Source: Media Outreach
Post-War and Contemporary Art show strongest growth
Price development highlights Fine Art’s attractiveness as alternative asset
Pablo Picasso, Jean-Michel Basquiat, Andy Warhol most expensive artists in 2021
More than $14 Billion worth of art sold at auction in 2021
Artnet developing AI-supported analytics and predictive technology
NEW YORK, US / BERLIN, GERMANY – EQS Newswire – 17 January 2022 – Artnet AG, the leading platform for art market data and media, and the global marketplace for fine art will deploy more resources to further develop its AI-supported analytics and business intelligence products. The development of predictive technologies will be instrumental for data-driven decision making, especially in terms of art secured lending, fractionalization, and other financial products.
Over the past few years, and especially in the wake of the pandemic, art has rapidly developed into a viable alternative asset. With over $14 Billion worth of fine art sold at auction last year, a hefty increase in comparison to the $10.1 Billion 2020 total sales, more and more family offices, collectors, and banks are turning to Fine Art as a viable investment.
The Artnet Business Intelligence team can reveal that especially Post War and Contemporary Art are showing strong returns, with data suggesting growth in line with the S&P500. Modern Art and Impressionist Art are on a steady upwards trajectory. Old Master paintings are experiencing more tepid growth.
The top 10 performing artists over the past year, according to Artnet’s Database, were Pablo Picasso ($657 Million), Jean-Michel Basquiat ($414 Million), Andy Warhol ($341 Million), Claude Monet ($305 Million), Vincent van Gogh ($235 Million), Gerhard Richter ($225 Million), Banksy ($201 Million), Cy Twombly ($181 Million), Zhang Daqian ($160 Million), and Yayoi Kusama ($146 Million). The NFT breakout artist Beeple is among the top 20 highest grossing artists of 2021.
Artnet ended the year 2021 as its strongest performance ever. A pioneering force in the digitization of the art industry, Artnet’s global, highly-curated, and data-driven platform has been critical in supporting the continued growth of the art market.
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The issuer is solely responsible for the content of this announcement. – Published and distributed with permission of Media-Outreach.com.
