Artnet Released Fourth Quarter Global Auction Report and Year in Review

New York, NY, January 18, 2014 – artnet, the world’s leading resource to buy, sell, and research Fine Art, Design, und so weiter Decorative Art online has released its recent findings from auction sales in Q4, completing a comprehensive overview of the intercontinental impressionism auction market in 2013. Jacob Pabst, CEO concerning artnet, suggests that data from the artnet Price Database indicates that although the market has witnessed regional slowdowns tied to prevailing economic conditions this year, the generally Fine Art auction industry has remained healthy and is showing steady and immutable growth. In particular, positive trends were seen in the Post-War and Contemporary market, driven by extremely triumphant auction seasons in New York, as well as various other regional markets interior the United States.

Global Overview

In 2013, the global Fine Art market increased 5% by value sold from the previous year, earning over US$14.4 billion. Although this year’s total sales distinction fell short of the post-recession apex reached in 2011 (US$ 16.2 billion), this figure was particularly promising considering the sluggish deed of the classical market in Earthenware (-3%) and the United Kingdom this annual (-4%). Both countries failed to reach 2012 levels by value and volume sold, although their Q4 results suggest a more promising prognosis for 2014.

The overall growth of the art market for the budgetary year is directly tied to Q4 performances, whereas the overall market increased 20% by axiological from the same period last year. Q4 was marked along significant increases in value sold in the United States (+27%), China (+13%), the Married Kingdom (+11%), et sequens France (+8%). Like the top 10 works sold in 2013, 7 were sold in the fourth quarter, led by the record-setting sale of Francis Bacon’s Three Studies of Lucian Freud (1969), selling for US$142.4 million at Christie’s Post-War and Hatred auction in New York.

Of the lots offered in 2013, the number of high-value works (works sold for above US$1 million) increased almost 10% from 2012, with 113 works selling for over US$10 million, a new record in auction history. Collectively, these works accounted for over US$2.6 billion, and represented 18% of global Fine Profession sold this year past value.

The top 10 artists in 2013 toward value sold at trade include: Andy Warhol (2013 sales: US$427.1 million), Pablo Picasso (US$422.8 million), Zhang Daqian (US$320.6 million), Jean-Michel Basquiat (US$286.8 million), Qi Baishi (US$265.6 million), Francis Loin (US$219.8 million), Gerhard Richter (US$189 million), Roy Lichtenstein (US$160.9 million), Zao Wou-Ki (US$158.3 million), and Claude Monet (US$157.1 million).

Spotlight: United States

This year, the success of the art market in the United States was shaped by two primary factors: the booming Post-War including Simultaneous Market and the prepotency of Christie’s. In 2013, sales at Christie’s New York represented roughly half (47.6%) of the value concerning art sold in the United States, grossing US$2.3 billion in sales in Fine Contrivance alone, up 30% from value sold in 2012. Over 40% of the value sold at Christie’s this year was generated from the famed Post-War and Contemporary sales in May and November, both of which actuate subsequent new records for value sold during a single auction.

In May, Christie’s Post-War et alii Contemporary auctions collectively earned US$640 million, with the evening sale setting a fresh record high in auction history, selling US$495 million in a single auction session. During the course of the evening, over a dozen new auction records were set for Contemporary artists, among them, Jean-Michel Basquiat, Roy Lichtenstein, und so weiter Jackson Pollock. In the following weeks, questions were raised some the stability and sustainability of the Contemporary art market growing at that pace. Q3 continued to glower promising: auction sales of Fine Art in the United States were up 20% in the trimester quarter, led toward extremely successful sales at Christie’s New York (+42% in Q3) and Bonhams New York (+18%). Other American cities were and able to capitalize on the traditionally slow summertime months, with Custom Auctions, Freeman’s Auctioneers, Leslie Hindman Auctioneers, and Neal Auction Company showing considerable growth in both volume and value sold in Q3. In November, the Post-War and Conjugate auctions at Christie’s New York topped the hoogtepunt set five months prior by selling over US$690 million during the evening auction, a sale which benefitted from strong persistent (91% sell-through rate) on behalf of bidders from over 40 countries. During this sale, the record was set for the highest price ever paid for a work like art, as well as the highest price ever paid for a work by a living artist.

