PARIS, Dec. 18, 2019 /PRNewswire/ -- American stock
markets have been super buoyant this year: the S&P 500 started
the year at 2,510 points and reached 3,190 points this Tuesday,
17 December 2019. That's a 26.2%
increase over 12 months... adding more than a quarter to this
fundamental index's historical value.
Over the same period, the value of artworks by "blue chip"
artists in the Art Market rose just 3.3% - a much more moderate
growth rate than that of the S&P 500, but still positive, and
resulting from two totally different semesters in terms of the
circulation of works.
Artprice100© vs S&P 500 since 2000
[https://imgpublic.artprice.com/img/wp/sites/11/2019/12/artprice100.png]
thierry Ehrmann, founder of Artprice and CEO of ArtMarket.com:
"The artists in our Artprice100© index represent the base of the
global Art Market: a particularly robust base that continues to
grow, but which is not the best performing segment of the Art
Market this year. The Modern artists who usually dominate this
index, let other signatures take the limelight in the second half
of the year. Inst't the fact that Robert
Rauschenberg, Ed Ruscha,
Cimabue and Kaws stole the show from the likes of Picasso and
Modigliani an excellent reason to celebrate?"
A second semester very different from the first
The first half of the year was marked by superb auction records
in New York, London and Hong
Kong. These records boosted the prices of several key
artists who have been present in our Artprice100© for a long time,
like Claude Monet, Paul Cézanne,
Andy Warhol and Jeff Koons, and they actually stimulated the
appetite of collectors for works by major signatures. By the end of
the first semester the Artprice100© was showing a 16% increase,
more or less in line with the progression of the S&P 500, up
18%.
In the second half of 2019, the secondary market supply of
masterpieces was much less abundant, as we saw in the case of
Pablo Picasso for example. The
brilliant Spanish painter, who alone accounts for 9.1% of the
Artprice100©'s composition, posted a drop of around -8% in the
price of his works. But the slowdown was not so much due to his
2019 performance, in line with his average, but rather to the
exceptional results hammered the previous year. In 2018 Pablo
Picasso's auction turnover broke all records, with $745 million hammered worldwide. Whereas 13 of
his works fetched over $10 million
last year, 'only' five reached the 8-digit threshold in 2019, and
only one in the second half.
Considering Picasso's weight in the Artprice100© index, it would
have taken lots of other positive annual performances by other
artists in the index to offset the slowdown in his market.
Post-War and Contemporary Art on a firm footing
The sale of Ed Ruscha's painting
Hurting the Word Radio # 2 (1964) on 13 November 2019 contributed to raising
Ed Ruscha's price index by 11% this
year. But weighing just 0.6% in the composition of our
Artprice100©, that good performance had only a small impact on our
portfolio. Similarly, the performances of Nicolas de Staël and
Albert Oelhen (each weighing less than 0.2%) contributed only very
modestly to the growth of the Artprice100©.
Unfortunately, the best auction records of the second half of
2019 had little or no impact on the index since the new stars of
the market – starting with Kaws and Banksy – have not yet joined
its composition. Likewise for the exceptional Old Master results
that rocked French auction rooms in the second half of the year:
Cimabue, the Master of Vyšší Brod, and Artemisia Gentileschi...
artists whose works are obviously far too rare on the market to be
considered "blue-chip" artists.
Indeed, it is extremely encouraging to note that in a slow
period, when masterpieces by the Art Market's major signatures are
scarce, the Artprice100© index continues to progress.
This represents another quality of this index, in addition to
that – even more important – of its resilience to financial crises.
During the subprime crisis, following the collapse of Lehman
Brothers in 2008, the S&P 500 posted major losses whereas the
Artprice100© lost only a quarter of its value.
Fortunately, 2020 is already looking a lot stronger for the
high-end Art Market. The dispersion of the Macklowe collection, in
particular, should benefit 'blue-chip' artists and the
Artprice100©.
Copyright 1987-2019 thierry
Ehrmann www.artprice.com - www.artmarket.com
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:
https://en.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/11/2019/10/biographie_oct2019_WhosWho_thierryEhrmann.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 700,000
artists.
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 6300 Auction Houses and produces key Art
Market information for the main press and media agencies (7,200
publications). Its 4.5 million 'members log in' 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 been awarded the
State label "Innovative Company" by the Public Investment Bank
(BPI) (for the second time in November
2018 for a new period of 3 years) which is supporting the
company in its project to consolidate its position as a global
player in the market art.
Artprice by Artmarket's 2018 Global Art Market Report published
in March 2019:
https://fr.artprice.com/artprice-reports/le-marche-de-lart-en-2018
Index of press releases posted by Artmarket with its Artprice
department:
http://serveur.serveur.com/press_release/pressreleasefr.htm
Follow all the Art Market news in real time with Artmarket and
its Artprice department on Facebook and Twitter:
https://www.facebook.com/artpricedotcom (4.5 million
followers)
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https://twitter.com/artpricedotcom
Discover the alchemy and universe of Artmarket and its artprice
department http://web.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
L'Obs - The Museum of the Future:
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https://www.facebook.com/la.demeure.du.chaos.theabodeofchaos999
(4 million followers)
https://vimeo.com/124643720
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Contact Artmarket.com and its Artprice department
Contact: thierry Ehrmann, ir@artmarket.com