ARTMARKET.COM – Artmarket.com and Artprice do not notice any impact of the crisis in Ukraine on auction sales – 06/22/2022 – 1:15 pm.

Four months after the Russian army stormed Ukraine, the art market continues to follow its agenda unfazed by the struggle at the gates of Europe. The prestigious Art Basel, TEFAF and Brafa exhibitions follow each other in Europe, as with the Venice Biennale or DOCUMENTA, without the specter of war (no more than the resumption of the Covid-19 pandemic or the threat of an environmental crisis) not spoiling the festivities.

Proceeds from the weekly Fine Art Auction (2021 vs early 2022) © artprice.com

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Tweet from Mikhailo Fedorov, Deputy Prime Minister of Ukraine and Minister of Digital Transformation, calling for a donation by NFT

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With $6.1 billion raised at auction during the first five months, this start to 2022 is even more intense than the previous ($5.4 billion over the first five months of 2021) Advertised by Thierry Ehrman, president and founder of Artmarket.com and its pricing division. ” Auctions are already up +12% this year.”

+ 50% business volume in the US

Analysis by Artprice reveals a very intense start to 2022, although sales regulation remains disrupted in many parts of the world (particularly in Asia) due to the Covid-19 pandemic.

The United States, the sole leader this year, posted a 50% increase in auction proceeds following major spring sales. The last prestigious session was marked by the amazing result, which approached $200 million Shot Blue Marilyn (1964) by Andy Warhol at Christie’s. However, the buyer is none other than gallery owner Larry Gagosian, who would be well-positioned to counter international sanctions against the Russian oligarch that he counts among his clients.

Spring sales in New York were also electrified by the sale of the canvas without an address (1982) Jean-Michel Basquiat. It was bought by billionaire Yusaku Maezawa for $57.3 million in 2016, and this year it sold for $85 million, a +48% increase in value in six years.

without an address (1982) by Jean-Michel Basquiat recorded an average annual return of +6.8% over the six years he was part of the Maezawa Group. This capital gain will partly cover Christie’s purchase costs (more than $11 million on this lot), but also reassure a market that has seen Basquiat’s prices rise frantically with Yusaku Maezawa’s purchases. The Japanese collector actually acquired a canvas by the same artist and from the same year for a record $110 million in 2017.

Europe Follows, Asia Waits, Metavers vows

The UK started 2022 with sales revenue increasing +35% and France +25%. Thus, it appears that Europe has fully recovered from the health crisis, although the Asian market has had to postpone many sales on its part, due to a new wave of Covid-19. Hong Kong, for example, has seen only $146 million in fine art auctions so far this year, compared to more than half a billion at this time last year.

At the same time, the cryptocurrency world and Web3 have been very generous in supporting the Ukrainian cause. kyiv has also started accepting donations in the form of NFTs from April 2022. Several artists have also launched charitable sales of NFT works, such as JR in collaboration with Ukraine DAO or Pussy Riot, which sold a digital copy of the Ukrainian flag for $6.7 million.

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