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How the art market turned upside down—in one month

© Katherine Hardy
This article featured in our Art Market Eye newsletter. For monthly commentary, insights and analysis from our art market experts straight to your inbox, sign up
In the space of just three weeks, we have seen almost all the accepted norms of the traditional art market shattered.
In March the graphic designer Beeple saw the NFT relating to his compendium of 5,000 cartoonish images
Everydays, the First 5,000 Days, go for a eye-watering $69.3m making it the third-most expensive price ever paid for a living artist. Only Jeff Koons and David Hockney have achieved more. The buyer of the NFT was an Indian programmer, Vignesh Sundaresan, a crypto investor and founder of the NFT fund Metapurse. ....

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Six reasons why Gamestop couldn't happen in the art market

From lack of supply to prohibitive price points, it seems you can't short art. at least for now ....

United States , Katherine Hardy , ஒன்றுபட்டது மாநிலங்களில் , க்யாதரிந் ஹார்டி ,

Can Paris snatch the art market crown from London?

© Katherine Hardy
This article was featured in our Art Market Eye newsletter. For monthly commentary, insights and analysis from our art market experts straight to your inbox, sign up
In the 1950s the leading saleroom in the world was…Paris’s auction house, l’Hôtel Drouot. Its turnover regularly beat Sotheby’s and Christie’s combined, while on a broader level the French capital revelled in its status as the art capital of the world.
How things have changed. According to the 2020 UBS Art Basel report, France represented a puny 7% of the global art market in 2019, although that was an improvement on the 6% chalked up the previous year. ....

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Social media replaces fairs as the third most successful sales channel for galleries in 2020, study reveals

The Artsy Gallery Insights 2021 Report unsurprisingly shows a significant move towards the digital
Illustration: Katherine Hardy
How the art world mighty have fallen. Art fairs ranking as the third most successful way for galleries to sell art in 2019 has slipped to sixth position in 2020 because of the coronavirus pandemic, according to the Artsy Gallery Insights 2021 Report. Social media has replaced fairs, becoming galleries’ third best sales channel, moving up from sixth place in 2019. “The ranking of top sales channels shuffled considerably this year, with online sales, social media, and gallery websites taking the place of art fairs and walk-ins,” the report says. However, the number one way to sell art remains outreach to existing clients, accounting for 28% of total annual gallery sales in 2020. ....

United States , Dustyn Kim , Katherine Hardy , Artsy Gallery Insights , Latin America , Middle East , North America , ஒன்றுபட்டது மாநிலங்களில் , க்யாதரிந் ஹார்டி , கலாப்பூர்வமானது கேலரி நுண்ணறிவு , லத்தீன் அமெரிக்கா , நடுத்தர கிழக்கு , வடக்கு அமெரிக்கா ,

Asian art market flies in the face of coronavirus

Illustration: © Katherine Hardy
This article was featured in our Art Market Eye newsletter. For monthly commentary, insights and analysis from our art market experts straight to your inbox, sign up
While the Western art market is still in recovery mode, the Asian market is forging ahead. Frantic bidding in Hong Kong in December saw new records set at Phillips and at Christie’s for young artists, from Salman Toor, Nicolas Party, Amoako Boafo, Shara Hughes, Dana Schutz and (predictably) the late Matthew Wong, as well as strong prices for older names such as Yayoi Kusama, Yoshitomo Nara and Bernard Frize. ....

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