Artmarket.com: Artprice's valuation department updates the value of 1999's five top-selling works at auction
PR88775
PARIS, March 30, 2021/PRNewswire=KYODO JBN/ --
Investing tens of millions of dollars in works by Beeple or Banksy may seem
extravagant today, but acquiring the most expensive artworks is statistically a
winning strategy. Academic studies1 have shown that a masterpiece effect does
indeed exist on the art market: the most expensive works continue to gain more
value than the rest of the market. This is corroborated by the analysis
conducted by Artprice's valuation service – Artpricing – on the five
top-selling artworks in 1999.
"By following the five most expensive masterpieces of 1999, Artprice finds that
what was considered 'ex-orbitantly expensive' 22 years ago is no longer
considered as such today, explains thierry Ehrmann, President and Founder of
Artmarket.com and its Artprice department.
"Imagine that in the first quarter of 2021, you acquired the Boticelli
portrait, Beeple's NFT and the three paintings by Basquiat, Banksy and Picasso.
How much will these works be worth in a quarter of a cen-tury? The future will
tell us which are the best operations, but experience so far suggests that a
strategy of buying the most expensive works pays the highest dividends".
The 5 most expensive works at auction in 1999 vs. Artpricing's low estimates in
2021
1. Paul CEZANNE (1839-1906) - Curtain, jug and fruit bowl (c.1893-1894)
1999: $60,502,500 - 2021: $120,000,000
2. Pablo PICASSO (1881-1973) - Woman seated in a garden (1938)
1999: $49,502,500 - 2021: $200,000,000
3. Pablo PICASSO (1881-1973) - Nude in a black armchair (1932)
1999: $45,102,500 - 2021: $115,000,000
4. Georges SEURAT (1859- 1891) - Paysage, l'ile de la Grande Jatte (1884)
1999: $35,202,500 - 2021: $35,000,000
5. Paul CEZANNE (1839-1906) - Kettle and fruits (c.1888-1890)
1999: $29,476,000 - 2021: $60,000,000
Cezanne's still lifes have doubled in value
Curtain, jug and fruit bowl (c.1893-1894) was purchased for $60.5 million on 10
May 1999 in New York, well above Sotheby's estimated range ($25 - 35 million).
Twenty years later, this is still the record price for Paul Cézanne at auction.
But that doesn’t mean its value has contracted.
Six months later, a smaller still life, entitled Bouilloire et fruits (Kettle
and fruits) (1888-1890), fetched $29.5 million; it was among the top 5 fine art
auction results of 1999 and also substantially exceeded its estimated range
($15m - 20 million). Its current value is more or less known, since the work
sold on 13 May 2019 at Christie's New York for $59.3 million.
The price of Paul Cezanne's still lifes has thus doubled since 1999. This has
been confirmed by several other examples, including Still Life (c.1890)
purchased for $3.8 million at Sotheby's in New York on 11 November 1999 and
resold for $8.1 million on 14 November 2017 by the same auction house,
generat-ing a capital gain of +110%.
Resales within shorter periods suggest that Paul Cezanne's prices essentially
rose at the very beginning of the 21st century. Acquired for $18 million in
June 2000 at Christie's in London, his Nature morte aux fruits et pot de ginger
(c. 1895) sold for $37 million at Sotheby's New York on 7 November 2006.
In view of these results, it is reasonable to estimate that Cezanne's Curtain,
jug and fruit bowl (c.1893-1894) could fetch around $120 to 130 million today,
while the value of his Kettle and fruits painting (c.1888-1890) is probably
still around $60 million (its sale price in May 2019).
Picasso still more expensive, but Seurat's values look flat
Woman seated in a garden (1938) is one of Picasso's best paintings not yet
owned by a museum and it could well be worth over $200 million today. By way of
comparison, a painting of equal importance, Women of Algiers (Version 'O')
(1955) was acquired for $32 million in November 1997 and resold for $179
million in 2015.
Nude in a Black Armchair (1932) purchased in 1999 has a twin work on the
market: same title, same year of creation, same dimensions, same subject (one
could be mistaken for thinking they were the same painting). However, in May
2010, the price of this twin work reached $106.5 million. It therefore seems
reasonable to estimate the current value of each of the two works at around
$120 - $150 million.
On the other hand, the value of Georges Seurat's Paysage, Ile de la Grande
Jatte (1884) has probably not changed much in 22 years. The work still holds
the artist's auction record, but unlike Paul Cezanne's still lifes, which have
doubled in value, recent Seurat results suggest the value of this painting
hasn’t evolved that much.
In May 2018, La rade de Grandcamp (1885), a canvas of the same dimensions as
Paysage, Ile de la Grande Jatte (1984) and of the same quality, reached $34
million at Christie's in New York. This result suggests that collector demand
for Seurat's works has remained roughly constant over the past 22 years.
In conclusion, the combined purchase value of the five top results of 1999 was
$219.8 million, and, ac-cording to the analysis conducted by Artprice's
Artpricing service, the current low estimate for the value of this group of
works is around $530 million.
Images :
[https://imgpublic.artprice.com/img/wp/sites/11/2021/03/1-Artmarket-Artprice-Evo
lution-of-the-portfolio-1999-vs-2021.png]
[https://imgpublic.artprice.com/img/wp/sites/11/2021/03/2-Paul-Cezanne-Rideau-cr
uchon-et-compotier.png]
1. Renneboog L. & Spaenjers C. (2009). Buying Beauty: On Prices and Returns in
the Art Market. Discus-sion Paper 2009-004, Tilburg University, Tilburg Law and
Economic Center.
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