"Fresh art" at auction. ArtTactic Report
ARTinvestment.RU   16 июня 2020

The British analytical company researched public sales of art created on the eve of the auctions

Designation Wet Paint (c eng. — warning sign "wet paint!") art-рынок traditionally called works of authorship, which appear in the sale, "not having to dry" after an artist's workshop. The subject of the same name report from ArtTactic are works of art for auction during the 3 years since their creation, — in other words, left on the secondary market fairly quickly after the first purchase (not superfluous to recall that, according to their statutes, the major auction houses have the right to make transactions only with the owners of previously purchased works, but not with artists or dealers directly. — AI.). The purpose of the study — is to find and analyze trends on the art market in respect of the work, had time for a short period to take three actions: to be created, purchased in the primary market and then sold on the secondary. The results of the study reflect the behavior of the collectors: who of contemporary artists are more willing to buy, who tend to quickly leave, why and with what result. Experienced analysts of the market can be seen in the materials report ArtTactic signs of distrust a particular artist or speculation on its pricing.

the Subject of the study was to sample approximately 2.7 thousand works of authorship 880 artists in the period from 2015 to 2019. Traditionally ArtTactic have to consider the three major auction houses based in London: Christie's, Sotheby's and Phillips to include in the report to the auction of postwar and contemporary art in London, new-Йорке and Hong Kong, as well as the chamber's "curatorial" auction — such as New auctions Now, and Under the Influence (Phillips), Curated Contemporary (Sotheby's) and First Open (Christie's).

the Main results in our interpretation:

• "Fresh art" are more willing to buy from age of artists. the Volume of the market of "fresh art" from 2015 to 2019, inclusive, amounted to 8.2% of the total number of transactions and brought in 1.9% of the total income. The results of the study ArtTactic shows that 40.6 % of the lots were created by artists aged 45 or younger.

• "Fresh art" prefer to buy "loud" and at the prestigious auction. Onthe volume of sales of "fresh art" in 2019 amounted to $53.4 million ( 6.6 per cent the same figure in 2018 and 45.1 % — 2016), but still reached a record $82 million received in 2015. While the sales of "fresh art" has been growing for the last four years, the number of such lots is decreased from 497 in 2016 to 325 in 2019. At charity auctions has sold 29 % of similar work in other cases (71 %, $37.7 million) the motivation of the collectors were more familiar — emotional and financial. Sales of "fresh art" evening auction of postwar and contemporary art accounted for 56 % of total sales in 2019, 36.7% of brought day sales and 7.3 % — "curatorial auctions".

• Christie's sold more "fresh art" in 2019, Sotheby's — within five years. In 2019, the share of Christie's accounts for 51 % of sales of "fresh art": the auction house received $27.2 million compared to $8.5 million in 2018 (Sotheby's with a market share of 31 % is in second place). Nevertheless, over the whole period 2015-2019 largest market share (41 %) were at Sotheby's (Christie's 33 %).

•new-Йорк — center market public sales of young art. the sale of "fresh art" by young artists in 2019 increased by 120 %, to $26.3 million in new-Йорк remains the center of sales of young artists with a market share of 72 %. (And here is the center private sales of young art not considered by ArtTactic report, remains Los-Анджелес. — AI.).

• sales of "fresh art" young artists in 2019 rose. the Volume of auction sales of works of art created in less than 2 years before the auction has tripled in 2019, while the total amount of transactions amounted to $7.2 million (100 lots) compared to $2.6 million (lot 41) a year earlier. The largest share (35 %) of these lots were in the low-price segment (less than $10 million), 32 % of the lots were sold in the range of $10-50 thousand Among the lots cost less than $50 thousand, 75 % belonged to the generation of artists aged 45 years or younger;

• Speculative sales of "fresh art" has increased. the Report notes the intensification of non-market trade works by young artists (in other words, the increase in the number of transactions in which one work changes the owner 3 or more times over several years, equally can be located on the inside information about the imminent rise in price of a particular artist, and unfair about the game agents of the artist posing as collectors with the aim to boost average prices for the author. Both of these options in economic theory is called speculation. — AI). 2017 auction sale of newly created works of art that changed more than 3-х owners, increased in comparison with the period 2015-2016, 58% of these lots were created by the artists of the young generation (under 45 years). A total of 47 % of these lots were sold for amounts over $100 thousand

• Atpart of a charity auction as a way to promote artist plays an increasingly important role. "Fresh art" amounted to a third of sales at a charity auction held in 2018 and 2019. In 2019 it brought in $15.6 million, which is 22% less than in 2018, but 4 times higher than in 2017. In General, in 2018-2019 at a charity auction, which accounted for 34.5% of our sales of "fresh art", while in 2016 and 2017, this figure was only 9 %.

• In the "fresh art" women-художниц more young names, from artists-мужчин — Vice versa. 5 out of 10 women-художниц, 2015-2019 had the largest volume of sales of "fresh art", represent the younger generation of authors. So, Given Schutez (1976, Friedrich Petzel Gallery, new-Йорк) was the best-selling woman-художницей 2019 with sales of "fresh art" in the amount of $1.4 million Julie Curtiss (1982, Anton Kern Gallery, new-Йорк) won the 2019 third place with sales of $1.2 million (75% of all lots — "fresh art"). Another successful young female artist to debut at auction in 2019, was Chabalala Self (1990, Pilar Corrias Gallery, London): sales totaled $428 million (34% of all lots — "fresh art"). Toyin Odutola (1985, Jack Shainman Gallery, new-Йорк) also showed a dramatic increase in sales — on 1390 %, resulting in sales of "fresh art" in 2019 amounted to $748 thousand (38 % of the total number of lots).

• artists-мужчин two obvious leaders "fresh art". For two artists among men — KAWS and Harold Ancart — in 2019, has the largest number of lots "fresh art". So, the work of KAWS (1974, Skarstedt Gallery, London) in 2015-2019 was sold 46 times in the amount of $9.6 million, Almost half of these lots (47 % by volume in the money) sold in 2019. "Fresh" work of Harold Ancart (1980, Dawid Zwirner, new-Йорк) in 2015-2019 was sold 32 times in the amount of $3.2 million, a Third of the lots sold (34 % by volume in money) also changed owners in 2019.

Review AI: many have traditionally believed that buying "fresh art" through the auction house is not comme Il faut. The collector or the bait of a bunch of artist — agent that put the work up for auction to raise the average cost of art, or purchased work that shortly before the auction was bought in the primary market (in the gallery or through a dealer) and at what-то reason ceased to please the owner. In recent years, these two options added a third, but with a positive connotation: buying "fresh art" auction with the subsequent resale — is a variant of short term investments. Of course, to be successful in such transactions, you should consider many factors-from forecasting further growth of the market of certain young artists (to agree later to accept the job at the auction must first himself auction house) to the actual ability to purchase the work of acclaimed contemporary artist through the gallery (best work always diverge before the opening of exhibitions). Today we see educated bet made a few years ago at the young names (thus one of the key markers is a collaboration of the artist with the international gallery of the conditional "top-100"), and the increase in the lots of "young art" in auction catalogs. Yes, the preference of the buyers so far recognized is given to the authors and formal auctions, but the "curator's auction" shows good momentum of work with young authors. Because the report is not showing us the data 2020, in which the focus of attention of collectors gradually switches to actively developing artists (one Zoom, and for the truth, and the market), I want to believe that the outcome of a pandemic, the balance of 60 to 40 in favor of the "fresh" works of recognized authors shift toward younger, but marketing-активных.

In continuation of the article we will talk about "fresh art" at charity auctions and the impact of such sales on the career development of individual artists.

Denys Belkevych, AI