Major market trends Contemporary second half of 2009 - the first half of 2010

specially for the Paris contemporary art fair FIAC Artprice website published a report on the status of this segment of the art market. It analyzed the period from July 2009 to July 2010. ARTinvestment.RU provides a brief retelling of this material.

In his foreword to the report of the founder Thierry Ehrmann Artprice (Thierry Ehrmann) stresses that the situation in which the market was the sudden end of the art boom in the the end of 2008, can not be compared with the enormity of the crisis erupted in early 1990. "Of course, the vast number of sales decreased markedly compared to the 2006-2008 years, but the market for contemporary art is dynamic as ever, and demonstrates a level of maturity, which does not even have dreamed for many regulated markets».

In 2009, the revenues of the leading auction houses, Christie's, declined by 43%and his main rival, Sotheby's, has lost 58%. Share price of the latter, more than 50 dollars in "golden" for the art market in 2007, 9 March 2009, sunk to the level of 6.3 dollars. In the period from July 2009 to July 2010 was recorded in 1948 auction results of one million euros and above (vs. 72 in 2008-2009 and 120 in 2007-2008). Revenue from sales of contemporary art at auction fell by 23%over the previous 12-month period and amounted to 46%from that of the boom.

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However, these figures reflect the first price drop in the upper segment of the market - it is worth emphasizing that the collecting appetite in no way diminished. Incidentally, today put up for auction more works by contemporary artists than ever before. During the reporting period we are owners at auctions has replaced more than 30 300 works - approximately three times more than in 2003-2004, and a thousand more than in 2007-2008. The total value of these lots was 443 million euros. This, of course, "modestly" in comparison with megapribylyami the boom (2007-2008 years - 975.2 million euros), but the price index of Contemporary growing: in the first half of 2010 it increased by 5,4%(having experienced the loss of 42.8 %in the period from January 2008 to end 2009).

offer now than ever, variously: 2009-2010 broke the ten-year record for the number put up for sale sculptures, photographs and graphic works. Contemporary paintings are also invited more than in 2007-2008, respectively, and increased the number of unsold lots: now "fail" 41%of the current work (34%in 2007-2008, 44.7%in 2008-2009). Buyers do not find 40%of paintings, drawings and prints, and 45%of photos.

During the "bubble" in the threshold of 100,000 euros has overstepped 7 and 8.5%of modern paintings and sculpture, respectively, and this record levels compared with conventional 2 and 4%. Inflation touched and more affordable segments, such as drawings, prints and photography. With the advent of the crisis on them have focused many collectors for whom art has become too expensive. Less than two years, sales of paintings fell by 11%, and six-digit number of departures dropped three times (in the segment of sculpture - twice). At the same time, demand for picture remained the same, but in the graphics segment, he actually increased. Unlike the crisis of 1990-1991, during which the market simply froze, auction houses quickly adapted to new conditions. First, they increased the proportion of the available studies (47%of drawings and prints bring 67%less than a thousand euros, 80%of photographs and paintings - from 1 to 10 thousand euros), and secondly, they have relied on a more "stable" in the names of upper segment.

• CHEN Yifei String Quartet. 1986
  Source: artnet.com

The same top-end artists, who "stood up" as a result of speculation, had tight: in 2009, Damien Hirst auction revenue (Damien Hirst) decreased compared to last year 14 times, and Jeff Koons (Jeff Koons) - two-thirds. Works of fashion "street artist" Banksy (Banksy) now go for a third or a quarter of the pre-crisis amounts. May 14, 2008 picture with the prophetic title "Sale ends today," appeared at the auction with the estimate of 600-800 thousand dollars and remained unsold; next year it is offered for 150-200 thousand (as a result of work saved by 190). But the picture of Andy Warhol (Andy Warhol) has brought in November of 2009, $ 39 million (three times the estimate). This exciting result clearly cheer sverhdorogih market segment, which clearly began to show signs of recovery in 2010 - however, eight-digit sums not yet bring Koons or Murakami (Takashi Murakami), and the old masters, the modernists and the post-war classics. That last one - the already mentioned Warhol and Yves Klein (Yves Klein), Mark Rothko (Mark Rothko), Jackson Pollock (Jackson Pollock) and Lucien Freud (Lucian Freud) - required to successfully largest auction contemporary art from Christie's and Sotheby's (London auction, held in February, brought to 255%more than comparable sales in the last year and revenue in May trading in New York by 230%last year outperformed a similar figure).

As sales of works artists born after 1945, then here are two houses giant also remain among the leaders: they accounted for 60%of global revenue in this segment (more than 266 million euros), as well as the absolute majority of the most significant transactions. Artists such as Christopher Wool (Christopher Wool), and Maurizio Cattelan (Maurizio Cattelan), even updated at their New York auctions of their records.

Top-10 auctions deals works by artists born after 1945 (July 1, 2009 - June 30, 2010)

1. PiterDoyg (Peter Doig). Reflection (What is your soul?) 1996. Oil on canvas. 6 million euros. November 10, 2009. Christie's, New York.

2. Chen Yifei (Chen Yifei). String Quartet. 1986. Oil on canvas. 5,6 million euros. May 29, 2010. Christie's, Hong Kong.

3. Maurizio Cattelan (Maurizio Cattelan). No title. 2001. Colored wax, hair, cloth. 5,5 million euros. May 12, 2010. Sotheby's, New York.

