Artmarket.com: the Artprice100© index was up 1.55% in 2023

"Artprice's latest annual report, "The Art Market in 2023" underscores the shift from a sellers' market to a buyers' market in 2023, explains thierry Ehrmann, CEO and Founder of Artmarket.com and its Artprice department. "During such periods, the balance of power tends to switch from the sellers to the buyers with the latter now being able to afford to be more demanding. But this shift has the effect of slowing the high-end segment, by reducing the availability of works likely to fetch over a million dollars. However, even in these circumstances, Artprice recorded a slight increase in prices for works by Blue-Chips artists.

Artprice100© vs. S&P 500 and STOXX Europe 50 – Base 100 in January 2000

Calculation principle of the Artprice100©

On 1 January 2023, Artprice updated its portfolio respecting the same investment strategy as in previous years. This consists of maintaining fictitious stakes in the world's 100 top-selling artists on the secondary market, with the stakes adjusted annually based on the artists' annual auction turnover and the market liquidity of their works over the previous 5-year period. The relative weight of each artist in the portfolio at the start of every year is therefore proportional to the relative turnover their works have generated over the previous five years, and this figure is then adjusted by a market liquidity factor. The exact breakdown of the portfolio as of 1 January 2023 is provided below in the section Composition of Artprice100© as of 1 January 2023.

On 31 December 2023, Artprice noted the theoretical change in value for each of the 100 artists in the portfolio based on the evolution of their respective price indices over the previous year. These indices are calculated by Artprice on all auction results recorded during the year 2023, for all categories of Fine Art works, with the exception of Prints and Multiples which constitute a separate market.

For example, investment in works by Gerhard Richter (1932) represented 2.8% of the Artprice100© portfolio on 1 January 2023, and his price index increased by +21% over the following twelve months. The investment in works by Jean-Michel Basquiat (1960-1988) represented 3.9% of the portfolio at the start of 2023, but his price index fell by -15% in 2023.

But, despite the heaviest-weighted artists recording price contractions in 2023 (particularly Pablo Picasso, Andy Warhol, and Claude Monet who between them accounted for almost a fifth of the portfolio) the Artprice100© portfolio, which is highly diversified, ended the year in positive territory. So, at the end of 2023, the overall ROI for the 100 artists in the Artprice100© was +1.55%.

Composition of the Artprice100© Index as of 1 January 2023

Due to the rarity of works by Old Masters, they are now practically absent from the composition of the Artprice100© portfolio. Only the great Chinese master Dong Qichang (1555-1636) was included at the start of 2023 with a 0.3% theoretical investment.

The share of 19th-Century artists has increased significantly. The spectacular results recorded in 2022 for Vincent van Gogh (1853-1890) and Paul Cézanne (1839-1906) during the sale of the Paul G. Allen Collection significantly raised their participation when the portfolio was adjusted at the start of the following year (2023). In total, 19th Century artists represented 12% of the portfolio at the start of 2023, compared with 10% at the beginning of 2022.

Weight of the five major creative periods in the Artprice100© in 2023

Modern Art remained the largest segment in the composition of the Artprice100© index, accounting for 43% of the initial 2023 investment. The Belgian Surrealist René Magritte (1898-1967) and the Chinese master Qi Baishi (1864-1957) have both been included in the composition of the Artprice100© for around ten years, but the dynamics of their respective markets are currently following very different paths: while the prices of works by René Magritte are increasing quickly (+38%), Qi Baishi's prices recorded a contraction of around -22% in 2023.

This year, the Post-War Art period accounted for 5 of the top 10 artists in the Artprice100© Index. Among them, the weight of the Japanese artist Yayoi Kusama (b.1929) in the portfolio is continuing to grow, driven by tremendous global success. With 812 lots sold at auction in 2023 for a total of $193 million, Yayoi Kusama is currently the 8th top-selling artist on the global art auction market (all creative periods combined) and the world's most in-demand female artist. In 2023, Gerhard Richter was the only living artist whose auction turnover was higher than Kusama's.

Lastly, in our 2023 Artprice100© portfolio, Contemporary Art represented 13% of the initial investment. The youngest artist in the portfolio was the Romanian painter Adrian Ghenie (b.1977), represented by the Plan-B, Thaddaeus Ropac, Tim Van Laere, and Pace galleries.

Composition of Artprice100©: Artist and weight in the initial Artprice100© portfolio for 2023

Images:

[https://imgpublic.artprice.com/img/wp/sites/11/2024/04/image1-artprice100-vs-sandp500-vs-stoxx-europe-50.png]

[https://imgpublic.artprice.com/img/wp/sites/11/2024/04/image2-artprice100-composition-2023.jpg]

The information and econometric studies produced by Artmarket.com are presented uniquely for the purpose of analyzing and understanding the statistical realities of the art market. They should in no way be considered as advice or a suggestion or a solicitation to invest in the art market or in Artmarket.com, listed on Euronext Paris.

Copyright 1987-2024 thierry Ehrmann www.artprice.com - www.artmarket.com

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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 (the original documentary archives, codex manuscripts, annotated books and auction catalogs acquired over the years ) in databanks containing over 30 million indices and auction results, covering more than 837,800 artists.

Artprice by Artmarket, the world leader in information on the art market, has set itself the ambition through its Global Standardized Marketplace to be the world's leading Fine Art NFT platform.

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 7200 Auction Houses and produces key Art Market information for the main press and media agencies (7,200 publications). Its 7.2 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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Artmarket, with its Artprice department, has twice been awarded the State label "Innovative Company" by the Public Investment Bank (BPI), which has supported the company in its project to consolidate its position as a global player in the art market.

Artprice by Artmarket's Global Art Market Report, "The Art Market in 2023", published in March 2024:
https://www.artprice.com/artprice-reports/the-art-market-in-2023

Artprice by Artmarket publishes its 2023 Contemporary Art Market Report:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2023

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