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Home›Gallery Finance›Several young artists have eclipsed their estimates; Artprice takes a closer look

Several young artists have eclipsed their estimates; Artprice takes a closer look

By Jorge March
November 4, 2021
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PARIS, November 4, 2021 / CNW / – On October 14, 2021, just before its prestigious contemporary art evening sale at London, Sotheby’s calculated the estimated value of the canvas I will have what she has (2020) by Flora Yukhnovich in $ 80,000 – $ 110,000. But the work eventually sold for more $ 3 million. Nothing justifies this result 30 times higher than the estimates, if it is not pure competition between bidders of course, fueled by a current wave of enthusiasm in the art market for young creation. In reality, the 31-year-old artist has far too few results for Artprice and Sotheby’s to explain the logic of such a result.

Evolution of turnover from auctions of artists under 35

The Artprice Contemporary <a class=Art Market Report 2021 is currently available for free in three languages” src=”https://s.yimg.com/ny/api/res/1.2/neeZkjWWdwO5gBDPStuZCw–/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTQ3MQ–/https://s.yimg.com/uu/api/res/1.2/hftxddj88lAV9GuJBI.XLQ–~B/aD0yNjc7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/cnwgroup.com/f3396583ea87949fab1bb0cf43b3c3bc”/>

The Artprice Contemporary Art Market Report 2021 is currently available for free in three languages

thierry Ehrmann, CEO and founder of Artmarket.com and its Artprice department: “Art is generally viewed as a low volatility investment whose value evolves over the long term with a gradual change in tastes and preferences. But in recent years, this theory has been shaken by the “red-chip” phenomenon: collectors have become enthusiastic about the very latest stars of the Art Market, to the point of rapidly increasing the price of their works by a few thousand. to several million dollars.“

Buy before they are known …
If you don’t know Flora Yukhnovich (1990) or Jadé Fadojutimi (1993) yet, that’s normal! In fact, it seems that this is precisely one of the reasons why their works are so expensive today … and it could well be that as soon as you know them, they are a bit less fashionable. It might seem counterintuitive, but it would seem that what makes these artists so instantly valuable is that they are not in the books of the most prestigious contemporary art galleries. The works of these young artists are therefore offered for sale at Phillips, Sotheby’s and Christie’s without any reference.

Indeed, since it was painted in 2020 (less than two years ago), the canvas I will have what she has has already been sold by the Parafin gallery and resold at Sotheby’s at London. The online platform Artsy presents the young English painter (31 years old) as a first-rate artist, because Flora Yukhnovich is “represented by internationally renowned galleries.“However, Artprice considers her more as a” red-chip “artist, a notion invented by a journalist Scott Reyburn (Le Journal de l’Art) in January 2021, in reference to a number of very young artists who suddenly emerged on the international art scene.

https://www.theartnewspaper.com/2021/01/08/blue-chip-artists-move-over-here-come-the-red-chips

Very recent work on the secondary market
With the health crisis, auction houses have pushed back the limits of the secondary market to which they were historically dedicated. Today, six- or seven-figure amounts sometimes seem easier to achieve for super-fresh works (created less than two years before resale) than for modern classics, and the big auctioneers are getting more involved. in the to spill game, that is to say the very rapid resale of works fresh out of the workshops of young trendy artists.

This practice is regularly criticized by galleries and the artists themselves, in the eyes of which too rapid price changes destabilize the fragile balance between supply and demand. Last year the painter Amoako Boafo (of Ghanaian descent) told Bloomberg of his fears and disapproval of 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

A new strategy …
In the first half of 2021, auction houses took a new step by selling NFTs from Beeple, Larva Labs, PAK, Mad Dog Jones… none of which is yet represented by major galleries. The auction houses have collaborated directly with these artists, but also with specialized platforms (such as Nifty Gateways or Opensea) to benefit from all the technological support available. However, as the NFT market had no history, the estimates provided by the auction houses were somewhat arbitrary: the starting price of Beeple’s 5,000 days was set at $ 100, but the work grossed nearly $ 70 million!

