PARIS, April 6, 2021 /PRNewswire/ -- In the absence of
other cultural news, the art world is continuing to discover the
joys of online auctions which seem better adapted to
dematerialization than other art forums. One consequence has been
a very substantial rise in the sale of new creations via
auction. Indeed, the number of ultra-contemporary
artworks produced less than two years ago and already resold at
auction is experiencing phenomenal growth. Several young artists
have generated 5- or 6-digit results before their work has even
been exhibited by a major museum.
"Auctions are currently at the forefront of the international
art scene, concentrating all the trends in the Art Market. That's
why the Artprice Databases and our Decision Support Tools have
never been so valuable," concludes thierry Ehrmann, President
and Founder of Artmarket.com and of its Artprice department.
"Auctions are even attracting a significant section of the
primary market; the latest records for Beeple and Banksy were
established by works put on sale directly by the artists
themselves."
Cautious estimates
Deprived of international art fairs, gallery openings and major
exhibitions, collectors are paying more attention to works
circulating in the auction sphere. This pushes up the prices which
in turn encourages the holders of works by these popular artists to
resell them. This stimulation of both supply and demand has
allowed the emergence of young art market superstars in the space
of just a few months.
Artists under the age of 40, who had never before generated
auction results, have suddenly reached dizzying price points with
extremely recent works ("the paint is still wet" as we used
to say a few years ago). These results are all the more
disconcerting for having demolished the estimates posted by the
major auction houses, proving either that this acceleration has
taken contemporary art specialists completely by surprise... or
that they wish to remain cautious.
- Amoako Boafo (1984), The
Lemon Bathing Suit (2019)
Estimated: $40,000 - $65,000
Price with fees: $881,400
13/02/2020 Phillips London
- Matthew Wong (1984-2019),
The Realm of Appearances (2018)
Estimated: $60,000 - $80,000
Price with fees: $1,820,000
29/06/2020 Sotheby's New York
- Christina Quarles (1985),
Tuckt (2016)
Estimated: $70,000 - $100,000
Price with fees: $655,200
08/12/2020 Phillips New York
On the need to remain vigilant
A few years, or even just a few months after their creation,
these canvases have already been sold at auction. A situation
that shocks the artists themselves, as Amoako Boafo explained in an interview with
Bloomberg in February 2020, titled
Hot New Artist Laments That His Work Is Being Flipped for
Profit.
www.bloomberg.com/news/articles/2020-02-12/hot-new-artist-laments-that-his-work-is-being-flipped-for-profit
So far, the prices of this young Ghanaian artist are holding
firm: his 34 paintings put up for sale since 1 January 2020 all found buyers in London, New
York and Hong Kong.
Artprice nevertheless remains extremely vigilant regarding the
development of Amoako Boafo's
market. His next work to come up for sales, a canvas titled
Grace (2018) was acquired directly by the seller from the
artist and will be offered at Sotheby's in Hong Kong on 20 April
2021.
www.artprice.com/artist/904704/amoako-boafo/painting/23560098/grace
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