Paris, November 17, 2020 / PRNewswire / – Artprice’s quarterly Global Art Market Index Generally shows seasonal fluctuations and, in the long run, a slight contraction since 2016. In 2020, despite the health crisis, the trend has continued to decline unabated.
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We would expect to see some kind of latent price correction, but this would not be possible after a return to ‘normal’ trading. In times of crisis, the art market slows down its supply by increasing qualitative selectivity of lots to avoid disappointments and maintain price levels. This year, premature lockdowns went into effect for auction houses to react, leading to a sudden halt in transactions and then slowing their recovery later.
“The art market has its own defense system“Says Thierry Ehrmann, chairman 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 is a normal volume of merchandise (500,000 lots sold at auction per year) and above all, as long as private sales successfully offset enough new channels. Will not be visible until installed. Lack of major fairs and closure of such galleries. For the time being, we are happy about it Secondary The art market is finding the necessary resources in terms of the number of offers, technical solutions and financial liquidity To ensure a decent level of activity.“
ArtPrice counts this Global art market signs Especially based on the results obtained on public sale. However, this segment of the market appears to have adapted to more quick and successful lockdown measures: from the beginning of the year to the end of October, the global art auction business contracted by only -25% vs. FY19 with a lot of numbers Falling only -16%. Therefore auction houses have managed to continue with the bulk of their operations, which is not the case for a lot of galleries and art fairs.
Several auction records have also proved that art market prices have not been systematically reduced in any way. On the contrary, they remain relatively strong this year. Sale of Giorgio di Chirico picture Ariana afternoon (For 1913) $ 15.9 million In sotheby’s New York On 29 October 2020 Shows a market that is still keen on acquiring masterpieces. Boticelli Sales Young man holding One round Has been postponed until January. Some sales at auction houses may be delayed, but they are ensuring continuity of the transaction.
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