Art

Artprice by Artmarket publishes its 2023 Contemporary Art Market Report, showing a +2200% growth since 2000 and … – Canada NewsWire

Published

11 months ago

October 17, 2023

Focus on artists under 40

PARIS, Oct. 17, 2023 /CNW/ — Artprice by Artmarket is releasing its 2023 Contemporary Art Market Report in time for London’s Frieze art fair and Paris+ by Art Basel in the French capital. Key points: the market has grown +2,200% since 2000, new records are constantly falling, and art remains a safe haven in times of crisis.

[https://imgpublic.artprice.com/img/wp/sites/11/2023/10/2023-contemporary-art-market-report-artprice-com-by-artmarket-nft-flow-josh-pierce-en.jpg]

Artprice's 2023 Contemporary Art Market Report cover, featuring the NFT “Flow” by Josh PIERCE (PRNewsfoto/Artmarket.com) — Artprice’s 2023 Contemporary Art Market Report cover, featuring the NFT “Flow” by Josh PIERCE (PRNewsfoto/Artmarket.com)

In its 27th Annual Report, Artprice by Artmarket.com presents and examines a global Contemporary and Ultra-Contemporary art market that is more dynamic than ever before. Artprice’s Report on the 2023 Contemporary Art Market is available free of charge in both French and English on:

https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2023

According to thierry Ehrmann, Artprice founder and CEO of its parent company Artmarket, the Contemporary art market has changed beyond recognition in 20 years. With auction turnover increasing by 2,200%, many more contemporary artists participating (from 5,400 artists to nearly 38,000 today), and a growing volume of works exchanged (from 12,000 lots offered to 123,000), the change has been structural. But it has also been geographical with 64 countries participating in the market versus 39 two decades ago. The Contemporary art market has of course accelerated with the Internet and the fluidification of remote transactions, and it now represents the most dynamic and profitable segment of the entire Art Market in the 21^st Century.

I. CONTEMPORARY ART (artists born after 1945): key figures 2022/23

A global turnover of $2.3 billion over 12 months (July 2022 – June 2023)
The 4^thbest performance in the history of the Contemporary art market
The segment’s auction turnover has increased 22-fold since 2000/01 ($103 million)
Contemporary Art represented 16% of the total Fine Art and NFT auction market ($14.1 billion)
The segment saw yet another increase in transactions, to a new record of 123,450 lots sold over 12 months (+2%)
The volume of transactions has multiplied by 10 since 2000/01 (when only 12,500 Contemporary lots were sold)
Transactions above the million-dollar threshold fell by -22% (290 vs 372 in 2021/22)
The segment’s unsold rate remained stable at 34% (vs. 33% the previous year)
The top price paid for a Contemporary work was $67.1 million (Jean-Michel Basquiat)
The average auction price for a Contemporary art lot reached $18,600

Soft Power of the Contemporary Art Market 2022/23

The USA was the world leader in this segment with an auction turnover of $857 million over 12 months
The American market nevertheless (it posted $1 billion in 21/22)
China was in second place with $744 million despite a 5% contraction ($785 million in 21/22)
The UK was third with $376 million
France was fourth with $46 million
Japan was fifth with $40 million
Christie’s was the leading global auction operator in the segment with a turnover total of $650 million (hammering 31% of the segment’s global total)
Sotheby’s was second with $595 million (28%) and Phillips was third with $260 million (12%)
China Guardian was the leading Chinese auction house with a turnover total of $82 million (4%)
Ketterer was the leading European auction house with a turnover total of $11 million (0.5%)

Structure of the Contemporary Art Market

11 Contemporary works exceeded $10 million (compared with 20 in 21/22)
290 results above $1 million threshold (vs. 372 in 21/22)
54% of Contemporary lots sold for less than $1,000 (i.e. 66,600 works)
Paintings accounted for 74% of the global auction turnover from Contemporary art
Sculptures accounted for 10% and drawings accounted for 9%
Prints (4%) generated double the turnover hammered for photographs (2%)
30,532 Contemporary artists had at least one auction result in 22/23
10 artists accounted for 27% of the global auction turnover from Contemporary art

Top 10 Contemporary artists by auction turnover
(1 July 2022 – 30 June 2023) ©Artprice.com

