

The Lyon Biennale is today at a crucial juncture with the first change of management in its history and the arrival of Isabelle Bertolotti. Recently appointed Director of the Museum of Contemporary Art of the City of Lyon, Bertoletti is expected to set the Lyon Biennale on a new path and her first project is indeed ambitious: “This 15th edition of the Lyon Contemporary Art Biennale is devised as an ecosystem at the intersection of biological, economic and cosmogonic landscapes. It bears witness to the shifting relationships between human beings, other living species, the mineral kingdom, technological artefacts and the stories that unite them

The curators and artists involved in this year’s Lyon Biennale have been working with a number of obligations and constraints. First and foremost among these are related to the place itself: a huge factory located outside the city center and preserved in its original state, with its original demarcation, its abandoned machinery and its visible wear and tear. The artists – most of whom have had very little exposure in France and often no auction history to their names – have been asked to work with local artisans from the Rhone Valley basin. One third of them are French and a strict gender balance has been applied.

The Biennale is by no means confined to the vast Fagor space; there are manifestations throughout the region. The new format is organized around four complementary platforms: the Museum of Contemporary Art in Lyon, which is acting as an outgrowth of the main exhibition with 6 artists including the famous duo Gregory & Daniel GICQUEL & DEWAR; the Young International Creation which – as in the past – will occupy Villeurbanne’s Institute of Contemporary Art; Veduta which promotes meetings between artists and the region’s inhabitants; and a broad program of associated exhibitions, including exhibitions in Resonance with the Biennale at various galleries and cultural venues in the region. In all, the event will use 150 venues and will encompass not only the field of Contemporary Art but also literature, dance, theater, music and cinema.

An internationally recognised and appreciated artistic event, the Lyon Contemporary Art Biennale is one of the five most important biennales after Venice. The previous edition attracted more than 300,000 visitors, its best-ever attendance. The 2019 edition is far more ambitious with larger spaces, major installations, deeper regional networking and unprecedented bridges between the art world and the world of business and commerce.

In 1999, in conversation with thierry Ehrmann, Thierry Raspail perfectly summed up his vision of the Lyon Biennale…. « Biennales are geo-political acts. They mark the territory between where there is everything and where there is nothing…” , a bold statement that highlights with rare clarity the primary and underlying logic of Biennales wherever they are staged.

Copyright ©1987-2019 thierry Ehrmann – www.artprice.com – www.artmarket.com

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