PARIS, Feb. 16, 2021 /PRNewswire/ -- As museums continue
seeking solutions to allow them to welcome visitors again (even in
small numbers and even if it means running at a loss like the MET
in New York[1]), the
auction market has become a safety net for certain institutions,
and, initial results in 2021 are showing a high level of demand in
auction rooms!
January... Old Masters month
With a 10% fall in turnover in 2020, the Old Masters (artists
born before 1760) segment appears to have better withstood the
impacts of the pandemic than other segments. This is probably due
to the fact that a substantial proportion of the year's sales the
Old Masters segment represents a remarkably solid market.
"Old Master collectors are looking for the 'right piece'
rather than the thrill of the moment," observes thierry
Ehrmann, President and Founder of Artmarket.com and its Artprice
Department. "The Old Masters market is by nature less sensitive
to the temporary absence of fairs, large openings and gala dinners.
Moreover, it's a market that actually appreciates extensive
research and is happy to wade through detailed reports by
experts... all of which can be done online."
The battle to acquire the Portrait of a young man holding a
roundel, attributed to Botticelli, ultimately brought together
just two collectors. But these two determined bidders raised the
price of the work to Sotheby's very audacious estimate in the
midst of a global pandemic. Announced in September 2020, its sale deliberately left three
months for all concerned to conduct the necessary research.
London, held back by its
covid variant... and Brexit
The British capital usually hosts the year's second round of
major sales. In February 2020, three
paintings fetched over $20 million
each at London sales:
- The Splash (1966) by David
Hockney
- A la rencontre du plaisir (1962) by René
Magritte
- Portrait of Marjorie
Ferry (1932) by Tamara De
Lempicka
But the health crisis has led to the postponement of
London's first major sales of the
year to March 2021. Moreover, the
effective withdrawal of the United
Kingdom from the European Union risks weakening London's dominant position in this part of the
world. Paris obviously hopes to
benefit from this reorganization.
The French capital is also continuing to attract more and more
top talent from the Art Market. Since the beginning of the year,
two of Italy's most powerful
galleries, Continua and Massimo de
Carlo, have opened in the Marais District, while Sotheby's
is preparing to sell Christo and Jeanne-Claude's prestigious
collection in Paris.
The next few weeks promise to be exciting on the art market,
both at auctions and in art galleries... some reassuring news ahead
of the reopening of museums in Europe.
1 Julia Jacobs, Is Seeing That Renoir
Essential? In the Pandemic, Cities Differ, The New York Times, 2 February
2021
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