Art
Art Market Grew 29% in 2021, Says Key Report (Though Some Doubt It) – The New York Times
A much-referenced annual study found the market had recovered to prepandemic levels. Some industry observers question the methodology.
LONDON — International art sales “recovered strongly” after a pandemic-blighted year, according to the latest annual Art Basel & UBS Global Art Market Report, published on Tuesday. Sales reached an estimated $65.1 billion, up 29 percent on the previous year, the report says — but that headline figure, combining auction and gallery sales, remains short of the trade’s estimated $68.2 billion peak in 2014.
“The market showed great resilience under continuing uncertainty in 2021,” wrote Clare McAndrew, a Dublin-based cultural economist, in the sixth edition of the report, published Tuesday by the world’s largest art fair franchise and its main corporate partner. She added that the market was “buoyed by robust growth, particularly in the auction sector, where secondary market sales of high-end works of art provided a significant uplift in value.”
The Art Basel & UBS report is regarded as the most authoritative annual study of the global art market, and its findings are routinely cited in the news media. It is the only comprehensive survey of the international art trade that incorporates both values for public auctions and estimates for confidential dealer sales. The figures for dealers are based on self-reported survey responses from galleries, many of whom also exhibit at Art Basel fairs.
According to the 279-page report, aggregate dealer sales rose to an estimated $34.7 billion in 2021, 18 percent up on a crisis-hit 2020, but still below the level of 2019. “The highest rise in values year-on-year was in the segment of dealers with sales of between $5 million and $10 million,” the report says. “The smallest gains were experienced by dealers with turnover of less than $250,000.”
Auction sales also advanced in 2021, according to the report, reaching $26.3 billion, 47 percent up on the previous year and exceeding sales in 2019. Auction houses’ private sales in 2021 contributed a further $4.1 billion, the report says.
Online-only auctions were key to that recovery: So, too, was the major auction houses’ successful use of livestreaming for their marquee sales. Although not new, the hybrid online/live format had “substantially improved in terms of the quality of production and technical efficiency,” according to the report.
China (including Hong Kong) remained the biggest market for public auctions, with 33 percent of the market, slightly ahead of the United States at 32 percent, followed by Britain at 13 percent (down from 18 percent in 2019). France made a notable upward move: Benefiting from the fallout of Brexit, auctions there increased by more than 60 percent to $2.2 billion, raising the country’s global market share to 9 percent.
Given that online and hybrid auction sales were surging throughout 2021, while international art fairs only returned to in-person formats during the second half of the year, some seasoned art world observers were perplexed that Art Basel & UBS reported that dealer sales exceeded auctions.
“I don’t believe the turnover of the dealers was bigger,” said the Belgian collector Alain Servais, a regular buyer of contemporary art at both fairs and auctions. Servais is a longstanding critic of what he regards as the Art Basel & UBS report’s “finger in the wind” methodology for calculating dealer sales. This year it was based on 774 survey responses, mostly from Europe. Galleries with turnover of more than $1 million a year supplied 37 percent of the responses.
“The dealers’ survey is overweighted to the larger galleries,” said Servais in an interview. “They like the output of the report, because it gives a rosy view of the art world,” he added.
In an interview, McAndrew, the report’s author, conceded that, “More would be better, but it does capture an important chunk of the market,” adding, “I’m optimistic in the future that there will be better ways to measure things.”
McAndrew said her report was focused on the “traditional infrastructure” of the art trade, though there was a “huge universe of transacting” outside those structures, with NFT platforms producing “jaw-dropping” figures. Sales of art-related NFTs increased over a hundredfold year-on-year, reaching $2.6 billion. Sales of NFT collectibles grew to $8.6 billion, says the report, using data supplied by NonFungible.com.
NFTs entered the traditional art market’s auction sector in 2021, but at “limited values thus far,” the report says: Christie’s raised $150 million; Sotheby’s sales reached $80 million.
As the report was completed before Feb. 24, it does not address the war in Ukraine and its possible effect on the art market in 2022.
“We’re maybe facing a recession that’s very different from the corona crisis,” said, Marta Gnyp, an art adviser and writer, based in Berlin.
She also pointed out the relatively small sample of dealer data on which the Art Basel & UBS report bases its findings. “It’s all guesses and estimates,” said Gnyp in an interview. “But, since the same limited data have been used over the years, it gives us an idea of the direction. It’s good to have it.”
Art
Calvin Lucyshyn: Vancouver Island Art Dealer Faces Fraud Charges After Police Seize Millions in Artwork
In a case that has sent shockwaves through the Vancouver Island art community, a local art dealer has been charged with one count of fraud over $5,000. Calvin Lucyshyn, the former operator of the now-closed Winchester Galleries in Oak Bay, faces the charge after police seized hundreds of artworks, valued in the tens of millions of dollars, from various storage sites in the Greater Victoria area.
Alleged Fraud Scheme
Police allege that Lucyshyn had been taking valuable art from members of the public under the guise of appraising or consigning the pieces for sale, only to cut off all communication with the owners. This investigation began in April 2022, when police received a complaint from an individual who had provided four paintings to Lucyshyn, including three works by renowned British Columbia artist Emily Carr, and had not received any updates on their sale.
