“Auctions are currently at the forefront of the international art scene, concentrating all the trends of the art market. This is why Artprice databases and our decision support tools have never been so valuable,Â»Concludes thierry Ehrmann, president and founder of Artmarket.com and its Artprice department.
“Auctions even attract a large share of the primary market; the last records of Beeple and Banksy were made up of works put on sale directly by the artists themselves.“
Deprived of international art fairs, gallery openings and major exhibitions, collectors are paying more attention to works that circulate in the auction sphere. This drives up prices, which in turn prompts owners of works by these popular artists to resell them. This stimulation of supply and demand allowed the emergence of young art market superstars in just a few months.
Artists under 40, who had never generated auction results before, suddenly hit sky-high price points with extremely recent works (“the paint is still wet“as we said a few years ago). These results are all the more disconcerting to have demolished the estimates posted by the major auction houses, proving either that this acceleration has taken contemporary art specialists completely by surprise … or that they wish to remain cautious.
– Amoako Boafo (1984), The lemon swimsuit (2019)
Valued: $ 40,000 – $ 65,000
Price with fees: $ 881,400
02/13/2020 Phillips London
– Matthew wong (1984-2019), The kingdom of appearances (2018)
Valued: $ 60,000 – $ 80,000
Price with fees: 1,820,000 USD
06/29/2020 Sotheby’s new York
– Christina quarles (1985), Tuckt (2016)
Valued: $ 70,000 – $ 100,000
Price with fees: $ 655,200
08/12/2020 Phillips New York
On the need to remain vigilant
A few years, or even a few months after their creation, these paintings have already been sold at auction. A situation that shocks the artists themselves, as Amoako Boafo explained in an interview with Bloomberg in February 2020, entitled Hot new artist laments his work being returned for profit.
So far, the prices of this young Ghanaian artist have been maintained: his 34 paintings on sale since January 1, 2020 all buyers found in London, new York and Hong Kong. Artprice nevertheless remains extremely vigilant on the development of Amoako Boafo’s market. His next work for sale, a painting titled Grace (2018) was acquired directly by the seller from the artist and will be offered at Sotheby’s at Hong Kong at April 20, 2021.
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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.
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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.
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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 standardizedÂ® marketplace for buying and selling works of art at a fixed or buyer price (auctions governed by paragraphs 2 and 3 of article L 321.3 on From France Trade code).
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