Blue Chip Artist's works between $20,000 and $80,000 Continue to Perform in a Challenging Art Market

MIDYEAR TRADING REPORT:

ArtNet has recently released their mid-year review for 2023 in The Intelligence Report. Within its extensive 62 pages, it has substantiated what many have suspected: the art market has faced a downturn. However, the demand for blue-chip artists at core-level remains strong. Artworks in the range of 20,000 to 80,000 dollars continue to appreciate representing the core of the market, while higher-end works priced at 10 million dollars and above are showing significant declines.

Most Searched Artists, 2013 vs. 2023

• Pablo Picasso and Andy Warhol maintain their top positions.
• Yayoi Kusama enters 3rd place, becoming the highest-ranking female artist.
• David Hockney is a newcomer at 5th place.
• Damien Hirst makes a new entry and secures the 10th position.

Using insights from MyArtBroker's MyPortfolio and Trading Floor data, we've noted heightened demand for artworks priced between ￡20,000 and ￡80,000. Notably, there's a significant uptick in interest in prints by Banksy, Damien Hirst, and Andy Warhol, particularly during the usually calmer summer period.

Core Sales by Value ($100,000+ and below $1,000,000) Remain Strong and Online Sales are here to stay:

• New York art advisor Saara Pritchard confirmed the interest in lower-priced works confirming, “You can see the truth in the day sales, where there was good depth of bidding and response from collectors, especially in the lower price points.”
• Art sales exceeding $10 million have declined by 51%
• Artworks in the $100,000 to $1 million range have increased by 18%
• Online art sales at major auction houses, including Sotheby's, Christie's, Phillips, Bonhams, and Artnet Auctions, totalled $155.8 million in the first five months of this year. While this marks a 5% decrease from 2022 and a 64% decrease from 2021, it's essential to note that this year's circumstances are unique due to COVID's impact on in-person sales.
• Regardless - online sales have surged by 300% compared to 2019, indicating a lasting shift in the art market towards online transactions."What is remarkable about the prints market at this turbulent economic time, is that it offers something quite unique: you have access to some of the most investible markets, with the most growth, at a core market price point (accessible - by art market standards), and the ability to track the historical growth of those bluechip artists' markets down to the series themselves; and as ever - much more accurately than the trophy sales of originals which look for arbitrary price comparisons sold often decades before. These features of the print market offer powerful growth potential in the art investment market right now." Charlotte Stewart, Managing Director of MyArtBroker

Contemporary and Post-War Trophy Sales

• Jean-Michel Basquiat appears three times in the contemporary category, accumulating a total of $106 million from three sales.
• Banksy is listed in the Contemporary category, achieving $9.7 million in one sale.
• Louise Bourgeois takes the top spot in the post-war category, with sales totalling $32 million.
• David Hockney features twice with two works, amassing $340 million.
• Roy Lichtenstein is ranked for one work, bringing in $15.3 million.

Art Market Transparency and the Influence of High-End Sales on the Print Market?

ArtNet's report concludes with a letter from Morgan Stanley highlighting the competitive auction landscape for trophy lots. They stress that the art market has become more financialised and less transparent. Given current economic conditions and rising prices, collectors and observers seek insights not only into buyer's premium prices (including auction fees) but also fair market value. The complexities involved can, and have proven, to impact higher-end sales in 2023.

Trophy sales, as listed above, are reliable indicators of emerging trends and market stability, reflecting high demand and careful financial planning by auction houses. Single-owner evening sales can notably influence marketing strategies, particularly for high-value artworks, aiding effective marketing tactics for print sales. Thus, it's unsurprising that MyArtBroker's data and print sales demand closely align with these trophy lots. At MyArtBroker, we are dedicated to transparency. Discover MyArtBroker's most coveted prints by blue-chip artists below.

MyArtBroker Most Wanted Artists and Print Market Demand, 2023 - YTD

• Banksy maintains his leading position, showing improved demand performance alongside Damien Hirst during the typically quieter summer period.
• Andy Warhol has experienced a minor decline in August compared to the previous month, but demand for his works remains robust and steady.
• Keith Haring and Roy Lichtenstein are seeing increased demand coinciding with their recent addition to ArtNet's list of the most financially promising Contemporary and Post-War artists.
• Jean-Michel Basquiat's art market in the first half of the year has generated excitement for his higher-end pieces. This has notably impacted his print market, with our database revealing increased demand, particularly in January and April 2023.
• David Hockney has also garnered significant interest, particularly in July, and this strong demand performance continues into August 2023.
• Women artists, including Yayoi Kusama and Bridget Riley, continue to exhibit steady and reliable demand performances.

Explore blue-chip art prints with MyArtBroker's Online Trading Floor, providing transparency and easy access with over 30,000 members. Sign up now to buy, sell, and monitor demand with our exclusive MyPortfolio tool, tracking over 48,000 auction histories.?