Further investigation by the Saanich Police Department revealed that this was not an isolated incident. Detectives found other alleged victims who had similar experiences with Winchester Galleries, leading police to execute search warrants at three separate storage locations across Greater Victoria.
Massive Seizure of Artworks
In what has become one of the largest art fraud investigations in recent Canadian history, authorities seized approximately 1,100 pieces of art, including more than 600 pieces from a storage site in Saanich, over 300 in Langford, and more than 100 in Oak Bay. Some of the more valuable pieces, according to police, were estimated to be worth $85,000 each.
Lucyshyn was arrested on April 21, 2022, but was later released from custody. In May 2024, a fraud charge was formally laid against him.
Artwork Returned, but Some Remain Unclaimed
In a statement released on Monday, the Saanich Police Department confirmed that 1,050 of the seized artworks have been returned to their rightful owners. However, several pieces remain unclaimed, and police continue their efforts to track down the owners of these works.
Court Proceedings Ongoing
The criminal charge against Lucyshyn has not yet been tested in court, and he has publicly stated his intention to defend himself against any pending allegations. His next court appearance is scheduled for September 10, 2024.
Impact on the Local Art Community
The news of Lucyshyn’s alleged fraud has deeply affected Vancouver Island’s art community, particularly collectors, galleries, and artists who may have been impacted by the gallery’s operations. With high-value pieces from artists like Emily Carr involved, the case underscores the vulnerabilities that can exist in art transactions.
For many art collectors, the investigation has raised concerns about the potential for fraud in the art world, particularly when it comes to dealing with private galleries and dealers. The seizure of such a vast collection of artworks has also led to questions about the management and oversight of valuable art pieces, as well as the importance of transparency and trust in the industry.
As the case continues to unfold in court, it will likely serve as a cautionary tale for collectors and galleries alike, highlighting the need for due diligence in the sale and appraisal of high-value artworks.
While much of the seized artwork has been returned, the full scale of the alleged fraud is still being unraveled. Lucyshyn’s upcoming court appearances will be closely watched, not only by the legal community but also by the wider art world, as it navigates the fallout from one of Canada’s most significant art fraud cases in recent memory.
Art collectors and individuals who believe they may have been affected by this case are encouraged to contact the Saanich Police Department to inquire about any unclaimed pieces. Additionally, the case serves as a reminder for anyone involved in high-value art transactions to work with reputable dealers and to keep thorough documentation of all transactions.
As with any investment, whether in art or other ventures, it is crucial to be cautious and informed. Art fraud can devastate personal collections and finances, but by taking steps to verify authenticity, provenance, and the reputation of dealers, collectors can help safeguard their valuable pieces.
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Ukrainian sells art in Essex while stuck in a warzone BBC.com
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The Courtauld Gallery at Somerset House has reopened its doors to the public after a fire swept through the historic building in central London. While the gallery has resumed operations, the rest of the iconic site remains closed “until further notice.”
On Saturday, approximately 125 firefighters were called to the scene to battle the blaze, which sent smoke billowing across the city. Fortunately, the fire occurred in a part of the building not housing valuable artworks, and no injuries were reported. Authorities are still investigating the cause of the fire.
Despite the disruption, art lovers queued outside the gallery before it reopened at 10:00 BST on Sunday. One visitor expressed his relief, saying, “I was sad to see the fire, but I’m relieved the art is safe.”
The Clark family, visiting London from Washington state, USA, had a unique perspective on the incident. While sightseeing on the London Eye, they watched as firefighters tackled the flames. Paul Clark, accompanied by his wife Jiorgia and their four children, shared their concern for the safety of the artwork inside Somerset House. “It was sad to see,” Mr. Clark told the BBC. As a fan of Vincent Van Gogh, he was particularly relieved to learn that the painter’s famous Self-Portrait with Bandaged Ear had not been affected by the fire.
Blaze in the West Wing
The fire broke out around midday on Saturday in the west wing of Somerset House, a section of the building primarily used for offices and storage. Jonathan Reekie, director of Somerset House Trust, assured the public that “no valuable artefacts or artworks” were located in that part of the building. By Sunday, fire engines were still stationed outside as investigations into the fire’s origin continued.
About Somerset House
Located on the Strand in central London, Somerset House is a prominent arts venue with a rich history dating back to the Georgian era. Built on the site of a former Tudor palace, the complex is known for its iconic courtyard and is home to the Courtauld Gallery. The gallery houses a prestigious collection from the Samuel Courtauld Trust, showcasing masterpieces from the Middle Ages to the 20th century. Among the notable works are pieces by impressionist legends such as Edouard Manet, Claude Monet, Paul Cézanne, and Vincent Van Gogh.
Somerset House regularly hosts cultural exhibitions and public events, including its popular winter ice skating sessions in the courtyard. However, for now, the venue remains partially closed as authorities ensure the safety of the site following the fire.
Art lovers and the Somerset House community can take solace in knowing that the invaluable collection remains unharmed, and the Courtauld Gallery continues to welcome visitors, offering a reprieve amid the disruption.
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