PARIS, Oct. 12, 2020 /PRNewswire/ -- "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."
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:
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PDF:
https://imgpublic.artprice.com/pdf/the-contemporary-art-market-report-2020.pdf
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