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PARIS, April 6, 2021 /PRNewswire=KYODO JBN/ --

In the absence of other cultural news, the art world is continuing to discover

the joys of online auctions which seem better adapted to dematerialization than

other art forums. One consequence has been a very substantial rise in the sale

of new creations via auction. Indeed, the number of ultra-contemporary artworks

produced less than two years ago and already resold at auction is experiencing

phenomenal growth. Several young artists have generated 5- or 6-digit results

before their work has even been exhibited by a major museum.

“Auctions are currently at the forefront of the international art scene,

concentrating all the trends in the Art Market. That’s why the Artprice

Databases and our Decision Support Tools have never been so valuable,”

concludes thierry Ehrmann, President and Founder of Artmarket.com and of its

Artprice department.

“Auctions are even attracting a significant section of the primary market; the

latest records for Beeple and Banksy were established by works put on sale

directly by the artists themselves.”

Cautious estimates

Deprived of international art fairs, gallery openings and major exhibitions,

collectors are paying more attention to works circulating in the auction

sphere. This pushes up the prices which in turn encourages the holders of works

by these popular artists to resell them. This stimulation of both supply and

demand has allowed the emergence of young art market superstars in the space of

just a few months.

Artists under the age of 40, who had never before generated auction results,

have suddenly reached dizzying price points with extremely recent works (“the

paint is still wet” as we used to say a few years ago). These results are all

the more disconcerting for having demolished the estimates posted by the major

auction houses, proving either that this acceleration has taken contemporary

art specialists completely by surprise... or that they wish to remain cautious.

- Amoako Boafo (1984), The Lemon Bathing Suit (2019)

Estimated: $40,000 - $65,000

Price with fees: $881,400

13/02/2020 Phillips London

- Matthew Wong (1984-2019), The Realm of Appearances (2018)

Estimated: $60,000 - $80,000

Price with fees: $1,820,000

29/06/2020 Sotheby’s New York

- Christina Quarles (1985), Tuckt (2016)

Estimated: $70,000 - $100,000

Price with fees: $655,200

08/12/2020 Phillips New York

On the need to remain vigilant

A few years, or even just a few months after their creation, these canvases

have already been sold at auction. A situation that shocks the artists

themselves, as Amoako Boafo explained in an interview with Bloomberg in

February 2020, titled Hot New Artist Laments That His Work Is Being Flipped for

Profit.

www.bloomberg.com/news/articles/2020-02-12/hot-new-artist-laments-that-his-work-is-being-flipped-for-profit

So far, the prices of this young Ghanaian artist are holding firm: his 34

paintings put up for sale since 1 January 2020 all found buyers in London, New

York and Hong Kong. Artprice nevertheless remains extremely vigilant regarding

the development of Amoako Boafo’s market. His next work to come up for sales, a

canvas titled Grace (2018) was acquired directly by the seller from the artist

and will be offered at Sotheby’s in Hong Kong on 20 April 2021.

www.artprice.com/artist/904704/amoako-boafo/painting/23560098/grace

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