Artprice’s blue-chip artists index, the Artprice100(C), actually grew by 1.8% over the past year… a year marked by the almost complete absence of international fairs, but also by the forced transition of galleries and auction houses to a digital modus operandi. And yet… the price of the Art Market’s top one hundred artists (by auction turnover) continued to climb, taking its total growth since 2000 to +405%. thierry Ehrmann, President and Founder of Artmarket.com and of its Artprice Department: “The resilience of the Art Market in times of crisis is perfectly illustrated by the evolution of our Top-100 benchmark index. The positive performance of the Artprice100(C) in 2020, although modest, is extremely reassuring. True... it doesn’t compare well with the US stock markets (the S&P 500 posted a sensational growth of +16% last year, rising from 3,234 pts to 3,756 pts in twelve months”. While the construction of the Artprice100(C) is inspired by that of the S&P 500, the two indices nevertheless remain profoundly different and should be compared with caution. Artprice100(C) versus S&P 500: warning! The Artprice100(C) is designed as a portfolio of artworks representing the one hundred most important artists on the art market (see the composition below). It’s a purely theoretical exercise. It is clearly not possible to acquire a share in all the works by an artist that will be auctioned in the coming year. In fact, no-one can even predict which works will hit the secondary market over the next twelve months. But the results as a whole provide an excellent appreciation of the general price evolution for each of these artists. The composition of the Artprice100(C) index is based on purely objective criteria. It is established on 1 January of each year on the basis of two criteria, both resolutely independent of any personal preference: a performance criterion and a liquidity criterion. The initial investment is thus made in proportion to the auction performances of the artists over the last five calendar years (2015-2019), on condition, however, that their works are exchanged regularly: at least seven auction appearances per year over a ten-year period (excluding prints). Analysis of the composition There are two good reasons for calculating a specific price index for a set of top-selling artists: firstly it allows the analysis of the performance of a well-diversified portfolio, constructed objectively on the basis of the auction results for well-established artists. Secondly, it allows observation of the evolution of the 100 artists who constitute the veritable hardcore of the global Art Market. Pablo Picasso remains the portfolio’s dominant artist with a weight of 8.8% in the initial investment. On the basis of all original works by Picasso sold at auction in 2020, Artprice calculates that his price index increased overall by +2.2% in the twelve months of 2020. This result is perfectly consistent with the overall evolution of the Artprice100(C). Picasso is one of 45 Modern artists included in the composition of the 2020 index. This period of creation is by far the most solid segment of the art market and it represents approximately half of the initial investment. As in 2019, only four female artists have qualified for inclusion in the composition of the Artprice100(C) in 2020: Yayoi Kusama, Joan Mitchell, Louise Bourgeois and Barbara Hepworth. They account for