Tuesday, January 13, 2009

ARTE Y MERCADO - The Most Buoyant Art Movements Over 10 Years*

In the majority of the major art market countries, collectors can buy nationally produced works that not only satisfy the pleasure of collecting art, but also act as extremely good alternative investments.
Contemporary art is often the best investment and it is also the segment to which, very often, new art collectors feel the closest.
Out of the 280 art movements Artprice tracks, we have produced here an exclusive selection of 10 movements that posted the sharpest price in.ation between 1996 and 2006.

+695,54% Cologne Group
In the 1980s and 1990s Cologne was one of the most active poles of the contemporary art world. It developed numerous galleries and spaces for creative activities and exhibitions, attracting many artists who are today stars of the art market. Among the most well-known of the Cologne artists are Christopher Wool, Mike Kelley and Martin Kippenberger. All three were in the top 20 of our ranking of contemporary artists by auction sales revenue in 2006. The American, Christopher Wool, 10th in the ranking and whose index rose +146% in 2005, even generated a sale of $ 1.5 millions on 16 November 2006 for a piece he created in 1992. The work of Kippenberger, whose index progressed +266% in 5 years, is also subject to speculation. For example a series of four entitled "Frau Mit Viel Zeit" from the Max Hetzler Gallery in Cologne sold for £ 85,000 ($ 140,000) in February 2003, and then for £ 380,000 ($ 706,000) on 16 October 2006.
+527,59% Arte povera
Founded in Italy in 1967, Arte Povera was ignored by the art market for many years. Refusing to consider artworks as products, its artists often created ephemeral works and often used unstable materials such as earth, vegetables, fabrics, etc. Today, the market has clearly woken up to their work. In France, Arte Povera was the principal theme at Sotheby’s sale of the Durand-Dessert collection on 6 October. Around thirty pieces in the collection were bought, generating four new records: Luciano Fabro (€ 350,000), Giovanni Anselmo (€320,000), Giuseppe Penone (€ 170,000) and Salvatore Scarpitta (€ 155,000). The record in this segment has been held since October 2003 by Pino Pascali for a monumental sculpture entitled Cannone Semovente (1965) that sold for £ 1.4 million (€ 2 million) at Christie’s London. Not long after, Alighiero Boetti broke another personal record with his work Cubo which sold for £ 380,000 at Christie’s. That sale was the climax of a 685% increase of his personal price index since 1997!

+495,79% English Pop Art
Formed in the 1950s around the Independent Group consisting of painters Eduardo Paolozzi and Richard Hamilton, architects Alison and Peter Smithson and the art critic Lawrence Alloway, English pop art never gathered as much price momentum as its American equivalent. Nevertheless, the movement, which included Allen Jones, Peter Blake, Colin Self, Ronald B. Kitaj, David Hockney, Peter Phillips and Joe Tilson, has been very well received at contemporary art auctions over recent years in London. Having moved at a young age to Los Angeles, David Hockney is popular with both UK and American collectors and is in effect the most expensive artist in the group. Indeed, his 2006 personal price record of $ 3.2 million was generated by one of his "Californian" paintings, beating his previous record for Seated Woman Being Served Tea by Standing Companion (£ 1.6 million at Sotheby .s London on 22 June 2005). Already back in 1989, his Deep and Wet Water, (1971) had fetched $ 1.3 million at Sotheby .s. At that time he was the youngest artist in the world to have broken the million dollar threshold at auction!
While Hockney is the most expensive, he is not the fastest mover: +234% since 1997, compared with +512% for Richard Hamilton.
+482,72% Contemporary Indian Art
Contemporary Indian art is just beginning to be recognised by the market and is already among its most speculative segments. In 2006, a work by the artist Francis Newton Souza was acquired for $ 1.2 million by Rajiv Chaudhri at Christie’s in New York. This was the first time a contemporary Indian work of art has ever gone past the million-dollar threshold; in total, the sale "Modern & Contemporary Indian Art" at Christie’s in New York generated $ 17.8 million. The first of its kind - six years earlier (2000) - generated only $ 600,000. Already in 2005 at Christie’s, Mahisasura by Tyeb Mehta sold for 1.4 million dollars, setting a new record for a modern Indian painter. In this category of Indian auction stars we also note Subodh Gupta (1964), number 83 in the ranking, with no less than 4 works fetching over 100,000 dollars each in 2006, after a .rst appearance at auction in 2005!

+474,83% Minimal art
Strong demand on the US market has pushed prices for the centre-pieces of 1960s Minimal Art to record highs. For Carl AndrĂ©, Dan Flavin, Donald Judd, Sol Lewitt and Robert Morris, the most representative artists of the movement, there is no "minimal art" since their work sought to create a "maximum effect" - an experience of space and time in a language that is universal, because simplified. This new language that aimed to create a perceptive space was not understood at its beginnings. However, since then, it has become absolutely "unavoidable". American buyers provide a very dynamic market for their artists with nearly 90% of Minimal Art works remaining within the United States and a low bought-in rate (approximately 15%). The recognised "major" works from the 1960s generate very high prices, especially as there are so few of them on the market. Five artists hold records over the $ 2 million mark, with Donald Judd and Frank Stella having both gone past $ 4 million. Indeed, Donald Judd, one of the key theoreticians of the movement, holds the top record in the category since May 2002 when a piece he created in 1966 composed of six yellow plexiglass units sold at Christie’s New York for $ 4,200,000 (€ 4,609,080). In 2006, .ve of Frank Stella’s works sold for over 1 million dollars each.

+409,12% London School
The market is particularly enthusiastic for the leaders of this movement: Lucian Freud (born in 1922) and Francis Bacon (1909-1992). Since a major retrospective of his work at the Tate Britain in 2002, Lucian Freud’s price index has again doubled. As a result, Red Haired Man on a Chair (1962-63) sold for £ 3.7 million (€ 6.8 million) on 9 February 2005 at Christie’s, a new price record for the artist. Even his small format works sell easily at unprecedented prices. A 30x25cm oil painting entitled Portrait of John Deakin (1963) presented at Sotheby’s on 21 June 2006 is now being offered for £ 1.5 - 2 million. The same painting sold at Christie’s for £ 810,000 on 25 June 1997, after being estimated at £ 200,000- 300,000. Francis Bacon remains the most expensive in the group. In November 2006, he generated a new personal record of $ 13.4 million which was then broken in February 2007 when his Study for Portrait II fetched £ 12.5 million ($ 24.6 million) at Christie’s in London. In 2006 his price index appreciated +66% and his works generated numerous million-dollar sales. Amateur art collectors can nevertheless find a large selection of his prints at auctions at far more affordable prices! 80% of them go for between € 2,000 et 5,000. Apart from these two stars of the movement, Frank Auerbach, Leon Kossof, Michael Andrews, and Ronald Brooks Kitaj have also seen their price indexes climb over recent months. Frank Auerbach’s index is today up 62% compared with 2005.

*complete document at artprice.com

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