Country for PR: United Kingdom
Contributor: PR Newswire Europe
Thursday, June 10 2021 - 22:48
AsiaNet
Artmarket.com: The young artists being snapped up in the art market’s three major capitals, and, the Artprice Top 20
PARIS, June 10, 2021 /PRNewswire-AsiaNet/ --

New York, London and Hong Kong share the market for the younger generation of  
Contemporary art stars and the most fashionable signatures seem to circulate on 
the secondary market in these three cities simultaneously. Artprice’s 
econometrics department further notes that the three main Western auction 
houses – Christie's, Sotheby's and Phillips – each participate in the success 
of these young stars. In short, we are seeing a double triangular network 
centered on the three most prestigious auction houses in the world in the three 
most attractive capitals of the international art market. 

According to thierry Ehrmann, President and Founder of Artmarket.com and of its 
Artprice department “by presenting the works of the same artists in both the 
West and the East, the major Anglo-Saxon fine art auction operators are 
consolidating and accelerating the market for these young stars of painting and 
contemporary sculpture. Since 2013, Hong Kong has been competing with London 
and New York to raise the prices of this Ultra-Contemporary art.” 


An international competition

Having been revealed in the West, first in galleries, then in museums and sales 
rooms, it is now in Hong Kong that Nicolas Party, Avery Singer and Shara Hughes 
are recording their new auction records. Hong Kong, the gateway to Asia and 
Oceania, is pushing up prices and almost ignoring the estimates based on 
Western results. 

On 25 May 2021, Shara Hughes’ painting I don't deserve these flowers (2010) – 
estimated between $80,000 and $120,000 – sold for $612,000 at Christie’s Hong 
Kong. Faced with this result, the New York and London branches will have to 
find a way to stimulate demand... probably by including Shara Hughes in more 
‘prestige’ sessions. Otherwise, they will have to accept that the best works by 
the young American painter transit through Hong Kong (as long as demand there 
remains strong).  

Paris doesn’t seem to be part of this circuit

The French capital is hardly participating in the development of these young 
stars on the auction market. Is this because Paris is a more cautious market, 
less sensitive to fads? Or is it because Paris is less attractive than its 
rivals when it comes to bringing together a) new works in high demand, and b) 
collectors who would buy and sell these pieces? The answer is probably a 
mixture of both reasons. 

Claire Tabouret, one of France’s most promising young painters, lives and works 
in Los Angeles. Not one of her works has been auctioned in France for over a 
year. Her two drawings offered by Piasa’s Parisian auction outlet in January 
2021 failed to sell. And yet demand for Claire Tabouret’s work is currently 
exceptionally strong, as confirmed by her latest record of $870,000 at 
Christie’s New York in May 2021 for her Debutantes (Azure Blue) (2014).

The small but burgeoning NFT market

Having each sold a first NFT through auction this year, Beeple, Larva Labs and 
Mad Dog have all joined the art market’s Top 10 young stars. But with just one 
result in the auction sphere, these artists cannot be said to have a generally 
accepted ‘price level’. However, new works are on sale this week at Sotheby’s 
in a sale totled Natively Digital: A Curated NFT Sale, organized in New 
York.    

NFT auctions remain primarily an American specialty. The European auctioneer 
Millon was the first to organize a dedicated NFT session in Europe on 20 May 
2021 in Brussels. With much more reasonable prices – the results ranged from 
$800 to $23,000 – these sales are helping to strengthen a market still 
searching for stability.

Images:
[https://imgpublic.artprice.com/img/wp/sites/11/2021/06/image1-artmarket-artpric
e-geographic-distribution-top-20-artists.png]
[https://imgpublic.artprice.com/img/wp/sites/11/2021/06/image2-artmarket-artpric
e-auction-houses-top-20-artists.png]


Copyright 1987-2021 thierry Ehrmann www.artprice.com - www.artmarket.com

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