PARIS, Sept. 6, 2022 /PRNewswire/ — Global turnover from Fine Art public sale gross sales elevated by 8.8% in H1 2022, regardless of one other wave of Covid-19 in China. Artprice counted a file variety of public sale transactions round the world and observes a rising enthusiasm for works by artists from the second half of the twentieth and the starting of the twenty first century, whose costs are extremely risky.
Four indicators of the well being of worldwide Fine Art public sale exercise in H1 2022
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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 evaluation of the Art Market introduced in this H1 2022 Report relies on the Fine Art public public sale outcomes recorded by Artprice and solely considerations work, sculptures, drawings, pictures, prints, movies, installations, tapestries in addition to NFTs, and excludes antiquities, nameless cultural property, and furnishings. All costs indicated in this Report refer to public public sale outcomes, together with patrons’ charges, and the $ signal refers to the US greenback.
H1 2022 KEY FIGURES
- Global Fine Art public sale proceeds reached $7.49 billion.
- The art market’s fifth most affluent H1 interval ever recorded.
- An enhance of 8.8% versus H1 2021.
- A file 326,000 heaps bought in H1 2022 versus 313,400 in H1 2021
- Christie’s hammered the 2nd finest art public sale results of all time at $195 million.
- The unsold price rose to 31% versus 27% in H1 2021.
- With a turnover of $3.27 billion, New York was clearly the world’s main market.
- 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 rising variety of worldwide establishments.
- Christie’s and Sotheby’s account for 38% of worldwide superb art turnover.
- The Macklowe Collection turned the costliest assortment ever bought in the world, producing $922 million.
- 180 NFTs bought at public sale producing $8.5 million.
ORGANIZATION AND STRUCTURE OF THE ART MARKET
As the well being disaster wanes worldwide, Fine Art auctions settled down to an unsold price of 31%, virtually one in three works supplied on the market. This stage corresponds to a steady common over the final twenty years, fluctuating between 36% in 2009 and 27% in 2021. Indeed, this key market indicator has reacted fairly otherwise in contrast with the way it reacted in the final main disaster that affected the world art market, the 2009 monetary disaster. Back then, collectors determined to take much less monetary threat, whereas the well being disaster of 2021 prompted patrons to change to a brand new totally dematerialized gross sales channel.
In the first half of 2022, the market discovered a brand new steadiness thanks to the coexistence of two completely different and complementary gross sales channels (one bodily, the different digital), which allowed public sale transactions to proceed at a wholesome tempo reaching a historic variety of 326,000 Fine Art heaps in six months. In H1 2022 this quantity additional elevated to an unprecedented depth, regardless of the postponement of many auctions in China (whose turnover quantity is down 53%) due to an extra wave of Covid-19.
The United States (up 42% vs. H1 2021) and the UK (up 26%) have pushed growth. The two highly effective Anglo-Saxon markets alone accounted for precisely two-thirds of worldwide Fine Art public sale turnover. China, for its half, solely accounted for 12% of worldwide superb art public sale turnover, a outcome that it owes in massive half to Hong Kong which accounted for 70% of the worth of the complete Chinese art market (together with Hong Kong, Macao, and Taiwan).
France continued to develop (+14%) consolidating its 4th place forward of Germany (-5%) after a sensational efficiency in 2021. In addition to the presence of Christie’s and Sotheby’s, a number of Parisian public sale operators posted exceptionally strong performances: Artcurial (+42%) and Aguttes (+154%), amongst others. Meanwhile, The French capital is attracting a rising variety of main worldwide gamers like David Zwirner, whereas the Gagosian and Continua galleries have opened new areas in France. Paris is delighted to see the upcoming arrival of Hauser & Wirth in addition to the opening of a Phillips public sale room. Bonhams has acquired the French home Cornette de Saint-Cyr (working in Paris and Brussels). Lastly, the Art Basel firm will henceforth be the official organizer of the worldwide autumn art truthful organized at the Grand Palais in Paris, entitled Paris+, which can substitute the FIAC.
Japan and Switzerland additionally had a wonderful begin to 2022 with will increase of 74% and 145% in their respective public sale turnover totals. Without straight competing with Hong Kong (which nonetheless weighs seven instances extra), Tokyo is positioning itself on the Asian continent as a hub for main up to date artists, together with Andy Warhol, Yoshitomo Nara, Yayoi Kusama, but additionally younger skills like Mr Doodle and Ayako Rokkaku (born in 1982), whose public sale gross sales have already exceeded $18.6 million this 12 months. For its half, Switzerland is constant to carve out a spot for itself in the Post-Impressionist and Modern Art market, with gross sales of essential works by Ferdinand Hodler, Alberto Giacometti, and Marc Chagall.
Ferdinand Hodler, Der Brienzersee von Breitlauenen aus (1906); bought for CHF 2,875,000 (~$3 million) on 17 June 2022 by Galerie Kornfeld in Bern
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https://www.artprice.com/artist/13632/ferdinand-hodler/painting/27034374/der-brienzersee-von-breitlauenen- aus
TRENDS: NFTs AND ULTRA CONTEMPORARY ART
Propelled to heart stage in March 2021 with a primary public public sale outcome at $69.4 million, NFTs (non-fungible tokens) have created one thing of a revolution in the art market, with a brand new kind of labor, new collectors, and a brand new foreign money.
