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The New York Times agrees with Artprice’s anticipation of the complete redefinition of the art market’s price scale after Leonardo Da Vinci’s Salvator Mundi record

[27 Nov 2017]

Artprice’s dedicated global publications monitoring team – part of its Artmarket Insight news agency – cannot but react warmly to the article published on 24 November 2017 in the New York Times. Penned by Scott Reyburn, one of the world’s most famous art journalists, its title perfectly concords with Artprice’s analysis. Entitled How This Leonardo’s Mind-Blowing Price Will Change the Art Market, the article is available online at:

https://www.nytimes.com/artmarketinsight/arts/design/salvator-mundi-leonardo.html

thierry Ehrmann: “Artprice notes the perfect concordance of this article with our press release on 19 November 2017, available online at:

for the English version:

https://www.actusnews.com/fr/ARTPRICE/cp/artmarketinsight/artprice-the-auction-record-for-salvator-mundi-by-leonardo-da-vinci-proves-that-the-museum-industry-reg-is-completely

Leonardo da Vinci, Salvator Mundi

It is now clear that the new auction record of $450.3 million for Leonardo da Vinci’s Salvator Mundi has led to an almost identical appreciation of where the art market is going on both sides of the Atlantic… except that our analysis was publicised well before the result.

Indeed, the new record has immediately ratcheted high-end art prices with a number of works fetching significantly higher than their estimates. Artprice has long predicted the formation of a new economic model within the art market, a model that is now clearly emerging because the art market has become efficient, mature and liquid and is now an appropriate subject for sophisticated econometric and technical analysis.

However, the art market’s revolution is not just limited to its price scale and structure: by including Leonardo da Vinci’s Salvator Mundi in a sale of Contemporary Art Christie’s has completely overturned a long-standing convention. This remarkable break with tradition by a secular institution represents a major milestone for the future of the art market as it mutates into a proper market economy with the Internet serving as its primary market forum (auction sales are becoming increasingly dematerialized).

Thierry Ehrmann: “The Museum Industry®, a business model that Artprice conceptualised and IP copyrighted as of 2005, is driving this paradigm shift.

The new economic science – taught by Artprice – is relentlessly pushing prices up. Our conviction about the evolution of the art market started with a simple observation: the exponential nature of art museum openings around the world. In 2014 an Artprice meta-study revealed that more art museums opened between January 2000 and December 2014 than during the entire 19th and 20th centuries.

It also revealed that roughly 700 new art museums are being built every year on 5 continents, each with international vocations and each with at least 4,500 artworks.

This massive expansion of the global museum industry® goes hand-in-hand with a major soft-power competition between the world’s nations, particularly its major powers (China / US) and the Gulf States. Indeed, soft-power rivalry is leading the art market inexorably towards spectacular new auction results. In our well-documented view, we are likely to see results around the billion dollar threshold by 2020.

Indeed, thanks to its direct Intranet link to major Auction Houses, Artprice is aware of plans for prestige sales in the near future. According to our econometrics department and our Big Data algorithms, we can already predict that several sales will generate results in excess of one billion dollars, notably Christie’s sale of the David and Peggy Rockefeller collection next May in New York.

Artprice also notes that Sotheby’s is preparing a particularly flamboyant 2018 with a series of spectacular sales that should allow the firm to close the gap that has recently emerged with its primary rival.

We are also receiving similar signals from Asia, particularly from China.

Less than an hour before this communiqué was released, France Television published an article based 100% on Artprice’s copyrighted (2005) analysis of the Museum Industry® as a way of understanding the price of artworks.

https://www.francetvinfo.fr/economie/emploi/metiers/art-culture-edition/video-deux-dix-ou-cinquante-milliards-d-euros-ca-vaut-combien-la-joconde_2481337.html

The Mona Lisa is arguably the most famous painting in the world. Tourists flock to admire the painting in the Louvre. It is also one of the few paintings entirely created produced by one of the greatest artists in history. Rarity, celebrity, technical perfection, a cocktail that makes its value difficult to estimate. An expert and two auctioneers interviewed by FranceInfo made a rational calculation based on quantifiable variables.

