the art market 2020 - the new york times · 2020. 12. 20. · the art market2020/ december2020...
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ArtTactic
THE ART MARKET
2020
A YEAR IN REVIEW
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TheArt Market2020 2020
Contents Disruption and Innovation:The art market resets for a new era
Highlights 4
Global AuctionSales2020 6
Online-Only AuctionSales2020 8
Against the backdropof the global Coronavirus pandemic, the events of 2020 brought new
challenges few were preparedfor. The last 9 months have seen an unprecedentedamount of
disruption in the art market, impacting nearly every aspect of the art eco-system, from artists
to museumsto art fairs and galleries, as restrictionson social gatheringshave made it very hard
for the largely events-based art marketto survive.
Art Market Confidence 2020 10
AuctionGuarantees2020 12
Hybrid Auctions 2020 14
Top Contemporary Artists 2020 16
However, despite these immense challenges , the art market has also experienced an extraordinary
level of innovation and ingenuity, resulting in more digital innovation, experimentation and risk
taking than we have seen in the past decade. The art market is at a tipping point of entering a
new era, potentially redefining what it means to be an art business in the Century.
RisingMarket: Hong Kong 18
We are delighted to present our inaugural ArtTactic The Art Market 2020 an annual review
that captures some of the key art market trends and moments over the last 12 months .
I wish you all the best for 2021
Best wishes,
Anders Petterson
Founder, ArtTactic
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The Art Market 2020 2020
Highlights $279m +511% jumpaccounted for by
Chinese -émigré artistssuch as Zao Wou
Sanyu and Chu Teh
Chun
in online-onlysales from 2019
$ average+ 51% increase pricefor online- only
lotssold in 2020 ( up
from$8.157 in 2019)
in auction sales by
International artists
in, signalling the
increasing importanceof Hong Kong as an art
markethub
RisingMarket
Hong Kong Online -only
Auction Sales
$ 1.02 billion$ 726 million-26% fall
$ 133m Auctionsales generatedinHong Kongduring2020, up 11%
from 2019
Total online- only auction Salesincl. buyers' premiumfor
Christie's, Sotheby'sand Phillipsin 2020.
in overall sales
from 2019sales by Female
Contemporaryartists
in 2020, down 27.8 %
from 2019
23.2 % marketTop Contemporary
Artists
GlobalAuction
Salesshare for Hong Kongin 2020, overtaking
London
$ 857 million ART MARKET TRENDS $ 7.37 billion44.5% Hong
Auction sales by contemporaryartists in 2020 were down 39%
from 2019
auctionsincreasetheir market share of
NextGen artist sales to
44.5 % , up from 34.6 %in 2019
Total auction Sales incl .
buyers' premium for Christie's,Sotheby's and Phillips in 2020 .2020 50.2%market
sharefor Sotheby's
in 2020 ( up from
43 % in 2019)
HybridAuctionsArt Market
Confidence
$ 2.37 billion Recovery59% experts
8.7%growthin
Auction
GuaranteesAuctionsales generatedby thenew auctionformat introducedduringthe Covid- 19 pandemic
The latest survey reading inNovember 2020, showsa strong
recovery in the Art Tactic ConfidenceIndicator to 44.7 up from 6.4 .hybrid auction sales
from the summer2020 to Autumn $ 904 million
surveyed said theybelieve the market for
younger, on-the-rise
artists will continue to
rise in the coming 6
months2020
Total hammervalue ofguaranteedlots in 2020for
Post-Warand ContemporaryArt Eveningsales at Christie's,
Sotheby's and Phillips .
-25 % decrease30%ofwinning
bids were byTelephonebiddersout
of HongKong
in the ArtTacticRisk
Barometer, signallinga lower perceivedrisk
levelafter the initial
shock of thje Covid-19
pandemic11.2%86 % increase in
guaranteed sales in
Hong Kong in 2020 .
averageestimatedreturnson
auctionguaranteesin
2020, marginallyupfrom 11% in 2019 .
