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Sales prices of his paintings remain a match for the world’s leading iconic artists, the first ever Artist Report from ArtExplored reveals. ",[],{"type":79,"text":83,"spans":84},"Click on the visual below to read the full report. ",[85],{"start":86,"end":87,"type":88,"data":89},29,51,"hyperlink",{"link_type":90,"url":91,"target":92},"Web","https:\u002F\u002Fwww.artexplored.com\u002FFrancis-Bacon-Artist-Report\u002Findex.html#\u002Fpage\u002F0","_blank",{"type":94,"url":95,"alt":7,"copyright":96,"dimensions":97,"id":98,"edit":99,"linkTo":100},"image","https:\u002F\u002Fprismic-io.s3.amazonaws.com\u002Fartexplorer-prod\u002Fa56b4bb6-451f-4e06-a804-caa9fdc48688_EM_Sitting+Nude+Morning_Oil_on_canvas_1922-25+1.jpg","Detail of Man in Blue VII, 1954, Francis Bacon - © The Estate of Francis Bacon. All rights reserved, Adagp Paris and DACS 2023",{"width":23,"height":24},"ZOzeKBAAACAA-bcF",{"x":29,"y":29,"zoom":30,"background":31},{"link_type":90,"url":91,"target":92},{"type":79,"text":102,"spans":103},"Francis Bacon’s artistic style was heavily influenced by personal loss and traumatic life experiences including rejection by his family, homophobia, and abuse. Renowned for his innovations in portraiture and figuration, many of the subjects in Bacon’s works convey a sense of torment and despair, themes that continue to attract buyers today.\n\nOver the last 20 years, sales of his artworks have totalled more than $3.2bn, according to ArtExplored’s Francis Bacon Artist Report, making his works among the most sought-after and valuable in the world. Average sale prices for his art over this period were $24.1m with his most expensive painting – Three Studies of Lucian Freud (1969) – fetching $142.4m in 2013, a record at the time for the most expensive artwork ever sold at auction. It still ranks as the seventh most expensive artwork ever sold at auction and, adjusting for inflation, its price today would be over $181m.\n\nIndeed, by adjusting all prices for inflation, three would have sold for over $100m today including Triptych, 1976 (its 2008 auction sale price adjusted for current inflation hits more than $120m) and Three Studies for a Portrait of John Edwards (1984) (its 2014 auction sale price, when adjusted for inflation, is just over $101m today). \n\nMarket prices for Bacon peaked in 2007-2008 and 2013-2015 but his work has proven resilient in economic downturns. His fourth-best auction price, achieved in 2020 during the Covid-19 global recession – for Triptych Inspired by the Oresteia of Aeschylus (1981) is the equivalent of $84.6 in today's money. \n\nMost recently, in 2022, in the Modern art market, sales of Bacon's work were surpassed only by Pablo Picasso. According to the Art Market 2022 report compiled by ArtTactic, Picasso accounted for $388.8m in auction sales in 2022. Bacon came second with sales over the year worth $224.9m followed by René Magritte in third place with sales of $191.5m. Magritte’s L’empire des Lumières (1961) which sold for $68.8m at Sotheby’s in 2022, achieved the highest sales price for a Modern painting in 2022.\n\nOver the last 20 years, of 135 Bacon paintings sold, 47.3% of total sales revenue was achieved by pieces selling between $10m and $50m with a further 44.4% of sales revenue coming from works achieving prices of more than $50m. Analysing 37 repeat sales of Bacon's artworks over the last 20 years, they have achieved a respectable average compound annual growth rate of 8.3%.\n\nWorks from Bacon’s \"Power of Colour\"  phase (between 1957 to 1979) have achieved the highest average prices and, with total sales of $2.5bn, they account for over three-quarters of all sales revenue from lots sold in the last 20 years.