Contemporary art sales rebound

Image: via Twitter @widewalls1

Contemporary art sales rebound to over a billion with NFT’s playing a role

An Artprice report reveals NFTs’ influence on contemporary art sales, with Hong Kong being the driving force of the asian market.

Contemporary art sales rebound

Image: via Twitter @widewalls1

Contemporary art auctions rebounded to an all-time high of $2.7 billion (R40 billion) over the last year, boosted by online sales and the arrival of digital art in the form of “NFTs”, according to the annual report by Artprice released on Monday. 

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AN ONLINE APPROACH FOR ART SALES

Having seen sales collapse by a third in the previous year because of the initial crisis caused by the pandemic, sales soared between June 2020 and June 2021 as auctioneers quickly adopted a more online approach. 

“Photography and prints have been particularly successful in this new online environment and in 2021, we have seen the sensational arrival of completely dematerialised artworks, the famous NFTs,” said Artprice CEO Thierry Ehrmann in a foreword to the report. 

NFTs, or “non-fungible tokens,” allow people to buy the rights to online art, including images, animation or even tweets. 

In March, US artist Beeple sold an NFT of his digital artwork Everydays: The First 5,000 Days for $69.3 million (R940 million) to an Indian blockchain entrepreneur – the third-highest price ever achieved by a living artist. 

Christie’s said 22 million people, nearly 60% under the age of 40, logged in to the sale, the first public auction of an NFT. NFTs accounted for a third of online sales, and 2% of the overall art market. 

HONG KONG COMPETING WITH NEW YORK IN COMTEMPORARY ART SALES

Street artist Banksy got in on the game shortly after, selling an NFT of his work Morons, which featured an auctioneer selling a painting with the inscription:

“I can’t believe you morons actually buy this shit.” 

It sold for around $380,000 (R5,6 million) But Artprice said another key driver of growth was the emergence of the Asian market, with Hong Kong establishing itself as the contemporary art world’s second city after New York. 

China actually beat the United States for auction turnover, taking 40% of sales to America’s 32%. Britain was in third place with 16%.

“In effect, Hong Kong is now playing an accelerator role for the most prominent young Western artists and it is establishing itself as New York’s primary competitor,” said Ehrmann.

The highest-selling contemporary artist remains Jean-Michel Basquiat, who died in 1988 but generated $93.1 million (R1.3 billion) in sales over the past year. 

Beeple comes in second thanks to his landmark NFT sale. But the third place is also surprising: 68-year-old Chinese artist Chen Danqing, who has lived in the US since the 1980s, who was propelled by a $25.2 million (R376 million) sale in Beijing for his oil painting Shepherds in June, a record for Chinese art. 

In terms of volume, the most popular artist is 3D artist Kaws, collected by pop stars including Justin Bieber and Pharrell Williams. 

Kaws sold 1,682 works over the year, just ahead of another pop star favourite, Takashi Murakami, who has frequently worked with Billie Eilish and sold 1,591 lots.

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