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The Art Market2020 / December2020
Global Auction Sales 2020Total Public Auction Sales , 2019 & 2020
Christie's, Sotheby's and Phillips Comparative Performance 2019 & 2020 (Millions USD incl . buyer's premium)
-26%Global Auction Sales at Christie's,
Sotheby' and Phillips
Global art auction market fell 26% in 2020
Global auction sales from Christie's, Sotheby's and Phillips ended at $ 7.37 billion in
2020, down 26% from 2019. Despite the drop in total sales, the three auction housesmanaged to claw back a significant amount of lost sales during 2nd half of 2020,with sales 4.5% higher during the last six months compared to 2019. A significantchange in scheduling and number of auctions contributed to this increase. Christie's,
Sotheby's and Phillips organised 952 online, hybrid and offline auctions in 2020,compared to 741 in 2019
2835
2.318
1,705 1,782
1,198
785 873 79957457560 572
41645 237 6 61
144 240 264
50.2% January February March Apri May June July August September October November December
2019 SalesVolume Sales Volume
Sotheby's market share in 2020 ,upfrom43% in 2019
Sotheby's and Phillips recover in the second half, whilst Christie's
struggles to catch up
All three auction houses experienced an overall decline in public auction sales, withSotheby's experiencing a year-on-year fall of 14.4% and Phillips down 11.8% . Christie'ssaw total public art auction sales decline 38.4% in 2020 compared to 2019. Theauction house was much slower in adapting to the market challenges presented by
the early stages of the Covid - 19 pandemic, with sales down 60% year on -year afterthe 1st half of 2020. Christie's accounted for 41.1% of auction sales among the three
houses (down from 49.6%), whilst Phillips has seen its share of sales growing from7.4% in 2019 to 8.7% in 2020. Sotheby's also increased its market share, accountingfor 50.2 % of auction sales in 2020, up from 43% in 2019.
Auction Sales, 2019
Breakdown By Location
Auction Sales, 2020
Breakdown By Location
17.5 % 41.6 %
23.2% 48.8% 23.2 %
20192020
Hong Kong overtakes London as second most important auction hub
Whilst most other global art market hubs experienced a strong fall in value,Hong Kong auctions saw only a 2.2% overall decline in sales from 2019, compared toa 24.1% decrease in sales in New York and a 36.9% slowdown in London. As a result,
Hong Kong increased its market share from 17.5 % in 2019 to 23.2% in 2020, overtakingLondon for the first time.
Market share for Hong
auction sales in 2020 22.1%
22.7
New York London HongKong Paris York London HongKong Paris Geneva Other
Top 10 Auctions in 2020
By Sales Value ( USD)Auction Sales, 2019 & 2020
Breakdown By Market Segment (Millions USDAuction Sale Date Category Auction House Location SaleTotal (USD
1 ONE: A GlobalSaleof the Century 10July Post-War & ContemporaryArt Christie's Global $ 422,186,001 2019 2020
2 20th CenturyEveningSale 6 October Post-War & Contemporary Art Christie's NewYork $ 340,851,500
3 ContemporaryArtEveningAuction 29 June Post -War & Contemporary Art Sotheby's New York $ 234,923,550
Rembrandtto Richter 28 July Sotheby's London $ 193,843,039
5 28 October
Cross -Category
Post -War & Contemporary ArtModern & ImpressionistArt
NewYork $ 142,840,7004.102
Sotheby's
Sotheby's6 28October NewYork $ 141,075,6003,203
7
ContemporaryArtEveningAuction
Impressionist& ModernArt EveningSale
Century& ContemporaryArtEveningSale
ContemporaryArt EveningAuction
Modernand ContemporaryArt EveningSale
7 December Post-War & ContemporaryArt Phillips New York $ 134,583,400 2.534
2216Sotheby's London $ 119,697,20511 February Post -War & Contemporary Art
2 December Post-War & Contemporary Art9 Christie's Hong Kong $108.998,091948
793512
10 Modern Art Evening Sale 8 July Modern& ImpressionistArt Sotheby's Hong Kong $ 106,604,505 321222
