Artprice: the latest NY sales prove the financialisation of the Art Market
(Thomson Reuters ONE) -
As Artprice indicated in its renowned 2013 Art Market Report, the Art Market is
undergoing a genuine economic, geopolitical and sociological change, where the
number of players is increasing exponentially on every continent.
According to Artprice Chairman Thierry Ehrmann, "This market is now indisputably
financialised, notably through the standardisation process of the Art Market,
for which Artprice is solely responsible. It comes from an exponential increase
of financial flows and the development of the practice of financial operations,
which are profoundly affecting the Art Market."
It is true that with Artprice, players in the Market have access to a whole
range of analysis and index tools (Artprice Screen® ) enabling them to get a
reliable picture of this Market, as well as the share market.
Spectacular sales, in terms of both volume and the records achieved, have
corroborated Artprice's forecasts though its advanced market indexes (AMCI: Art
Market Confidence Index).
According to Ehrmann, "France is decidedly excluded from this new geopolitics,
as amply proved by a simple observation. A single day of sales in New York
corresponds precisely to the annual turnover of French auction houses (?505
billion) for the entire Fine Art sector. This figure definitively closes the
Franco-French debate."
Artprice has closely analysed the latest results from New York, which entirely
back up these various analyses and forecasts.
New York: high-end Contemporary results explode!
Like last year, New York's Contemporary sales have generated larger figures than
the Impressionist & Modern sales in the same month. However, this year, the
totals are very substantially higher: in 2012 Sotheby's and Christie's generated
a combined revenue of $578.3 million from 102 Contemporary lots (a record for
their Contemporary Art sales). This year, their combined result amounts to
$691.7 million, which includes a new record for a Christie's Contemporary art
sale at $435 million (15 May 2013).
The two auctioneers' combined total from their Impressionist & Modern sales on
7 and 8 May 2013 amounted to $388.5 million (including buyer's premium) with
Sotheby's ($230 million) beating its rival ($158.5 million) like last year (when
it set a new world auction record for a work of art with Edvard Munch's The
Scream). This year, Sotheby's targets included at least $60 million from two
paintings, one by Paul Cézanne, and another by Amedeo Modigliani, and the target
was met after Cézanne's Les Pommes (1889, 38.5 cm x 46 cm) fetched a superb
score of $37 million ($41.6 million incl. buyer's premium) against an estimate
of $25 million - $35 million, and Modigliani's Amazone sold for a more modest
result of $23million ($25.9 million incl. buyer's premium).
At the Contemporary sales which are traditionally scheduled just behind the
Modern Art sessions the star lots of the 2013 vintage fully confirmed the trend
seen last year, i.e. that demand is very high for American and European works
created between the 1940s and the late 1960s. In 2012, the big names in
Contemporary art auctions already set substantially higher new auction records
with Yves Klein adding $11 million, Gerhard Richter adding close to $12 million,
Mark Rothko up $12.5 million and Jackson Pollock up a staggering $25.6 million.
This price surge was further confirmed this year with Sotheby's generating a new
record of $22.005 million (incl. buyer's premium) for a three-dimensional work
by Yves Klein ( Sculpture Eponge Bleue Sans Titre ) on 14 May 2013 and
confirming Gerhard Richter's status as the world's most expensive living artist
by adding $2.6 million to his previous record when Domplatz, Mailand an oil on
canvas painted in 1968 fetched $33 million ($37.1 million incl. buyer's
premium). Richter's previous record was generated by a 1994 work entitled
Abstraktes Bild which fetched $34.16 million (incl. buyer's premium) in October
2012 at Sotheby's in London.
On 15 May, a remarkable sale at Christie's demonstrated the extent to which
globalized demand at the high end of the market is constantly pushing up the
limits. The figures are impressive: 94% of the 70 lots offered sold (only 6%
failed to sell) and nine works fetched more than $10 million, with new records
notably for Roy Lichtenstein, Jean-Michel Basquiat and Jackson Pollock. These
three artists already set new multi-million records last year and we expect
their inflation to continue: indeed, Roy Lichtenstein is catching up with Andy
Warhol's (his Pop art "rival") top scores. His Woman with Flowered Hat, fetched
$56.1 million including buyer's premium ($11 million more than Sleeping Figure
which set Lichtenstein's previous record of $40 million ($44.8 million incl.
buyer's premium)).
