Ultra-contemporary art is conquering auctions, making Artprice subscriptions even more useful

“Auctions are currently at the top of the international art scene and bundle all trends on the art market. That’s why the Artprice databases and our decision support tools have never been more valuable,concludes Thierry Ehrmann, President and Founder of Artmarket.com and its Artprice division.

“Auctions even attract a significant portion of the primary market; The latest records for Beeple and Banksy have been set by works put up for sale directly by the artists themselves.“

Cautious estimates

With no international art fairs, gallery openings and major exhibitions, collectors pay more attention to the works circulating in the auction area. This drives up prices, which in turn encourages owners of works by these popular artists to resell them. This stimulation of supply and demand produced young superstars of the art market within a few months.

Artists under 40 who had never achieved auction results before have suddenly achieved dizzying prices with recent works (“The paint is still wet‘, as we said a few years ago). These results are all the more worrying given that the estimates have been wiped out published by the major auction houses, proving that this acceleration has either taken contemporary art specialists completely by surprise… or that they want to remain cautious.

– Amoako Boafo (1984), The lemon swimsuit (2019)
Estimated: $40,000 – $65,000
Price with fees: $881,400
02/13/2020 Phillips London

– Matthew Wong (1984-2019), The kingdom of appearances (2018)
Estimated: $60,000 – $80,000
Price with fees: $1,820,000
06/29/2020 Sotheby’s new York

– Christina Quarles (1985), tucker (2016)
Estimated: $70,000 – $100,000
Price with fees: $655,200
08/12/2020 Phillips New York

About the need to stay alert

A few years or even just a few months after their creation, these canvases have already been auctioned. A situation that shocked the artists themselveshow Amoako Boafo explained in an interview with Bloomberg in February 2020titled Hot new artist laments his work being flipped for profit.

www.bloomberg.com/news/articles/2020-02-12/hot-new-artist-laments-that-his-work-is-being-flipped-for-profit

So far, the prices of the young Ghanaian artist have held up: His 34 paintings have been for sale ever since January 1, 2020 all found buyers in London, new York and Hong Kong. However, Artprice remains extremely vigilant regarding the development of Amoako Boafos Market. His next work to be offered for sale is a canvas titled Gracefulness (2018) was purchased by the seller directly from the artist and is offered at Sotheby’s in Hong Kong on April 20, 2021.

www.artprice.com/artist/904704/amoako-boafo/painting/23560098/grace

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