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Artprice: the 45th edition of the fiac! opens in a general climate of optimism, but…

The 45th edition of the FIAC opens on Wednesday 17 October in a general climate of optimism. Artprice’s 2018 Contemporary Art Market Report reveals growth on a planetary scale, which the International Contemporary Art Fair in Paris and its numerous off shows are hoping will translate into buoyant sales:

Y-o-Y stability for Contemporary Art Market (2017/18 vs. 2016/17)

Global auction turnover rose +19% to a total of $1.9 billion
The number of lots sold increased by +17% with 66,850 adjudications
The global unsold rate remained stable at 39%
The Contemporary Art Price Index gained +18.5%

Artprice‘s 2018 Contemporary Art Market Report is available free of charge at

https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2018

The Global Contemporary Art Market has posted exponential growth over the past 18 years (2017/18 vs. 2000/01)

Global turnover has risen +1,700% from $103 million to $1.9 billion
The number of auction transactions has multiplied 5.5x from 12,300 to 66,850 lots sold.
The top auction price has risen from $5.6 million to $110.5 million (respectively for Jeff Koons and Jean-Michel Basquiat)

Paris to put France back on the world stage

On the new global Art Market, driven essentially by Contemporary Art and dominated by New York, London, Beijing and Hong Kong (which account for 82% of the segment’s global auction turnover), Paris is striving to defend its historical position and influence. But France’s annual performance ($783 million in 2017) today represents only a little more than the turnover generated by a single prestige sale in New York at Sotheby’s or Christie’s.

According to Thierry Ehrmann, founder and CEO of Artprice, Paris is looking for a new lease of life. The City of Light wants to take full of advantage of its prestige and bring back buyers from around the world… it wants to recapture the high-end market. This ambition requires profound change and deep market restructuring, a process that has already begun. The future of Paris is today far more dependent on the FIAC and on the performances of the major Anglo-Saxon auction houses than on its traditional structures like Drouot and the Salon des Antiquaires.

All of the market’s key ‘makers’ at the Grand Palais

With 60 galleries French galleries among a total of 195, the FIAC ensures that French creation is not forgotten at the fair. Nevertheless, the FIAC’s real strength is its superbly international roster of galleries. The FIAC would not be the FIAC without Blum & Poe, Pace, Lisson, Paula Cooper, Gavin Brown’s Enterprise, Gladstone and of course David Zwirner, Gagosian, Marian Goodman, White Cube, etc.

The FIAC is an opportunity for all Contemporary Art lovers to see the world’s most prestigious galleries gathered in Paris. For the big galleries, it’s an opportunity to take part in a particularly selective meeting in one of the world’s most majestic venues: the nave of the Grand Palais, where the Salon des Refusés was historically held, and which nowadays also hosts Paris fashion week.

The major galleries who deserted the FIAC usually come back sooner or later; this year sees the return of the giant Hauser & Wirth, New York’s Canada and Paul Kasmin, the Belgian gallery Rodolphe Janssen (among others). But booths are expensive in the Grand Palais and the quality of the galleries is extremely high. Between those returning and those making their first appearance, the actual gallery turnover rate is only 16%, i.e. less than one booth in six.

If the FIAC’s international offer has legitimised the fair on the international circuit, it now resembles other major fairs like Art Basel, the Armory Show and especially the Frieze, organized just two weeks earlier on the other side of the Channel (only 2h on the Eurostar). Moreover, a third of the French galleries present at the FIAC were also present at the Frieze… so in the end, the FIAC’s French specificity is relatively small.

In fact, one of the Parisian fair’s principal attractions is probably the exceptional, majestic setting offered by the Grand Palais. However, this superb venue will again be closed for works between 2021 and 2023, so it does rather look as though the FIAC will have to adapt its strategy in order to maintain its influence and ensure that collectors visit the temporary structure that will be installed in the Champ-de-Mars under the Eiffel Tower during the Grand Palais’ closure.

Lots of auction records during Frieze

The auction houses have long understood the importance of organising prestige sales in parallel with the major fairs in order to take full advantage of the concomitant gathering of art professionals and collectors. Last year, 49 auctions were held in Paris (in 39 auction houses) during the FIAC week, generating $134 million in seven days (17% of French auction turnover on Fine Art sales in 2017). The year’s two best results were also hammered during the week on 19 and 20 October 2017: Alberto Giacometti’s Grande femme II (1960) fetched $29.4 million and Jean- Michel Basquiat’s Jim Crow (1986) sold for $17.7 million.

