This new digital market could merge completely with the physical art market; it already represents 8% of global secondary art market auction turnover. However, the two universes might also develop in parallel, with brief forays into each other's territory, the physical world on one side and the metaverse on the other… like Ying and Yang.
thierry Ehrmann, CEO and Founder of
Artprice by
Artmarket.com : Perfectly Positioned to Generate Enormous Revenue FromIts NFT Marketplace on Artprice-nft.comArtmarket.com : Artprice Manifesto - The future of NFTs and the MetaverseArtmarket.com : Here's why the art market, via the NFT revolution, will enjoy exponential growth with Artprice
Artprice looks back at the key developments of the year 2021, quarter by quarter.
Q1: Boticelli vs. Beeple
Unveiled in
However the biggest surprise of the year came on
Q2: A flurry of records in the spring
It took a few months for the art market to fully appreciate the nature and implications of non-fungible tokens. During
Fortunately in
Top 5 new artist records recorded in
- Richard Diebenkorn:
Ocean Park # 40 (1971) -$27,265,500 – 12/05/2021, Sotheby's Larva Labs : 9 Cryptopunks -$16,962,500 – 11/05/2021,Christie's Robert Colescott :George Washington [...] (1975) -$15,315,900 – 12/05/2021, Sotheby's- Childe Hassam: Flags on
57th Street , Winter (1918) -$12,328,500 – 12/05/2021, Sotheby's Barbara Hepworth : Parent II (1970) -$7,110,000 – 13/05/2021,Christie's
Q3: Online sales didn't stop during the summer
Traditionally, the major auction houses have always taken a break from sales during the months of July and August, in conjunction with the closure of art galleries and art fairs. But in 2020, the postponements caused by the covid pandemic and the establishment of new online sales platforms encouraged auction houses to continue part of their activities throughout the summer period, an exercise that was repeated in 2021, with online sales ensuring the circulation of works to all four corners of the globe.
A total of 121,000 fine art lots were auctioned in the third quarter of 2021. This historic transaction intensity for the summer period was largely driven by the Asian market; not just by sessions in
Top 3 Fine Art results in
Yayoi Kusama (1929): Pumpkin (1981) -$4,290,000 – 31/07/2021, Mainichi Tokyo- Fu Baoshi (1904-1965): Spring (1963) -
$4,400,000 – 25/07/2021, Xiling Yinshe Hangzhou - Whan-
Ki Kim (1913-1974): 1 -VII 71 # 207 (1971) -$4,152,720 – 24/08/2021, Seoul Auction
Q4: All indicators turn green…
The months of October and November saw countless new records for all creative periods:
Expected to rebound after a 2020 marked by the Covid-19 pandemic, Artprice will be looking more closely at this highly positive turn of events in its upcoming Annual Art Market Report.
Aside from the NFT phenomenon, one of the year's key trends was the emergence of the
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