Of the 277 NFTs auctioned in H1 2022, 65% bought for a mean value of $47,000. This scenario could be very completely different from H2 2021 in which 225 NFTs had been supplied on the market, of which 86% bought at a mean value of $520,000. Beeple’s Human One (2021) fetched almost $29 million final November at Christie’s, whereas the finest NFT outcome in H1 2022 was simply $1.38 million for Living Architecture: Casa Batlló (2022) by Refik Anadol.
The 104 CryptoPunks that Sotheby’s introduced in February 2022 had been lastly withdrawn on the eve of their scheduled sale. The withdrawal of so much, estimated between $20 and $30 million, underscores the extent to which NFT market gamers stay considerably skeptical about the service supplied by conventional intermediaries. Not solely are they costly (transaction prices quantity to a mean of 20% in contrast with round 2% to 3% by way of NFT platforms) however additionally they are ruled by a a lot much less versatile schedule. The main public sale homes are however persevering with their efforts to take part in this rising market, though they solely very not often promote main NFT collections (BAYC, WoW, and many others.). For the time being, such initiatives now not appear to want the advertising and marketing efforts or the legitimacy of regulated public sale homes.
At the similar time, the volatility of cryptocurrencies, has exacerbated the distrust of conventional collectors vis-à-vis this disruptive market. Fortunately, this lull will present variety of artists, sellers, collectors, and establishments – beginning with museums – a possibility to take an curiosity in digital works and to contemplate buying NFTs with out the stress of file gross sales and over-mediatization.
https://www.artprice.com/nft
The NFT phenomenon stems from the similar enthusiasm that Artprice is observing for the work of younger artists, a few of whom are eliciting file multi-million greenback outcomes even earlier than their work has been exhibited in a significant museum or earlier than they’ve even loved a solo present in a gallery. The current public sale information for works by artists underneath 40 (whose very current works are already buying and selling on the secondary market) shall be analyzed by the subsequent Artprice Ultra Contemporary Art Report to be revealed in October 2022. This will notably be a possibility to spotlight the rising success and affect of younger feminine painters.
Top 10 private information for residing artists underneath 40 at public sale in H1 2022
©artprice.com
1. Avery Singer (1987): $5,253,000
2. Christina Quarles (1985): $4,527,000
3. Jennifer Packer (1984): $2,349,000
4. María 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 public sale bid. For the first time since Leonardo Da Vinci’s Salvator Mundi in November 2017 (4 and a half years in the past), the ultra-high-end market is again with a outcome that when once more questions the notion of an absolute masterpiece and its worth. The charity sale that produced this outcome was assured by Christie’s and ended with a results of $195 million (together with charges). The ‘portray’ was acquired by Larry Gagosian himself, the highly effective gallery proprietor who had already bought the canvas to Thomas Ammann in the early Nineteen Eighties.
https://www.artprice.com/artist/30269/andy-warhol/painting/26798865/shot-sage-blue-marilyn?p=1
The French public sale home Artcurial had the honor of presenting an distinctive still-life by Jean-Baptiste Chardin, Le panier de fraises des bois, painted in 1761 and exhibited the similar 12 months at the Grand Salon in Paris. While this was the first look of this portray at public sale, art knowledgeable Eric Turquin insists on the immense historic significance of the work, significance to which the labels on the again of the portray attest, having been included in many prestigious exhibitions round the world. A delicate and magic portray, the Jean-Baptiste Chardin masterpiece was estimated between $13 and $16 million and eventually bought for $26.8 million.
https://www.artprice.com/artist/45915/jean-baptiste-simeon-chardin/painting/26388579/le-panier-de-fraises-des-bois?p=1
The largest sensation of the 12 months was undoubtedly created by the canvas The Sugar Shack (1976) by Ernie Barnes (1938 – 2009). Last 12 months, the African-American painter set a brand new public sale file at $550,000. But on 12 May this 12 months, Christie’s proposed his portray The Sugar Shack (1976) in New York with an estimate of $150,000 – $200,000. The work lastly bought for $15,275,000, greater than 100 instances the low estimate. In the days and weeks that adopted, six extra essential Ernie Barnes work had been supplied at Christie’s and Bonhams, and so they all bought effectively past their estimates.
Last 12 months, the Japanese artist Yayoi Kusama turned the first feminine artist to enter the world’s Top 10 performing artists as calculated by Artprice (all intervals of creation mixed). She was additionally the third finest performing residing artist of the 12 months behind Gerhard Richter and Banksy. This 12 months, Yayoi Kusama has repeated that efficiency with 208 heaps bought worldwide for greater than $115 million. She additionally set a brand new public sale file 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 personal life in 2019. Since his loss of life, his work have loved gorgeous success in public sale 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 world rating of artists by public sale turnover (all intervals of creation mixed), successful that has a sure Basquiat taste to it, even when Wong’s place in art historical past has not but been acknowledged.
Read Artprice.com’s H1 2022 Global Art Market Report on-line at:
https://www.artprice.com/artprice-reports/global-art-market-in-h1-2022-by-artprice-com
The info and econometric research produced by Artmarket.com are introduced uniquely for the goal of analyzing and understanding the statistical realities of the art market and may in no means be thought-about as recommendation or a suggestion or a solicitation to make investments in the art market.
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