Post Contemporary Art Modern & Impressionist Art Chinese & Asian Art OtherOld Master Paintings &Drawings
TheChinese& Asiancategorydoes notincludeModernandContemporaryArt sales in HongKong, thesesalesareincludedineither Post-War& ContemporaryArtor Modern& ImpressionistArt categories
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The Art Market2020 / December2020
Online- Only Auction Sales 2020 TotalOnline- OnlyAuctions, 2019& 2020
Christie's, Sotheby'sand PhillipsComparativePerformance2019& 2020 (MillionsUSD, incl. buyer'spremium)
$ 1bnGlobal online-only auction sales exceed $1 billion in 2020
With Covid-19 severely affecting the traditional auction calendar this year ,Sotheby's,Christie's and Phillips were quick to leverage their online platforms. Global onlineonly auction sales from the three auction houses ended up at $1.03 billion in 2020,up from $168.2 million for the whole of 2019. The growth in online - only auction salescontinued in the second half of 2020, with $ 614.1 million in sales compared to $ 412.6million in the 1st half of 2020. The number of online-only sales increased from 219 in2019 to 626 in 2020
Online - only Auction Sales at
Christie's , Sotheby ' and Phillipsin 2020
$ 200
$144 $ 140$ 126
$ 105 $ 101
$ 59 $ 62
$45$ 8 $ 9
$ 28 $ 26
All three auction houses experience extraordinary online growth in 2020 $ 2 $ 0 $ 17 19 $ 16 $ 15 $ 21 $ 3 $ 18 $ 20
+ 511% January February March April May June July August September October November December
Volume SalesVolume
Overallgrowthin online onlysales in 2020
The Covid -19 pandemic has had a significant impact on online sales so farthis year with Sotheby's experiencing a 800.1% increase compared to last full
year, followed by Christie'swith a 261.4 % increaseand Phillipswith a 184.1% rise in
online-only auction sales. Sotheby's has so far been the front-runner in the digital
transformation, accounting for 68.8% of total online-only auction sales in 2020,against Christie's29.9% market shareand Phillips1.3% marketshare.
Online-OnlyAuctionSales, 2019
BreakdownBy LocationOnline-Only Auction Sales, 2020Breakdown By Location
11.4 %
8.4 %
6.2%
$ 34.6 %
Average online-only prices up 153% in 2020
The rapidescalationin online-only sales value has not only been driven by an increasein the number of lots, but also a % increase in average online-only prices to$ 20,926 this year. This was up from an average price of $ 8,157 for the whole of 2019.The traditional price ceiling in the online art market has been broken, and signals
increasingconfidenceamong bothauction housesand buyers.
20192019 55.1Average price of lots sold in
online only auctions in 20202020 6.0 %
29.5%
35.2%
New York London Hong Kong Paris Geneva Other New York London Hong Kong Geneva Other
Top 10 Online- Only Auctions in 2020By Sales Value (USD Online-Only Auction Sales, 2019 & 2020
Breakdown By Market Segment (Millions USDAuction Sale Date Category Auction House Location SaleTotal (USD)
1 Impressionist & Modern Art Day Sale 19 November Modern& ImpressionistArt Sotheby's New York $30,540,866 2019 2020
2 ShiftMonterey 14-15August Cars Sotheby's Monterey $ 30,400,000
3 RM Oonline Only London 31 October Cars Sotheby's London $ 22,074,384
4 The European Sale featuring The Petitjean Collection 3-11 June Cars Sotheby's Essen $ 21,658,491
5 Driving into Summer 21-29May Cars Sotheby's Auburn $ 16,305,410
$548.96 Contemporary Art Day An Online Auction 4-14 May Sotheby's NewYork $ 13,736,250Post -War & Contemporary Art
Post -War & Contemporary Art7 ContemporaryArt DayAuction 22 October Sotheby's London $ 13,622,488
8 Design 30 June 20th Century Design Christie's Paris $ 13,563,862
23 June Jewels & Watches Sotheby's Geneva $ 13,143,527$ 187.59 MagnificentJewels andNobleJewels: Part
10 ContemporaryArt$ 109.7
$ $99.94-16June Post-War & ContemporaryArt Sotheby's
$ 80.8Milan $ 11,723,769 $ 1.3 $ 3.0
