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Artmarket.com publishes the new Artprice's Report on the Contemporary Art Market, the primary growth driver with a +2,100% increase over 20 years

PARIS, October 12, 2020 /PRNewswire=KYODO JBN/ --

"Artprice is proud to present this exclusive report which traces the evolution

of the Contemporary Art Market over 20 years," announces thierry Ehrmann,

President and Founder of ArtMarket.com and its Artprice department. "The story

it tells reflects a multitude of sociological, geopolitical and historical

factors, all of which contributed to the rapid rise of Contemporary Art in the

global Art Market. A marginal segment until the end of the 1990s, Contemporary

Art now accounts for 15% of global Fine Art auction turnover, and is now its

primary growth driver, having increased +2,100% over 20 years. As a result of

the Covid-19 pandemic in 2020, the Art Market switched almost entirely to the

Internet. 2021 will no doubt see an extension of this trend."

Growth

The Contemporary Art Market is not what it was 20 years ago. It has undergone

profound structural changes, with evermore artists (from 5,400 artists to

nearly 32,000 today) and evermore artworks (from 12,000 lots offered to

123,000) and it has grown and expanded geographically, from 39 to 64 countries

active in auctions. It has accelerated with the fluidification of remote

transactions and is now the most dynamic and profitable segment of the entire

Art Market. In 20 years, the number of auction houses participating in the

Contemporary Art Market has almost doubled, the number of specialized sessions

has tripled, and the number of lots sold has multiplied by six.

- The Contemporary Art rush

- The market's pillars

- Painting… above all

Diversity

Contemporary Artists from China, Japan and Korea… from Africa and the African

diasporas… from Latin America and the Middle East… are today all operating in a

market that has not only opened internationally, it has opened to female

artists and a whole range of alternative narratives with substantial cultural

and symbolic significance. This challenge to Western hegemonic narratives of

Art History has opened new horizons for thousands of artists around the world.

Since the start of the 21st century, the question of diversity has been at the

heart of debates, and at the root of major developments within the Art Market.

- A new landscape

- "No Man's Land"

- Black (also) matters (in art)

Valuation

The Contemporary Art Market is a market under the influence of a number of

different factors including passion for art, soft-power ambitions, financial

speculation, fashion and of course nowadays, the massive influence of the

digital sphere in terms of marketing, coolhunting etc. Today social networks

(the new influencers), pop stars, luxury and streetwear brands play an active

role in the popularization of artists. They contribute to the orientation of

tastes, just as art critics used to do. Online presences have played a vital

role in countering the impacts of the Covid crisis, and have proved absolutely

essential for a number of major market players. In reality, the Contemporary

Art Market has just passed an important milestone in 2020, a milestone that

represents the true beginning of its digital revolution.

- In search of novelty

- Multiple choice…

- Digital agility

This extraordinary progression is driven by the passions that Contemporary Art

elicits, but it is also based on the confidence that it has won. Nowadays,

collectors no longer necessarily prefer work by dead artists, and they allow

themselves to be convinced by new techniques, new art forms and new influences

by living artists. Today, at a time of unprecedented crisis, the Contemporary

Art Market is still galloping forward. Indeed, it's the segment that adapts

fastest to changes and the one that lends itself best to online sales.

Image:

[https://imgpublic.artprice.com/img/wp/sites/11/2020/10/GMAC-2020-ArtMarket-Artp

rice-EN.jpg]

PDF:

https://imgpublic.artprice.com/pdf/the-contemporary-art-market-report-2020.pdf

Copyright 1987-2020 thierry Ehrmann www.artprice.com - www.artmarket.com

Contact Artprice's Econometrics Department for your questions relating to our

indices and statistics, as well as for our Personalized Study Services:

econometrics@artprice.com

Try our services (free demo):

https://www.artprice.com/artist/15079/wassily-kandinsky

Subscribe to our services: https://www.artprice.com/subscription

About Artmarket:

Artmarket.com is listed on Eurolist by Euronext Paris, SRD long only and

Euroclear: 7478 - Bloomberg: PRC - Reuters: ARTF.

Discover Artmarket and its Artprice department on video:

https://en.artprice.com/video

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 ©:

https://imgpublic.artprice.com/img/wp/sites/11/2019/10/biographie_oct2019_WhosWho_thierryEhrmann.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

740,000 artists.

Artprice Images® 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® 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 2019 Global Art Market Report published in February

2020 :

https://www.artprice.com/artprice-reports/the-art-market-in-2019

Index of press releases posted by Artmarket with its Artprice department:

http://serveur.serveur.com/press_release/pressreleaseen.htm

Follow all the Art Market news in real time with Artmarket and its Artprice

department on Facebook and Twitter:

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Art Museum "The Abode of Chaos" (dixit The New York Times):

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L'Obs - The Museum of the Future: https://youtu.be/29LXBPJrs-o

https://www.facebook.com/la.demeure.du.chaos.theabodeofchaos999

(4.5 million followers)

https://vimeo.com/124643720

Photo: https://mma.prnewswire.com/media/1310856/2020_Artprice_Report.jpg

Logo: https://mma.prnewswire.com/media/1009603/Art_Market_logo.jpg  

Contact Artmarket.com and its Artprice department: thierry Ehrmann,

ir@artmarket.com

Source: Artmarket.com