Artprice Indices: art values are holding up...

PARIS,Nov. 17,2020 -- Artprice's quarterly Global Art Market Indexnormally shows seasonal fluctuations and,in the longer run,has shown a slight contraction since 2016. In 2020,despite the health crisis,thetrend has continued unperturbedwithout any visible drop.

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We would expect to see some sort of latent price correction,but it will probably not become visible until after a return to 'normal'trading. In times of crisis,the Art Market slows down itssupply by raisingthe qualitative selectivity of lots offeredto avoid disappointments and maintain price levels. This year,the lockdowns took effect before auction houses had time to react,forcing an abrupt halt to transactionsand then subsequentlyslowing their recovery.

"The Art Market has its own defense mechanisms",saysthierry Ehrmann,President and Founder of Artmarket.com and its Artprice department. "The real price impact of the health crisis will not be fully visible until the auction marketreturns to a normal volume of trade (500,000 lots sold at auctions per year) and,above all,until private sales have successfully established enough new channels to offsetthe absence of major fairs and the closure of somany galleries. For the time being,we are pleased to notethat the secondary art market is finding the necessary resources in terms of the numbers of lots offered,technical solutions and financial liquidityto ensure a decent level of activity."

Artprice calculates itsGlobal Art Market Indices on the basis of the results obtained at public salesexclusively. However,this segmentof the market appears to haveadapted more quicky and successfully to lockdown measures: from the beginning of the year tothe end of October,global art auction turnover contracted byonly -25% versus FY 2019withthe number of lots soldfalling only-16%. Auction houses have therefore managed tocontinue with the bulk of their operations,which is not the case for lots ofgalleries and art fairs.

Several auction records have also proved that art market prices have by no means beensystematically undermined. Onthe contrary,they have remained relatively robust this year. The sale of Giorgio de Chirico's painting Il pomeriggio di Arianna (1913) for $15.9 million at Sotheby's in New York on 29 October 2020 illustratesa market still keen to acquire masterpieces. The sale of Boticelli's Young Man Holding a Roundel has been postponed until January. Auction houses may be delaying some sales,but they areensuringthe continuity of transactions.

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