Art Jewels & Watches Cars OtherDesign DecorativeArts &Furniture
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The Art Market 2020 2020
Art Market Confidence 2020 US & Europe - Art Market Confidence Indicator
May 2005 - November 2020
US & Europe ContemporaryArt Market Confidence SurveyExpected Market Direction in the Next 6 Months - November 2020
100 100 %94 94
90 90%
80 80 %75
73
44.7 70 67 70%
60
65 60 %
60 56
58 57
Art market confidence sees a V-shaped recovery from May
The latest ArtTactic Confidence Indicator reading came in at 44.7, up from 6.4 atthe last reading in May 2020 - the lowest indicator reading since the survey waslaunched in May 2005. Although more experts still remain negative than positive tothe Contemporary art market's development over the coming 6 months ( shown by areading below 50 ) , the initial fear of a complete meltdown of the art market has beenunfounded and bodes well for a further recovery from the initial damage caused bythe pandemic
Art market confidence recoversfrom an all-time low of 6.4 in May
2020
50 %
50
4548
46 40 %
40
30
30
20%
20
10 %
10
0 %
59%May
-05
Nov
-05
May
-06
Nov
-06
May
-
Nov
-07
May
-08
Nov
-08
May
-
09
Dec
-
09
Jun
-
12
Dec
-
12
Jun
-
13
Jan
-
14
Jul
-
14 15
Jun
-
15
Jan
-
16
Jan-18
-20
Nov
-20
Down
Of experts surveyed said theybelieve the market for younger,on- the- rise artists will continue to
rise in the coming 6 months
Prospect of near- term growth improves
Among experts surveyed, 24% said they forecast the market for established
Contemporary art to go up in the next 6 months (up from 6% in May), a further 61%said they believe this market will remain at today's levels . The outlook for the younger
generation of the-rise Contemporary artists has seen an even stronger positiveshift in sentiment, with 59% of experts expecting the surge in interest to continueover next 6 months.
US & EuropeContemporaryArt MarketConfidenceSurveyRisk & SpeculationBarometer- November2020
US & EuropeContemporary Art Market Confidence SurveyPrice Segment Confidence - November 2020
100
10
90
9The art market's handling of the crisis has reduced the downside risk
in the short- term8.3
-25% 8.1
7.71
7.36.8
737.1 7.1 7.1 7.0
6.9 70
6.6
70.0
63.259.2
6.96.8
Decrease in ArtTactic's Risk
Barometer reading for November2020
60
6.563 6.4
The risk of a further downturn in the Contemporary art market seems to be ebbing
away, signalled by a 25% fall in the Risk Barometer from 8.1 in May to 6.0 this month,
which is below the average of 6.4 for the period May 2005 to November 2020 .There are, however, fears that the speculation in the market for younger artists could
threaten its future sustainability , as the Speculation Barometer came in at 6.8 , above
the historical average of 6.6 .
6.050
40
3.6 303
202
15
1 10
Nov May
-09
Dec
-
09
May
10
Dec
-
10
Jun
-
Jan Jun
-13
Jan
-
JunJanJun
-
16
Top 10 Short-term Artist ConfidenceIndicator(C.I.
Established& On-the-RiseContemporaryArtists- November2020
Sep-20
Nov
20
Dec
09
MayJun
-
Dec
11
Jun
-
12
-
Jan
15
JanJan
17
JunJan
-
Sep
-18
$ $ - > $
Established Artists - Confidence Ranking ( Short - term) On- the - Rise - Confidence Ranking ( Short - term )
1 Yoshitomo Nara 94 1 Julie Mehrethu 93
2 Cecily Brown 91 2 Rashid Johnson
Average Established ' Contemporary Artist Confidence Indicator Average On-the-Rise Contemporary Artist Confidence IndicatorJanuary 2006 to November 2020 January 2018 to November 202093
3 GeorgeCondo 90 3 NjidekaAkunyiliCrosby 93 100 100.0
4 MarkBradford 87 4 Lynette Yiadom - Boakye 91 90 90.0
5 Gerhard Richter 83 5 JonasWood 90 80.0
71.5 723 72.1
6 Maurizio Cattelan 80 6 DanaSchutz 8967
70 66 70.064
59.4 58.8
7 Peter Doig 78 7 Shara Hughes 88 60 $ 6 56 60.0
8 Sean Scully 75 8 AdrianGhenie 83
40.9
9 William Kentridge 74 9 Adam Pendleton 74 40 40.0
10 Marlene Dumas 72 10 HernanBas 70 30 30.0
