Artmarket.com presents the Artprice 2022 half-year report: the art market returns to strong growth in the West
PR97678
PARIS, Sept. 13, 2022 /PRNewswire=KYODO JBN/ --
Global turnover from Fine Art auction sales increased by 8.8% in H1 2022,
despite another wave of Covid-19 in China. Artprice counted a record number of
auction transactions around the world and observes a growing enthusiasm for
works by artists from the second half of the 20th and the beginning of the 21st
century, whose prices are highly volatile.
Four indicators of the health of global Fine Art auction activity in H1 2022
Infographic -
https://mma.prnewswire.com/media/1891851/Artmarket_Fine_Art_Infographic.jpg
thierry Ehrmann, President, and Founder of Artmarket.com: "A comprehensive
study of the results of public auctions reveals growing competition between New
York, London, and Hong Kong. This competition is rapidly inflating the prices
of works by young artists to levels usually reserved for great masters. On the
occasion of the Frieze London and Paris+ fairs (the latter run by Art Basel),
Artprice will be publishing an exclusive report dedicated to 'Ultra
Contemporary' Art: a term that designates a dynamic that is developing around
artists under 40 years old, like Matthew Wong, Avery Singer, and Refik Anadol.
The analysis of the Art Market presented in this H1 2022 Report is based on the
Fine Art public auction results recorded by Artprice and only concerns
paintings, sculptures, drawings, photographs, prints, videos, installations,
tapestries as well as NFTs, and excludes antiquities, anonymous cultural
property, and furniture. All prices indicated in this Report refer to public
auction results, including buyers' fees, and the $ sign refers to the US dollar.
H1 2022 KEY FIGURES
- Global Fine Art auction proceeds reached $7.49 billion.
- The art market's 5th most prosperous H1 period ever recorded.
- An increase of 8.8% versus H1 2021.
- A record 326,000 lots sold in H1 2022 versus 313,400 in H1 2021
- Christie's hammered the 2nd best art auction result of all time at $195
million.
- The unsold rate rose to 31% versus 27% in H1 2021.
- With a turnover of $3.27 billion, New York was clearly the world's leading
marketplace.
- In second and third place, London hammered $1.43 billion and Hong Kong took
$610 million.
- Not far behind, the Parisian art market generated $518 million and has
attracted a growing number of international institutions.
- Christie's and Sotheby's account for 38% of global fine art turnover.
- The Macklowe Collection became the most expensive collection ever sold in the
world, generating $922 million.
- 180 NFTs sold at auction generating $8.5 million.
ORGANIZATION AND STRUCTURE OF THE ART MARKET
As the health crisis wanes worldwide, Fine Art auctions settled down to an
unsold rate of 31%, almost one in three works offered for sale. This level
corresponds to a stable average over the last twenty years, fluctuating between
36% in 2009 and 27% in 2021. Indeed, this key market indicator has reacted
quite differently compared with how it reacted in the last major crisis that
affected the global art market, the 2009 financial crisis. Back then,
collectors decided to take less financial risk, whereas the health crisis of
2021 prompted buyers to switch to a new entirely dematerialized sales channel.
In the first half of 2022, the market found a new balance thanks to the
coexistence of two different and complementary sales channels (one physical,
the other digital), which allowed auction transactions to continue at a healthy
pace reaching a historic number of 326,000 Fine Art lots in six months. In H1
2022 this volume further increased to an unprecedented intensity, despite the
postponement of many auctions in China (whose turnover volume is down 53%) due
to an additional wave of Covid-19.
The United States (up 42% vs. H1 2021) and the UK (up 26%) have driven growth.
The two powerful Anglo-Saxon markets alone accounted for exactly two-thirds of
global Fine Art auction turnover. China, for its part, only accounted for 12%
of global fine art auction turnover, a result that it owes in large part to
Hong Kong which accounted for 70% of the value of the entire Chinese art market
(including Hong Kong, Macao, and Taiwan).
France continued to grow (+14%) consolidating its 4th place ahead of Germany
(-5%) after a sensational performance in 2021. In addition to the presence of
Christie's and Sotheby's, several Parisian auction operators posted
exceptionally strong performances: Artcurial (+42%) and Aguttes (+154%), among
others. Meanwhile, The French capital is attracting a growing number of major
international players like David Zwirner, while the Gagosian and Continua
galleries have opened new spaces in France. Paris is delighted to see the
upcoming arrival of Hauser & Wirth as well as the opening of a Phillips auction
room. Bonhams has acquired the French house Cornette de Saint-Cyr (operating in
Paris and Brussels). Lastly, the Art Basel company will henceforth be the
official organizer of the international autumn art fair organized at the Grand
Palais in Paris, entitled Paris+, which will replace the FIAC.
