Arte e Cultura
Artmarket.com: Several Young Artists Have Dwarfed Their Estimates; Artprice Takes A Closer Look
thierry Ehrmann, CEO and Founder of Artmarket.com and of its Artprice department: " "
If you don't yet know Flora Yukhnovich (1990) or Jadé Fadojutimi (1993), that's normal! In fact, it appears to be precisely one of the reasons their works are so expensive today...and it could well be that as soon as you know them, they will be a little fashionable. It might sound counter-intuitive, but it would appear that what makes these artists so instantly valuable is that they are on the books of the most prestigious Contemporary art galleries. Works by these young artists are therefore offered in sales at Phillips, Sotheby's and Christie's without any points of reference.
In fact, since it was painted in 2020 (less than two years ago), the canvas has already been sold by the Parafin Gallery and resold at Sotheby's in London . The Artsy online platform presents the young English painter (31 years old) as a blue-chip artist, because Flora Yukhnovich is " " However Artprice considers her more like a 'red-chip' artist, a notion coined by journalist Scott Reyburn (The Art Newspaper) in January 2021 , in reference to a number of very young artists who have suddenly emerged on the international art scene.
https://www.theartnewspaper.com/2021/01/08/blue-chip-artists-move-over-here-come-the-red-chips
With the health crisis, the auction houses have pushed back the limits of the secondary market to which they have been historically dedicated. Today, six- or seven-digit amounts sometimes seem easier to achieve for super-fresh works (created less than two years before resale) than for Modern classics and the major auctioneers are increasingly getting involved in the game, i.e. the very rapid resale of works fresh out of the studios of young fashionable artists.
This practice is regularly criticized by galleries and artists themselves, in whose eyes overly rapid price evolutions destabilize the fragile balance between supply and demand. Last year, the painter Amoako Boafo (of Ghanaian origin) confided to Bloomberg his fears and disapproval regarding the highly speculative resale of his paintings at auction.
https://www.bloomberg.com/news/articles/2020-02-12/hot-new-artist-laments-that-his-work-is-being-flipped-for-profit
In H1 2021, auction houses took a further step by selling NFTs by Beeple, Larva Labs, PAK, Mad Dog Jones, etc. none of whom are as yet represented by major galleries. The auction houses collaborated directly with these artists, but also with specialized platforms (like Nifty Gateways or Opensea) to benefit from all of the available technological support. However, as the NFT market had no history, the estimates provided by the auction houses were somewhat arbitrary: the starting price for Beeple's
was set at $100 , but the work fetched nearly $70 million!
Of course this is not the first time auction houses have entered the primary market. They regularly offer fresh pieces during charity sales where artists donate one or two 'unseen' works to . There have also been a number of special cases, such as Damien Hirst's and Sotheby's sale in 2008.
With NFTs, auction houses have been able to inject into the market works that by-pass galleries, but for which an immense demand already exists and has even been bottled up for too long. This paradigm shift fits in perfectly with a broader strategy by the auction majors of presenting works capable of attracting new buyers towards works whose prices can rocket. In fact, the 'NFT' and the 'red-chip' phenomena can be seen as a materialisation of this new strategy.
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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 5.4 million ('members log in'+social media) 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).
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Artprice by Artmarket's 2020 Global Art Market Report published in
March 2021 :
https://www.artprice.com/artprice-reports/the-art-market-in-2020
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