\n\nThe average sales price of an artwork emanating from this period is $29.7m and all but two of the top 10 paintings (with auction sales prices adjusted for inflation) of Bacon paintings sold also come from this period including Portrait of George Dyer Talking (1966) (sold for $70.2m in 2014) and Study from Innocent X (1962) which sold for $52.6m in 2020.  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There, she gained extensive knowledge of the global art market. She managed daily operations and ensured the smooth running of high-profile exhibitions held annually alongside significant fairs in London, Hong Kong, and Seoul. Léa also contributed to a Paris-based non-profit that fundraised for cultural institutions by working closely with globally renowned art collectors. ",[],{"type":79,"text":375,"spans":381,"direction":373},[],{"type":79,"text":383,"spans":384,"direction":373},"She holds degrees in Law from the Sorbonne, Art Appraisal and Trade from IESA, and an MBA in the Business of Art from ICART.",[],[386],{"type":79,"text":387,"spans":388,"direction":373},"Lea is a managing editor and content producer at ArtExplored. ",[],"Managing Editor",{"dimensions":391,"alt":394,"copyright":7,"url":395,"id":396,"edit":397},{"width":392,"height":393},533,800,"Léa Nedwed","https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002F6d191cd1-efb6-4857-ae83-8d44a38fb195_LC%E2%95%A0%C2%BAa+NEDWED+%28Art+Cataloguer%29+%28BW%29.png?auto=compress,format","ZHYDyhAAACYAMRXl",{"x":29,"y":29,"zoom":30,"background":398},"transparent",{"dimensions":400,"alt":394,"copyright":7,"url":395,"id":396,"edit":401},{"width":392,"height":393},{"x":29,"y":29,"zoom":30,"background":398},{"dimensions":403,"alt":7,"copyright":7,"url":395,"id":396,"edit":404},{"width":392,"height":393},{"x":29,"y":29,"zoom":30,"background":398},[406],{"type":79,"text":407,"spans":408},"Léa Nedwed is a senior writer at ArtExplored",[],"6fd091ad-1724-478e-aae1-6caaf42a8fdd",{"dimensions":411,"alt":7,"copyright":7,"url":412,"id":413,"edit":414},{"width":23,"height":24},"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZ35L3ZbqstJ99KWh_Yourparagraphtext.png?auto=format,compress","Z35L3ZbqstJ99KWh",{"x":29,"y":29,"zoom":30,"background":398},{"dimensions":416,"alt":7,"copyright":7,"url":417,"id":418,"edit":419},{"width":24,"height":23},"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZ8mAmRsAHJWomLkl_COUV_WARHOL4.jpg?auto=format,compress","Z8mAmRsAHJWomLkl",{"x":29,"y":29,"zoom":30,"background":398},{"dimensions":421,"alt":7,"copyright":7,"url":417,"id":418,"edit":422},{"width":24,"height":23},{"x":29,"y":29,"zoom":30,"background":398},"2025-03-07",[425,467,484,511,525,539,554,570,588],{"variation":71,"version":72,"items":426,"primary":427,"id":466,"slice_type":155,"slice_label":7},[],{"title":428,"content":429},[],[430,433,436,442,445,448,451],{"type":79,"text":431,"spans":432,"direction":373},"A dominant force in the art market, Andy Warhol racks up records on the global stage. His most iconic paintings, now cultural touchstones, fetch sky-high prices at auction, making him one of the best-selling artists in history. Equally notable is Warhol’s impressive sales volume, which rivals Picasso’s – a testament to his extensive output across a broad range of mediums, and, by extension, price points.  ",[],{"type":79,"text":434,"spans":435,"direction":373}," Like all truly enduring artists, Warhol cultivated an instantly recognisable style. But more than that, his most iconic works have become so deeply ingrained in our visual culture that his distinctive aesthetic is readily identifiable to virtually anyone who comes across it today. ",[],{"type":79,"text":437,"spans":438,"direction":373}," Known as the “Pope of Pop Art”, Warhol is widely regarded as the preeminent American painter of the modern era and even as one of the two defining figures of 20th-century Western art, alongside, once more, Pablo Picasso. Shaped by the rise of consumerism and postwar industrial expansion, Warhol’s best-known works elevated the banal imagery of popular culture to the status of high art, overturning well-established conventions in the process.  ",[439],{"start":440,"end":441,"type":111},221,222,{"type":79,"text":443,"spans":444,"direction":373}," In perfect harmony with this shifting social and economic landscape, Warhol employed a mechanised approach inspired by mass production to create his works. Through various printing techniques, Warhol was not only able to replicate his motifs but also distance himself from the act of creation, imbuing his work with a deliberate sense of detachment. This way, he established a new standard for the role of the artist—one that continues to develop and influence the art world today, from Damien Hirst to Jeff Koons’ factory-like production. ",[],{"type":79,"text":446,"spans":447,"direction":373},"Warhol explored silkscreen printing techniques, frequently layering printed motifs over hand-painted backgrounds. He experimented with variations in colour and repetition, creating entire series of unique artworks around a single subject.  ",[],{"type":79,"text":449,"spans":450,"direction":373},"Warhol’s fascination soon gravitated toward movie stars—true pop icons—with Marilyn Monroe at its zenith. He also turned his focus to public figures like Jackie Kennedy and even Mao Zedong, exploring the media-driven narratives that surrounded them. In hindsight, Warhol’s work anticipated the media’s expanding influence on culture—shaping public visibility, fueling consumerism, and transforming celebrity into a product for mass consumption. ",[],{"type":79,"text":452,"spans":453,"direction":373},"For more than three decades, Warhol’s auction records have been driven by his most iconic portraits. In 1989, a 1964 Marilyn against a red background commanded $4 million, setting a new high for the artist at auction. Since then, Warhol’s top record has been eclipsed six times, with standout works featuring Marilyn Monroe, Mao Zedong, and even the darkly resonant Car Crash series. The current record-holder—a 1964 Marilyn on a blue background—achieved an astonishing $195 million in 2022, securing its place as the second most expensive artwork ever sold at auction, behind Leonardo da Vinci’s Salvator Mundi. ",[454,457,460,463],{"start":455,"end":456,"type":111},117,124,{"start":458,"end":459,"type":111},366,375,{"start":461,"end":462,"type":111},417,424,{"start":464,"end":465,"type":111},597,611,"text$5d4db630-15e5-4f2a-ad40-e2d4a0e2bdb1",{"variation":468,"version":72,"items":469,"primary":478,"id":483,"slice_type":94,"slice_label":7},"centered-slice",[470],{"image":471,"title":7,"subtitle":7},{"dimensions":472,"alt":7,"copyright":7,"url":475,"id":476,"edit":477},{"width":473,"height":474},1157,771,"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZ8sQUBsAHJWomPGS_3_2-1.jpg?auto=format,compress","Z8sQUBsAHJWomPGS",{"x":29,"y":29,"zoom":30,"background":398},{"image1":479,"label":7,"copyright":482},{"dimensions":480,"alt":7,"copyright":7,"url":475,"id":476,"edit":481},{"width":473,"height":474},{"x":29,"y":29,"zoom":30,"background":398},[],"image$2403c4d2-29b0-4191-a331-06df34822581",{"variation":71,"version":72,"items":485,"primary":486,"id":510,"slice_type":155,"slice_label":7},[],{"title":487,"content":488},[],[489,492],{"type":79,"text":490,"spans":491,"direction":373},"The journey to Warhol’s nine-figure auction record has been marked by a steady stream of high-priced sales in the $10 million-plus range. Since 1998, an impressive 60 lots have crossed the $17 million threshold, with 18 fetching over $40 million. This trajectory reflects the robust confidence in Warhol’s market over the years. ",[],{"type":79,"text":493,"spans":494,"direction":373},"Returning to Warhol’s portrayals of Marilyn and Mao, the highest auction sales were recorded for his historic 1960s