Artmarket.com: Several Young Artists Have Dwarfed Their Estimates; Artprice Takes A Closer Look
PR92832
PARIS, Nov. 4, 2021 /PRNewswire=KYODO JBN/ --
On 14 October 2021, just before its prestige Contemporary Art Evening Sale in
London, Sotheby's calculated the estimated value of the canvas I'll Have What
She's Having (2020) by Flora Yukhnovich at $80,000 - $110,000. But the work
finally sold for over $3 million. Nothing justifies this result 30 times higher
than the estimates, if not pure competition between bidders of course, fuelled
by a wave of current art market enthusiasm for young creativity. In reality,
the 31-year-old artist has far too few results for Artprice and Sotheby's to be
able to explain the logic of such a result.
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thierry Ehrmann, CEO and Founder of Artmarket.com and of its Artprice
department: "Art is usually considered a low volatility investment the value of
which evolves over the long term with a gradual change in tastes and
preferences. But in recent years, this theory has been shaken by the 'red-chip'
phenomenon: collectors have become very enthusiastic about the very latest
stars of the Art Market, to the point of rapidly raising the price of their
works from a few thousand to several million dollars."
Buying before they are known...
If you don't yet know Flora Yukhnovich (1990) or Jade Fadojutimi (1993), that's
normal! In fact, it appears to be precisely one of the reasons their works are
so expensive today...and it could well be that as soon as you know them, they
will be a little less fashionable. It might sound counter-intuitive, but it
would appear that what makes these artists so instantly valuable is that they
are not on the books of the most prestigious Contemporary art galleries. Works
by these young artists are therefore offered in sales at Phillips, Sotheby's
and Christie's without any points of reference.
In fact, since it was painted in 2020 (less than two years ago), the canvas
I'll Have What She's Having has already been sold by the Parafin Gallery and
resold at Sotheby's in London. The Artsy online platform presents the young
English painter (31 years old) as a blue-chip artist, because Flora Yukhnovich
is "represented by internationally recognized galleries." However Artprice
considers her more like a 'red-chip' artist, a notion coined by journalist
Scott Reyburn (The Art Newspaper) in January 2021, in reference to a number of
very young artists who have suddenly emerged on the international art scene.
https://www.theartnewspaper.com/2021/01/08/blue-chip-artists-move-over-here-come-the-red-chips
Very recent works on the secondary market
With the health crisis, the auction houses have pushed back the limits of the
secondary market to which they have been historically dedicated. Today, six- or
seven-digit amounts sometimes seem easier to achieve for super-fresh works
(created less than two years before resale) than for Modern classics and the
major auctioneers are increasingly getting involved in the flipping game, i.e.
the very rapid resale of works fresh out of the studios of young fashionable
artists.
This practice is regularly criticized by galleries and artists themselves, in
whose eyes overly rapid price evolutions destabilize the fragile balance
between supply and demand. Last year, the painter Amoako Boafo (of Ghanaian
origin) confided to Bloomberg his fears and disapproval regarding the highly
speculative resale of his paintings at auction.
A new strategy...
In H1 2021, auction houses took a further step by selling NFTs by Beeple, Larva
Labs, PAK, Mad Dog Jones, etc. none of whom are as yet represented by major
galleries. The auction houses collaborated directly with these artists, but
also with specialized platforms (like Nifty Gateways or Opensea) to benefit
from all of the available technological support. However, as the NFT market had
no history, the estimates provided by the auction houses were somewhat
arbitrary: the starting price for Beeple's 5,000 days was set at $100, but the
work fetched nearly $70 million!
Of course this is not the first time auction houses have entered the primary
market. They regularly offer fresh pieces during charity sales where artists
donate one or two 'unseen' works to a good cause. There have also been a number
of special cases, such as Damien Hirst's and Sotheby's Beautiful Inside My Head
Forever sale in 2008.
With NFTs, auction houses have been able to inject into the market works that
by-pass galleries, but for which an immense demand already exists and has even
been bottled up for too long. This paradigm shift fits in perfectly with a
broader strategy by the auction majors of presenting works capable of
attracting new buyers towards works whose prices can rocket. In fact, the 'NFT'
and the 'red-chip' phenomena can be seen as a materialisation of this new
strategy.
Images:
[https://imgpublic.artprice.com/img/wp/sites/11/2021/11/image1-artists-under-35.png]
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