Weekly evolution of global Fine Art auction turnover
Comparison between the last five years
thierry Ehrmann, CEO and founder of
"Artprice has registered the highest-ever number of successful Fine Art adjudications in the world, up +10.5% compared with H1 2019, which already set a historic record.
The absence of international fairs has clearly redirected some collectors to the auction houses (live or online), but the growth in the volume of transactions predates the health crisis and is basically just re-starting again."
High-end market vs. affordable market
After a chaotic year 2020, the art market's auction agenda essentially returned to normal, notably with the resumption of
However, our data for the H1 period suggests the art market is still relatively affordable: of the 302,100 lots auctioned around the world, 51% were acquired for less than
Fine Art lots sold at auction filtered by price range (H1 2021)
The former British colony is now playing a vital role in the international strategies of the auction majors like
Only 3,200 Fine Art works were sold in
In just six months, 18 lots fetched over
First "unlimited" sale
Sotheby's sale entitled "The Fungible Collection" was a perfect example of the creativity shown by the major auction houses in H1 2021. The international auction company acquired by Patrick Drahi in 2019 worked directly with the anonymous artist Pak and the web platform Nifty Gateway (without going through a gallery) to sell an unlimited series of NFTs.
Core to the collection was the Open Editions, which allowed collectors to purchase as many fungible cubes as they wished during the sale period for fixed prices. The duration of the sale was three times 15 minutes, spread over three days, and the price rose each day. It resulted in the sale of 23,598 digital cubes: 19,737 cubes at
This extraordinary session questioned not only the notion of a digital artwork and its 'ownership', but also the notion of value creation in the 'Art Market 2.0', in which the offer can be multiplied at a lower cost.
Images:
[https://imgpublic.artprice.com/img/wp/sites/11/2021/09/image1-weekly-evolution-global-fine-art-auction-turnover-5-years-comparison.png]
[https://imgpublic.artprice.com/img/wp/sites/11/2021/09/image2-fine-art-lots-at-auction-by-price-range-h1-2021.png]
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