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PARIS, Sept. 21, 2021 /PRNewswire=KYODO JBN/ --

Throughout the first half of 2021, still seriously inhibited by the health

crisis, the Fine Art auction market secured the continued circulation of

artworks. In fact, the auction majors managed to project a substantially more

attractive image of their activities by a savvy mix of online sales, thematic

and charitable sales and a daring collaboration with what would traditionally

be called the 'primary' market. In addition, the auctioneers have at last

opened their doors to dematerialized artworks and have been surfing on a wave

of ultra-Contemporary art that has also caught the attention of the mainstream

media.

thierry Ehrmann, CEO and founder of Artmarket.com and of its Artprice

department:

"Artprice has registered the highest-ever number of successful Fine Art

adjudications in the world, up +10.5% compared with H1 2019, which already set

a historic record.

The absence of international fairs has clearly redirected some collectors to

the auction houses (live or online), but the growth in the volume of

transactions predates the health crisis and is basically just re-starting

again."

High-end market vs. affordable market

After a chaotic year 2020, the art market's auction agenda essentially returned

to normal, notably with the resumption of New York's spring sales. The sessions

organized during week 19 (from 10 to 16 May 2021) totaled $1.5 billion in New

York, equivalent to 21% of global art auction turnover in H1 2021.

However, our data for the H1 period suggests the art market is still relatively

affordable: of the 302,100 lots auctioned around the world, 51% were acquired

for less than $1,000, including buyers' fees. And, unlike the ultra high-end

market, these affordable works have been offered and sold very evenly

throughout the year. Online sales now even ensure a low level of art market

activity during the months of July and August, which are usually marked by a

complete standstill.

Fine Art lots sold at auction filtered by price range (H1 2021)

Weekly evolution of global Fine Art auction turnover. Comparison between the

last five years

Hong Kong bucks the trend...

The former British colony is now playing a vital role in the international

strategies of the auction majors like Christie's, Sotheby's, Phillips and

Bonhams, but also of China Guardian and Poly Auction, and together they have

made Hong Kong the most luxurious art marketplace on the planet.

Only 3,200 Fine Art works were sold in Hong Kong in H1 2021, but they totaled

nearly $1 billion ($962 million). In fact, the average price of an artwork in

Hong Kong auctions during H1 2021 was $300,000! A price that sets Hong Kong

apart from New York (average price $41,000), London ($32,000) and Paris

($10,600), and from the rest of China ($94,000).

In just six months, 18 lots fetched over $10 million in Hong Kong although none

reached $50 million. Today, Hong Kong's ultra high-end market is as intense as

London's, and nine times bigger than the Paris market (where two lots crossed

the $10 million threshold in the same period). In mainland China, only eight

lots sold for more than $10 million over the same period, but the $50 million

threshold was once again breached (for an 18th century work by Xu Yang).

First "unlimited" sale

Sotheby's sale entitled "The Fungible Collection" was a perfect example of the

creativity shown by the major auction houses in H1 2021. The international

auction company acquired by Patrick Drahi in 2019 worked directly with the

anonymous artist Pak and the web platform Nifty Gateway (without going through

a gallery) to sell an unlimited series of NFTs.

Core to the collection was the Open Editions, which allowed collectors to

purchase as many fungible cubes as they wished during the sale period for fixed

prices. The duration of the sale was three times 15 minutes, spread over three

days, and the price rose each day. It resulted in the sale of 23,598 digital

cubes: 19,737 cubes at $500 on Day 1; 3,268 cubes at $1,000 on Day 2 and 593

cubes at $1,500 on Day 3. In addition to these small works, there were two

unique lots (The Switch for $1.44 million, and The Pixel for $1.35 million) as

well as several 'awards'. Some NFTs (potentially worth several million dollars)

were awarded to the best buyers, as well as to anyone who managed to solve a

puzzle invented by Pak.

This extraordinary session questioned not only the notion of a digital artwork

and its 'ownership', but also the notion of value creation in the 'Art Market

2.0', in which the offer can be multiplied at a lower cost.

Images:

[https://imgpublic.artprice.com/img/wp/sites/11/2021/09/image1-weekly-evolution-global-fine-art-auction-turnover-5-years-comparison.png]

[https://imgpublic.artprice.com/img/wp/sites/11/2021/09/image2-fine-art-lots-at-auction-by-price-range-h1-2021.png]

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

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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

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.

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Source: Artmarket.com