Artmarket.com: in the aftermath of Paris Photo 2021, Artprice takes a look at the photography market from a SWOT perspective with the arrival of NFTs
PR93086
PARIS, Nov. 16, 2021 /PRNewswire=KYODO JBN/ --
With 18,600 lots sold at auction last year, photography is one of only two
mediums on the art auction market (along with with prints) that the health
crisis has accelerated. Thanks to the increase in online sales, the volume of
photographs exchanged in public sales has intensified and, most notably, in the
below $100,000 price range.
The result is a greater circulation of photographs on the secondary market, but
a lower level of overall auction turnover, with fewer 'spectacular' sales. The
Paris Photo fair (from 11 to 14 November 2021) had to take this new reality
into account while also competing with the recent arrival of NFTs as a new
medium on the art market. Fortunately, this new technology represents more of
an opportunity than a threat to the photography market.
SWOT analysis of the photo market
Photo - https://mma.prnewswire.com/media/1689714/Artmarket_SWOT.jpg
Annual auction turnover on photographs compared with NFTs
Photo - https://mma.prnewswire.com/media/1689715/Artmarket_turnover.jpg
Thierry Ehrmann, CEO and Founder of Artmarket.com and its Artprice department:
"The majority of photographers today work with digital cameras and rework their
photos on their computers. Their photos are therefore completely dematerialized
and there is no reason why they shouldn't circulate much more fluidly alongside
NFTs. However, a number of legal issues relating to these new assets still need
to be resolved".
A new technology totally adapted to digital photography
While the photography segment of the art market has somewhat contracted over
the past ten years, the first NFTs to arrive in public sales have been greeted
with immense enthusiasm, notably in Asia and particularly in Hong Kong.
The former British colony has recorded exceptional art market growth over the
past ten years driven by dazzling sales of Contemporary Art. Unfortunately
Asian collectors have never been passionate about photography and no photo has
yet sold above the $1 million threshold in Hong Kong. This past year, the
medium's best result there was hammered for a work by Wade Guyton at $390,000,
which is third best-ever auction result for a photograph in Hong Kong's auction
history. Meanwhile, five NFTs have already exceeded the million dollar
threshold in Hon Kong in the last six months!
New prospects for an expansion of the market
Until now, photography offered one of the rare solutions for marketing a whole
set of conceptual works and getting them into private collections. From Marina
Abramovic to Andy Goldsworthy to Matthew Barney, photography offered a simple
way to immortalize a performance or an installation and give collectors a
chance to acquire 'traces' of the work.
NFTs may well change this situation: you only have to see how this technology
is already opening up new possibilities in the world of sport. Already entire
leagues, teams, players and equipment manufacturers are imagining NFT products
capable of offering new experiences that younger generations (15-30 years old)
adore. Not only do NFTs offer an incomparably more efficient way of exchanging
dematerialized goods (securely, instantaneously and without the control of a
central body) but they also open up countless perspectives in terms of the
management of these assets, thanks to smart contracts.
A lacklustre market
The photography market has the particularity that it is dominated by living
artists. There are only four artists whose photographs regularly exceed $1
million at auction, all of whom had a major impact on the medium during the
second half of the 20th century: Andreas Gursky (1955), Richard Prince (1949),
Cindy Sherman ( 1954) and Gilbert & George (1943, 1942). However, they no
longer as well on the secondary art market as they did 5-10 years ago.
According to Aurelie Cavana and Etienne Hatt: "Although the photography market
seems stable, it has nonetheless been substantially undermined by a whole new
breed of online sellers and it has to adapt to the extraordinary volume of new
images that are increasingly flooding the market". Contemporary Photography: A
Market (De) Constructed. Art Press, November 2021.
At the start of 2021 (from January to October inclusive), public sales of NFTs
have already generated twice the volume of turnover hammered for photographs.
Blockchain technology also makes it possible to create as many NFTs as desired
around a single artistic creation, as proved by the sale of The Fungible
Collection by Pak at Sotheby's. On the first day of that session, 19,737
identical cubes, each numbered, sold for $500 each.
The NFT therefore borrows an intrinsic characteristic of the photograph, i.e.
the possibility of creating works that are both unique but which have multiple
copies around the world. The main difference is that NFTs are currently
enjoying such enthusiasm on the part of collectors that the latter are willing
to assimilate immense editions. Indeed, it seems that the popularity of the
work is a key part of the DNA of NFTs, whose history began with "internet
memes". Conversely, traditional art – to which photography essentially belongs
– is focused, above all, on the rarity of the work.
Reminder of the Press releases of November 9, 2021:
Artmarket.com: perfectly positioned to generate enormous revenue from its NFT
Marketplace on Artprice-nft.com
#ArtMarket by #ARTPRICE $ PRC #NFT #CryptoArt #metaverse #DigitalArt #NFTs
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