just 3.3% of the portfolio’s total value. On the other hand, the number of living artists has increased significantly, thanks to the ‘entry’ of seven active painters, with only three ‘departures’ from the composition. Entries (living artists) ; Lee Ufan, Zhou Chunya, Rudolf Stingel, Zhang Xiaogong, Yoshitomo Nara, Takashi Murakami, Zeng Fanzhi Departures (living artists) ; Günther Uecker, Frank Auerbach, Michelangelo Pistoletto Composition of Artprice100© on 1 January 2020 (Rank, Initial weight, Period) 1 - Pablo PICASSO (1881-1973) ; 8.8% - Modern 2 - Andy WARHOL (1928-1987) ; 5.0% - Post-War 3 - Claude MONET (1840-1926) ; 4.7 % - 19th Century 4 - Jean-Michel BASQUIAT (1960-1988) ; 3.6% - Contemporary 5 - QI Baishi (1864-1957) ; 3.5% - Modern 6 - ZAO Wou-Ki (1921-2013) ; 3.3% - Post -War 7 - Gerhard RICHTER (1932-) ; 2.8% - Post-War 8 - WU Guanzhong (1919-2010) ; 2.4% - Modern 9 - FU Baoshi (1904-1965) ; 2.4% - Modern 10 - Amedeo MODIGLIANI ( 1884-1920) ; 2.2% - Modern 11 - Roy LICHTENSTEIN (1923-1997) ; 2.0% - Post-War 12 - Cy TWOMBLY (1928-2011) ; 1.9% - Post-War 13 - Alberto GIACOMETTI (1901-1966) ; 1.9% - Modern 14 - Lucio FONTANA (1899-1968) ; 1.8% - Modern 15 - Marc CHAGALL (1887-1985) ; 1. 7% - Modern 16 - Alexander CALDER (1898-1976) ; 1.7% - Modern 17 - Joan MIRO (1893-1983) ; 1.6% - Modern 18 - Willem DE KOONING (1904-1997) ; 1.6% - Modern 19 - David HOCKNEY (1937-) ; 1.5% - Post-War 20 - Yayoi KUSAMA (1929-) ; 1.5% - Post-War 21 - Jean DUBUFFET (1901-1985) ; 1.4% - Modern 22 - René MAGRITTE (1898-1967) ; 1.4% - Modern 23 - Henri MATISSE (1869-1954) ; 1.4% - Modern 24 - Fernand LEGER (1881-1955) ; 1.2% - Modern 25 - Christopher WOOL (1955-) ; 1.2% - Contemporary 26 - Wassily KANDINSKY (1866-1944) ; 1.1% - Modern 27 - SAN Yu (1901-1966) ; 1.1% - Modern 28 - Jeff KOONS (1955-) ; 1.0% - Contemporary 29 - Henry MOORE (1898-1986) ; 1.0% - Modern 30 - Peter DOIG (1959-) ; 0.9% - Contemporary 31 - Paul GAUGUIN (1848-1903) ; 0.9% - 19th Century 32 - Joan MITCHELL (1926-1992) ; 0.9% - Post-War 33 - LIN Fengmian ( 1900-1991) ; 0.8% - Modern 34 - Ed RUSCHA (1937-) ; 0.8% - Post-War 35 - Yoshitomo NARA (1959-) ; 0.8% - Contemporary 36 - Pierre-Auguste RENOIR (1841-1919) ; 0.8 % - 19th Century 37 - CHU Teh-Chun (1920-2014) ; 0.8% - Post-War 38 - Edgar DEGAS (1834-1917) ; 0.7% - 19th Century 39 - Auguste RODIN (1840-1917) ; 0.7% - 19th Century 40 - PU Ru (1896-1963) ; 0.7% - Modern 41 - Robert RAUSCHENBERG (1925-2008) ; 0.7% - Post-War 42 - Richard PRINCE (1949-) ; 0.6% - Contemporary 43 - Rudolf STINGEL (1956- ) ; 0.6% - Contemporary 44 - Frank STELLA (1936-) ; 0.6% - Post-War 45 - Sigmar POLKE (1941-2010) ; 0.6% - Post-War 46 - Camille PISSARRO (1830-1903) ; 0.6% - 19th Century 47 - Louise BOURGEOIS (1911-2010) ; 0.6% - Modern 48 - Whan-Ki KIM (1913-1974) ; 0.6% - Modern 49 - Paul SIGNAC (1863-1935) ; 0.6% - Modern 50 - Yves KLEIN (1928-1962) ; 0.6% - Post-War 51 - Keith HARING (1958-1990) ; 0.5% - Contemporary 52 - Richard DIEBENKORN (1922-1993) ; 0.5% - Post-War 53 - Pierre SOULAGES (1919-) ; 0.5% - Modern 54 - George CONDO (1957-) ; 0.5% - Contemporary 55 - Norman Perceval ROCKWELL (1894-1978) ; 0.5% - Modern 56 - WU Hufan (1894-1968) ; 0.5% - Modern 57 - Alb erto BURRI (1915-1995) ; 0.4% - Modern 58 - Gustav KLIMT (1862-1918) ; 0.4% - Modern 59 - ZENG Fanzhi (1964-) ; 0.4% - Contemporary 60 - Egon SCHIELE (1890-1918) ; 0.4 % - Modern 61 - Damien