PARIS, Oct. 27, 2020 /PRNewswire/ -- Thanks to
online sales, the major auction houses have found a way to continue
to operate and countervail the Covid-19 health
crisis. Lockdown forced them to activate the sudden and
complete dematerialization of their most prestigious sales and
their corresponding catalogs. This development – one that has been
a long time coming in the art market – has allowed the bulk of
secondary market fine art transactions to go ahead 'as normal',
which in turn has substantially contributed to bolstering the
confidence sellers need to consider consigning their works, and, a
number of several quite remarkable performances have already been
recorded.
thierry Ehrmann, President and Founder of
Artprice: "Our econometrics department has identified
five types of sales which illustrate the resilience of the art
auction market. Each of these 'positive anomalies' must be
placed in context in order to understand the indefatigable interest
of buyers for these works and these artists in such difficult
times".
Contact Artprice's Econometrics Department for all your
questions relating to our statistics and our personalized
studies: econometrics@artprice.com
Record turnover figures…
Banksy's market is showing extraordinary resilience in the face
of the crisis: his works have already generated a record annual
auction turnover totalling $42.8
million so far this year. Six of his 10 best-ever auction
results have been hammered in the past 10 months; and some 550
other works have changed hands in auction rooms around the
world.
With the successful sale of his masterpiece Complements
(2004-2007), Brice Marden has also
posted a record performance at auction despite the health crisis.
At 82, he is one of the top 10 most successful living artists by
auction turnover.
The sudden infatuation of collectors (that began in 2019) for
the work of 43-year-old American painter Eddie Martinez has continued unabated this year
with 53 works already sold at auction, including five at over half
a million dollars. Demand for his work has clearly been
resistant to the health crisis in the USA and to the political and economic crises
that have come in its wake.
The strongest price rise…
The name of Matthew Wong burst
onto the international art scene on 30 June
2020 when Sotheby's chose to start its first major
New York session of the year, 100%
online, with a canvas by this relatively little-known Canadian
artist.
Matthew Wong's career began in
Asia in 2014, a few months after
graduating from the Hong Kong School of Creative Media. His
notoriety culminated in 2019 with a solo show at Massimo de Carlo
in Hong Kong (January -
March 2019) and then at the Karma
gallery in New York (November 2019 - January
2020). Unfortunately the artist committed suicide a few
weeks before his American exhibition.
The Realm of Appearance (2018) – an oil on canvas
estimated by Sotheby's at $60,000 -
$80,000 – fetched a stunning result
of $1,820,000 on 30 June 2020. This remarkable record was
confirmed on 7 October when Christie's sold Matthew Wong's Shangri-La (2017) for
$4,470,000.
The most constant gain (% wise)...
Acquired at Sotheby's in New
York in 2011 for $10,000,
Yayoi Kusama's acrylic on canvas
Season Cherry (1978) resold
on 16 July 2020 for $106,250 (in the same auction room). The initial
investment therefore generated +30% per year on average, over nine
years...
The sharp rise in value of this painting perfectly illustrates
the evolution of Yayoi Kusama's
prices. According to Artprice auction market data, $100 invested in January
2011 in paintings by the Japanese artist is worth an average
of $926 today. Note that the value of
Yayoi Kusama's paintings has grown
faster than that of the rest of her work over the past decade.
The rarest work...
Works by the Florentine painter Paolo
Uccello are extremely rare at auction. But one of the best
works still in private hands was nevertheless consigned this
summer after spending 62 years in the same family.
Sotheby's included the piece in the ultra-prestigious sale
Rembrandt to Richter on 28 July
2020 in London. Made in the
fifteenth century in Tuscany, the
painting was placed between a work on paper by Jean-Michel Basquiat and acrylic on muslin by
Keith Haring, both dated from the
early 1980s.
The three million dollars fetched
by Uccello's Battle on the Banks of a River far exceeded the
expectations of the owner, who had decided to part with this
masterpiece at a particularly delicate moment on the art
market.
The fastest flip...
In the space of one year, Genieve
Figgis's painting Ladies in the Grass (2015) has been
auctioned twice. Acquired for $18,750
in July 2019 at Christie's in
New York, the work was sold for
$242,000 on 11
July 2020 at Christie's in Hong
Kong.
French gallery owner Almine Rech
discovered Genieve Figgis through
Richard Prince, who says he spotted
her on Twitter. This new form of Bad Painting, supported by
two of the biggest players in the Art Market, has found equal
success in Hong Kong, London and New
York. The three major capitals of the Contemporary Art
Market are in direct competition for paintings by the Irish painter
and rapidly escalating her prices.
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