For Elsa Gody, you can apply a simple formula: take the price of a ticket to the Louvre Museum, multiply it by the number of visitors over a given period… According to the Catawiki auctioneer “that comes to about two billion euros”. His colleague Pierre Blanchet is less ‘rational’ arguing that the ‘passion’ for the painting makes its value impossible to estimate, especially during an auction where prices can quickly soar. … / … « Why not 10 billion? » he finally says.

Artprice hereby predicts that the Art Market will definitively change price scale in 2018.

In view of the above, Artprice confirms that in 2018 the Art Market will definitely change its price scale, both in the terms of total turnover and in terms of spectacular new records for Old Master, Modern and Contemporary artworks sold in prestige catalogued sales that will fetch around one billion dollars.

According to our econometrics department over 180 artists should substantially renew their their auction records in 2018. The face of the Art Market, which Artprice has become an integral part of as the World Leader in Art Market Information for 20 years, has now definitively changed.

www.artprice.com

Copyright thierry Ehrmann 1987/2017

About Artprice:

Artprice celebrates its 20th birthday, editorial by thierry Ehrmann, founder and CEO of Artprice. https://www.actusnews.com/fr/ARTPRICE/cp/artmarketinsight/artprice-celebrates-its-20th-birthday-editorial-by-thierry-ehrmann-founder-and-ceo-of-artprice

Artprice is listed on the Eurolist by Euronext Paris, SRD long only and Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.

Artprice is the global leader in art price and art index databanks. It has over 30 million indices and auction results covering more than 700,000 artists. Artprice Images(R) gives unlimited access to the largest Art Market resource in the world: a library of 126 million images or prints of artworks from the year 1700 to the present day, along with comments by Artprice’s art historians.

Artprice permanently enriches its databanks with information from 6,300 auctioneers and it publishes a constant flow of art market trends for the world’s principal news agencies and approximately 7,200 international press publications. For its 4,500,000 members, Artprice gives access to the world’s leading Standardised Marketplace for buying and selling art. Artprice is preparing its blockchain for the Art Market. It is BPI-labelled (scientific national French label).

Artprice’s Global Art Market Annual Report for 2016 published last March 2017: http://imgpublic.artprice.com/pdf/rama2016_en.pdf

Artprice’s Contemporary Art Market Annual Report for 2016 – free access at https://www.artprice.com/artprice-reports/the-art-market-in-2016

The text presented hereafter is a translation of Arte Creative’s online presentation: ARTE: A gigantic Christmas tree in the guise of a butt plug, a machine that defecates five-star meals, an icon immersed in urine and staged corpses – subversive, trash, provocative or insulting? Thierry Ehrmann, the man behind The Abode of Chaos dixit « The New York Times », an artist and the founder of Artprice, is the mouthpiece for scandal and discloses the workings of the most striking controversies in contemporary art. And scandal sells. 9 episodes are online: http://www.arte.tv/guide/en/weekly-highlight

Artprice’s press releases: http://serveur.serveur.com/Press_Release/pressreleaseen.htm and https://twitter.com/artpricedotcom

News Artmarket:

http://twitter.com/artpricedotcom https://www.facebook.com/artpricedotcom

https://www.facebook.com/artpricedotcom

https://plus.google.com/+Artpricedotcom/posts

http://artmarketinsight.wordpress.com/

Discover the Alchemy and the universe of Artprice http://web.artprice.com/video, which headquarters are the famous Museum of Contemporary Art, the Abode of Chaos http://goo.gl/zJssdhttps://vimeo.com/124643720

The Contemporary Art Museum The Abode of Chaos on Facebook: https://www.facebook.com/la.demeure.du.chaos.theabodeofchaos999

The Abode of Chaos/Demeure du Chaos Contemporary Art Museum by thierry Ehrmann,author, sculptor, artist, photograph https://www.flickr.com/photos/home_of_chaos/sets/72157

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