According to thierry Ehrmann, President and Founder of
To side-step the problem of an 'incomparable' year (our Contemporary Art Market Reports usually cover the previous 12-month period...) our next publication will provide an overview of the Contemporary art secondary market between 2000 and 2020. A few days ahead of the scheduled publication of this historical overview, Artprice looks at three specific 'moments' in this 20-year period which punctuated the Contemporary art market's rapid development at the beginning of the 21st century.
2008-2009
The months that preceded the 2008 financial crisis were among the most profitable in Contemporary art market history – no doubt a little too profitable – with astounding results for controversial works and controversial sales.
In the spring of 2008,
The following year, 2009, global sales turnover from Contemporary art dropped nearly 60%.
2013-2014
Five years later… The major stars of Chinese Contemporary art, which had already gained momentum before the financial crisis of 2008, finally began to assert themselves on the global art market. Artists like Luo Zhongli, He Jiaying and
The period was also marked by another phenomenon, quite different, that the journalist
In the years that followed, the market for artists under 35 became much more stable. While some of the young superstars of 2014 remained relatively strong in the secondary market, there have been many changes in the auction turnover rankings of artists of this generation.
2018-2019
Between 2015 and 2019, the Contemporary art market experienced five years of continuous volume growth (number of lots sold). After a historic auction record of more than
In 2008, when the Contemporary art market was hit by the financial crisis, it was already in very feverish state, with numerous controversial results. Fortunately, the Covid crisis has interrupted a much wiser and more stable market. Lots of sales have had to be canceled or postponed since
The current 'interruption' is an opportunity for the market to take a step back from certain enthusiasms that were beginning to boil over, notably those for Kaws and
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