PARIS, Jan. 19, 2021 /PRNewswire/ -- As at 1 January 2021, the Artprice Global Indices are
stronger actually stronger than twelve months earlier when the
health crisis was still (almost) unthinkable. Six months ago no-one
would have predicted such an outcome! In reality, the art market
reacted quickly to the lockdown measures with auction houses
slowing their high-end activities; but the overall intensity of
trading remained extremely high and the unsold rate remained
perfectly stable. The Contemporary Art price index even shows an
extraordinary 48% increase.
Artprice Global Indices (in USD)
Infographic -
https://mma.prnewswire.com/media/1422797/Artprice_Global_Indices_Infographic.jpg
thierry Ehrmann, President and Founder of Artmarket.com and its
Artprice department: "the works that were resold at auction in
2020 generally fetched better prices. Two segments in particular
stood out: works on paper (+55%) and Contemporary Art (+48%).
However, you have to take into account the method used to calculate
our indices and anticipate the fact that they tend to flatten
naturally over time".
Auctions and repeat sales
Auction sales correspond to the visible segment of the Art
Market and it's probably the segment that has best adapted to the
consequences of the pandemic by accelerating its switch to an
online modus operandi. Artprice's 2020 of the Art Market
Report will soon reveal all the details of this transformation (the
publication of our free report is expected in March 2021).
Artprice's Global Indices are calculated on the basis of a very
specific pool of works: lots which have already been sold at public
auction. This method of calculation (the repeat-sales method) is
considered particularly robust, but it excludes all lots that
appear in an auction sale for the first time.
Extraordinary resales
Among the highest value increases recorded in 2020, Artprice was
particularly interested in Banksy's the performance. His acrylic on
canvas Weston Super Mare
(1999) was acquired for $16,700
in 2006 at Sotheby's in London and
was resold for $978,000 in
October 2020 at Bonhams in
London. The gain corresponds to an
annual return on investment of 34% over 14 years.
Inversely, a small canvas by Raqib
Shaw – Untitled (2004) – was acquired for
$91,000 in 2008 at Sotheby's
New York, but sold for just
$8,750 in 2020 at Wright in
Chicago.
Between its last two appearances at auction, Joan Mitchell's diptych La Grande Vallée
VII (1983) multiplied in value 44 times, from $330,000 in 1989 to $14.5
million in 2020. Joan
Mitchell was in fact the most successful female artist at
auction in 2020, but her prices didn't just soar last year. Taking
into account all of her works sold and resold at auction
over the years, Artprice estimates that her prices rose 15% over
the last twelve months. This increase is added to the over 2000%
value accretion calculated by Artprice using the same method
between 2000 and 2019 for all of Mitchell's work.
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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 744,000
artists.
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Market image bank in the world: no less than 180 million digital
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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).
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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
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