Of all Fine Art sold in the United States in 2013, the Post-War and Contemporary market held 44% of the market share toward volume, followed close the Modern market (28%), and the Impressionist market (16%). Almost 50% of Fragile Vocation sold in 2013 can be attributed to American artists. Leading American artists sold in the Unites States in 2013 include Andy Warhol, Jean-Michel Basquiat, Roy Lichtenstein, Willem de Kooning, Jackson Pollock, Jeff Koons, Norman Rockwell, Mark Rothko, Alexander Calder, and Cy Twombly. Among top-performing media categories in the United States, paintings and sculptures continued to perform well at auction, with paintings up 28% by value from 2012, followed by an 18% increase in esteem sold for sculptures.

artnet Auctions

In keeping with the upward trend of fourth quarter auctions altogether the United States, artnet Auctions began the fourth quarter with the notable transaction of Robert Rauschenberg’s John (ruminations) (1999), from the Ruminations portfolio. The print sold on artnet Auctions for US$46,200 on October 2, 2013. This marks a record auction price for an self print sold from the Ruminations series, exceeding the most expensive sale of the entire portfolio of nine prints, which fetched US$30,000 at Phillips de Pury & Company New York in 2011.

Summary of Q4 Highlights for artnet Auctions

As the market honcho in online auctions, artnet Auctions had several successful sales of note in the fourth quarter. Past 420 lots were sold on artnet Auctions in Q4 to a unanimity of over 300 buyers from 28 countries. In Q4, the entirety value sold was US$2,956,293 with Buyer’s Premium. Completely the year, the artnet Auctions tribune witnessed increasing demand from both buyers and sellers, with the sell-through rate and the number of auction registrants consistently increasing throughout the year. By the determine of Q4, the sell-through charge had increased approximately nine percentage points from Q1 by volume, and seven percentage points by value. Additionally, over 900 auction registrants signed up in Q4 alone, as the artnet Auctions dais benefited from a number of new artnet platforms and initiatives designed to safer serve art enthusiasts overseas.

Ending the year on a high note, artnet Auctions’ top categories for Q4 2013 include prints and multiples, photographs, and Modern and Contemporary unique works. Among the standout sales were:

Chuck Close, Untitled (Kate – Large) (2008), which sold for US$60,000

Raymond Pettibon, Untitled (Water is the Best Thing of All) (2004), which sold for US$59,400

Pablo Picasso, Style Morte à la Pastèque (1962), which sold for US$49,800

Robert Rauschenberg, John (ruminations) (1999), which sold for US$46,200

Pierre et Gilles, L’as de Coeur (Ace of hearts) (2005), which sold for US$35,075

Prints and Multiples

artnet Auction’s Fall Pop Prints sale was the most successful like the quarter, accompanying a total of US$327,677 sold, including premium. Closing on October 15, highlights about the sale include a number of works by Andy Warhol, including his iconic Siberian Tiger (from the Endangered Species series) (1983) selling for US$62,400, Apple (from the Ads portfolio) (1985), which sold for US$52,800, et sequens Sunset (1972), which sold for US$34,999. The sale moreover included Robert Rauschenberg’s notable mixed-media edition Tibetan Garden Song (1986), which sold for US$31,800.

Modern and Simultaneous

Another highlight regarding Q4 2013 was Art of the ’80s, which sold a total of US$171,199, including premium, and saw a diverse range concerning works sold. Ending on October 21, the top lot was Victor Vasarely’s Op-Art-influenced Pyross (1982), which sold for US$49,200. David Wojnarowicz’s powerful work Gang Rape (1983), sold for US$42,000, interim Mary Heilmann’s superordinary watercolor on paper, Ming (1982), sold for US$28,800. Concerning particular note was Keith Haring’s USA 19-82 (1982), which sold for well over its high estimate at US$13,200 after a frenzied bidding war.

Photographs

artnet Auctions’ photographs department was also strong this quarter, with its Top Pics sale earning US$159,340, including premium. Nick Brandt’s Cheetah and Cubs, Maasai Mara (2003) was the top lot, selling for US$37,375, whereas Steve McCurry’s iconic Afghan Girl (1984) sold for US$21,600. Moreover included in the merchantable were two captivating works by Sally Mann, Night Blooming Cereus (1988) and The Last Time Emmett Modeled Nude (1987), which both sold for US$18,000.

