Artmarket.com: the Artprice100© index is continuing to grow... +405% since 2000

PARIS,March 2,2021 -- Artprice's blue-chip artists index,the Artprice100©,actually grew by 1.8% over the past year… a year marked by the almost complete absence of international fairs,but also by the forced transition of galleries and auction houses to a digital modus operandi. And yet… the price of the Art Market's top one hundred artists (by auction turnover) continued to climb,taking its total growth since 2000 to +405%.

Annual change in the Artprice100 © vs. S&P 500 - Base 100 in January 2000

thierry Ehrmann,President and Founder of Artmarket.com and of its Artprice Department: "The resilience of the Art Market in times of crisis is perfectly illustrated by the evolution of our Top-100 benchmark index. The positive performance of the Artprice100 © in 2020,although modest,is extremely reassuring. True... it doesn't compare well with the US stock markets (the S&P 500 posted a sensational growth of +16% last year,rising from 3,234 pts to 3,756 pts in twelve months."

While the construction of the Artprice100© is inspired by that of the S&P 500,the two indices nevertheless remain profoundly different and should be compared with caution.

Artprice100© versus S&P 500: warning!

The Artprice100© is designed as a portfolio of artworks representing the one hundred most important artists on the art market (see the composition below). It's a purely theoretical exercise. It is clearly not possible to acquire a share in all the works by an artist that will be auctioned in the coming year. In fact,no-one can even predict which works will hit the secondary market over the next twelve months. But the results as a whole provide an excellent appreciation of the general price evolution for each of these artists.

The composition of the Artprice100© index is based on purely objective criteria. It is established on 1 January of each year on the basis of two criteria,both resolutely independent of any personal preference: a performance criterion and a liquidity criterion. The initial investment is thus made in proportion to the auction performances of the artists over the last five calendar years (2015-2019),on condition,however,that their works are exchanged regularly: at least seven auction appearances per year over a ten-year period (excluding prints).

Analysis of the composition

There are two good reasons for calculating a specific price index for a set of top-selling artists: firstly it allows the analysis of the performance of a well-diversified portfolio,constructed objectively on the basis of the auction results for well-established artists. Secondly,it allows observation of the evolution of the 100 artists who constitute the veritable hardcore of the global Art Market.

Pablo Picasso remains the portfolio's dominant artist with a weight of 8.8% in the initial investment. On the basis of all original works by Picasso sold at auction in 2020,Artprice calculates that his price index increased overall by +2.2% in the twelve months of 2020. This result is perfectly consistent with the overall evolution of the Artprice100©.

Picasso is one of 45 Modern artists included in the composition of the 2020 index. This period of creation is by far the most solid segment of the art market and it represents approximately half of the initial investment.

Distribution of the Artprice100 © in January 2020 by period of creation

As in 2019,only four female artists have qualified for inclusion in the composition of the Artprice100© in 2020: Yayoi Kusama,Joan Mitchell,Louise Bourgeois and Barbara Hepworth. They account for just 3.3% of the portfolio's total value. On the other hand,the number of living artists has increased significantly,thanks to the 'entry' of seven active painters,with only three 'departures' from the composition.

Entries (living artists) ; Lee Ufan,Zhou Chunya,Rudolf Stingel,Zhang Xiaogong,Yoshitomo Nara,Takashi Murakami,Zeng Fanzhi

Departures (living artists) ; Günther Uecker,Frank Auerbach,Michelangelo Pistoletto

Composition of Artprice100© on 1 January 2020 (Rank,Initial weight,Period)

