Art Sale
African Art Sales Outperformed the Overall Market Despite a Slump Last Year
Global auction sales of works by African-born artists fell 8.4% last year to just under US$80 million, yet the market continues to show strength particularly for contemporary artists, and, strikingly, for works by women, according to ArtTactic, a London-based art analysis firm.
Though a downturn, the total sales result is the second-highest achieved for the category after 2022’s US$87.2 million in sales, and is far less of a decline than the 18% drop recorded for the general art market, ArtTactic said in a report on the market for modern and contemporary African Art released on Thursday.
Today is a unique occasion being held by Sotheby’s, a famous 280 year old British auction house. The Digital Art Day Sale event features the auctioning of unique NFTs, including works by Beeple and CryptoPunk. The event started at 14:00 EST and until August 22.
The sale explores generative art, a creative process that combines art and technology through algorithms. This event also honors pioneering women who have significantly impacted the digital art world with their innovative work.
Read more: https://nftevening.com/crypto-punk-beeple-nfts-sothebys-digital-art-day-sale/
Christie’s has reported a 12% rise in art sales to a record £5.1bn last year, with the growth being partly attributed to greater connectivity with global buyers.
The art business was boosted by sales of valuable works, particularly in the Post-War & Contemporary Art and Impressionist & Modern Art departments.
It said all its sales platforms increased during 2014, with Auction sales up 10% to £4.2 billion.
eCommerce sales rose by 54% and the company said digital access to its offerings was bringing new customers.
Volatility in global markets – at a time of global economic uncertainty – has left art as an attractive investment option.
Chief executive Patricia Barbizet said: “Christie’s sales grew by 12% during 2014 and the team has succeeded by focusing on the art and connecting it to a growing global audience.
The German government has announced it’s slashing the value-added tax (VAT) on art sales after a long-running demand from dealers struggling to compete in the international market.
Currently, the VAT on art deals in Germany is 19 per cent, which is significantly higher than in other countries. This means that German art dealers have been facing a major disadvantage to their international competitors, causing them to raise their prices to cover the VAT and risk losing sales to other dealers or having to pay more on their earnings.
Read more: https://faroutmagazine.co.uk/germany-changes-vat-laws-on-art-sales/
