【2020 HK Autumn Auctions】70s and 80s Born Artists Thrived in the Wave，90% of their new listed lots were hammered
The artists from the 1970s and 1980s around the world achieved dazzling results in the high price range, and a number of artists set new records within a year. In the summary about artists of Hong Kong Autumn Auctions, the price index of artists increased significantly in the 1950-1960s and 1970-1980s. In the last artists’ summary, we discussed the market performance of artists in the 1950-1960s. Then, ArtPro will continue to focus on the market performance of artists in the 1970-1980s from 2020 Hong Kong Autumn Auctions. In recent years, with the attention of various international galleries to young artists, the group of young artists has been given more and more opportunities to come to the fore and their performance on the set has become more and more dazzling. In the 2020 Hong Kong Autumn Auctions, artists sold a total of 410 lots in the 1970-1980s, with a turnover of US $63.1 million.
In the autumn shoot in Hong Kong in 2020, artists from 1970 to 1980s came from all over the world, bringing together young artists from the West, China, Southeast Asia, Japan and South Korea. In terms of quantity, Western artists account for the first place, Chinese artists second, Japanese and Korean artists third, and Southeast Asian artists fourth. In terms of turnover, Western artists are far ahead, followed by Chinese, Japanese and South Korean and Southeast Asian artists. In terms of the proportion of volume and price, Western artists in the 1970-1980s occupied the core market, accounting for only 46.34%, but contributed 73.74% of the turnover, while artists from China, Southeast Asia, Japan and South Korea accounted for less than the number of artists. Western artists made the highest contribution to the 2020 Hong Kong Autumn Auctions, making it hard to hide their edge.
the proportion of the total transaction volume of artists in different regions.
Part I, the Top5 list of artists in the 1970s and 1980s.
According to the ranking of artists from different regions in the 2020 Hong Kong Autumn Auctions in 1970-1980s, compared with the other three regions, the total transaction volume of artists in China (including Hong Kong, Macao and Taiwan) in the 1970-1980s was the most outstanding, with three artists with a turnover of more than US $1 million, followed by Western artists and Japanese and Korean artists, and the lowest in Southeast Asia in the 1970-1980s.
Among the Top5 artists in the four regions from 1970 to 1980s, the post-70s artists still accounted for 75% of the transactions, and the post-80s artists accounted for 25%. In terms of the male-to-female ratio, the Top5 lists of the four regions had female artists on the list, and the Japanese list included three female artists.
Chinese Top5 artists (including Hong Kong, Macao and Taiwan) in the 1970s and 1980s
Japanese Top5 artists in the 1970s and 1980s
Western Top5 artists in the 1970s and 1980s
Top5 Artists from Southeast Asia in the 1970s and 1980s
Part III, Top10 families in the 1970s and 1980s
1.From 1970 to 1980, the turnover of Top10 artists started at US $1 million.
Western artists have made great achievements in the 2020 Hong Kong Autumn Auctions. According to the ranking of the total sales of artists in the 2020 Hong Kong Autumn Auctions from 1970 to 1980s, Banksy won US $11 million, Adrian Ghenie, Matthew Wong and Dana Schutz were all above US $5 million, while the other six artists all had a turnover of more than US $1 million . it can be seen that the lowest turnover for Top10 artists is more than US $1 million.
Geographically, 90% of Top10 artists come from Western artists, with only one Japanese artist, Ayako Rokkaku. Western artists still occupy an absolute position among Top10 artists in the 1970s and 1980s.
2.With the help of galleries, the artists from the 1970s and 1980s became more and more influential.
The remarkable promotion of artists in the secondary market is inseparable from the operation of their back galleries. Among the top 10 autumn auction sales in Hong Kong in 2020, 1970-1980s artists were boosted and blessed by galleries.With the operation of galleries and the promotion of the primary market, the social influence of artists gradually increased in the 1970-1980s, and the popularity in the secondary market is also growing day by day. Among them, Matthew Wong and Amoako Boafo were photographed for the first time and were photographed by Christie's, Sotheby's, Phillips, Phillips& Poly and so on.
Part III, 12 artists in the 1970s and 1980s set a new world record
Among the artists from 1970 to 1980s, 12 artists set new personal records, among which Matthew Wong and Amoako Boafu both entered the auction for the first time. Matthew Wong is the only deceased artist on the list. The artistic genius committed suicide at the age of 35, and his auction craze surged in 2020: in October 2020, "Shangri-la" sold for $4.47 million, setting an auction record for an artist. In December 2020, Matthew Wong's "Sunset River" sold for $4.87 million, breaking the artist's world auction record again, nearly four times the pre-auction high estimate.
The speed at which artists set personal records in the 1970s and 1980s was also very fast. Ten artists broke their personal auction records in about a year, and two artists broke their personal auction records in about two years. The personal auction records of these 12 artists have repeatedly set new highs, which shows the enthusiastic pursuit of the fine art of the new Jin Dynasty in the Hong Kong market.
Part IV, the first shooting work is easier to become popular, and the average rate of return of repeated shooting work is 16%
From 1970 to 1980s, artists sold a total of 410 items in Hong Kong, of which 93% were sold for the first time and 17% were repeated. Among them, 171 lots were sold at an ultra-high valuation, 150 lots were sold within the valuation range, 44 lots were sold below the valuation range, and 80% of the works were sold within the valuation range or even higher than the valuation. Although artists in the 1970-1980s only emerged in the auction market in recent years, the popularity and market demand of their works should not be underestimated, and the potential of the auction has accumulated abruptly.
The Key Hong Kong auction houses all have works on sale for the first time. Christie's and Sotheby's in Hong Kong are both in the top two, with a share of 17.5% and 11.50% respectively. The other three auction houses, Hong Kong Christie’s, Bonhams and Hong Kong Poly, all account for less than 10%. Every auction house pays more attention to the works of artists from 1970 to 1980s, and the intensity and quantity of collecting works should not be underestimated.
In 2020 Hong Kong Autumn Auctions in 1970-1980s, 80% of the most expensive top10 works sold by artists were sold for the first time. To some extent, the works sold for the first time have never been seen before in the market. Because of their particularity and freshness, they are more likely to become popular and lead to high prices.
The circulation of repeated works is strong, and the average rate of return is 16.31%
Among the works shot repeatedly, nearly 70% of the works have been transferred twice and 30% of the works have been transferred three times. Although the artists in the 1970-1980s are all young artists, the market circulation rate is still very high and the acceptance of his works by collectors is still very high.
From the point of view of the annualized rate of return, the annualized income of the works filmed many times is particularly considerable, among which the value of the works of Chinese artists Hao Liang and Huang Yuxing is prominent. Hao Wei's "quiet Story" sold in Guardian Hong Kong in April 2015 for US $130000, and Christie's Hong Kong in December 2020 for US $960000, seven times in five years. Huang Yuxing's "River" sold in Christie's Hong Kong in 2016 for US $90, 000 and Sotheby's Hong Kong in 2020 for US $270000, twice in 4 years.
The 2020 Hong Kong Autumn Auctions set sail in the haze of the epidemic in 2020. Against the background of many challenging factors, artists performed strongly on the auction stage in the 1970-1980s, showing an upward trend in transaction volume, auction volume, ranking of world artists, and so on; at the same time, good news spread frequently by artists in the 1970-1980s, and 12 artists set a new world record, and its market explosive power should not be underestimated. We will pay attention to the market dynamics of the artists from 1970 to 1980 about how they will perform in 2021.