HIRST (1965-) ; 0.4% - Contemporary 62 - Ernst Ludwig KIRCHNER (1880-1938) ; 0.4% - Modern 63 - Chaïm SOUTINE (1894-1943) ; 0.4% - Modern 64 - Fernando BOTERO ( 1932-) ; 0.4% - Post-War 65 - Edvard MUNCH (1863-1944) ; 0.4% - Modern 66 - Pierre BONNARD (1867-1947) ; 0.4% - Modern 67 - Kazuo SHIRAGA (1924-2008) ; 0.4% - Post-War 68 - WEN Zhengming (1470-1559) ; 0.4% - Old Master 69 - ZHOU Chunya (1955-) ; 0.4% - Contemporary 70 - Morton Wayne THIEBAUD (1920-) ; 0.4% - Post-War 71 - Georg BASELITZ (1938-) ; 0.4% - Post-War 72 - Salvador DALI (1904-1989) ; 0.4% - Modern 73 - Tsuguharu FOUJITA (1886-1968) ; 0.4% - Modern 74 - François-Xavier LALANNE (1927- 2008) ; 0.4% - Post-War 75 - SHI Tao (1642-c.1707) ; 0.4% - Old Master 76 - DONG Qichang (1555-1636) ; 0.4% - Old Master 77 - Max ERNST (1891-1976) ; 0.4 % - Modern 78 - Sam FRANCIS (1923-1994) ; 0.4% - Post-War 79 - Georges BRAQUE (1882-1963) ; 0.4% - Modern 80 - Maurice DE VLAMINCK (1876-1958) ; 0.4% - Modern 81 - Bernard BUFFET (1928-1999) ; 0.4% - Post-War 82 - Peter Paul RUBENS (1577-1640) ; 0.4% - Old Master 83 - Ufan LEE (1936-) ; 0.4% - Post-War 84 - Francis PICABIA ( 1879-1953) ; 0.3% - Modern 85 - Barbara HEPWORTH (1903-1975) ; 0.3% - Modern 86 - Albert OEHLEN (1954-) ; 0.3% - Contemporary 87 - Anselm KIEFER (1945-) ; 0.3% - Contemporary 88 - Giorgio MORANDI (1890-1964) ; 0.3% - Modern 89 - Alighiero BOETTI (1940-1994) ; 0.3% - Post-War 90 - Robert MOTHERWELL (1915-1991) ; 0.3% - Modern 91 - TANG Yin (1470- 1523) ; 0.3% - Old Master 92 - GUAN Liang (1900-1986) ; 0.3% - Modern 93 - Martin KIPPENBERGER (1953-1997) ; 0.3% - Contemporary 94 - Takashi MURAKAMI (1962-) ; 0.3% - Contemporary 95 - Donald JUDD (1928-1994) ; 0.3% - Post-War 96 - CHEN Yifei (1946-2005) ; 0.3% - Contemporary 97 - ZHANG Xiaogang (1958-) ; 0.3% - Contemporary 98 - Tom WESSELMANN (1931-2004) ; 0.3% - Post-War 99 - David SMITH (1906-1965) ; 0.3% - Modern 100 - Josef ALBERS (1888-1976) ; 0.3% - Modern Images: [https://imgpublic.artprice.com/img/wp/sites/11/2021/03/Artprice100-vs-SP500-1.p ng] [https://imgpublic.artprice.com/img/wp/sites/11/2021/03/Artprice100-periods-2.pn g] Copyright 1987-2021 thierry Ehrmann www.artprice.com - www.artmarket.com - Don’t hesitate to contact our Econometrics Department for your requirements regarding statistics and personalized studies: econometrics@artprice.com - Try our services (free demo): https://www.artprice.com/demo - Subscribe to our services: https://www.artprice.com/subscription About Artmarket: Artmarket.com is listed on Eurolist by Euronext Paris, SRD long only and Euroclear: 7478 - Bloomberg: PRC - Reuters: ARTF. Discover Artmarket and its Artprice department on video: www.artprice.com/video Artmarket and its Artprice department was founded in 1997 by its CEO, thierry Ehrmann. Artmarket and its Artprice department is controlled by Groupe Serveur, created in 1987. See certified biography in Who's who(C): https://imgpublic.artprice.com/img/wp/sites/11/2019/10/biographie_oct2019_WhosWho_thierryEhrmann.pdf Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information in databanks containing over 30 million indices and auction results, covering more than 770,000 artists. Artprice Images(R) allows unlimited access to the largest Art Market image bank in the world: no less than 180 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians. 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