Contemporary art makes the running in 2002: auction trends

[01/10/2002]

 

After a pause in 2001, contemporary art prices have taken off again. And yet, prices for the big-hitters have not experienced a spectacular explosion. During the first auction season 2002, prices for major league works were down on last year, with total hammer prices for the top twenty contemporary artworks in spring/summer 2002 falling well short of the top twenty in the same period 2001.

Prices for works by contemporary artists in our selection, born after 1940, surged by on average 11.8% for all segments between January and July 2002. Over this period, contemporary artworks proved to be twice as profitable as the rest of the market. Of the more popular contemporary art segments, one of the most profitable is photography. Prices have risen at an average 5.2% per year for the last 10 years. And the recent record price paid for a contemporary print, set by Andreas GURSKY with Untitled V (USD560,000), is eloquent testimony to the continuing trend (see table).
But in this year’s contemporary art market, photography has been upstaged by a more classical medium. Contemporary paintings gained a spectacular 16% between January and June 2002. Almost 50% of contemporary art pieces sold at auction are paintings, a far greater share of the market than drawings (16%) and photography (13%). And less wealthy collectors also have reason to celebrate — or rush to buy — as print prices rose by nearly 11.6% in the first six months of 2002. Drawings are still the Cinderella of contemporary art. Prices have gained just 16.7% since December 1997 and been hopelessly stuck since the start of the year. Investors in contemporary works, a selective crowd, initially tend to prefer the more prestigious media. It is only when the supply starts to dry up that they look to invest in drawings. Generally, when it comes to works on paper, only old master drawings are really profitable in the medium term.

Despite the general surge in art prices — particularly contemporary art — the big name artists have not commanded the sky high prices seen last year (see table). In the first half of 2002, the top twenty contemporary artworks sold at auction went for a combined USD17.1 million, compared to USD28.4 million for the top twenty in the same period last year. Records set for artists born after 1940 were less impressive than in 2001. Collectors seem to be taking a highly rational approach to their buying.In the January-June season 2001 Bruce NAUMAN Bruce NAUMAN was acclaimed on the auction floor. His Henry Moore bound to Fail (back view), a wax sculpture, sold for USD9 million. No contemporary artwork has topped this since the start of 2002. The most successful auctions have been for one of the market’s safest investments: Jean-Michel BASQUIAT (see table). His major paintings are now worth over USD1 million, and the benchmark for a BASQUIAT painting has risen from USD95,000 in 1997 to USD233,000 in June 2002. Profit I — aptly named, as far as seller Lars Ulrich is concerned — set a new auction record for the artist at USD5 million.
Media favourites have been more coolly received in the auction houses than last year. Jeff KOONSwho had two big successes at auction with Michael Jackson and Bubbles (USD5.1 million) and Woman in Tub (USD2.6 million) did not repeat his success. The highest hammer price for his works in May 2002 was for Aqualung, which fetched USD1.6 million, a modest price within the estimated range. The Maurizio CATTELAN pieces that have come up this year have been less exciting and less numerous than in spring 2001. None has rivalled the famous installation La Nona Ora, sold for USD800,000 on 17 May 2001.Canvases and prints are the driving force behind contemporary art prices. But in the first half of 2002 the uptrend did not lead to any really surprising records. Contemporary art may be popular, but this market is clearly keeping its head.

Canvases and prints are the driving force behind contemporary art prices. But in the first half of 2002 the uptrend did not lead to any really surprising records. Contemporary art may be popular, but this market is clearly keeping its head.

  Artprice Index for contemporary artbase year 1997 = 100
100 euro invested in December, 1997 in a work of contemporary art are worth on average 127 euro in June, 2002     Artprice Index for contemporary print 100 euro invested in December, 1997 in a contemporary print art are worth on average 129 euro in June, 2002     Artprice Index for contemporary painting100 euro invested in December, 1997 in a contemporary painting are worth on average 126.2 euro in June, 2002     Artprice Index for contemporary photography100 euro invested in December, 1997 in a contemporary photography are worth on average 147.6 euro in June, 2002     Artprice Index for contemporary sculpture 100 euro invested in December, 1997 in a contemporary sculputre are worth on average 126.2 euro in June, 2002   Top 20 auction records for contemporary artists born after 1940
sales period: January-June 2002 Hammer price Artist titre Technic Place of sale USD 5 000 000  Jean-Michel BASQUIATProfit I (1982) Acrylic  New-York, May, 14 2002 USD 1 906 875 Jean-Michel BASQUIATUntitled (1982) Oil/Canvas London, June,27 2002 USD 1 600 000 Jeff KOONSAqualung (1985) Bronze New-York, May, 15 2002 USD 1 282 735 Miquel BARCELOAutour du Lac Noir (1989-90)  Mixed Media Londres, June, 26 2002 USD 950 000 Richard TUTTLELetters, the Twenty-six Series (1966)  Metal New-York, May, 15 2002 USD 600 000 Charles RAYGlasse Chair (1976) Sculpture  New-York, May, 14 2002 USD 559 724 Andreas GURSKYUntitled V (1997) Photography London, Feb., 6 2002 USD  500 000 Felix GONZALEZ-TORRES; Rossmore (1992) Installation New-York, May, 152002 USD  500 000 Anselm KIEFERNaglfar (1988) Mixed Media  New-York, May, 15 2002 USD 480 000 Jenny SAVILLEFigure 11.23 (1997) Oil/Canvas New-York, May, 14 2002  USD 422 548 Peter DOIG The Architect’s Home in the Ravine (1991) Oil/Canvas London, June, 26 2002   USD  409 654 Peter DOIG Swamped (1990) Oil/Canvas London, Feb., 7 2002 USD 400 000 Jean-Michel BASQUIAT Untitled (1982) Acrylic  New-York, May, 13 2002  USD 387 501 Jean-Michel BASQUIAT Untitled (1982) Mixed Media  London, Feb., 6 2002 USD 380 000 Jean-Michel BASQUIAT Poison (1984) Acrylic  New-York, May, 13 2002  USD 380 000 John CURRIN Entertaining Mr. Acker Bilk (1995) Oil/Canvas  New-York, May, 15 2002 USD 380 000 Takashi MURAKAMI Hiopon (1997) Sculpture  New-York, May, 15 2002  USD 330 000 Eric FISCHL Untitled (1993) Oil/Canvas New-York, May, 16 2002   USD 320 000 Julian SCHNABEL Adieu Batista (1985) Oil/Canvas  New-York, May, 14 2002 USD 315 742 Miquel BARCELO L’Eau Potable (1990) Oil/Canvas  London, Feb., 6 2002 back to text
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