The modern artwork market raked in a record-breaking $2.7 billion in gross sales between June 2020 and June 2021, in response to Artprice’s annual report. This unbelievable bump follows the relative implosion of the artwork market throughout the first half of 2020, when gallery gross sales dipped 36 % following the early phases of the pandemic, in response to a research.
In response to the report, the pandemic-era swap to on-line auctions initiated a shift within the sorts of works consumers are buying. Items that extra simply translate to a digital format did particularly nicely this yr. “Pictures and prints have been significantly profitable on this new on-line setting and in 2021,” stated Artprice CEO Thierry Ehrmann in a foreword to the report. “Now we have [also] seen the sensational arrival of utterly dematerialized artworks, the well-known NFTs.” Sculptures, nonetheless, have dipped in demand.
Non-fungible tokens (NFTs) accounted for one-third of on-line gross sales, or two % of the general artwork market. The landmark sale of Beeple’s NFT Everydays: The First 5,000 Days (2021) at Christie’s fetched $69.3 million. Christie’s reported that 22 million individuals logged into the sale—60 % of them underneath the age of 40—to witness the primary public sale of an NFT.
This sample has continued with every NFT public sale at Christie’s drawing in a youthful, extra worldwide crowd, as ARTnews beforehand reported. Exterior public sale homes gross sales, NFTs have reached $2.4 billion in transactions within the second quarter of 2021 alone.
However NFTs aren’t the one motive the market is doing so nicely. Artprice’s report additionally noticed the Asian market pushing progress in modern artwork gross sales. China took 40 % of gross sales at public sale this yr, in comparison with 32 % in the US. Hong Kong solely narrowly misplaced to New York because the hub of up to date artwork gross sales. Nice Britain got here in third place at 16 %.
Jean-Michel Basquiat and Beeple got here in at first and second place, respectively, for the highest-selling modern artists. In a document for Chinese language artwork, U.S.-based artist Chen Danqing got here in third. Chen’s portray Shepherds (1980) realized $25.2 million at a sale held by Poly Beijing Spring Auctions in June.
KAWS offered essentially the most works, with precisely 1,682 items at public sale. Takashi Murakami, in the meantime, offered 1,591 items.