Q1 as strong as before the Covid crisis, but Artprice identifies five big changes

Lots of fine art sold and unsold at first quarter auctions since 2000

thierry Ehrmann, president and founder of Artmarket.com and its Artprice department, recognizes that “it is still a little early to disentangle the effects of each of the powerful factors currently shaking the art market: Covid, Brexit, NFT, etc. But their consequences are already visible ”.

Artprice is therefore redoubling its efforts to ensure continuous monitoring of the most sensitive market indicators and closely monitor its general state of health. Artprice wishes to share the conclusions of its econometrics department in order to contribute to market transparency.

1. A record number of transactions

Despite the logistical complications linked to the health crisis, auctions of works of art have never been as numerous as in Q1 2021. In total, 112,200 lots were sold worldwide, or 6% of more than in Q1 2019 (105,600 lots sold). The digital transition initiated by the major auction houses has enabled the emergence of an online market particularly suited to the middle market.

2. A falling unsold rate

A key indicator of the balance between supply and demand on the market, the unsold rate varied only slightly over the period 2010-2019, fluctuating between 31% and 34%. In other words, the art market has become accustomed to seeing a third of the lots offered for auction fail to reach their reserve price. But in the first quarter of 2021, only one in four sales (25%) failed: demand is therefore increasing a little faster than supply!

3. A gradual geographic rebalancing

First quarter sales are generally dominated by London, which hosts the first prestige sales of the year. In 2021, the agenda had to be postponed by several weeks but was nevertheless brought forward. However, the dominance of the British capital seems weakened: London accounted for 37% of global revenue in Q1 2021 compared to 48% in Q1 2019. new York, which managed to generate 27% of global revenue in the first three months of the year, appears to be the biggest beneficiary.

4. The NFT revolution

The sale of Beeple’s NFT Everyday marked the start of a possible revolution in the art market. The work was purchased for $ 69 million in a Christie’s online auction using the Ether cryptocurrency. Indeed, this new market seems to have become even more “ intangible ” since Sotheby’s generated $ 16.8 million by selling “The Fungible Collection”, a digital work available online in unlimited quantities and created by the anonymous and mysterious Pak.

5. Red chips dethrone blue chips

Since the end of 2020, art auctions around the world have achieved surprising results for extremely recent works. Journalist Scott reyburn (in The Art Newspaper) cites, as an example, Christie’s “20th century: Hong Kong at new York“sale on December 2, 2020 and said he was surprised to see Dana schutz Canvas Elevator (2017) seek $ 6.5 million and Andy Warhol’s “classic” Campbell’s Soup Can (1962) sell for just $ 6.1 million (especially since the latter has reached $ 7.4 million in 2014). Reyburn concludes that the arrival of new collectors, in search of the latest novelties (“red-chips”) goes beyond the desire to own “blue-chip” works of art.

www.theartnewspaper.com/analysis/the-rush-for-red-chip-art

Pictures:

[https://imgpublic.artprice.com/img/wp/sites/11/2021/04/Artmarket-Artprice-1-Fine-Art-Turnover-Q1-since-2000.png] [https://imgpublic.artprice.com/img/wp/sites/11/2021/04/Artmarket-Artprice-2-Fine-Art-Lots-Q1-since-2000.png]

Copyright 1987-2021 thierry Ehrmann www.artialiswww.artmarket.com

About Artmarket:

Artmarket.com is listed on the Eurolist of Euronext Paris, SRD long only and Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.

Discover Artmarket and its Artprice department in video: www.art chauffage/video

Artmarket and its Artprice department were founded in 1997 by its CEO, Thierry Ehrmann. Artmarket and its Artprice department are controlled by the Server Group, created in 1987.

See the certified biography in Who’s who ©:

imgpublic.art postale/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, a world leader in the accumulation, management and exploitation of historical and current information on the art market in banks of data containing over 30 million listings and auction results, spanning over 770,000 artists.

Artprice Images® allows unlimited access to the largest image bank of the Art Market in the world: no less than 180 million digital images of photographs or engraved reproductions of works of art from 1700 to the present day , commented on by our art historians.

Artmarket with its Artprice department continuously collects data from 6,300 Auction Houses and produces key information on the Art Market for the main press and media agencies (7,200 publications). Its 4.5 million “ member connect ” users have access to ads posted by other members, a network that today represents the world’s leading standardized® marketplace for buying and selling works of art at a fixed or buyer price (auctions governed by paragraphs 2 and 3 of L 321.3 on From France Trade code).

Artmarket with its Artprice department, was awarded the State label “Innovative Company” by the Public Investment Bank (BPI) (for the second time in November 2018 for a further period of 3 years) which supports the company in its project to consolidate its position as a global player in the art market.

Artprice by Artmarket’s 2020 Global Art Market Report published in March 2021:
https://www.artUSD/artprice-reports/the-art-market-in-2020

Index of press releases published by Artmarket with its Artprice department:
server.server.com/press_release/pressreleaseen.htm

Follow all the news of the Art Market in real time with Artmarket and its Artprice department on Facebook and Twitter:

www.facebook.com/artpricedotcom/ (more than 5 million subscribers)

twitter.com/artmarketdotcom

twitter.com/artpricedotcom

Discover the alchemy and universe of Artmarket and its artprice department https://www.art chauffage/video whose head office is at the famous organ museum of contemporary art “La Demeure du Chaos” (dixit Le 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

(4.5 million subscribers)

https://vimeo.com/124643720

Contact Artmarket.com and its Artprice department – Contact: Thierry ehrmann, [email protected]

Photo – https://mma.prnewswire.com/media/1491811/Artmarket_Artprice_1_Fine_Art_Turnover_Q1_since_2000_Infographic.jpg
Photo – https://mma.prnewswire.com/media/1491812/Artmarket_Artprice_2_Fine_Art_Lots_Q1_since_2000_Infographic.jpg
Logo – https://mma.prnewswire.com/media/1009603/Art_Market_logo.jpg

SOURCE Artmarket.com




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