PARIS, Nov. 17, 2020 /PRNewswire/ -- Artprice's
quarterly Global Art Market Index normally shows
seasonal fluctuations and, in the longer run, has shown a
slight contraction since 2016. In 2020, despite the health
crisis, the trend has continued unperturbed without any
visible drop.
Artprice's latest updated global art price indices
(segmented by category, period and country) are available free
of charge at:
https://imgpublic.artprice.com/pdf/agi.xls?ts=2020-11-17
10:19:15
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We would expect to see some sort of latent price correction, but
it will probably not become visible until after a return to
'normal' trading. In times of crisis, the Art Market slows
down its supply by raising the qualitative selectivity of
lots offered to avoid disappointments and maintain price
levels. This year, the lockdowns took effect before auction houses
had time to react, forcing an abrupt halt to transactions and
then subsequently slowing their recovery.
"The Art Market has its own defense mechanisms",
says thierry Ehrmann, President and Founder of Artmarket.com
and its Artprice department. "The real price impact of the
health crisis will not be fully visible until the auction
market returns to a normal volume of trade (500,000 lots sold
at auctions per year) and, above all, until private sales have
successfully established enough new channels to offset the
absence of major fairs and the closure of so many galleries.
For the time being, we are pleased to note that the
secondary art market is finding the necessary resources
in terms of the numbers of lots offered, technical solutions and
financial liquidity to ensure a decent level of
activity."
Artprice calculates its Global Art Market Indices on
the basis of the results obtained at public sales exclusively.
However, this segment of the market appears to
have adapted more quicky and successfully to lockdown
measures: from the beginning of the year to the end of
October, global art auction turnover contracted by only -25%
versus FY 2019 with the number of lots sold falling
only -16%. Auction houses have therefore managed
to continue with the bulk of their operations, which is not
the case for lots of galleries and art fairs.
Several auction records have also proved that art market prices
have by no means been systematically undermined. On the
contrary, they have remained relatively robust this year. The sale
of Giorgio de Chirico's painting
Il pomeriggio di Arianna (1913) for $15.9 million at Sotheby's in New York on 29 October
2020 illustrates a market still keen to acquire
masterpieces. The sale of Boticelli's Young Man Holding a Roundel has been
postponed until January. Auction houses may be delaying
some sales, but they are ensuring the continuity of
transactions.
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