Japan and Switzerland also had an excellent start to 2022 with increases of 74%
and 145% in their respective auction turnover totals. Without directly
competing with Hong Kong (which still weighs seven times more), Tokyo is
positioning itself on the Asian continent as a hub for major contemporary
artists, including Andy Warhol, Yoshitomo Nara, Yayoi Kusama, but also young
talents like Mr Doodle and Ayako Rokkaku (born in 1982), whose auction sales
have already exceeded $18.6 million this year. For its part, Switzerland is
continuing to carve out a place for itself in the Post-Impressionist and Modern
Art market, with sales of important works by Ferdinand Hodler, Alberto
Giacometti, and Marc Chagall.
Ferdinand Hodler, Der Brienzersee von Breitlauenen aus (1906); sold for CHF
2,875,000 (~$3 million) on 17 June 2022 by Galerie Kornfeld in Bern
Photo - https://mma.prnewswire.com/media/1891852/Artmarket_Ferdinand_Hodler.jpg
aus
TRENDS: NFTs AND ULTRA CONTEMPORARY ART
Propelled to center stage in March 2021 with a first public auction result at
$69.4 million, NFTs (non-fungible tokens) have created something of a
revolution in the art market, with a new type of work, new collectors, and a
new currency.
Of the 277 NFTs auctioned in H1 2022, 65% sold for an average price of $47,000.
This situation is very different from H2 2021 in which 225 NFTs were offered
for sale, of which 86% sold at an average price of $520,000. Beeple's Human One
(2021) fetched nearly $29 million last November at Christie's, whereas the
best NFT result in H1 2022 was just $1.38 million for Living Architecture: Casa
Batllo (2022) by Refik Anadol.
The 104 CryptoPunks that Sotheby's announced in February 2022 were finally
withdrawn on the eve of their scheduled sale. The withdrawal of such a lot,
estimated between $20 and $30 million, underscores the extent to which NFT
market players remain somewhat skeptical about the service provided by
traditional intermediaries. Not only are they expensive (transaction costs
amount to an average of 20% compared with around 2% to 3% via NFT platforms)
but they also are governed by a much less flexible schedule. The major auction
houses are nevertheless continuing their efforts to participate in this
emerging market, although they only very rarely sell major NFT collections
(BAYC, WoW, etc.). For the time being, such projects no longer seem to need the
marketing efforts or the legitimacy of regulated auction houses.
At the same time, the volatility of cryptocurrencies, has exacerbated the
mistrust of traditional collectors vis-à-vis this disruptive market.
Fortunately, this lull will provide a good number of artists, dealers,
collectors, and institutions – starting with museums – an opportunity to take
an interest in digital works and to consider acquiring NFTs without the
pressure of record sales and over-mediatization.
The NFT phenomenon stems from the same enthusiasm that Artprice is observing
for the work of young artists, some of whom are eliciting record multi-million
dollar results even before their work has been exhibited in a major museum or
before they have even enjoyed a solo show in a gallery. The recent auction
records for works by artists under 40 (whose very recent works are already
trading on the secondary market) will be analyzed by the next Artprice Ultra
Contemporary Art Report to be published in October 2022. This will notably be
an opportunity to highlight the growing success and influence of young female
painters.
Top 10 personal records for living artists under 40 at auction in H1 2022
(C)artprice.com
1. Avery Singer (1987): $5,253,000
2. Christina Quarles (1985): $4,527,000
3. Jennifer Packer (1984): $2,349,000
4. Maria Berrio (1982): $1,562,500
5. Robbie Barrat (1999): $841,317
6. Robert Nava (1985): $639,401
7. Issy Wood (1993): $588,042
8. Lauren Quin (1992): $588,042
9. Louis Fratino (1993): $365,400
10. Jordy Kerwick (1982): $277,200
FIVE EXCEPTIONAL RESULTS IN H1 2022
Andy Warhol's Shot Sage Blue Marilyn elicited the second highest ever art
auction bid. For the first time since Leonardo Da Vinci's Salvator Mundi in
November 2017 (four and a half years ago), the ultra-high-end market is back
with a result that once again questions the notion of an absolute masterpiece
and its value. The charity sale that produced this result was guaranteed by
Christie's and ended with a result of $195 million (including fees).