	Artist	Nationality	Turnover	Lots sold	Best result
1	Jean-Michel BASQUIAT (1960-1988)	USA	$235,524,904	235	$67,110,000
2	Yoshitomo NARA (b.1959)	Japan	$97,737,808	460	$12,809,701
3	BANKSY (b.1974)	UK	$48,873,898	1,654	$9,724,500
4	Cecily BROWN (b.1969)	UK	$47,713,568	34	$6,711,450
5	Jeff KOONS (b.1955)	USA	$36,136,551	331	$16,992,500
6	Keith HARING (1958-1990)	USA	$35,807,795	1,006	$5,820,000
7	Christopher WOOL (b.1955)	USA	$33,671,700	50	$10,070,000
8	Damien HIRST (b.1965)	UK	$32,722,142	989	$2,220,000
9	George CONDO (b.1957)	USA	$32,064,762	97	$4,669,026
10	Mark GROTJAHN (b.1968)	USA	$30,025,287	24	$9,809,000

II. ULTRA-CONTEMPORARY ART (artists under 40): Key figures for H1 2023

The Ultra-contemporary segment generated $127 million in H1 2023
Global turnover down 38% vs. H1 2022 ($206 million)
The third-best semester in the Ultra-contemporary art segment since 2000
In 23 years, the segment’s turnover has grown 8.5 times (from $14.9 million in H1 2000)
Ultra-contemporary art represented 12% of the total Contemporary art auction market
Ultra-contemporary art represented 2% of global Fine Art and NFT auction turnover
A total of 4,520 Ultra-contemporary artworks sold during H1 2023
The segment’s unsold rate was 34% (same as that for the Contemporary segment as a whole)

Structure of the Ultra-contemporary Art Market in H1 2023

The average price of an Ultra-contemporary work reached $28,100
Paintings represent 80% of the Ultra-contemporary segment’s auction turnover
NFTs constituted the 2^nd largest medium in this segment: $14 million (11%)
Drawings accounted for 5.8% and sculptures for 1.5%
The USA was the leading hub for the exchange of Ultra-contemporary artworks: $41 million (32%)
Hong Kong hammered 31% of the segment’s auction turnover and mainland China hammered 7%
With a total of $26 million, the UK generated 20% of global Ultra-contemporary art auction turnover

Diversity of the Ultra-contemporary art market in H1 2023

2,646 artists under 40 had at least one auction result in H1 2023
5 women were in the Top 10 Ultra-contemporary artists by turnover
A new record was hammered for Matthew Wong (1984-2019) at $6.6 million

NFTs by Ultra-contemporary artists in H1 2023

Ultra-contemporary NFTs generated a total of $14.2 million (vs. $5.3 million in H1 2022)
NFTs represented 11% of the Ultra-contemporary art market
The best selling NFT 2022/23 was Dimitry Cherniak’s (b. 1988): Ringers #879 (The Goose) (2021) which fetched $6.2 million at Sotheby’s in New York on 15 June 2023

Top 10 artists under 40 by auction turnover
(1 January 2023 – 30 June 2023) ©Artprice.com

	Artist	Auction turnover	Lots sold	Best result
1	Matthew WONG (1984-2019)	$14,116,706	7	$6,662,115
2	Dmitri CHERNIAK (b.1988)	$7,110,450	7	$6,215,100
3	Lawyer HOLLOWELL (b.1983)	$5,756,267	11	$2,292,383
4	Jádé FADOJUTIMI (b.1993)	$4,288,516	15	$1,157,959
5	Avery SINGER (b.1987)	$4,063,984	2	$4,063,451
6	Tyler HOBBS (b.1987)	$3,962,699	11	$1,016,000
7	Ewa JUSZKIEWICZ (b.1984)	$3,198,240	13	$762,371
8	LIANG Hao (b.1988)	$3,140,164	1	$3,140,164
9	Lucy BULL (b.1990)	$2,898,618	8	$1,206,207
10	Aboudia DIARRASSOUBA (b.1983)	$2,880,822	43	$180,278

Art, a safe haven in major crises

In conclusion, in contrast to the rest of the economy which is impacted by the current geopolitical and financial context at the moment, the art market is pursuing its growth with robust health, with regular new auction records being hammered for works from all artistic periods and in a wide range of countries during recent sales sessions. Moreover, there have been no cancellations of classic and/or prestige cataloged sales for 2023 or 2024, these sales being very much the bellwethers of the entire art market.

Major auction houses and investors know very well that art is a safe haven and a good investment, as shown by the Artprice100© index, which has outperformed traditional stock market indices. The current period of uncertainty in the stock market is also bringing new funds and investments into the art market.