4. Jean-Michel Basquiat (Jean-Michel Basquiat). Untitled (Stardust). 1983. Acrylic on canvas. 5 million euros. May 12, 2010. Sotheby's, New York.

5. Richard Prince (Richard Prince). Nurse in Hollywood № 4. 2004. Acrylic on canvas, digital printing. 4,5 million euros. May 13, 2010. Phillips de Pury & Co., New York.

6. Jean-Michel Basquiat (Jean-Michel Basquiat). Self-Portrait as a Heel. 1982. Acrylic on canvas. 4,000,000 evro.11 May 2010. Christie's, New York.

7. Jeff Koons (Jeff Koons). Loopy. 1999. Oil on canvas. 3,7 million euros. June 30, 2010. Christie's, New York.

8. Christopher Wool (Christopher Wool). The word FOOL in blue. 1990. 3,4 million euros. May 11, 2010. Christie's, New York.

9. Juan Muñoz (Juan Mu ñoz). Conversation III. 2001. Bronze. 3.38 million euros. May 12, 2010. Sotheby's, New York.

10. Jeff Koons (Jeff Koons). A large vase of flowers. 1991. Tree. 3.34 million euros. November 10, 2009. Christie's, New York.

Specialising in contemporary art house Phillips de Pury was, alas, not so successful. The company decided to focus on "cutting edge" products and artists, the auction started his career recently - two segments of Contemporary, which during the recession proved to be the most unstable. As a result, Phillips continues to yield its share of competitors: a ranking of auction houses, it now ranks fifth, giving way to China Poly and China Guardian (if the list were taken into account the sale of works of all epochs).

In order to mitigate the crisis and to consolidate the image of the most "advanced», Phillips decided to take such measures as the alliance with megakollektsionerom Charles Saatchi (Charles Saatchi) and the organization of thematic auction. The first such auction was Now: Art of the 21st Century («Now: The Art of the XXI Century"), held September 26, 2009. Were presented as the work of those who had just entered the auction market and the creation of "art-brands" such as Damien Hirst and Fang Lijun (Lijun Fang). The cheapest lots were available for only a few hundred pounds. Excitement, however, no trade was summoned, and remained unsold 40%of the works. However, Phillips decided not to abandon this concept: in 2009, were held three thematic auction - "Latin America", "Music" and "New York, New York." Further, in the spring of this year the company had bid under the name "Sex" has been very successful (revenue 1.24 million euros, 32.4%of unsold lots). They were followed by "BRIC" (Brazil, Russia, India and China), "Africa", "Cinema" and "Italy" (the number of unsold lots ranging from 38 to 59,5 %).

Phillips is actively developing new strategies to promote your business: he was not afraid even ... Reality TV. In June of this year, American TV has launched a program "The Work of Art: The next great artist", which became a leading actress from "Sex and the City" Sarah Jessica Parker (Sarah Jessica Parker); winner, 23-year-old Abdi Farah (Abdi Farah), won prize of 100 thousand dollars, the exhibition at the Brooklyn Museum and its debut at auction auction house. The head of Phillips, Simon de Piura (Simon de Pury), among others, acted as a mentor program participants.

shows an example of Banksy and his colleagues, street artist Shepard Fairy (Shepard Fairey), regular flashing in the media is good for sales. Prior to Obama's victory in the 2008 presidential election posters with his face Fairy brought only 70-100 euros and now they go for thousands of 1,5-4.

Top-10 auctions houses on turnover of Modern Art

1. Christie's, 152 065 088 euros

2. Sotheby's, 114 284 233 euros

3. Phillips de Pury & Co., 48,067,565 euros

4. China Guardian Auctions Co., Ltd, 13,974,866 euros

5. Poly International Auction Co., Ltd, 13,646,360 euros

6. Ravenel Art Group, 5,739,272 euro

7. Borobudur Auction Ptd. Ltd, 5,473,907 euro

8. Shanghai Hosane Auction Co., Ltd, 5,438,988 euro

9. Artcurial (SVV), 4,982,155 euro

10. Seoul Auction Center, 4,331,658 euro

in 2009-2010 showed a significant increase in three markets: German (32%), American (17%) and Chinese (9 , 4%). The latter showed in the second semester of 2009 the best ever half-yearly result (while Britain and America was still recovering from the crisis). Of the 15 most successful auction houses (all epochs), five are based in China, in addition, this region is attracting more and more "cultural investment" (such as Larry Gagosian). Besides those already mentioned Poly and China Guardian, the leaders of the Chinese market is Beijing Council, as well as local offices of Sotheby's and Christie's (whose profits for the year increased by 172%). The total value of transactions concluded in the second half of last year amounted to 384 million euros, more than twice the total revenue of French auctions. Moreover, China has overtaken Britain (in the next semester she, however, then put on its traditional second place - but its separation from China amounted to only 12 million euros, which is quite impressive, considering that just a year ago the difference in revenue was 166 million ). Prices on the arts in Hong Kong - the capital of the Asian art market and the fourth on auction turnover of the city after New York, London and Paris - is rapidly approaching the West: take at least sold on the local Christie's picture Ifeya Chen's "String Quartet" (5,6 million euros) are not far behind at a price of cloth "Reflection" of the British master Peter Doig (6 million).

Asian market is developing very quickly, but his maturity so far can not be named. Nevertheless, Western companies are already feeling pressure from Chinese competitors. And do not be too bold to say that the center of gravity of the global art market has been steadily shifting to the east.

material was prepared by Julia Maksimova, AI

Source: artprice.com , artinvestment.ru