This year again Christie’s, Sotheby’s and Artcurial (the top three French auction houses) are organizing their most important sales of the year in Paris during the FIAC. Others, including Leclere and Cornette de Saint Cyr, are waiting till the end of the event, but will be active as of Monday 22 October.

The major houses hope the spillover from the Paris FIAC will be as beneficial as that from the Frieze on London sales earlier in the month. Banksy’s self-destructing Girl with Balloon (2006) attracted a lot of attention… but there were lots of other memorable results during the week, with three of the autumn’s top ten global auction records, so far. Among these, Jenny Saville’s Propped (1992) – a historical piece from the Young British Artists movement that was part of the Sensation exhibition in 1997 – fetched $12.4 million, a record for a living female artist, overtaking Cady Noland who held that record for three years after her Bluewald (1989) sold for $9.8 million at Christie’s New York on 11 May 2015.

Top 10 auction records a (September – October 2018)

© Artprice.com

Artist – Work – Price – Sale

1 Zao Wou-Ki (1921-2013) – June-October 1985 – $65.204.489 – 30-09-2018 Sotheby’s Hong Kong

2 Jenny Saville (1970) – Propped (1992) – $12.490.583 – 05-10-2018 Sotheby’s London

3 Tsuguharu Foujita (1886-1968) – The party (1949) – $9,366,687 – 11-10-2018 Bonhams London

4 Albert Oehlen (1954) – Stier mit loch (1986) – $4,695,131 – 04-10-2018 Christie’s London

5 Leon Bonnat (1833-1922) – Samson’s Youth (1891) – $2,045,047 – 12-09-2018 Christie’s London

6 Kyung-Ja Chon (1924-2015) – Prairie II (1978) – $1,928,504 – 19-09-2018 K-Auction Seoul

7 Hao Liang (1983) – Shell (2010-2011) – $1,855,061 – 30-09-2018 Sotheby’s Hong Kong

8 Kaws ( 1974) – Again And Again (2008) – $1,348,952 – 05-10-2018 Sotheby’s London

9 Wang Xingwei (1969) – Still no A-mark (1998) – $1,272,479 – 30-09-2018 Sotheby’s Hong Kong

10 Lin Richard (1933-2011) – Painting Relief 12.12.63 – $1,165,161 – 30-09-2018 Sotheby’s Hong Kong

The Art Market nevertheless showed some signs of caution in London, particularly at Christie’s 4 October sale where two star lots, Jeff Koons’ Cracked Egg (Blue) (1994-2006) and Gerhard Richter’s Schädel (1983) failed to sell against estimates exceeding $10 million. However, overall, the initial results of the autumn season are extremely positive, often adding value, occasionally showing restraint… proving that the high-end market is capable of selecting the best pieces and of curbing price growth even for the most fashionable Contemporary artists.

The Paris major auction sales will therefore be held in a particularly favourable context. In addition to the annual sessions of 20th Century Art, the sale of the collections of Oscar Mairlot and Nathalie Seroussi at Sotheby’s and of Benedicte Pesle at Christie’s could well share the spotlight with the FIAC.

thierry Ehrmann : Artprice et Artron donnent naissance au Media Mogul de l’Art

https://www.actusnews.com/fr/ARTPRICE/cp/2018/10/17/artprice-et-artron-donnent-naissance-au-media-mogul-de-l_art

Video : https://vimeo.com/295406694

About Artprice:

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

Dicover Artprice in video: https://www.artprice.com/video

Artprice is the global leader in art price and art index databanks. It has over 30 million indices and auction results covering more than 700,000 artists. Artprice Images(R) gives unlimited access to the largest Art Market resource in the world: a library of 126 million images or prints of artworks from the year 1700 to the present day, along with comments by Artprice’s art historians.

Artprice permanently enriches its databanks with information from 6,300 auctioneers and it publishes a constant flow of art market trends for the world’s principal news agencies and approximately 7,200 international press publications. For its 4,500,000 members, Artprice gives access to the world’s leading Standardised Marketplace for buying and selling art. Artprice is preparing its blockchain for the Art Market. It is BPI-labelled (scientific national French label)Artprice’s Global Art Market Annual Report for 2017 published last March 2018: https://www.artprice.com/artprice-reports/the-art-market-in-2017

Artprice’s Contemporary Art Market Annual Report for 2017 – free access at: https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2017

Artprice’s press releases:

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

https://twitter.com/artpricedotcom

Artmarket News:

https://twitter.com/artpricedotcom & https://twitter.com/artmarketdotcom

https://www.facebook.com/artpricedotcom & https://plus.google.com/+artpricedotcom/posts

http://artmarketinsight.wordpress.com/

Discover the Alchemy and the universe of Artprice http://web.artprice.com/video, which headquarters are the famous Museum of Contemporary Art, the Abode of Chaos:

http://goo.gl/zJssd

https://vimeo.com/124643720

The Contemporary Art Museum The Abode of Chaos on Facebook: https://www.facebook.com/la.demeure.du.chaos.theabodeofchaos999

Contact: ir@artprice.com

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Artprice presents its 2018 Contemporary Art Market Report ahead of the Frieze and the FIAC: Plus 1,744% turnover growth in 18 years, an 8.1% annual yield.

