ultra-contemporary art conquers the auctions, making Artprice subscriptions ever more useful

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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,»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.

Conservative estimates

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.

www.bloomberg.com/news/articles/2020-02-12/hot-new-artist-laments-that-his-work-is-being-flipped-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.

www.art Artprice.com/artist/904704/amoako-boafo/painting/23560098/grace

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