PARIS, 22 June 2022 / PRNewswire / – Four months after the invasion of Ukraine by the Russian army, the art market continues to follow its agenda undisturbed by the conflict unfolding at the gates of Europe. The prestigious Art Basel, TEFAF and Brafa fairs follow each other in Europe, as does the Venice Biennale or dOCUMENTA, without the ghost of war (nor the resumption of the Covid-19 epidemic or the threat of an ecological crisis) spoiling the festivities.
With $ 6.1 billion raised at auction during the first five months, this start to 2022 is much more intense than the previous one ($ 5.4 billion over the first five months of 2021)
announces Thierry Ehrmann, President and Founder of Artmarket.com and its Artprice Department. ”
The auctions have already increased + 12% this year. ”
+ 50% revenue in the US
The analyzes carried out by Artprice reveal a very intense start to the year 2022, although the organization of sales is still disrupted in several parts of the world (especially in Asia) by the Covid-19 pandemic.
The only leader this year, the United States recorded a 50% increase in auction revenue after the big spring sales. The last prestigious sessions were marked by the spectacular result approaching $ 200 million
Shot sage blue Marilyn
(1964) by Andy Warhol at Christie’s. The buyer, however, is none other than gallery owner Larry Gagosian, who would be well placed to suffer international sanctions against the Russian oligarchs he counts among his clients.
The spring sale in New York was also electrified by the sale of the canvas
(1982) by Jean-Michel Basquiat. Bought for $ 57.3 million in 2016 by billionaire Yusaku Maezawa and was sold this year for $ 85 million, that is, with a value increase of +48% in six years.
(1982) by Jean-Michel Basquiat recorded an average annual return of + 6.8% over the six years it was part of the Maezawa collection. This capital gain will partly serve to cover Christie’s buyer costs (more than $ 11 million on this item), but also to reassure the market, which had seen Basquiat’s price rise feverishly with the purchase of Yusaku Maezawa. The Japanese collector had in fact acquired a canvas by the same artist and from the same year for a record sum of 110 million dollars in 2017.
Europe is following, Asia is waiting, Metavers is taking over
The United Kingdom begins the year 2022 with sales turnover increasing by + 35% and France by + 25%. Europe thus appears to have fully recovered from the health crisis, even though the Asian market has been forced to postpone many sales on its side, due to a new wave of Covid-19. Hong Kong, for example, has only seen $ 146 million. in art auctions so far this year, compared to over half a billion this time last year.
At the same time, the cryptocurrency and the Web3 universe have been very generous in supporting the Ukrainian cause. kyiv has also started accepting donations in the form of NFTs from April 2022. Several artists have also launched charity sales of NFT works, such as JR in collaboration with Ukraine DAO or Pussy Riot, which sold a digital version of the Ukrainian flag for 6 , $ 7 million.
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