depictions of the Hollywood icon and the inaugural \"early Mao\" portraits from 1972. According to ArtExplored’s data, these iconic Marilyns amassed $443.6 million ($532.1 million adjusted for inflation) from 12 lots sold at auction between 2004 and 2023. By contrast, the early Maos generated a total of $97.3 million ($128.7 million adjusted for inflation) from only 3 sales. Their average sales prices are virtually neck-and-neck at $44.3 million for iconic Marilyns versus $42.9 million for early Maos (inflation-adjusted). ",[495,498,501,504,507],{"start":496,"end":497,"type":111},174,177,{"start":499,"end":500,"type":111},246,255,{"start":502,"end":503,"type":111},393,398,{"start":505,"end":506,"type":111},575,584,{"start":508,"end":509,"type":111},615,619,"text$267b9a24-f04e-4d3e-a723-16059b1b0b53",{"variation":468,"version":72,"items":512,"primary":519,"id":524,"slice_type":94,"slice_label":7},[513],{"image":514,"title":7,"subtitle":7},{"dimensions":515,"alt":7,"copyright":7,"url":516,"id":517,"edit":518},{"width":473,"height":474},"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZ8sQURsAHJWomPGT_3_2-2.jpg?auto=format,compress","Z8sQURsAHJWomPGT",{"x":29,"y":29,"zoom":30,"background":398},{"image1":520,"label":7,"copyright":523},{"dimensions":521,"alt":7,"copyright":7,"url":516,"id":517,"edit":522},{"width":473,"height":474},{"x":29,"y":29,"zoom":30,"background":398},[],"image$39ce1e84-2bbd-45e4-acfd-d572d0591631",{"variation":468,"version":72,"items":526,"primary":533,"id":538,"slice_type":94,"slice_label":7},[527],{"image":528,"title":7,"subtitle":7},{"dimensions":529,"alt":7,"copyright":7,"url":530,"id":531,"edit":532},{"width":473,"height":474},"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZ8sQTxsAHJWomPGR_3_2.jpg?auto=format,compress","Z8sQTxsAHJWomPGR",{"x":29,"y":29,"zoom":30,"background":398},{"image1":534,"label":7,"copyright":537},{"dimensions":535,"alt":7,"copyright":7,"url":530,"id":531,"edit":536},{"width":473,"height":474},{"x":29,"y":29,"zoom":30,"background":398},[],"image$b9e2dd4d-b61f-4d16-a6d8-c15d7944fbe6",{"variation":71,"version":72,"items":540,"primary":541,"id":553,"slice_type":155,"slice_label":7},[],{"title":542,"content":543},[],[544],{"type":79,"text":545,"spans":546,"direction":373},"A closer look at these sales reveals that five Marilyns were resold during this period, averaging CAGR of 14.2% (11.8% adjusted), while the sole early Mao resale outperformed with a striking 21.7% CAGR (19.2% adjusted).",[547,550],{"start":548,"end":549,"type":111},47,55,{"start":551,"end":552,"type":111},151,154,"text$5d2a8f3b-6a5f-4f4d-8b38-a05de8d582ac",{"variation":468,"version":72,"items":555,"primary":564,"id":569,"slice_type":94,"slice_label":7},[556],{"image":557,"title":7,"subtitle":7},{"dimensions":558,"alt":7,"copyright":7,"url":561,"id":562,"edit":563},{"width":559,"height":560},2268,1359,"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZ8seFxsAHJWomPOa_GRAPH.jpg?auto=format,compress","Z8seFxsAHJWomPOa",{"x":29,"y":29,"zoom":30,"background":398},{"image1":565,"label":7,"copyright":568},{"dimensions":566,"alt":7,"copyright":7,"url":561,"id":562,"edit":567},{"width":559,"height":560},{"x":29,"y":29,"zoom":30,"background":398},[],"image$0eb724a7-a208-4d35-be87-67a241ea8d4c",{"variation":71,"version":72,"items":571,"primary":572,"id":587,"slice_type":155,"slice_label":7},[],{"title":573,"content":574},[],[575,584],{"type":79,"text":576,"spans":577,"direction":373}," Though Marilyn remains the definitive icon of Warhol’s portraits—her image appearing in his work from 1962, shortly after her tragic death, until the end of his life—the Mao series marks a critical turning point. It signals Warhol’s renewed commitment to painting, emerging after a four-year hiatus following a near-fatal shooting. The early Maos, created in 1972, were his first noncommissioned paintings since