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PARIS, May 25, 2021 /PRNewswire=KYODO JBN/ --

The Art Market seemed to have forgotten its past and all of its reference

points after the online sale of Beeple’s NFT Everydays (which sold for $69

million at the beginning of March). But the major New York spring sales showed

that blue-chip artists (Picasso, Basquiat, Monet, Warhol, etc.) remain the real

pillars of the international art market. Artprice reminds us that the

fundamental principles underpinning the price levels of artists and artworks

are still very much alive and relevant in 2021.

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

department: “The Art Market’s switch to digital – which substantially

accelerated a little over a year ago – has not shaken the foundations on which

this market has been developing for three decades. Its stable and rational

structure quickly re-emerged as soon as Western countries began to emerge from

the health crisis”.

Over $1 billion in three days

Whereas London’s sales were postponed by several weeks and were partly weakened

by the implementation of Brexit, New York’s prestige sales were the first major

art market rendezvous for over a year. This unique concentration of Modern,

Post-War and Contemporary masterpieces, all offered in just a couple of days,

rapidly reassured the market and its followers. The first lot hammered by

Christie’s on 11 May, Night Vision by Alex da Corte (1980), doubled its

estimate to reach $187,500.

Artprice has published an analysis of the results of this absolutely crucial

week, which saw the first auction result above $100 million in two years:

www.artprice.com/artmarketinsight/over-a-billion-dollars-worth-of-art-sold-in-new-york-this-week

Demand is both strong and selective

Christie’s and Sotheby’s both offered – just two days apart – canvases by

Gerhard Richter, both titled Abstraktes Bild and both dated 1992, and almost of

the same dimensions. The first sold for just under $7 million (below Christie’s

$9-12 million estimate) while the second, from the collection of Mrs. John L.

Marion, reached $23.3 million at Sotheby’s.

The substantial price differential between these two works, which have very

similar technical characteristics, is extremely reassuring to Artprice, which

sees it as an indication that demand is strong but attentive to the intrinsic

quality of each piece as well as to their origin; a demand that is capable of

adjusting its intensity and defying estimates.

Top 10 price hikes in New York (11-14 May 2021)

Salman Toor, The Arrival (2019): $867,000 (est. $60,000 - $80,000)

Lynda Benglis, Knot / Hat B (1993):  $201,600 (est. $15,000 - $25,000)

Hernan Bas, Loving Nobly (2004): $94,500: (est. $9,000 - $12,000)

James Ensor, Untitled (1888): $143,750 (est. $15,000 - $20,000)        

Rashid Johnson, Anxious Red Painting (2020): $1,950,000 (est. $200,000 -

$300,000)

Frank Stella, Polar Co-Ordinates III (1980): $47,880 ( est. $6,000 - $8,000)

Alexander Calder, Le Buveur d'Eau (1967): $378,000 (est. $ 50,000 - $70,000)

Dana Schutz, The Fishermen (2021): $2,970,000 (est. $400,000 - $600,000)

David Hockney, Home-Made Prints (1986): $963,800 (est. $150,000 - $200,000)

Kees Van Dongen, Robert de Saint-Loup (1946-47): $143,750 (est. $20,000-

$30,000)

After Beeple’s ‘freak wave’ in March, the ranking of the best performing

artists at auction in 2021 has returned to its usual population of great

masters. Beeple has now left the top 5 in favor of Claude Monet and Andy Warhol.

Top 10 artists by auction turnover (1 January 2021 - 15 May 2021)

1. Pablo Picasso - $252,155,000

2. Jean-Michel Basquiat - $217,287,000

3. Claude Monet - $129,984,000

4. Andy Warhol - $108,030,000

5. Sandro Botticelli - $93,538,000

6. Banksy - $83,540,000

7. Beeple - $69,346,000

8. Vincent Van Gogh - $63,253,000

9. Zao Wou-Ki - $57,529,000

10. Roy Lichtenstein - $55,613,000

Images:

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https://imgpublic.artprice.com/img/wp/sites/11/2021/05/image1-auction-price-evolution-picasso-basuqiat-artprice.png]

[https://imgpublic.artprice.com/img/wp/sites/11/2021/05/image2-monet.jpg]

Copyright 1987-2021 thierry Ehrmann www.artprice.com - www.artmarket.com

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Artmarket and its Artprice department was founded in 1997 by its CEO, thierry

Ehrmann. Artmarket and its Artprice department is controlled by Groupe Serveur,

created in 1987.

See certified biography in Who's who (C):

imgpublic.artprice.com/img/wp/sites/11/2019/10/biographie_oct2019_WhosWho_thierr

yEhrmann.pdf

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

770,000 artists.

Artprice Images(R) allows unlimited access to the largest Art Market image bank

in the world: no less than 180 million digital images of photographs or

engraved reproductions of artworks from 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(R) 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).

Artmarket with its Artprice department, has been awarded the 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 2020 Global Art Market Report published in March 2021:

https://www.artprice.com/artprice-reports/the-art-market-in-2020

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