artnet AG: Spring 2021 Artnet Intelligence Report: The Art Market in The Wake of The Pandemic

• The art market fared surprisingly well in the face of the pandemic, with total sales volume declining a modest 25 percent (in 2008, they were down over 40 percent)
• A look at why the new experiential art space Superblue may benefit from the prolonged lockdown
• The first major profile of artist Robert Nava, whose “bad” paintings are baffling some, thrilling others, and selling for sky-high prices
• Never-before-published revelations about the notorious Old Master forgery scandal now known as the Ruffini affair, including rare comments from Ruffini himself

NEW YORK, NY / ACCESSWIRE / March 25, 2021 / The latest edition of the Artnet Intelligence Report brings a bit of optimism to the news cycle: The art market fared surprisingly well in the face of the pandemic, and it looks like many of the innovations the business developed during lockdown are here to stay.

In the report, Artnet News Executive Editor Julia Halperin gives a close read of data pulled from the Artnet Price Database to determine the biggest winners and losers at auction in 2020; Art Business Editor Tim Schneider leads with this issue’s cover story, a look at how Pace CEO Marc Glimcher’s latest venture Superblue suggests that the post-thing economy could save the art market from obsolescence; Senior Market Editor Eileen Kinsella parses what the hybrid IRL-online art market of the post-COVID era will look like; Senior Art Business Reporter Nate Freeman gives “bad” painter Robert Nava the profile treatment; and contributor Simon Hewitt uncovers brand new information about the Ruffini affair, and why the alleged mastermind of a string of Old Master forgeries is speaking out now.

Some key takeaways from the report:

• The art market was not decimated by the pandemic, having seen $10.1 billion in total sales at auction last year-but it did reach its lowest level since 2009
• Sell-through rates reached near-decade highs in every major collecting category
• The average price of a work of art sold at auction reached an eight-year low at $35,698, while the average price of a work sold online at the Big Three houses rose a staggering 374 percent, to $51,706
• China overtook the US to once again become the largest auction market in the world, due to a faster COVID recovery and the minting of 250 new billionaires
• The ultra-contemporary category (which covers artists born after 1974) was the least scathed, with total sales increasing by 32.5 percent in 2020
• Four out of the 10 best-selling contemporary artworks were by Chinese artists, and this demand is largely regional, rooted in Asia
• Superblue is disrupting the art market by importing models used to profitable effect by the retail industry, Broadway, and Hollywood
• Giuliano Ruffini, the alleged notorious mastermind of an Old Masters forgery ring, tells his side of the dramatic story

As 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 https://www.artnet.com/artnet-intelligence-report/

For press inquiries, please contact press@artnet.com.

About Artnet

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 collect art today. The Price Database contains more than 14 million auction results from 1,900 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.

SOURCE: artnet AG

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