PARIS, Jan. 12, 2021 /PRNewswire/ -- In 2020, the
world's leading Fine Art marketplace was at the epicentre of damage
caused by the COVID pandemic, and the city's carefully structured
auction agenda was completely upset. After the revenue shortfall
resulting from the cancelled May sales, the major auction houses
managed to switch over to online sales, but the high-end market
struggled to catch up throughout the second part of the year.
Monthly Fine Art auction turnover in New York (2019 vs 2020)
thierry Ehrmann, President and Founder of Artmarket.com and its
Artprice department: "The boom in 100% online sales has somewhat
undermined the logic of maintaining auction rooms and offices in
the centres of expensive cities like New
York. Manhattan's power of
attraction remains strong and certainly contributes to the success
of the prestige sales, as we saw in 2020. But what about the rest
of the Art Market? Will it be able to afford city-centre
venues?".
-98% in May
In May 2019, the Big Apple
hammered $2.2 billion at Fine Art
auctions, thanks notably to eight works selling above the
$50 million threshold between 13 and
16 May: Monet ($110 million), Koons
($91 million), Rauschenberg
($88 million), Cézanne ($59 million), Picasso ($55
million), Warhol ($53
million), Bacon ($50 million),
Rothko ($50 million). The diversity
of these masterpieces, created between the end of the 19th century
and the Post-war period, illustrates the attractiveness of
New York as a Fine Art
marketplace.
In May 2020, however, auctions
(functioning online only) totaled just $39
million in Manhattan, i.e.
just 2% of the total for the previous May. According to Artprice
data, this total was generated by 1,400 Fine Art lots which sold
for an average price of $28,000.
All summer to relaunch
It wasn't until the very end of June
2020 that the high-end market finally appeared to unblock.
The New York market immediately
recorded the only result of the year above $50 million in the West, with Francis Bacon's Inspired by the Oresteia of
Aeschylus (1981).
Compared with the year-earlier period, the first semester of
2020 New York art sales ended down -54%. This significant shortfall
was partially offset when the major houses decided to hold a number
of prestige sessions in October, but it was made by moving forward
part of the prestigious November sales.
Confidence returning
Fortunately the outlook is positive: confidence has gradually
returned to the art market at the international level. Artprice's
AMCI (Art Market Confidence Index) rose throughout November and
December. So much so that by the start of 2021, two thirds of Art
Market professionals declared a 'strong intention' to acquire new
works.
There can be no doubt that the Botticelli masterpiece that will
be offered by Sotheby's on 28 January
2021 in New York has
captured the attention of major art buyers and enthusiasts all over
the planet.
Image: [
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