The 'painting' was acquired by Larry Gagosian himself, the powerful gallery
owner who had already sold the canvas to Thomas Ammann in the early 1980s.
https://www.artprice.com/artist/30269/andy-warhol/painting/26798865/shot-sage-blue-marilyn?p=1
The French auction house Artcurial had the honor of presenting an exceptional
still-life by Jean-Baptiste Chardin, Le panier de fraises des bois, painted in
1761 and exhibited the same year at the Grand Salon in Paris. While this was
the first appearance of this painting at auction, art expert Eric Turquin
insists on the immense historical importance of the work, importance to which
the labels on the back of the painting attest, having been included in many
prestigious exhibitions around the world. A gentle and magic painting, the
Jean-Baptiste Chardin masterpiece was estimated between $13 and $16 million and
finally sold for $26.8 million.
The biggest sensation of the year was undoubtedly created by the canvas The
Sugar Shack (1976) by Ernie Barnes (1938 - 2009). Last year, the
African-American painter set a new auction record at $550,000. But on 12 May
this year, Christie's proposed his painting The Sugar Shack (1976) in New York
with an estimate of $150,000 - $200,000. The work finally sold for $15,275,000,
more than 100 times the low estimate. In the days and weeks that followed, six
more important Ernie Barnes paintings were offered at Christie's and Bonhams,
and they all sold well beyond their estimates.
Last year, the Japanese artist Yayoi Kusama became the first female artist to
enter the world's Top 10 performing artists as calculated by Artprice (all
periods of creation combined). She was also the third best performing living
artist of the year behind Gerhard Richter and Banksy. This year, Yayoi Kusama
has repeated that performance with 208 lots sold worldwide for more than $115
million. She also set a new auction record when her Untitled (Nets) (1959)
reached $10.5 million at Phillips on 18 May 2022.
https://www.artprice.com/artmarketinsight/yayoi-kusama
-at-last-a-female-artist-in-the-global-top-10
Matthew Wong would have been 38 if he hadn't taken his own life in 2019. Since
his death, his paintings have enjoyed stunning success in auction rooms. On 19
May 2022, his Night Watcher (2018) was acquired for $5.9 million at Christie's
New York. In H1 2022, Matthew Wong ranked 52nd in the global ranking of artists
by auction turnover (all periods of creation combined), a success that has a
certain Basquiat flavor to it, even if Wong's place in art history has not yet
been recognized.
Read Artprice.com's H1 2022 Global Art Market Report online at:
https://www.artprice.com/artprice-reports/global-art-market-in-h1-2022-by-artprice-com
The information and econometric studies produced by Artmarket.com are presented
uniquely for the purpose of analyzing and understanding the statistical
realities of the art market and should in no way be considered as advice or a
suggestion or a solicitation to invest in the art market.
Images:
[https://imgpublic.artprice.com/img/wp/sites/11/2022/08/image1-H1-Evolution-Fine
-Art-Auction-Sales.jpg]
[https://imgpublic.artprice.com/img/wp/sites/11/2022/08/image2-Ferdinand-Hodler.
jpeg]
Copyright 1987-2022 thierry Ehrmann www.artprice.com - www.artmarket.com
Don't hesitate to contact our Econometrics Department for your requirements
regarding statistics and personalized studies: econometrics@artprice.com
Try our services (free demo): https://www.artprice.com/demo
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: 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):
Biographie_thierry_Ehrmann_2022_WhosWhoInFrance.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
787,000 artists.
Artprice by Artmarket, the world leader in information on the art market, has
set itself the ambition through its Global Standardized Marketplace to be the
world's leading Fine Art NFT platform.
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 5.4 million ('members log
in'+social media) 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 2020 Global Art Market Report published in March 2022:
https://www.artprice.com/artprice-reports/the-art-market-in-2021
Artprice's 2020/21 Contemporary Art Market Report by Artmarket.com:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2021
Index of press releases posted by Artmarket with its Artprice department:
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:
www.facebook.com/artpricedotcom/ (over 5.9 million followers)
twitter.com/artmarketdotcom
twitter.com/artpricedotcom
Discover the alchemy and universe of Artmarket and its artprice department
https://www.artprice.com/video headquartered at the famous Organe Contemporary
Art Museum "The Abode of Chaos" (dixit The New York Times):
https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013
- L'Obs - The Museum of the Future: https://youtu.be/29LXBPJrs-o
- www.facebook.com/la.demeure.du.chaos.theabodeofchaos999 (4.3 million
followers)
Contact Artmarket.com and its Artprice department - Contact: Thierry Ehrmann,
ir@artmarket.com
Logo - https://mma.prnewswire.com/media/1009603/Art_Market_logo.jpg
Source: Artmarket.com
本プレスリリースは発表元が入力した原稿をそのまま掲載しております。また、プレスリリースへのお問い合わせは発表元に直接お願いいたします。
このプレスリリースには、報道機関向けの情報があります。
プレス会員登録を行うと、広報担当者の連絡先や、イベント・記者会見の情報など、報道機関だけに公開する情報が閲覧できるようになります。