20 20.0
10.0
Jan
-
June
-
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The Art Market 2020 2020
Auction Guarantees 2020Total Auction Guarantees ( USD millions) 2016-2019
Sotheby's , Christie's & PhillipsTotal Auction Guarantees ( # 2016-2019Sotheby's, Christie's & Phillips
Guaranteedsales down15.7% in 2020
$ 904m In line with the decline in auction sales for Post-War and Contemporary art , the low
estimate of guaranteed sales also saw a year-on-year decrease of 15.7% to $ 903.5million. Guaranteedsales represented42.8% of total hammer value in 2020, up from
36.6% in 2019 and 43.5% in 2018
41.8 % 41.9
39.6 %Value of guarantees in Post-War& Contemporary sales in 2020
287278
$236
$ 1,027.7 $ 1,0723
$
$
+ 1.4% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
Returns continue to attract auction guarantors in 2020
The estimatedaverage returnon guaranteeshas increased slightly from 11.0% in 2019to 11.2% in 2020. Despite the COVID -19 pandemic, the guarantee market remainedactive during 2020, with an estimated profitof $101.3 milliongeneratedon guaranteedlots in 2020, typically shared betweenthe guarantorsand the sellers.
Total Guarantees (by Low estimate value ) — Total LowAuctionEstimate Guarantees by lots )
Average return on auctionguarantees in 2020
Auction Guarantees - Average PriceSotheby's, Christie's& Phillips
$
$
$ 146mHong Kong sees strong growth in auction guarantees in 2020
New York eveningauction sales continued to dominate the guarantee market with a
63.5% market share , with London auctions accounting for 20.3% and Hong Kong theremaining16.2%. Guaranteed sales in Hong Kong increased to $146.3 million in 2020,from $ 78.5 million in 2019 and from $26.4 million in 2018.
$Value of guarantees in Hong
Kong in 2020$
$
$
$ 4,032,951$
$ 3,132063
$ 3.256,140
$ $ 2,138$
$
Top 10 Artists by Sales Value - 2020
Sotheby's, Christie's & Phillips2016 2017 2018 2019 2020
Artist 2019 Rank) Nationality Movement Average Price GuaranteedLots GuaranteedValue
David Hockney, R.A. 5 )1 British Established ContempoaryAverage Return* Guaranteed Lots
Sotheby's, Christie's & Phillips)$ 18,154,858
Auction Guarantees ( USD millions) by Location
Sotheby's, Christie's & Phillips5 $ 90,774.289
2 Francis Bacon ( 10) British Post-War $ 17,374,917 4 $ 69,499,669
3 AmericanRoy Lichtenstein ( 2) Established Contempoary $ 258$ 9,932,176 6 $59,593,056
4 Joan Mitchell (16) American Post - $6,189,753 8 $ 49,518,023$
5 Jean- MichelBasquiat( ) American Post-War $ 5,347,569 9 $ 48,128,117 $
6 Cy Twombly(21) American Post-War $ 35,000,000 1 $ 12.73%$ $
$ 1463 11.21%7 Mark Rothko ( 4 ) American Post-War $ 30,000,000 1 $ 30.000.000 10.50 %
9.73 %
8 Brice Marden ( 23) American Post-War $ 14,600,000 2 $ 29,200,000 $ 183.4$
$ 72.7
9 ClyffordStill (26) American Post-War $ 11,983,817 2 $ 23.967,634$ 937.1
Yoshitomo Nara ( 15) Japanese EstablishedContempoary$ 800.9
$ 3,356,772 7 $ 23,497,404 $ 768.6
$ 573.8$ 518,6
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
York Kong Guarantees
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The Art Market 2020 2020
Hybrid Auctions 2020Sales Value by Location - 2020 Summer Hybrid AuctionsSotheby's , Christie's & Phillips
Sales Value by Location - 2020 Autumn Hybrid AuctionsSotheby's, Christie's & Phillips
$ 2.4bnGenerated in hybrid auction sales
Hybrid Auctions raise $ 2.37 billion in 2020
The new hybrid auction format introduced by Christie's, Sotheby's and Phillips inthe summer of 2020 raised a total of $2.37 billion from end of June until DecemberHybrid auctions are conducted both in- person and online , often live - streamed acrosstime zones to cover the major art centres of Hong Kong, Paris , London, and / or New
York. Hybrid auctions accounted for 32.2% of total auction value in 2020, and signalthe importance of this new sales format for the top three auction houses.
