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Post by jujurocs on Mar 11, 2010 19:25:50 GMT -8
According to thierry Ehrmann, founder and CEO of Artprice: "2009 will go down in history as a year when the art market shed its excesses and narrowly avoided a complete meltdown". A drastic purge of the Contemporary art segment, slashed revenue figures and renewed interest in Old Masters and Modern art… Read more here: web.artprice.com/AMI/AMI.aspx?id=MTM2NjYyODM5NjEyOTk= |
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Post by Weezy on Mar 11, 2010 22:57:42 GMT -8
Great year to buy art, if not sell it.
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Post by steveinca on Mar 17, 2010 1:11:00 GMT -8
thanks for posting, juju. Forty one pages..yikes...anyone got the Cliff Notes?
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Post by jujurocs on Mar 17, 2010 8:58:45 GMT -8
Sorry, no Cliff Notes but here's the summary of Contemporary art portion:
As a result, the 2009 auction revenue totals generated by Contemporary artists in the so-called ‘emerging’ art markets shrank to virtually nothing at all. Gupta, a figurehead of the Indian avant-garde, posted an annual total down 95% (from $15.1m to $627,000). I Nyoman Masriadi, the most expensive Indonesian Contemporary artist, generated a quarter if his 2008 total ($2m vs $8m in 2008). Takashi Murakami, guru of the new Japanese art scene, saw his auction revenue divided by ten ($3m in 2009 vs. $32m in 2008). Damien Hirst’s revenue total was only 1/14th of its 2008 total. The big winner of the last manifestation of the acquisitive fever that consumed the market during its speculative ascent - with no less than 65 results above the $1m line in 2008 - signed only 2 seven-fi gure results in 2009. The year was also quiet for Jeff Koons, another major star of the Contemporary scene, whose revenue total dropped from $89m to $28m and whose prices contracted by 39% (2007-2009).
Although considerably leaner, the Contemporary art market is not in such bad condition: it has in fact quite simply reverted to its 2004 price levels, i.e. the last year before the speculative bubble really became apparent. After the upward spiral of records, the
trend has reversed and Contemporary art is becoming affordable again: the number of works sold under the $5,000 line has
increased by 13% in two years and represented close to 74% of the Contemporary market in 2009.
...I don't think you'll see any of our favorites other Koons & Hirst. Lowest auction ranking was for POKHITONOV Ivan Pavlovich at $1.3M.
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Post by steveinca on Mar 17, 2010 14:11:00 GMT -8
Great read, juju. I had no idea that the art market took such a hit during this economic recession. Thanks again for the info buddy...
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