the incident, featuring a curious choice of subject that appears to oscillate between celebration and critique. Bridging two distinct periods in Warhol’s career, they formally recall his early portraits of film stars while introducing a new painterly technique that anticipates the evolution of his later work. Unconventionally, Warhol produced the early Maos entirely on his own, using an exceptionally large screen to print the two-meter-tall figures, without his assistants’ usual help. In another departure from his typical methods, Warhol applied the paint afterward, employing gestural brushstrokes that starkly contrasted the mechanical precision of his earlier Pop aesthetic.",[578,581],{"start":579,"end":580,"type":111},343,347,{"start":582,"end":583,"type":111},768,772,{"type":79,"text":585,"spans":586,"direction":373}," Throughout his prolific career, Warhol constantly reinvented himself, yet he remained an enigmatic figure—an aspect he skillfully exploited. This mystique, along with his unique persona, undoubtedly played a significant role in the market success of his unconventional work.",[],"text$a79896e1-f699-4d2a-b739-e422e52fd36f",{"variation":71,"version":72,"items":589,"primary":590,"id":596,"slice_type":155,"slice_label":7},[],{"title":591,"content":592},[],[593],{"type":79,"text":594,"spans":595,"direction":373},"The information in this article has been analysed by ArtExplored and is based on proprietary 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the Market for Andy Warhol’s Mao Paintings","Between 2004 and 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Warhol (1928-1987), also known as the “Pope of Pop Art”, is widely regarded as the preeminent American painter of the modern era and even as one of the two defining figures of 20th-century Western art, alongside Pablo Picasso.",[],{"type":79,"text":664,"spans":665,"direction":373},"Current record-holder of the second most expensive artwork ever sold at auction, with his Shot Sage Blue Marilyn (1964) sold for $195 million in 2022, Warhol’s predominance on the art market is undeniable.",[666],{"start":667,"end":668,"type":111},90,113,{"type":79,"text":670,"spans":671,"direction":373},"His other instantly recognizable portrait is his interpretation of Mao’s picture from the “Little Red Book”, a series that totalized $331 million in revenue (in inflation-adjusted prices) at auction between 2004 and 2023.",[],{"type":79,"text":673,"spans":674,"direction":373},"ArtExplored’s latest Focus Report delves into the market for these specific works that have impressive sell-through rate 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market landscape of Monet's Water Lilies","A Focus Report on two decades of auctions",{"link_type":55},"Left image: Claude Monet, (detail of) Green Reflections on the Water-Lily Pond (1920-1926) (W 1979), Emil Bührle Collection, on long-term loan at Kunsthaus Zürich. \nRight image: Claude Monet in his studio at Giverny 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painter Claude Monet (1840-1926) is a founding father of Impressionism. In the late 19th century, he began working on what would become his life’s work and most celebrated ensemble: the Water Lilies. 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This praise has been paralleled by an extraordinary breakthrough in the market, with Richter ranking today among the highest-valued living painters at auction.  ",[],{"type":79,"text":849,"spans":850,"direction":373},"His top 10 records surpassed $30 million each, constantly achieved by Monumental Abstrakte Bilder measuring 200 cm or more and created between 1985 and 1994. ",[851],{"start":852,"end":853,"type":111},81,98,{"type":79,"text":855,"spans":856,"direction":373},"ArtExplored’s latest Focus Report delves into the market for these specific works that attract considerable market interest.  ",[857],{"start":858,"end":859,"type":111},21,33,{"type":79,"text":861,"spans":862,"direction":373},"Click on the visual below to read the full report. ",[863],{"start":86,"end":680,"type":88,"data":864},{"link_type":90,"url":865,"target":683},"https:\u002F\u002Fwww.artexplored.com\u002FGerhard-Richter-Artist-Report\u002F#\u002Fpage\u002F0",{"type":94,"url":867,"alt":7,"copyright":7,"dimensions":868,"id":869,"edit":870,"linkTo":871},"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZnwG35bWFbowe3zy_Richter_Analysis_Article_Feature_Image.jpg?auto=format,compress",{"width":23,"height":24},"ZnwG35bWFbowe3zy",{"x":29,"y":29,"zoom":30,"background":398},{"link_type":90,"url":865,"target":92},{"type":79,"text":772,"spans":873,"direction":373},[],"Focus Report: Gerhard Richter's Abstrakte Bilder","Gerhard Richter (b. 1932) is one of the most influential figures in the contemporary art market, having garnered global critical acclaim for his diverse work. This praise has been paralleled by an extraordinary breakthrough in the art market, with Richter ranking today among the highest-valued living painters at auction.  \nHis top 10 records surpassed $30 million each, constantly achieved by Monumental Abstrakte Bilder measuring 200 cm or more and created between 1985 and 1994. \nArtExplored’s latest Focus Report delves into the market for these specific works that attract considerable market 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left to right: (details of) Le Grand Canal (The Grand Canal), 1908; Meules (Grainstacks), 1891; Waterloo Bridge, effet de brume (Waterloo Bridge, Mist Effect), 1901; Le Bassin aux nymphéas, reflets verts (Green Reflections on the Water-Lily Pond), 1920-1926.",{"dimensions":1037,"alt":7,"copyright":7,"url":1038,"id":1039,"edit":1040},{"width":23,"height":24},"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZoUqDh5LeNNTwwDM_HeaderShortFormandAnalysisArticles31.jpg?auto=format%2Ccompress&rect=0%2C0%2C4294%2C2415&w=3840&h=2160","ZoUqDh5LeNNTwwDM",{"x":29,"y":29,"zoom":30,"background":398},{"dimensions":1042,"alt":7,"copyright":7,"url":1043,"id":1044,"edit":1045},{"width":24,"height":23},"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZoew3B5LeNNTwz9O_Monet_AnalysisArticle_Thumbnail_V71.jpg?auto=format,compress","Zoew3B5LeNNTwz9O",{"x":29,"y":29,"zoom":30,"background":398},{"dimensions":1047,"alt":7,"copyright":7,"url":1043,"id":1044,"edit":1048},{"width":24,"height":23},{"x":29,"y":29,"zoom":30,"background":398},[1050,1062,1077,1094,1110,1126,1142,1151,1175,1192,1203],{"variation":71,"version":72,"items":1051,"primary":1052,"id":1061,"slice_type":155,"slice_label":7},[],{"title":1053,"content":1054},[],[1055,1058],{"type":79,"text":1056,"spans":1057,"direction":373},"French artist Claude Monet (1840-1926), a founder of Impressionism, underwent a pivotal shift in his artistic approach during the late 1880s. He began creating paintings that were conceived, executed, and exhibited in series. A practice that may seem ordinary from a contemporary perspective but was revolutionary at the time. Prior to this period, artists often produced pairs or small sets of related works, but none had envisioned or created large ensembles in the manner Monet did.",[],{"type":79,"text":1059,"spans":1060,"direction":373},"This innovative approach resulted in highly coveted bodies of work and led to creative marketing strategies. Exhibited as cohesive groups with a limited number of paintings, these series conveyed a sense of exclusivity, attracting eager buyers. Today, the demand for Monet's iconic series remains strong, driving impressive sales. His auction record stands at $110.7 million ($134 million when adjusted for inflation), achieved by a painting from the Haystacks series sold at Sotheby’s in 