PARIS, Nov. 16, 2021 /PRNewswire/ -- With 18,600 lots
sold at auction last year, photography is one of only two mediums
on the art auction market (along with with prints) that the health
crisis has accelerated. Thanks to the increase in online sales, the
volume of photographs exchanged in public sales has intensified
and, most notably, in the below $100,000 price range.
The result is a greater circulation of photographs on the
secondary market, but a lower level of overall auction turnover,
with fewer 'spectacular' sales. The Paris Photo fair (from 11 to
14 November 2021) had to take this
new reality into account while also competing with the recent
arrival of NFTs as a new medium on the art market. Fortunately,
this new technology represents more of an opportunity than a threat
to the photography market.
SWOT analysis of the photo market
Photo -
https://mma.prnewswire.com/media/1689714/Artmarket_SWOT.jpg
Annual auction turnover on photographs compared with
NFTs
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https://mma.prnewswire.com/media/1689715/Artmarket_turnover.jpg
Thierry Ehrmann, CEO and
Founder of Artmarket.com and its Artprice department: "The
majority of photographers today work with digital cameras and
rework their photos on their computers. Their photos are therefore
completely dematerialized and there is no reason why they shouldn't
circulate much more fluidly alongside NFTs. However, a number of
legal issues relating to these new assets still need to be
resolved".
A new technology totally adapted to digital
photography
While the photography segment of the art market has somewhat
contracted over the past ten years, the first NFTs to arrive in
public sales have been greeted with immense enthusiasm, notably in
Asia and particularly in
Hong Kong.
The former British colony has recorded exceptional art market
growth over the past ten years driven by dazzling sales of
Contemporary Art. Unfortunately Asian collectors have never been
passionate about photography and no photo has yet sold above the
$1 million threshold in Hong Kong. This past year, the medium's best
result there was hammered for a work by Wade Guyton at $390,000, which is third best-ever auction result
for a photograph in Hong Kong's
auction history. Meanwhile, five NFTs have already exceeded the
million dollar threshold in Hon Kong
in the last six months!
New prospects for an expansion of the market
Until now, photography offered one of the rare solutions for
marketing a whole set of conceptual works and getting them into
private collections. From Marina
Abramovic to Andy Goldsworthy
to Matthew Barney, photography
offered a simple way to immortalize a performance or an
installation and give collectors a chance to acquire 'traces' of
the work.
NFTs may well change this situation: you only have to see how
this technology is already opening up new possibilities in the
world of sport. Already entire leagues, teams, players and
equipment manufacturers are imagining NFT products capable of
offering new experiences that younger generations (15-30
years old) adore. Not only do NFTs offer an incomparably more
efficient way of exchanging dematerialized goods (securely,
instantaneously and without the control of a central body) but they
also open up countless perspectives in terms of the management of
these assets, thanks to smart contracts.
A lacklustre market
The photography market has the particularity that it is
dominated by living artists. There are only four artists
whose photographs regularly exceed $1
million at auction, all of whom had a major impact on the
medium during the second half of the 20th century: Andreas Gursky (1955), Richard Prince (1949), Cindy Sherman ( 1954) and Gilbert & George
(1943, 1942). However, they no longer as well on the secondary art
market as they did 5-10 years ago.
According to Aurélie Cavana and Etienne
Hatt: "Although the photography market seems stable, it has
nonetheless been substantially undermined by a whole new breed of
online sellers and it has to adapt to the extraordinary volume of
new images that are increasingly flooding the market".
Contemporary Photography: A Market (De) Constructed.
Art Press, November 2021.
At the start of 2021 (from January to October inclusive), public
sales of NFTs have already generated twice the volume of turnover
hammered for photographs. Blockchain technology also makes it
possible to create as many NFTs as desired around a single artistic
creation, as proved by the sale of The Fungible Collection by
Pak at Sotheby's. On the first day of that session, 19,737
identical cubes, each numbered, sold for $500 each.
The NFT therefore borrows an intrinsic characteristic of the
photograph, i.e. the possibility of creating works that are both
unique but which have multiple copies around the world. The main
difference is that NFTs are currently enjoying such enthusiasm on
the part of collectors that the latter are willing to assimilate
immense editions. Indeed, it seems that the popularity of
the work is a key part of the DNA of NFTs, whose history began with
"internet memes". Conversely, traditional art – to which
photography essentially belongs – is focused, above all, on the
rarity of the work.
Reminder of the Press releases of November 9, 2021:
Artmarket.com: perfectly positioned to generate enormous revenue
from its NFT Marketplace on Artprice-nft.com
#ArtMarket by #ARTPRICE $ PRC #NFT #CryptoArt #metaverse
#DigitalArt #NFTs #MarketPlace #BTC #ETH #OpenSeaNFT #raribleNFT
#Ethereum
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