$ 27.8
$ 51.9
+ % Hong Kong
Phillips
London Hong Kong
Christie's
Growth in hybrid auction salesfromthe summer2020
Autumn hybrid sales up 8.7% from the summer season
Since end of June 2020 , Christie's, Sotheby's and Phillips have organised three hybridauction seasons, during June and July, October and December. With the traditionalNovember auction calendar tweaked to work around the US election and continued
COVID -19 restrictions, Christie's, Sotheby's and Phillips adopted different approachesfor the Autumn season . Both Sotheby's and Christie's decided to split their traditionalNovember sales in two parts conducted at the end of October and one at the
beginning of December. Phillips opted to hold off their traditional 20th Century andContemporary Art New York sale until December, where sales raised $114.7 million,up more than 3-times from $34.7 million in the . Their total increase for the
Autumn season saw growth of 227.4 % from the Summer Christie's total AutumnHybrid sales came in at $548.3 million, 22.0% higher than the Summer, with Sotheby's
falling 20.2% short of the Summer total, with $504.5 million in Hybrid sales in theAutumn .
Lots Sold by Location - 2020 Summer Hybrid AuctionsSotheby's , Christie's & Phillips
Lots Sold by Location - 2020 Autumn Hybrid AuctionsSotheby's , Christie's & Phillips)
30%Hong Kong winning bidsaccountfor 30% of lots sold at hybrid sales in 2020
Winning telephonebids from Hong Kong accounted for 30% of winning bids by lotssold for Hybrid sales in 2020, ahead of New York telephone bids 28% ) and Londontelephonebids 25%) . Winning bids via online accounted for 5% of lots sold or $52.5
million, a percentagethat is likely to increase in the future as bidder'sconfidenceandtechnology improves
Shareof winning bids comingviatelephone in Hong Kong
London
Sotheby's Philips
London HongKong
Christie's Sotheby's Phillips
Top 10Artistsby SalesValue - 2020 HybridAuctionsSotheby's, Christie's& Phillips
Artist Nationality Movement Average Price SalesValueLots Sold by Generation - 2020 Hybrid Auctions
Sotheby's, Christie's & Phillips
Lots Sold by Winning Bidder - 2020 Hybrid Auctions
Sotheby's , Christie's & Phillips)
1 Pablo Picasso Modern $ 4,344,415 $ 139,021,289Spanish
Chinese- French2 Sanyu Modern $ 13,082,808 $ 130,828,081
3 Zao Wou -Ki Chinese - French Post-War $ 4,243,729 $ 106,093,233
4 Francis Bacon British Post-War $ 28,005,862 $
$75,499,6235 Jean - Michel Basquiat American Post-War $ 4,718,726
6 Roy Lichtenstein American Post-War $ 10,776,501 $ 75,435,504
7 Gerhard Richter German EstablishedContemporary $ 6,613,318 $ 66,133,182
8 Joan Mitchell American Post-War $ 6,450,363 $58,053,270
9 René Magritte Belgian Post-War $ 4,146,737 $ 53,907,581
10 Clyfford Still American Post-War $ 16,344,050 $49,032,149
Old Masters
ModernEstablished Contemporary
ImpressionistPost -War
YoungContemporary
Telephone - Hong Kong - New YorkOnline Telephone - ParisRoom Telephone - Beijing
Telephone - London
Book
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The Art Market2020 / December2020
Top Contemporary Artists 2020Auction Sales by Contemporary Artist Nationality
Christie's , Sotheby's & Phillips - 2015-2020(USD Millions)
$146
$ 150
$ 72m Other Nationalities $ 166$
$
$ 175 $ 192Auction sales generated by David
Hockney RA
Chinese
Japanese$ 181
$ 83
$ 76
Top 10 ContemproaryArtists Rank sees major reshuffleduringCovid-19
The top selling Contemporary artist in 2020 was David Hockney, with $ 71.8 million insales (down % from 2019). This was followed by Gerhard Richter ($50.9 millionin sales) and Yoshitomo Nara ( $45.2 million) . Five of the artists in the Top 10, haveclimbedup to the top of the ranking during the pandemic, includingYoshitomo Nara( from 6th rank in 2019) George Condo (5th up from 10th rank in 2019), Banksy (7th
up from 19th rank in 2019), Liu Ye ( up from 11th rank in 2019 and Cecily Brown 10thup from 17th rank in 2019). Matthew Wong entered the ranking this year in placewith sales of $20.3 millionfor 22 sold lots in 2020.
