The news that Sotheby’s has purchased Mei Moses Art Indices which will now be, according to Sotheby’s release will be known as Sotheby’s Mei Moses, has reminded Noah Kupferman of Christie’s Education of a previous incarnation of a Sotheby’s art market index.
He points to this reference from Philip Hensher writing in in the Guardian during the run-up of prices a decade ago:Continue Reading
Athena Art Finance has released its report on the London auction cycle that accompanied the Frieze art fair. These sales are heavily weighted toward lower-priced contemporary art. With that in mind, pay particular attention to the left-hand bar graphs that show the hammer performance of day sale lots at Sotheby’s, Christie’s and Phillips. Nearly half of the day sale lots at Sotheby’s sold for above the high estimate; Christie’s followed closely with a very strong 39%. Continue Reading
Artprice has released its annual report on the Contemporary art market in time for Frieze. This year, the report is helpfully presented as a series of web pages instead of a pdf document. There’s a great deal of interesting metrics in the report that we will try to make into individual posts over the course of the week.
To start, let’s look at Artprice’s Contemporary auction numbers which show the market settling in toward 2011 levels. As you can see with the chart, 2011 was a very good year for the Contemporary art market.
Contemporary Art Market Report 2015-16 (Artprice)
- Global sales in 2012 contracted by 7% to €43.0 billion
- Sales in the Chinese market fell 24% to €10.6 billion while the US experienced an uplift of 5% year-on-year to €14.2 billion.
- The US regained the top percentage of global market share at 33% while China dropped to 25% and the UK remained in third place with 23%.
- The volume of transactions in 2012 fell by just under 4% to 35.5 million.
- The heaviest buying is concentrated at the high end of the market for the best-known artists.
- Contemporary art was the largest fine art auction sector, with 43% share by value, and reaching just under €4.5billion, its highest ever recorded level.
- Modern art was the second largest sector with a 30% share. After sales of €3.8 billion in 2011, sales dropped 17% in 2012 to €3.2 billion.
TEFAF Art Market Report 2013: The Global Art Market, with a focus on China and Brazil. Prepared by Dr. Clare McAndrew
Toronto. November 2012. A panel, consisting of five city staffers with backgrounds in “the arts, urban design, architecture and other relevant disciplines” has been officially set up to decide on issues of the preservation of street art.
On one side of the argument, panelists must face off against property owners who argue:
“Even if it’s Picasso, you’re not allowed to paint on other people’s walls,” says Elyse Parker, a city official who is leading Toronto’s crackdown on graffiti.
However, street art/urban art/graffiti (the politically correct term is under dispute in the article) is gaining more and more merit in the art world.
Toronto’s council has already given its blessing to what is known as Graffiti Alley, a series of colourful backstreets only a few blocks from City Hall.
David Liss, the director of Toronto’s Museum of Contemporary Canadian Art, who also has some background in street art, applauds the move.
And so the age-old argument prevails between street art and “the man”. However, it is interesting to note that the 2011/2012 Annual Artprice Contemporary Art Market Report contains a section dedicated to Urban Art: The Next Generation. In 2008, London’s Tate Modern held it’s Street Art exhibition, quickly followed by galleries showing interest and exhibiting urban art shows.
The vast and complex genealogy of this trend is intertwined with the history of 20th century art, set against a backdrop of major socio-political and technological upheavals . Initially, the pio- neering experimentation with urban space led in the 60s by artists such as Daniel Buren, Allan Kaprow and Ernest Pignon-Ernest profoundly changed the envi- ronmental dimension of art and paved the way for a new field of study. In the late 70s, the new territory for creation offered by modern living space saw the birth, in the streets of New York, of a fundamental practice in the evolution of urban art: graffiti.
Tags by Jean-Michel Basquiat, working under the pseudonym SAMO (Same Old Shit), and Taki 183 flooded the Big Apple, contributing significantly to the explosion of the phenomenon in the following decade . The subject of hot debate for many years, the artistic character of urban art had to struggle to acquire its current recognition .
In 2011, during Art Basel Miami, the American city was transformed into a key theatre for international urban art, with big names and emerging artists invited to create dozens of walls in the Wynwood district .
Over 40 years after its birth in New York, urban art has crossed the thresholds of museums, galleries and auction houses in no uncertain manner, breaking nume- rous records along the way . With a growth rate of over 90% in urban art sales over the last decade, the movement proved to be dynamic on the international market place .
With the success and market for work by Jean-Michel Basquiat recently, it the argument for street art appears to be heating up once again. The 2011/2012 artprice report digs deeper to take a look at the next generation of urban artists. (See report for details)
Graffiti: is it art or vandalism? (The Art Newspaper)
ArtTactic released its Chinese Market Confidence report today showing that experts have the most faith in Zeng Fanzhi’s short-term market prospects and Ai Weiwei’s long-term art historical prospects. However, there is growing fear of a bubble on the mainland:
The risks of an art market bubble is growing, as 75% of the experts believe the Mainland Chinese contemporary art market remains highly speculative. Only 25% of the experts believe the same is the case for the International Chinese contemporary art market.