Meanwhile, Jean-Michel Basquiat has made a huge jump up the market ladder: his
canvas Dustheads will be paid $48.8 million by its new owner, substantially
beyond the estimate of $25 million - $35 million and adding almost $22 million
to his previous record of $26.4 million including buyer's premium ($23.5 million
for his 1981 Untitled on 14 November 2012).
New records for American Abstract Expressionists
The other strong trend observed this year is that the good performance of the
Contemporary art sales relied heavily on American Abstract Expressionists. On
May 14, half of Sotheby's high-end offer (works priced over $10 million) were
signed by Barnett Newman, Clyfford Still and Jackson Pollock. Indeed, the sale's
best result was generated by Newman, a champion of Abstract Expressionism, whose
Onement VI, a monumental work in vibrant blue (the colour of meditation par
excellence, described by Sotheby's as "a gateway to the sublime") fetched no
less than $43.8 million (incl. buyer's premium; hammer price $39 million). This
result added some $19 million to his previous record of $20 million (excl.
buyer's premium ) in May 2012 for Onement V (8 May, Christie's).
Soaring Abstract Expressionist prices continued the following night at
Christie's with a Jackson Pollock dripping, Number 19, 1948 fetching no less
than $58.4 million including buyer's premium. The work demolished its high
estimate of $35 million setting a new personal record for the artist. His
previous auction record was only six months old and now looks like a good deal
at $18 million less (Number 4 fetched $40.4 million including buyer's premium,
hammer price: $36 million on 13 November 2011, Sotheby's).
Along with the records, auctions - even prestige auctions - also generate
disappointments. The Impressionist & Modern sale at Christie's glowed in its
early stage with a record result for Chaim Soutine's Petit Pâtissier, but it was
marred by the failure of André Derain's portrait of Madame Matisse au kimono,
painted in 1905 and estimated between $15 million and $20 million.
As for the Contemporary sales, some works carrying 8-digit estimates failed to
sell including a painting by Francis Bacon (Study for Portrait of P.L. estimated
between $30 million and $40 million at Sotheby's) and two works by Jeff Koons
(estimated between $6 million and $15 million).
http://www.artprice.com (c)1987-2013 thierry Ehrmann
A propos d'Artprice :
Artprice has joined the prestigious SBF 120 index. The SBF 120 index is composed
of the 120 largest French listed companies, including the CAC 40 companies and
the country's 80 most liquid stocks.The current liquidity of the Artprice share
is 3.83 million euros per day calculated over 440 trading days (amounting to a
total of ?1.670 billion).
Artprice is the global leader in databank on Artprices and indices with more
than 27 million indices and auction results covering more than 500,000 artists.
Artprice Images® offers unlimited access to the largest Art Market resource in
the world, a library of 108 million images or engravings of artworks from 1700
to the present day along with comments by Artprice's art historians. Artprice
permanently enriches its databanks with information from 4,500 international
auction houses and auctioneers and publishes a constant flow of art market
trends for the main news agencies and 6,300 international written media. For its
2.072 million members (member log in), Artprice posts standardized adverts in
what is today the world's leading Standardised Marketplace® for buying and
selling works of art by private contract or at auctions -regulated by French law
alinéas 2 et 3 de l'article L 321.3 du code du commerce.
Artprice is listed on Eurolist B SBF 120 by Euronext Paris (SRD long only):
Euroclear: 7478 - Bloomberg: PRC - Reuters: ARTF
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Discover the Alchemy and the universe of Artprice http://web.artprice.com/video,
which headquarters are the famous Museum of Contemporary Art, the Abode of Chaos
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Contact: Josette Mey, tel: +33(0)478-220-000, e-mail: ir(at)artprice.com
The latest NY sales prove the financialisation of the Art Market:
http://hugin.info/155852/R/1703403/563040.pdf
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Source: ARTPRICE COM via Thomson Reuters ONE
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Datum: 21.05.2013 - 16:15 Uhr
Sprache: Deutsch
News-ID 262164
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