Of course, this is not the first time auction houses have entered the primary market. They regularly offer fresh pieces at charity sales where artists donate one or two “invisible” works to a good cause. There have also been a number of special cases, such as that of Damien Hirst and Sotheby’s Beautiful in my head forever sale in 2008.

With NFTs, auction houses have been able to inject into the market works that bypass galleries, but for which an immense demand already exists and is even bottled up for too long. This paradigm shift fits perfectly with a broader strategy of the auction majors to present works capable of attracting new buyers to works whose prices can explode. In fact, the ‘NFT’ and ‘red-chip’ phenomena can be seen as a materialization of this new strategy.

Pictures:
[https://imgpublic.artprice.com/img/wp/sites/11/2021/11/image1-artists-under-35.png]
[https://imgpublic.artprice.com/img/wp/sites/11/2021/11/image2-artprice-2021-contemporary-art-market-report.jpg]

Copyright 1987-2021 thierry Ehrmann www.artialis – www.artmarket.com

About Artmarket:
Artmarket.com is listed on the Eurolist of Euronext Paris, SRD long only and Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.

Discover Artmarket and its Artprice department in video: www.art chauffage/video

Artmarket and its Artprice department were founded in 1997 by its CEO, Thierry Ehrmann. Artmarket and its Artprice department are controlled by the Server Group, created in 1987.

See the certified biography in Who’s who ©:
https://imgpublic.artUSD/img/wp/sites/11/2021/06/Biographie_nov2020_WhosWho_thierryEhrmann.pdf

Artmarket is a global player in the Art Market with, among other structures, its Artprice department, a world leader in the collection, management and use of historical and current information on the art market in databases containing more than 30 million indices and auction results, covering more than 770,000 artists.

Artprice Images® allows unlimited access to the largest image bank of the Art Market in the world: no less than 180 million digital images of photographs or engraved reproductions of works of art from 1700 to the present day , commented on by our art historians.

Artmarket with its Artprice department continuously accumulates data from 6,300 Auction Houses and produces key information on the Art Market for the main press and media agencies (7,200 publications). Its 5.4 million users (‘member login’ + social networks) have access to ads posted by other members, a network that is today the world’s leading standardized marketplace® for buying and selling works. art at a fixed or offered price (auctions regulated by paragraphs 2 and 3 of article L 321.3 of from France Trade code).

Artmarket with its Artprice department, obtained the State label “Innovative Company” by the Public Investment Bank (BPI) (for the second time in november 2018 for a further period of 3 years) which supports the company in its project to consolidate its position as a global player in the art market.

Artprice Report on the Contemporary Art Market 2020/21 by Artmarket.com:
https://www.artUSD/artprice-reports/the-contemporary-art-market-report-2021

The 2020 Artprice Global Art Market Report by Artmarket published in March 2021:
https://www.artUSD/artprice-reports/the-art-market-in-2020

Index of press releases published by Artmarket with its Artprice service:
server.server.com/press_release/pressreleaseen.htm

Follow all the news of the Art Market in real time with Artmarket and its Artprice service on Facebook and Twitter:

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Discover the alchemy and the universe of Artmarket and its artprice department https://www.art chauffage/video whose head office is at the famous Museum of Contemporary Organ Art “La Demeure du Chaos” (dixit Le New York Times): https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013

L’Obs – The Museum of the Future: https://youtu.be/29LXBPJrs-o

www.facebook.com/la.demeure.du.chaos.theabodeofchaos999

(4.4 million subscribers)

Contact Artmarket.com and its Artprice service – Contact: [email protected]

Contact: thierry Ehrmann, [email protected]

Photo – https://mma.prnewswire.com/media/1678428/image1_artists_under_35.jpg

Photo – https://mma.prnewswire.com/media/1678429/image2_artprice_2021_contemporary_art_market_report.jpg

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Art Market Logo (PRNewsfoto / Artprice.com)

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View original content to download multimedia: https://www.prnewswire.com/news-releases/artmarketcom-several-young-artists-have-dwarfed-their-estimates-artprice-takes-a-closer-look-301415935 .html

SOURCE Artmarket.com

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View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2021/04/c1476.html

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