Arte e Cultura
Artprice Indices: art values are holding up...
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We would expect to see some sort of latent price correction, but it will probably not become visible until after a return to 'normal' trading. In times of crisis, the Art Market slows down its supply by raising the qualitative selectivity of lots offered to avoid disappointments and maintain price levels. This year, the lockdowns took effect before auction houses had time to react, forcing an abrupt halt to transactions and then subsequently slowing their recovery.
" ", says thierry Ehrmann, President and Founder of Artmarket.com and its Artprice department. " "
Artprice calculates its on the basis of the results obtained at public sales exclusively. However, this segment of the market appears to have adapted more quicky and successfully to lockdown measures: from the beginning of the year to the end of October, global art auction turnover contracted by only -25% versus FY 2019 with the number of lots sold falling only -16%. Auction houses have therefore managed to continue with the bulk of their operations, which is not the case for lots of galleries and art fairs.
Several auction records have also proved that art market prices have by no means been systematically undermined. On the contrary, they have remained relatively robust this year. The sale of Giorgio de Chirico's painting (1913) for $15.9 million at Sotheby's in New York on 29 October 2020 illustrates a market still keen to acquire masterpieces. The sale of Boticelli's has been postponed until January.
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