Price Index of London Autumn Auctions Rising Up, Hockney Wins For The First Time, Banksy Gaining Momentum
Compared to the past, the international environment in 2020 is facing particularity and complexity. Until this autumn, many European countries are still under the effect of pandemic which economic situation is not optimistic; the London autumn auctions in 2020 have also ended with uncertainty. Due to the impact of the environment, the lots volume of various auction houses has declined compared with last year, which turnover has also fluctuated slightly. However, the market trend of high-priced works is still strong, and the competition among artists has attracted attentions once again.
David Hockney had extraordinary performance in the 2020 London autumn auctions as Top1 among all artists with total turnover of 19.67 million US dollars. In the list of the champignons in London autumn auctions over the years, Gerhard Richter has topped four times, and Jean-Michel Basquiat had three times. The two artists have always been widely recognized and well-known in European and American markets, and their masterpieces have attracted much attention. They are ranked as 7th and 4th place respectively the London autumn auctions this year.
The competition among the artists in auctions is eye-catching. The changes and oscillation of the entire market is naturally inseparable from the rise and fall of the ranking. Let us follow ArtPro to explore the new changes in the London autumn auctions and review the various performances of the artists.
The lots volume in 2020 is only 67% of last year's, but the total turnover is strong and the price index rebounded
In the past ten years, the price index of the London autumn auctions has risen from 1 to 3.17. After the two peaks in 2012 and 2018, the price index shows an upward trend again in 2020. The lots volume in the London autumn auctions in 2020 is about 67% of 2019, and the total turnover has exceeded USD $200 million. Although it is slightly lower than last year, the price index is higher.
From the perspective of lots volume, the lots volume of London autumn auctions has experienced a trough in 2016 then encountered another trough in 2020, but the sold-by-lot rate has remained above 80%, even if the lots volume in 2016 was not dominant. The transaction rate in the London area is still high, which shows that the resilience and regulation of the market is indispensable.
Among all the auctioned works, there are less than 8% them were sold above one million and tens of millions dollars, but which total turnover accounted for more than 60%. The value of excellent works of art in auctions are particularly considerable. Three works among which have exceeded 10 million dollar, and 37 works sold over 1 million dollar.
Right：Turnover of different types of works
Three Most Expensive Lots
The most expensive works have all excedeed USD $10 million, which are Cabin Boiler House of Peter Doig, Portrait Of Sir David Webster of David Hockney and Couple Aux Têtes Pleines De Nuages of Salvador Dali.
There are artists who have always been popular on market, there are also emerging stars who are soaring up. In this year's London Autumn Auctions Top 10 List of Artists, Banksy and George Condo are among which. Banksy has received USD $14.14 million in the London Autumn Auctions this year as the Top3, while George Condo received USD $7.19 million as top 8. Both artists created their best record in the achievements.
The London autumn auction has always been the revenue-generating place Banksy. In the 2020 London autumn auctions, Banksy’s Show Me The Monet was sold for USD $9.78 million, which is +113.33% over the estimate price, ranking as top2 on artist's personal list. It is also the fourth expensive work in the London autumn auctions this year. Last year, Banksy also shined with Devolved Parliament that has been sold for USD $12.47 million, which greatly broke the record of the artist as the second expensive work in the London autumn auctions, its market potential should not be underestimated.
George Condo received USD $7.19 million in the 2020 London autumn auctions, the best result in the past decade. The Age of Reason sold for USD $2.92 million, broke his personal record as Top8. All works of George Condo that were sold in auctions in are within the estimated price range or slightly exceeded, his market performance is within expectations.
Artists broke there Top1 record in London autumn auctions
Every artist is interpreting art and proving him/herself in his/her own way. The dark horse in this London autumn auctions are eye-catching, with their creative art style and has become the highlight of the auction. Daniel Richter’s Tarifa is based on news stories, and the "Matchstick men" sculpture of Stik are thought-provoking. Both lots were sold significantly above their estimates.
Works of Emily Mae Smith often attract wide attention with her unique perspective and art style. Alien Shores is estimated at 40,000-70,000 dollars, and finally sold for USD $360,000 which is 452.5% over estimation, the market potential goes without saying. In addition, Marina Abramović's mixed performance art debuted for the first time. This work is a 19-minute performance, through the eyepieces and creative production technology, that brought the vision of artis to life. It was sold within the estimated price, and set new record for the most expensive work of artist.
The art market is constantly changing, and this kind of unknown and uncertainty that makes people pay more attention. Whether it were the enduring masterpieces or dark horses that have been quietly pushed to the forefront,they are all results of the growth and precipitation of the market. The London auctions in 2020 has come to an end, as one of the most important art markets in the world, we are expecting to see how it will develop in the future.