Connect with us

Art Auction

Art Auction Sales Drop 27% as Fewer $10 Million Works Are Sold, Report Finds

Published

on

Source: Penta

Sales of art ranging from Old Masters to contemporary works by the three top auction houses slid 27.2% to US$5.7 billion this year, yet the number of sales made rose by 6.7% as a higher number of lower-priced pieces found buyers, the London-based analysis firm ArtTactic said on Monday. 

Rising interest rates, inflation, and geopolitical strife contributed to the softer sales, but the precipitous drop also can be explained by the absence of the US$1.6 billion masterpiece-filled collection of the late Microsoft co-founder Paul Allen. Christie’s, which brought the collection to market last year, released figures earlier on Monday indicating its sales would have fallen only 7% if the Allen collection was left out of the year-to-year comparison. Instead, its preliminary results slid 27% to US$6.2 billion.

Read more: https://www.barrons.com/articles/art-auction-sales-drop-27-as-fewer-10-million-works-are-sold-report-finds-81f09029

Art Auction

How Nigeria’s Creatives Auction is helping African visual artists reach global creative economy

Published

on

Source: Disrupt Africa

Nigerian startup Creatives Auction is a technology-driven platform that provides an online marketplace for emerging-to-mid-career African artists to sell their work more easily, to both local and international art collectors.

Launched January 2022, Creatives Auction is “driven by a deep commitment to empower African visual artists”, says Priscilla Asonibare, the startup’s founder and CEO, aiming to elevate their impact on the global creative economy.

Read more: https://disruptafrica.com/2024/06/24/how-nigerias-creatives-auction-is-helping-african-visual-artists-reach-global-creative-economy/

Continue Reading

Art Auction

BitRam Artwork Auction 11-13th June

Published

on

Source: Trading View

Auction page

https://scarce.city/auctions/bit-ram-physical-ar

How to bid: Input the amount of bitcoin you want to bid, an email address that we can reach you at, and a bidder name to display with your bid. After you submit and confirm your bid, you’ll be directed to pay a refundable bid deposit for approximately 1% of your bid payable by Lightning or onchain Bitcoin.

Free bids: Bidders who have placed at least one bid on Scarce City and have a strong Twitter reputation may qualify for free unlimited bids. Instead of depositing sats with their bid, they are kept accountable through their reputation by linking their bidder name to their Twitter account.

Read more: https://www.tradingview.com/news/newsbtc:ee05c14b6094b:0-bitram-artwork-auction-11-13th-june/

Continue Reading

Art Auction

What New York City’s Art Auctions Tell You About the Stock Market – and Social Mood

Published

on

Source: elliottwave

The fall and spring auctions in New York City are the art market’s bellwether sales events. And according to The New York Times, the results from the City’s spring art auction season “tell a story of a masterpiece market come down to earth.” The article notes that the spring sales at Christie’s, Sotheby’s and Phillips delivered $1.4 billion — a 22 percent decrease from total earnings of $1.8 billion in 2023.

While auction experts called it a “respectable finish,” the general art market nervousness is a bad sign for the next major auction season in November. It’s “a momentum-based market,” said one expert about the art industry. “There can be a little bit of a herd mentality.”

We agree wholeheartedly, save for the “a little bit” part. The art scene, like any speculative, freely-traded  market, is very much driven by herd mentality. And as such, it often closely tracks the stock market, because both are driven – higher or lower – by waves of social mood. Positive social mood impels demand for fine art and stocks, whereas negative social mood decreases demand.

Read more: https://www.elliottwave.com/articles/what-new-york-citys-art-auctions-tell-you-about-the-stock-market-and-social-mood/

Continue Reading

Trending