PARIS, Oct. 6, 2022 /PRNewswire/ — Published in time for Frieze London and Paris+ artwork gala’s, Artprice has – for the primary time – devoted a complete annual report back to the “Ultra-Contemporary Art Market”. Available freed from cost in French and English, this doc analyzes the dazzling public sale outcomes for works of Fine Art and art-NFTs created by artists underneath 40. These works mirror the brand new issues and societal challenges that right now’s youthful generations are grappling with.
According to thierry Ehrmann, President of Artmarket.com and Founder of Artprice, “Today, works by the youngest Contemporary Art stars can become even more expensive than works by the grand Old Masters in just a couple of years. Neither the rarity of a work nor the artist’s place in Art History seems to matter today as much as the feeling of novelty and the passion it arouses“.
www.artprice.com/artprice-reports/the-contemporary-art-market-report-2022
In addition to our 2022 Ultra-Contemporary Art Market Report (obtainable free on-line and in PDF) and to take care of our customary monitoring of the Contemporary artwork market, Artprice is blissful to current right here a abstract of the important thing figures for the worldwide Contemporary artwork market as a complete, and for the Ultra-Contemporary phase particularly.
Contemporary Art Market: artists born after 1945
- Global public sale turnover of $2.7 billion over 12 months (July 2021 – June 2022)
- This phase solely generated $90 million within the yr 2000
- The 2nd greatest yr within the phase’s historical past
- The Contemporary Art market posted a slight contraction of -1.1%, on account of China
- China’s zero-covid coverage lower public sale turnover by -33%
- The USA (+20%) dominated gross sales of Contemporary Art greater than ever
- New York alone generated 38% of the worldwide whole
- The UK (+15%) and France (+9%) each posted sturdy progress
- Seoul posted the strongest progress on the planet: +344%
- 39,880 Contemporary signatures at public sale, in contrast with 34,602 final yr
- 5,300 Contemporary artists had their first public sale gross sales
- 5,100 Contemporary artists loved new public sale data
- Turnover has doubled in 10 years and multiplied by 31 in 20 years
- Contemporary artwork generated 17.6% of the full international public sale turnover from Fine Art and artwork NFTs
Ultra-Contemporary Art Market: Artists underneath 40
- Global public sale turnover of $420 million, incl. artwork NFTs (July 2021 – June 2022)
- Growth of +28% versus the year-earlier interval
- Over 20 years, public sale turnover has been multiplied by 26
- Ultra-Contemporary artwork represents 15.5% of the Contemporary Art Market
- Ultra-Contemporary artwork represents 2.7% of the full artwork market (incl. art-NFTs)
- 9,640 Ultra-Contemporary works offered over the 12 final months
- The phase’s unsold charge was 32%, consistent with the remainder of the market
Soft Power and the Ultra-Contemporary Art Market in H1 2022
- The USA generated 35% of world Ultra-Contemporary public sale turnover
- The UK and China have been neck and neck, with 26% and 25%
- Asia is multiplying market locations, with Tokyo (7%) and Seoul (4%)
- France weighs in with just one.6% of the Ultra-Contemporary phase
- Sotheby’s (30%), Christie’s (26%), and Phillips (23%)
- SBI Art Auction ($9.3 million) is the phase’s main Asian public sale home
- Bruun Rasmussen ($1.06 million) is the main European public sale home
Diversity of the Ultra-Contemporary Art Market in H1 2022
- 2,670 artists underneath 40 at public sale: 5 occasions greater than 20 years in the past
- The common worth of the 5 high outcomes rose from $618,000 to $4.9 million
- Women occupied 8 locations within the Top 10 under-40 artists
- Matthew Wong (1984-2019) recorded a brand new file at $5.9 million
Top 10 under-40 artists by public sale turnover in H1 2022
- Matthew WONG (1984-2019): $ 21,326,103
- Ayako ROKKAKU (1982-): 18,619 $531
- Flora YUKHNOVICH (1990-): $ 12,531,092
- Aboudia DIARRASSOUBA (1983-): $9,177,854
- Avery SINGER (1987-): $ 9,170,591
- Amoako BOAFO (1984-): $ 8,263,929
- María BERRÍO (1982-): $ 7,556,877
- Anna WEYANT (1995-): $ 6,455 422
- Christina QUARLES (1985-): $ 5,598,272
- Loie HOLLOWELL (1983- ): $ 5,519,154
Ultra-Contemporary NFTs in H1 2022
- 50 NFTs fetched $3.2 million in H1 2022 vs. 30 tons for $107 million in H1 2021
- Best lead to H1 2022 for an art-NFT: $1.38 million: Living Architecture: Casa Batlló (2022) by Refik Anadol at Christie’s in New York on 10 May 2022
Methodology
This Report affords a worldwide evaluation of the outcomes from public auctions of Fine Art – work, sculptures, drawings, pictures, prints, movies, installations, tapestry – and artwork NFTs, excluding antiques, nameless cultural property, and furnishings. It covers international public sale outcomes obtained for artists underneath 40, however it additionally consists of the worldwide knowledge for the Contemporary artwork market as a complete, together with artists born after 1945. All the costs indicated on this report confer with outcomes from public auctions, purchaser’s charges included. All references to $ confer with the US greenback.
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Artprice releases its 2022 Ultra-Contemporary Art Market Report:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2022
The Artprice 2022 half-year report: the artwork market returns to sturdy progress within the West:
https://www.artprice.com/artprice-reports/global-art-market-in-h1-2022-by-artprice-com
Artprice by Artmarket’s 2020 Global Art Market Report revealed 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
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