Pablo PICASSO (1881-1973) ; 8.8% - Modern

Andy WARHOL (1928-1987) ; 5.0% - Post-War

Claude MONET (1840-1926) ; 4.7 % - 19th Century

Jean-Michel BASQUIAT (1960-1988) ; 3.6% - Contemporary

QI Baishi (1864-1957) ; 3.5% - Modern

ZAO Wou-Ki (1921-2013) ; 3.3% - Post -War

Gerhard RICHTER (1932-) ; 2.8% - Post-War

WU Guanzhong (1919-2010) ; 2.4% - Modern

FU Baoshi (1904-1965) ; 2.4% - Modern

Amedeo MODIGLIANI ( 1884-1920) ; 2.2% - Modern

Roy LICHTENSTEIN (1923-1997) ; 2.0% - Post-War

Cy TWOMBLY (1928-2011) ; 1.9% - Post-War

Alberto GIACOMETTI (1901-1966) ; 1.9% - Modern

Lucio FONTANA (1899-1968) ; 1.8% - Modern

Marc CHAGALL (1887-1985) ; 1. 7% - Modern

Alexander CALDER (1898-1976) ; 1.7% - Modern

Joan MIRO (1893-1983) ; 1.6% - Modern

Willem DE KOONING (1904-1997) ; 1.6% - Modern

David HOCKNEY (1937-) ; 1.5% - Post-War

Yayoi KUSAMA (1929-) ; 1.5% - Post-War

Jean DUBUFFET (1901-1985) ; 1.4% - Modern

René MAGRITTE (1898-1967) ; 1.4% - Modern

Henri MATISSE (1869-1954) ; 1.4% - Modern

Fernand LÉGER (1881-1955) ; 1.2% - Modern

Christopher WOOL (1955-) ; 1.2% - Contemporary

Wassily KANDINSKY (1866-1944) ; 1.1% - Modern

SAN Yu (1901-1966) ; 1.1% - Modern

Jeff KOONS (1955-) ; 1.0% - Contemporary

Henry MOORE (1898-1986) ; 1.0% - Modern

Peter DOIG (1959-) ; 0.9% - Contemporary

Paul GAUGUIN (1848-1903) ; 0.9% - 19th Century

Joan MITCHELL (1926-1992) ; 0.9% - Post-War

LIN Fengmian ( 1900-1991) ; 0.8% - Modern

Ed RUSCHA (1937-) ; 0.8% - Post-War

Yoshitomo NARA (1959-) ; 0.8% - Contemporary

Pierre-Auguste RENOIR (1841-1919) ; 0.8 % - 19th Century

CHU Teh-Chun (1920-2014) ; 0.8% - Post-War

Edgar DEGAS (1834-1917) ; 0.7% - 19th Century

Auguste RODIN (1840-1917) ; 0.7% - 19th Century

PU Ru (1896-1963) ; 0.7% - Modern

Robert RAUSCHENBERG (1925-2008) ; 0.7% - Post-War

Richard PRINCE (1949-) ; 0.6% - Contemporary

Rudolf STINGEL (1956- ) ; 0.6% - Contemporary

Frank STELLA (1936-) ; 0.6% - Post-War

Sigmar POLKE (1941-2010) ; 0.6% - Post-War

Camille PISSARRO (1830-1903) ; 0.6% - 19th Century

Louise BOURGEOIS (1911-2010) ; 0.6% - Modern

Whan-Ki KIM (1913-1974) ; 0.6% - Modern

Paul SIGNAC (1863-1935) ; 0.6% - Modern

Yves KLEIN (1928-1962) ; 0.6% - Post-War

Keith HARING (1958-1990) ; 0.5% - Contemporary

Richard DIEBENKORN (1922-1993) ; 0.5% - Post-War

Pierre SOULAGES (1919-) ; 0.5% - Modern

George CONDO (1957-) ; 0.5% - Contemporary

Norman Perceval ROCKWELL (1894-1978) ; 0.5% - Modern

WU Hufan (1894-1968) ; 0.5% - Modern

Alberto BURRI (1915-1995) ; 0.4% - Modern

Gustav KLIMT (1862-1918) ; 0.4% - Modern

ZENG Fanzhi (1964-) ; 0.4% - Contemporary

Egon SCHIELE (1890-1918) ; 0.4 % - Modern

Damien HIRST (1965-) ; 0.4% - Contemporary

Ernst Ludwig KIRCHNER (1880-1938) ; 0.4% - Modern

Chaïm SOUTINE (1894-1943) ; 0.4% - Modern

Fernando BOTERO ( 1932-) ; 0.4% - Post-War

Edvard MUNCH (1863-1944) ; 0.4% - Modern

Pierre BONNARD (1867-1947) ; 0.4% - Modern

Kazuo SHIRAGA (1924-2008) ; 0.4% - Post-War

WEN Zhengming (1470-1559) ; 0.4% - Old Master

ZHOU Chunya (1955-) ; 0.4% - Contemporary

Morton Wayne THIEBAUD (1920-) ; 0.4% - Post-War

Georg BASELITZ (1938-) ; 0.4% - Post-War

Salvador DALI (1904-1989) ; 0.4% - Modern

Tsuguharu FOUJITA (1886-1968) ; 0.4% - Modern

François-Xavier LALANNE (1927- 2008) ; 0.4% - Post-War

SHI Tao (1642-c.1707) ; 0.4% - Old Master

DONG Qichang (1555-1636) ; 0.4% - Old Master

Max ERNST (1891-1976) ; 0.4 % - Modern

Sam FRANCIS (1923-1994) ; 0.4% - Post-War

Georges BRAQUE (1882-1963) ; 0.4% - Modern

Maurice DE VLAMINCK (1876-1958) ; 0.4% - Modern

Bernard BUFFET (1928-1999) ; 0.4% - Post-War

Peter Paul RUBENS (1577-1640) ; 0.4% - Old Master

Ufan LEE (1936-) ; 0.4% - Post-War

Francis PICABIA ( 1879-1953) ; 0.3% - Modern

Barbara HEPWORTH (1903-1975) ; 0.3% - Modern

Albert OEHLEN (1954-) ; 0.3% - Contemporary

Anselm KIEFER (1945-) ; 0.3% - Contemporary

Giorgio MORANDI (1890-1964) ; 0.3% - Modern

Alighiero BOETTI (1940-1994) ; 0.3% - Post-War

Robert MOTHERWELL (1915-1991) ; 0.3% - Modern

TANG Yin (1470- 1523) ; 0.3% - Old Master

GUAN Liang (1900-1986) ; 0.3% - Modern

Martin KIPPENBERGER (1953-1997) ; 0.3% - Contemporary

Takashi MURAKAMI (1962-) ; 0.3% - Contemporary

Donald JUDD (1928-1994) ; 0.3% - Post-War

CHEN Yifei (1946-2005) ; 0.3% - Contemporary

ZHANG Xiaogang (1958-) ; 0.3% - Contemporary

Tom WESSELMANN (1931-2004) ; 0.3% - Post-War

David SMITH (1906-1965) ; 0.3% - Modern

Josef ALBERS (1888-1976) ; 0.3% - Modern

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