Artnet: auction sales fell, but the proportion of lots sold has increased
ARTinvestment.RU   01 мая 2020

This is indicated by the results of auctions held in March 2020-го in a pandemic

the Conditions facing the entire world today, dictate the rules and art-рынку. And if at the end of February still had hope that the restrictions related to the pandemic will not be very long, since the beginning of March, when it became clear that even an approximate time frame of return in all spheres of life to normal to call one of the auction houses began to adjust their activities to the new format. Here are the first results of these changes.

According to statistics portal, Artnet, March 2020-го sale at auction of fine art fell by 75.8 per cent. Last month at auction worldwide, the total value of art sold amounted to $227,6 million versus $939,3 million a year earlier. Especially sad is the comparison looks, if you recall that in March 2018-го the total amount sold was $1.2 billion While the number of auctions held in March 2020 declined by only 26% compared to March 2019; about the same decreased and the number put up for auction items.

the Main damage the pandemic has caused the market of the highest and middle price segment, while lots of in the "affordable art" enjoyed fairly steady demand.

This is confirmed by the figures: in March 2020, the proportion of lots sold increased to 66.8 %, which is 2% more results "care" in March 2019. In fairness, we note that the average percentage of sold items at auctions around the world — is one of the most stable indicators of auction statistics. In 2013-2020 the annual rate ranged from 64 % to 68 %. But the average price per sold lot declined by almost 70 % from $35 million in 2013-м to $11 thousand for the four months 2020-го. And that's not a bad result.

the Experience of past crises shows that the longest remain afloat middle and lower price segments, while the upper first takes the blow. This is due to the fact that in conditions of financial instability, some potential buyers give all their attention to solving problems that are not related to art, that some collectors who urgently need free money, are willing to sell their paintings much cheaper than their previous prices and, finally, that many collectors just do not venture to offer bids on items high priced, bearing in mind the previous two factors.

is No exception and the current crisis. Over the last month compared to March 2019 the sale of works of fine art ranging from $1 million to $10 million decreased by 90,8 %, while the segment of the market from $100 thousand to $1 million decreased by 70.9 per cent.

whether (and in what time frame) art-рынок to return to their volumes, depends on the speed of lifting the restrictive measures and the stabilization of the situation in the financial markets. While we can only speculate what unit will be measured by the recovery time of the market, in months or years.

the Material was prepared by Maria Kuznetsova, AI

Source: news.artnet.com