2018/10/01 Commentaires fermés

Artprice presents its 2018 Contemporary Art Market Report ahead of the Frieze and the FIAC: Plus 1,744% turnover growth in 18 years, an 8.1% annual yield.

Artprice, founded and presided by thierry Ehrmann, achieves in close collaboration with its Chinese institutional partner the group Artron/AMMA (Art Market Monitor of Artron) founded and presided by WAN Jie, its 21st report.

A full market is now active on 5 continents.

The almost parallel increases over the 12 months to June 2018 in the Contemporary Art Market’s three main indicators (+19% global turnover, +17% lots sold and +18% in the segment’s price index) suggests a very rapid and balanced growth of Contemporary Art sales worldwide.

The average annual financial return, currently +8.1% on Contemporary works, looks very attractive indeed in the context of negative or near-zero rates that erode cash savings.

The Artprice Contemporary Art Market Report 2018, an indispensable tool for anyone attending the big autumn fairs, particularly the Frieze and the Fiac, is available free of charge at the following address:

https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2018

N.B. for the purposes of our report

Contemporary Art = works created by artists born after 1945

Fine Art = painting, sculpture, drawing, photography, videos, prints, installations

Period analysed: 1 July 2017 – 30 June 2018

The 66,850 transactions hammered over the 12month period reflect a market of unprecedented intensity. Since 2000/2001, the number of transactions has multiplied 5.5 times. Over the same period, global turnover has risen + 1,744% from $103 million to $1.9 billion. The average price of a Contemporary work has risen from $8,400 at the turn of the 21st century to $28,000 today. Moreover, today’s Contemporary Art Market offers unprecedented diversity: 20,335 artists born after 1945 recorded at least one auction result over the 12 month period, nearly five times more than in 2000/2001 (4,100 Contemporary artists).

According to thierry Ehrmann, Artprice’s founder and CEO, “We have had a period of restructuring that lasted roughly three years; but the Contemporary Art Market is now back on a much stronger footing. Although prices are indeed rising again, there is a much broader supply that allows a better selection of works… and the perfectly stable unsold rate, at 39%, guarantees a balanced market.

The United Kingdom ($545 million) and mainland China ($298 million) both posted excellent turnover totals, up 55% and 15% respectively. On the other hand, the USA posted a 13% contraction versus the year-earlier period that was boosted by the exceptional record of $110.5 million for Jean-Michel Basquiat’s Untitled (1984).

London, New York, Beijing and Hong Kong alone account for 82% of global auction sales of Contemporary Art, from just 17% of the global lots sold.

The French market posted a remarkable performance with sales of Contemporary Art up 81% during the 12-month period to $71 million. In the rest of Europe, Germany (+40%), Italy (+31%) and Belgium (+27%) consolidated their 5th, 7th and 10th places respectively on the global Contemporary Art Market. Elsewhere, several countries contributed to the market’s growth around the globe: Japan (+22%), Australia (+15%), South Korea (+15%), South Africa (+25%).

Key figures:

  1. Global turnover was up 19% to $1.9 billion

  2. The number of lots sold rose by 17%, with 66,850 auction results

  3. The global unsold rate remained stable at 39%

  4. The Contemporary Art Price Index posted an increase of 18.5%

  5. Since 2000/2001, global turnover has risen 1,744%, from $103 million to $1.9 billion

  6. Since 2000/2001, the lots sold total has multiplied 5.5x from 12,300 to 66,850

  7. Contemporary Art auction results were recorded in 59 countries last year

  8. New York, London, Beijing and Hong Kong accounted for 82% of turnover, on 17% of global lots sold

  9. Greater China (Hong Kong and Taiwan included) generated $480m, i.e. 26% of the global market

  10. Europe had an exceptional year: France +81%, Germany +40%, Italy +31%

  11. The Netherlands, Belgium and Austria each generated over $8 million

  12. South Korea ($8 million) and the Philippines ($5 million) bring Southeast Asia into the global market

  13. Australia ($10 million) and New Zealand ($5 million) are in the top 20 marketplaces

  14. South Africa ($6 million) leads Africa, with Morocco and Nigeria far behind

  15. The Middle East is represented by Turkey ($5 million), Iran ($3 million), UAE ($2 million) and Israel ($1 million)

1. General synopsis. Contemporary Art’s market performance

Available for free online, the new 2018 Artprice Contemporary Art Market Report provides decision support tools via four chapters that analyse the evolution, the organization and the latest trends in the Contemporary Art Market. The four chapters explore the hottest topics in the global market and provide answers to questions that any art lover, collector, professional or curator who is active in the Contemporary Art Market might have.