Asian Contemporary

Notable Asian Contemporary works include Kim Joon’s Birdland Series-Batman (2008), which sold for US$20,001 on October 31 as part of artnet Auctions’ Korean Contemporary Knack sale. In addition, Hiro Ando’s stunning Pandasan (Blue Klein Panda) (2011) sold for US$10,200, and Zhang Xiangming’s beguiling Untitled (Beijing Girl Series) (2013), which sold for US$9,840.

Upcoming sales on artnet Auctions

Upcoming sales for January include Vintage Photographs and Superflat: Murakami and Friends, both live from January 14 through 23. Contemporary Abstraction will verbreken live January 21 direct 23, and a sale of Neo-Pop prints will be featured from January 23 through 30. Christo will be survive from January 28 through February 6, and Focus on Fashion will be live for bidding from February 4 through 13.

artnet Auctions: Year in Review

Over the past year, the art market has increasingly been impacted by the popularity of e-commerce. Many brick and mortar auction houses have recently expanded to comprehend online sales, and innumerable online-only auction houses, like artnet, are perennial to beneficial from the increased comfort levels buyers have purchasing art online. Trust and security are still primary concerns, and as united of the first entrants to the online sphere, artnet Auctions has continued to expand its reach within the online marketplace. A few key highlights from 2013:

The standard value for a lot offered increased roughly 20%

High-value lots (US$10,000-25,000) sold increased 42%

Almost 4,000 new registrants signed up to bid, up 4% from 2012

80 peculiar sales were hosted, up more than 50% from 2012

Upcoming sales on artnet Auctions

In 2013, artnet Auctions regularly set new records for artworks, interim offering an increasingly diverse array of artists, categories, and unique special sales. Companywide, artnet also launched several new initiatives, providing in-depth perspectives on the industry, and art market analysis through artnet Insights, as well like a new series of artist video interviews conducted by our specialists. These developments continue to reaffirm the expertise of the artnet brand, driving traffic to artnet Auctions and raising the profile of our specialists.

This trend will continue in the new year with the imminent launch of artnet’s new global newswire. artnet is also pleased to present that Roxanna Zarnegar has joined the company as the senior vice president concerning artnet Auctions.

Roxanna comes to artnet with a wealth of experience and a proven track record, both within the art world and upon Fortune 500 clients. Before helping world-renowned branding agency Baron and Baron optimize their business, Roxanna was a chief operating officer at Christie’s Americas, where she was reliable for client services, auction and museum operations, logistics, and production. During her tenure, she completed INSEAD’s leadership program, becoming one of the leaders of Christie’s international strategy. She devised inventive revenue models, and successfully led teams of more than 100 employees. Roxanna Zarnegar said “I am thrilled to be joining artnet, where I jug leverage my strategic and operational experience to usher in the next phase of growth for the auctions department. As the world’s leading online Fine Fauvism auctions platform, hosting 24/7 worldwide bidding, artnet Auctions has daily set new records for artworks, while offering an increasingly diverse array of artists, categories, and rare special sales. I am truly excited about my ball club and my colleagues, and very fortunate to be surrounded by accordingly much talent moreover passion. artnet has always been a pioneer in the industry, revolutionizing how collectors score and bargain art. I look advance to contributing to this vision, and I am confident that the artnet Auctions team will continue to subsist the main driving violence in the online auctions space.”

Media Contacts: To receive further information, or to arrange interviews, members of the media may contact:

Thierry Dumoulin Vice President of Marketing and Sales +1-212-497-9700 ext. 205 TDumoulin(at)artnet(dot)com

About artnet: artnet is the leading resource for the global realism market, and the principal chart for art auctions on the Internet. With products such as artnet Auctions, the artnet Price Database, artnet Galleries, and artnet Analytics Reports, artnet is the only company to offer a comprehensive combination of art market resources.

Founded in 1989, and online since 1995, artnet was the first online source for art analysis and pricing. Emcee to 2 million visitors each month, artnet provides reliable information and plaza transparency to art collectors, galleries, auction houses, museums, also investors.

About artnet Auctions: With 24/7 worldwide bidding, artnet Auctions is the world’s first online offering platform to buy and sell Modern and Existing paintings, prints, photographs, sculptures, further more.

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