Artmarket.com: auctions provide buoyancy for arts and culture industry disrupted by pandemic
PR88104
PARIS, Feb. 16, 2021 /PRNewswire=KYODO JBN/ --
As museums continue seeking solutions to allow them to welcome visitors again
(even in small numbers and even if it means running at a loss like the MET in
New York[1]), the auction market has become a safety net for certain
institutions, and, initial results in 2021 are showing a high level of demand
in auction rooms!
January... Old Masters month
With a 10% fall in turnover in 2020, the Old Masters (artists born before 1760)
segment appears to have better withstood the impacts of the pandemic than other
segments. This is probably due to the fact that a substantial proportion of the
year’s sales the Old Masters segment represents a remarkably solid market.
“Old Master collectors are looking for the ‘right piece’ rather than the thrill
of the moment,” observes thierry Ehrmann, President and Founder of
Artmarket.com and its Artprice Department. “The Old Masters market is by nature
less sensitive to the temporary absence of fairs, large openings and gala
dinners. Moreover, it’s a market that actually appreciates extensive research
and is happy to wade through detailed reports by experts... all of which can be
done online.”
The battle to acquire the Portrait of a young man holding a roundel, attributed
to Botticelli, ultimately brought together just two collectors. But these two
determined bidders raised the price of the work to Sotheby’s very audacious
estimate in the midst of a global pandemic. Announced in September 2020, its
sale deliberately left three months for all concerned to conduct the necessary
research.
London, held back by its covid variant... and Brexit
The British capital usually hosts the year’s second round of major sales. In
February 2020, three paintings fetched over $20 million each at London sales:
- The Splash (1966) by David Hockney
- A la rencontre du plaisir (1962) by René Magritte
- Portrait of Marjorie Ferry (1932) by Tamara De Lempicka
But the health crisis has led to the postponement of London’s first major sales
of the year to March 2021. Moreover, the effective withdrawal of the United
Kingdom from the European Union risks weakening London’s dominant position in
this part of the world. Paris obviously hopes to benefit from this
reorganization.
The French capital is also continuing to attract more and more top talent from
the Art Market. Since the beginning of the year, two of Italy’s most powerful
galleries, Continua and Massimo de Carlo, have opened in the Marais District,
while Sotheby’s is preparing to sell Christo and Jeanne-Claude’s prestigious
collection in Paris.
The next few weeks promise to be exciting on the art market, both at auctions
and in art galleries... some reassuring news ahead of the reopening of museums
in Europe.
[1] Julia Jacobs, Is Seeing That Renoir Essential? In the Pandemic, Cities
Differ, The New York Times, 2 February 2021
Images:
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Copyright 1987-2021 thierry Ehrmann www.artprice.com - www.artmarket.com
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About Artmarket:
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Discover Artmarket and its Artprice department on video:
https://www.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 (C):
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
749,000 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 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
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department on Facebook and Twitter:
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Contact Artmarket.com and its Artprice department - thierry Ehrmann,
ir@artmarket.com
Source: Artmarket.com
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