How is the art market really weathering the coronavirus crisis? The average price of a work of fine art sold at auction in the first half of 2020 was down 41.3% from 2019
Brand-new revelations about the mechanics of the meteoric market rise of contemporary art star Amoako Boafo
NEW YORK, NY / ACCESSWIRE / September 16, 2020 / The latest edition of the Artnet Intelligence Report, published in partnership with Morgan Stanley’s Art Resources Team in Wealth Management, explores the wealth planning needs related to owning art and asks the question: Can the art world ever go back to the way it was “before? Is the pre-COVID art world gone for good?
The answers are addressed in the Artnet Intelligence Report’s inaugural Innovators issue. The Artnet News editors have selected 51 “Artnet Innovators,” a group of boundary-pushing power-players who hold the fate of the new art world in their hands. Also in this issue: Artnet News Executive Editor Julia Halperin reads the tea leaves of the auction market data to see how much the industry has actually been affected by the coronavirus crisis; Senior Market Editor Eileen Kinsella addresses what a post-COVID auction house model will actually look like; Senior Art Business Reporter Nate Freeman drops exclusive revelations about the meteoric market rise of Vienna- and Accra-based contemporary art star Amoako Boafo; and the Art Resources Team from Morgan Stanley breaks down how collectors can plan for the future. Some key takeaways from the report:
– Singer-songwriter Solange Knowles and hip-hop-artist-turned-entrepreneur Kasseem “Swizz Beatz” Dean included in the list of 2020 Artnet Innovators; Knowles for her work confronting social issues through art and Dean for using his platform and foundation to empower artists
– Halperin found that total global auction sales volume for the first half of 2020 was down 58.3% year-over-year, and the average price of a work of fine art sold at auction in the first half of 2020 was down 41.3% from the same period in 2019
– Kinsella reports on the backstage drama behind Sotheby’s first-ever global live-streamed auction event–in the months leading up to the event, the company’s revenue from mid-March to June had plummeted 90% year-over-year
– An exclusive scoop from Freeman about contemporary art star Amoako Boafo’s market, including how he took back control from flippers in an unprecedented maneuver
– Morgan Stanley experts outline the best ways to approach art as an investment, including estate planning and moreAs always, the report was compiled in close partnership with the Artnet Price Database team.
The leading tool for art professionals to research the market prices and determine the value of art, the Price Database contains the most comprehensive and accurate archive of auction information in the world. Thanks to this unparalleled resource, the Intelligence Report offers unique and actionable insights into the current state of the art world.
Find the full report and download a copy on Artnet News: https://www.artnet.com/artnet-intelligence-report
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Artnet is the leading resource for buying, selling, and researching art online. Founded in 1989, Artnet’s suite of industry -leading products has revolutionized the way people discover and collect art today. The Price Database contains approximately 14 million auction results from 1,800 auction houses dating back to 1985, providing an unparalleled level of transparency to the art market. The Gallery Network platform connects leading galleries with collectors from around the world, offering the most comprehensive overview of artworks for sale. Artnet Auctions was the first dedicated online marketplace for fine art, providing a seamless and efficient collecting experience for both buyers and sellers. Artnet News covers the events, trends, and people shaping the global art market with up-to-the-minute analysis and expert commentary. Artnet AG is listed in the Prime Standard of the Frankfurt Stock Exchange, the segment with the highest transparency standards.
About Morgan Stanley’s Art Resources Team
Morgan Stanley’s Art Resources Team (ART), part of Family Office Resources within Morgan Stanley Wealth Management, curates resources while consulting with collectors to think and work through strategic decisions in relation to art ownership. ART is integrated, objective and aligned with collectors so our cumulative knowledge and experience results in the creation of customized solutions and shared best practices.ng.
SOURCE: artnet AG via EQS Newswire
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