Crypto tycoons help bring the global art market to record levels by 2021 | Art market

The global art market hit a record high in 2021, with billions of dollars being paid for Impressionist postmodern works by modern artists, most of which were bought by people whose wealth came from cryptocurrencies or other technologies.

Leading New York auction houses sold more than $ 2.6 billion worth of art in two weeks in November. Vincent van Gogh’s four works sold for $ 161 million, including $ 71.4 million, “Wooden Huts Among the Cypress Trees.”

In May, Jean-Michel Basquiat’s 2-meter-high 1983 painting “In This Case” became the most expensive painting of 2021, which changed when it sold for $ 93 million. In November, sales of 35 works by Macklowe Collection, including Andy Warhol, Jackson Pollock and Mark Rothko, among others, amounted to more than 676 million dollars. Landscape by Nicolas Party cost $ 3.2 million, doubling the Swiss artist’s previous record.

Hamilton Aphrodite was displayed at Sotheby's auction in London
Hamilton Aphrodite was auctioned off at Sotheby’s in London before selling for nearly $ 25 million in New York. Photo by Tristan Fewings / Getty Images for Sotheby’s

“The art market, of course, is foam. And I think the art audience is bigger than ever. “We are seeing record levels in our company’s 277-year history,” said Charles Stewart, CEO of Sotheby’s.

Art market experts say that demand, which was halted in 2020 due to the global Covid epidemic, was released at the same time as the demanded works of art went on sale. “An unusually high level of quality material has appeared on the market, it has attracted the attention of buyers,” said Stewart.

Not only the paintings are huge sums. Last month, Hamilton Aphrodite, a Roman sculpture dating back to AD In the first or second century, a new world record was set for an ancient marble sculpture that sold for nearly $ 25 million in New York, breaking the initial estimate of $ 2 million. – $ 3 million

Luxury auctions at Sotheby’s, including streetwear, skateboard decks, as well as jewelry, watches, handbags, wine and whiskey, for the first time in 2021 amounted to more than $ 1 billion.

And digital artist Mike Winkelmann’s “The First 5000 Days” (NFT), a digital artist known as the Beep, sold for a record $ 69 million in March, making him one of the “Three Most Expensive Living Artists.” To Christie’s.

“It’s true that the market is at a record high; it certainly exceeds most people’s expectations,” said Catherine Arnold, Christie’s Post-War Contemporary Art Director.

Details of the digital collage of the American artist Beepley, which sold for a record 69 million dollars
Details of the digital collage of the American artist Beepley, which sold for a record $ 69 million. Photo by Christie’s Auction House / AFP / Getty Images

However, the old masters market was less lively as last month’s auction sales fell by almost 20% compared to two years ago.

According to the 2021 Contemporary Art Market Report, $ 2.7 billion worth of contemporary art sold at auction from 12 months to June, representing “a stronger, more diverse, denser market than ever before.”

Experts attribute the growing market to at least three factors that may coincide. young “cryptographic” buyers; growth in the Asian market; : The belief that art is a good investment in times of economic uncertainty.

“People who got rich from cryptocurrencies and other technologies are” participating at a very high level now, “Stewart said. “They are young, they are global.”

In November, Sotheby’s accepted live bids for the cryptocurrency, which endorses the digital art քին NFT community, for the first time selling two works by Banksy and trolleybus և Love is in the air. They sold for $ 6.7 և 8 million, respectively.

“Cryptocurrency payments have become a viable alternative to fiat currency,” Arnold said.

In November, the cryptocurrency group raised more than միլիոն 47 million or 11,600 on its online crowdfunding page in just a few days in an attempt to buy a rare copy of the US Constitution. They were sold by Kenneth Griffin, head of the hedge fund and art collector.

Buyers from Asia accounted for 40% of sales in the contemporary art market in June 2021, surpassing the United States (32%) and the United Kingdom (16%). The Asian market has “effectively become the world ‘s leading exchange rate for contemporary art,” according to the Contemporary Art Market Report.

According to Sotheby’s և Christie’s, Asian buyers account for a third of major international sales. Last year, Sotheby’s surpassed sales records in Asia, reaching $ 1.1 billion at the end of November.

Another factor supporting the market at the moment was that investors viewed “tangible works of art as warehouses of value” at a time of rising inflation, Arnold said.

He added. “I do not think this is a balloon, after all. There are conditions in the world at the moment that art continues to be a means of preserving values. And constantly creating wealth և new buyers have access to the market. ”

He said millennial buyers and offers at Christie’s’s London auction increased by 50% in October. “If baby boomers have been making aggressive purchases in recent years, we are starting to see a generational shift, which means that growth is not just coming from emerging markets like Asia, it is coming into established markets as a young age. The generation is taking steps. “

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