During past crises, Artprice has already observed that the art market was less impacted than financial markets and the economy. This was true during the Nasdaq crash in 2000, after the 9/11 attacks in 2001, the Afghan war in 2001, the Iraq war in 2003, the subprime and CDS crisis in 2007, the negative interest rates that started in 2011, and the Covid crisis in 2019. The current period of major geopolitical unrest and the fear of a recession have clearly not got the better of the Art Market.

Methodology

This Report takes into account all public auctions of Fine Art works, i.e. paintings, drawings, sculptures, photographs, prints, videos, installations, tapestries, and NFTs, excluding antiques, anonymous cultural goods and furniture. It covers the global auction results recorded by Artprice for artworks by artists born after 1945 (Contemporary Art) between 1 July 2022 and 30 June 2023. It focuses particular attention on the results for artworks by artists under the age of 40 (Ultra-contemporary artists) between 1 January 2023 and 30 June 2023. All prices indicated in this Report refer to public auction results including buyers’ fees. All uses of the “$” symbol refer to the US dollar.

The information and econometric studies produced by Artmarket.com are presented uniquely for the purpose of analyzing and understanding the statistical realities of the art market and should in no way be considered as advice or a suggestion or a solicitation to invest in the art market.

Image : [https://imgpublic.artprice.com/img/wp/sites/11/2023/10/2023-contemporary-art-market-report-artprice-com-by-artmarket-nft-flow-josh-pierce-en.jpg]

About Artmarket:

Artmarket.com is listed on Eurolist by Euronext Paris, SRD long only and Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.

Discover Artmarket and its Artprice department on video: www.artprice.com/video

Artmarket and its Artprice department was founded in 1997 by its CEO, thierry Ehrmann. Artmarket and its Artprice department is controlled by Groupe Serveur, created in 1987.

See certified biography in Who’s who ©:
https://imgpublic.artprice.com/img/wp/sites/11/2023/04/2023_2_Biographie-thierry-Ehrmann_WhosWhoInFrance.pdf

Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information in databanks containing over 30 million indices and auction results, covering more than 817,000 artists.

Artprice by Artmarket, the world leader in information on the art market, has set itself the ambition through its Global Standardized Marketplace to be the world’s leading Fine Art NFT platform.

Artprice Images® allows unlimited access to the largest Art Market image bank in the world: no less than 180 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians.

Artmarket with its Artprice department accumulates data on a permanent basis from 7200 Auction Houses and produces key Art Market information for the main press and media agencies (7,200 publications). Its 7.2 million (‘members log in’+social media) users have access to ads posted by other members, a network that today represents the leading Global Standardized Marketplace® to buy and sell artworks at a fixed or bid price (auctions regulated by paragraphs 2 and 3 of Article L 321.3 of France’s Commercial Code).

Artmarket, with its Artprice department, has twice been awarded the State label “Innovative Company” by the Public Investment Bank (BPI), which has supported the company in its project to consolidate its position as a global player in the art market.

Artprice by Artmarket publishes its 2023 Contemporary Art Market Report:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2023

Artprice by Artmarket’s Global Art Market Report, “The Art Market in 2022”, published in March 2023:
https://www.artprice.com/artprice-reports/the-art-market-in-2022

Artprice releases its 2022 Ultra-Contemporary Art Market Report:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2022

Index of press releases posted by Artmarket with its Artprice department:
https://serveur.serveur.com/artmarket/press-release/en/

Follow all the Art Market news in real time with Artmarket and its Artprice department on Facebook and Twitter:

www.facebook.com/artpricedotcom/ (over 6.4 million followers)

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Discover the alchemy and universe of Artmarket and its artprice department https://www.artprice.com/video headquartered at the famous Organe Contemporary Art Museum “The Abode of Chaos” (dixit The New York Times): https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013

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Confidential bilingual work now public:
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Contact Artmarket.com and its Artprice department – Contact: Thierry Ehrmann, [email protected]

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Calvin Lucyshyn: Vancouver Island Art Dealer Faces Fraud Charges After Police Seize Millions in Artwork

Published

4 days ago

September 13, 2024

Harry Miller

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.

Art

Ukrainian sells art in Essex while stuck in a warzone – BBC.com

Published

2 weeks ago

September 2, 2024

Harry Miller

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Ukrainian sells art in Essex while stuck in a warzone BBC.com

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Somerset House Fire: Courtauld Gallery Reopens, Rest of Landmark Closed

Published

4 weeks ago

August 18, 2024

Harry Miller

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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