2. Artists’ prices

Stimulated by a sensational record of $110.5 million in May 2017, the Contemporary art Market has just ended a third consecutive semester of growth. The principal drivers of this growth are ever-stronger demand for works by the stars of Contemporary art and a proliferation of supply in a particularly favorable economic context.

3. Africa and its diasporas

From the construction of a market for African Contemporary art in France… to the explosion of African-American art in the United States: a brief look at the “African” wave sweeping across the entire Art Market.

4. In the news

She’s French, but has ‘emerged’ in England. Laure Prouvost already has a brilliant career with a superb CV: she studied at Central Saint Martins (cinema) and Goldsmiths College, received the Max Mara Award in 2011 followed by an exhibition at the Whitechapel Gallery, before winning the famous Turner Prize in 2013.

Top 100 Contemporary works sold at auction (July 2017 June 2018)

Top 500 Contemporary artists by auction turnover (July 2017 June 2018)

Contemporary Art (12% of the global Art Market compared with just 2.8% in 2000) cannot be measured using the same yardstick we use for Impressionist or Modern Art. Over the same period, its auction turnover has increased +1,744% from $103 million to $1.9 billion. The popularity and prices indices of a Contemporary artist are highly sensitive to a range of different factors, constantly subject to the influence of events and “art news” in general.

In order to study this reality, Artprice – the world leader in art market informationhas developed a new method of analysis and a range of decision support tools in collaboration with its econometrists, its editorial team and it art historians. The result is a methodology that provides optimum insight into the market’s price developments.

According to thierry Ehrmann, The myth of the wretched artist is no longer relevant to the modern era and the old notion that the only good artist is a dead artist has been consigned to oblivion.

This 2018 Contemporary Art Market Report (its 21st since 1997) goes straight to the heart of this fascinating issue… the role of artists in the modern era. I believe we can safely agree with the poetic understanding of this role enunciated by the philosopher Giorgio Agamben: that a Contemporary (artist) is he who firmly holds his gaze on his own time so as to perceive not its light, but rather its darknessa role that is being revived from a long slumber.

In a standardised and globalised world, the Contemporary artist brings us that extra soul which we are constantly in need of.« 

http://www.artprice.com Copyright thierry Ehrmann1987/2018

About Artprice:

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

Dicover Artprice in video: https://www.artprice.com/video

Artprice is the global leader in art price and art index databanks. It has over 30 million indices and auction results covering more than 700,000 artists. Artprice Images(R) gives unlimited access to the largest Art Market resource in the world: a library of 126 million images or prints of artworks from the year 1700 to the present day, along with comments by Artprice’s art historians.

Artprice permanently enriches its databanks with information from 6,300 auctioneers and it publishes a constant flow of art market trends for the world’s principal news agencies and approximately 7,200 international press publications. For its 4,500,000 members, Artprice gives access to the world’s leading Standardised Marketplace for buying and selling art. Artprice is preparing its blockchain for the Art Market. It is BPI-labelled (scientific national French label)Artprice’s Global Art Market Annual Report for 2017 published last March 2018: https://www.artprice.com/artprice-reports/the-art-market-in-2017

Artprice’s Contemporary Art Market Annual Report for 2017 – free access at: https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2017

Artprice’s press releases:

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

https://twitter.com/artpricedotcom

Artmarket News:

https://twitter.com/artpricedotcom & https://twitter.com/artmarketdotcom

https://www.facebook.com/artpricedotcom & https://plus.google.com/+artpricedotcom/posts

http://artmarketinsight.wordpress.com/

Discover the Alchemy and the universe of Artprice http://web.artprice.com/video, which headquarters are the famous Museum of Contemporary Art, the Abode of Chaos:

http://goo.gl/zJssd

https://vimeo.com/124643720

The Contemporary Art Museum The Abode of Chaos on Facebook: https://www.facebook.com/la.demeure.du.chaos.theabodeofchaos999

Contact: ir@artprice.com