$
$ 119$ 101
$ 75 $ 211German $ 306
$ 350 $ 94$ 215
$ 233$ 95
British $ 136
$ 133 $ 209$ 225
$ 631
$Hong Kong strengthens its role as a hub for NextGen Artists American $ 399$ 322 $ $ 257
44.5%2015 2016 2017 2018 2019 2020
Hong Kong auctions increase their market share of NextGen artists to 44.5%, up
from 34.6% in 2019. NextGen artists that have seen strong demand out of Hong
Kong in 2020 are : Adrian Ghenie, Dana Schutz, Matthew Wong, Hao Liang andJonas Wood
Share of NextGen Artists sales in
Hong Kong
$ 133mTotal Sales Valueby AuctionHouse( USD
2015-2020
Total Sales Value by Sales Channel ( Millions USD2015-2020
Auction sales generated byfemale artists in 2020
Female artists outperform their male counterparts
Auction sales by female Contemporary artists raised $133.0 million in 2020, down27.8 % from 2019. Despite the decline in overall sales during the pandemic, female
Contemporary artists did significantly better than male Contemporary artists , whichexperiencedan overall dropof 39.7% in auction sales during thesameperiod. The Top5 female Contemporary artists were Yayoi Kusama Cecily Brown, Bridget Riley, DanaSchutz and Vija Celmins. The Top 10 female artists accounted for 67.6 % of auctionsales by all female Contemporary artists.
$
$ 198.3
$ 330$ 307
$ 1646
$ 271
$$
$ $ 265
$1978
4362 $
$
$ $ 1004
$
749
$$
$ 3949 $$ 3224
Top 10 ContemporaryArtists by SalesValue - 2020
Sotheby's, Christie's& Phillips
Christie's Sotheby's Sale DaySale
Artist Nationality Movement Average Price LotsSold SalesValue
1 David Hockney British EstablishedContemporary $ 3,592,052 20 $71,841,041
2 GerhardRichter German Established Contemporary $ 48 $ 50,890,941
YoshitomoNara Japanese Established Contemporary $ 664,357 68 $ 45,176,273Total Sales Value by Gender
2015-2020
TotalSalesValueby SaleLocation2015-2020
4 Ed Ruscha American Established Contemporary $ 1,229,680 28 $34,431,030
5 GeorgeCondo American Established Contemporary $ 679,315 49 $ 33,286,435
6 Yayoi Kusama Japanese EstablishedContemporary $ 299,032 91 $ 27,211,920 15 %
7 Banksy British EstablishedContemporary $625,651 36 $ 22,523,443 29 %
36 %
8 LiuYe Chinese EstablishedContemporary 1,052,646 21 $ 22,105,563
9 MatthewWong Canadian 924,734 22 $ 20,344,158Young Contemporary
Established Contemporary10 Cecily Brown British $1,612,400 12 $ 19,348,794
85 %35 %
New York LondonMale Female* This section only focus on Contemporaryartists(youngand established) The analysisdoes not includeartiststhat are typicallydefinedas
Post-War artistsin traditionalPost- War andContemporaryauctionsales.
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The Art Market 2020 2020
Rising Market : Hong KongModern & Contemporary Art Evening Sales Value - Hong Kong 2015 - 2020
Sotheby's, Christie's & Phillips ( USD millions)
$
$ 25.1 $
+ 11% $$ 1725
Hong Kong sales defy the COVID-19 pandemicwith record auction season
Hong Kong's evening salesof Modern and Contemporaryart raised a totalof US $725.5million in 2020. This was 10.9% higher than the total sales in 2019 and a new record
year for the Hong Kong market. Despite the disruption caused by Covid- 19 on a largepart of the global art market, recent Hong Kong auctions demonstrate confidence
at the top- end of the market , and the increasingly important role of Hong Kong as aglobal art market hub.
$ 176.3 $ 163.1Year -on -year increase in auction
sales for Modern & Contemporaryart auction in Hong Kong
$ 135.1$ 180.9
$ 93.0$15.6
$93.2$87.9
83.7$916
$ 84.9$
$ $ 136.9$ 126.B $
$916$
742$$
$
$
$ 279m Spring Autumn 2015 Spring2016 Autumn2016 Spring 2019 Autumn2019 Summer 2020 Autumn2020Spring2017 Autumn2017 Autumn2018
Philips
Chinese émigré artists top the ranking
Zao Wou- Ki, Sanyu and Chu Teh - Chun accountedfor 38.4% of the total sales value in
2020 (up from 34.9% in 2019) . Zao Wou- Ki raised a total of $106.6 million this year,down from $144.5 million in 2019, whilst Sanyu raised $133.6 million in auction sales,
up 100.4% from 2019. Chu Teh -Chun saw the fastest growth in sales in 2020, with a124.5 % increase to $38.5 million this year.
Auction sales by top three
Chinese émigré artists in 2020Modern& ContemporaryArt Evening Sales Average Price - Hong Kong 2015 - 2020
Sotheby's, Christie's& Phillips( USD millions)
Auction sales by international artists up 51.2% in 2020 $
+ 51%$
Increase in auction sales by
Internationalartistsin HongKong
InternationalContemporaryartists continuedto gain marketshare in Hong Kong in2020, with $190.3millionof internationalart transacted throughSotheby's, Christie's
and Phillipssales, accountingfor 26.2% of the total sales, comparedto 19.2% of sales
in 2019. The success was driven by a mix of establishedand young contemporaryartists.
$$ 428.906
$ 379,814
$
$ $ 322,136$366
$$ 239.7
220,356 $ 230,053
$ $ 194450 $ 192,525
$$ $ $ 160,184
$$ 177,063 194284
$ 160,151$
$ 144,426$ 120.774
99,143
Soring 2015 Autumn2015 Spring2016 Autumn2016 Spring 2019 Autumn2019 Summer 2020 Autumn2020Top 10Artistsby SalesValue- Modern& ContemporaryArt EveningSales HongKong2020Sotheby's, Christie's& Phillips
Spring 2017 Autumn 2017 Spring2018 Autumn2018
Phillips -Christie's
Artist Nationality Movement Average Price LotsSold SalesValue
1 Sanyu (Chang Yu ) Chinese- French Modern $ 3,817,717 35 $ 133,620,110
LotsOfferedby Artist Nationality- HongKong2020Sotheby's, Christie's& Phillips
Lots Offeredby Movement- HongKong2020Sotheby's, Christie's& Phillips
2 Zao Wou-Ki ( Zhao Wuji ) Chinese- French Modern $ 2,316,773 46 $ 106,571,577
3 Chu Teh -Chun ( Zhu Dequn) Chinese- French Modern $ 1,481,683 26 $ 38,523,7670.3%
4 Yoshitomo Nara Japanese EstablishedContemporary $ 830,821 45 $ 37,386,938
5 Gerhard Richter German EstablishedContemporary $ 9,115,850 4 $ 36,463,401 16%
6 Chinese Modern $ 2,747,025 13 $ 35,711,323 26 % 27%33%
Wu Guanzhong
Yayoi Kusama7 Japanese $423,894 60 $ 25,433,627
8 LiuYe Chinese
EstablishedContemporaryEstablishedContemporaryEstablishedContemporary
$ 1,157,101 21 $24.299.126
9 Chinese $ 1,843.189 11 $ 20,275,077Zhang Xiaogang
GeorgeCondo10 American EstablishedContemporary $ 1,593,475 9 $ 13%15%
489
12 %
ImpressionistPost - War
Young Contemporary
ModernEstablishedContemporary
Chinese Japanese American Chinese- French European Other
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