2019.",[],"text$1cb28909-e4a7-4d66-af6d-760b7d4c9760",{"variation":468,"version":72,"items":1063,"primary":1064,"id":1076,"slice_type":94,"slice_label":7},[],{"image1":1065,"label":7,"copyright":1072},{"dimensions":1066,"alt":7,"copyright":7,"url":1069,"id":1070,"edit":1071},{"width":1067,"height":1068},3224,2530,"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZoVRQR5LeNNTwway_Meules_-1890-91-_Claude_Monet_-W1273-1.jpg?auto=format,compress","ZoVRQR5LeNNTwway",{"x":29,"y":29,"zoom":30,"background":398},[1073],{"type":79,"text":1074,"spans":1075,"direction":373},"Claude Monet’s Meules (Grainstacks) (W1273), from 1891, sold for $110.7 million at Sotheby’s New York in 2019.",[],"image$70363269-ac05-4037-a9bf-2c128177589c",{"variation":71,"version":72,"items":1078,"primary":1079,"id":1093,"slice_type":155,"slice_label":7},[],{"title":1080,"content":1081},[],[1082],{"type":79,"text":1083,"spans":1084,"direction":373},"Paintings from the Haystacks, Water Lilies, London, and Venice series have consistently achieved Monet's highest auction sales over the last twenty years. When adjusted for inflation, they account for 19 of his top 20 sales. Between 2004 and 2023, paintings auctioned from these four series brought in a combined $2.1 billion from 49 lots sold (out of 54 offered), averaging $43.9 million per painting when adjusted for inflation.",[1085],{"start":1086,"end":1087,"type":88,"data":1088},313,325,{"id":1089,"type":126,"tags":1090,"lang":16,"slug":1091,"first_publication_date":1092,"last_publication_date":1092,"link_type":55,"isBroken":19},"ZoVYqBMAACIAOxzG",[248],"inflation-adjusted-value","2024-07-05T09:06:02+0000","text$f5583f6c-9428-4bdc-81cf-82d67858d03b",{"variation":468,"version":72,"items":1095,"primary":1104,"id":1109,"slice_type":94,"slice_label":7},[1096],{"image":1097,"title":7,"subtitle":7},{"dimensions":1098,"alt":7,"copyright":7,"url":1101,"id":1102,"edit":1103},{"width":1099,"height":1100},2320,1450,"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZoa4_x5LeNNTwzGQ_Monet_Visuals_Graph_V3.jpg?auto=format,compress","Zoa4_x5LeNNTwzGQ",{"x":29,"y":29,"zoom":30,"background":398},{"image1":1105,"label":7,"copyright":1108},{"dimensions":1106,"alt":7,"copyright":7,"url":1101,"id":1102,"edit":1107},{"width":1099,"height":1100},{"x":29,"y":29,"zoom":30,"background":398},[],"image$529b332e-b6f6-4e87-8a3a-7fdda808d05a",{"variation":71,"version":72,"items":1111,"primary":1112,"id":1125,"slice_type":155,"slice_label":7},[],{"title":1113,"content":1114},[],[1115,1123],{"type":79,"text":1116,"spans":1117,"direction":373},"Monet’s iconic series compare favourably with other high-value segments of the art market. Particularly in the Impressionist and Post-Impressionist sales category, they outperformed Van Gogh’s market, which totalled $1.3 billion from 66 lots sold over the same period.",[1118],{"start":1119,"end":1120,"type":88,"data":1121},216,228,{"id":1089,"type":126,"tags":1122,"lang":16,"slug":1091,"first_publication_date":1092,"last_publication_date":1092,"link_type":55,"isBroken":19},[248],{"type":79,"text":772,"spans":1124,"direction":373},[],"text$7441ef86-c33c-4755-9d67-d8fc8c4412bf",{"variation":468,"version":72,"items":1127,"primary":1136,"id":1141,"slice_type":94,"slice_label":7},[1128],{"image":1129,"title":7,"subtitle":7},{"dimensions":1130,"alt":7,"copyright":7,"url":1133,"id":1134,"edit":1135},{"width":1131,"height":1132},2947,1992,"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZoZ3fh5LeNNTwyZ2_Monet_Visuals_TwoFigures_Horizontal_V2-04.jpg?auto=format,compress","ZoZ3fh5LeNNTwyZ2",{"x":29,"y":29,"zoom":30,"background":398},{"image1":1137,"label":7,"copyright":1140},{"dimensions":1138,"alt":7,"copyright":7,"url":1133,"id":1134,"edit":1139},{"width":1131,"height":1132},{"x":29,"y":29,"zoom":30,"background":398},[],"image$59180e0e-bcd1-401f-8b45-3e3aa63a40ad",{"variation":71,"version":72,"items":1143,"primary":1144,"id":1150,"slice_type":155,"slice_label":7},[],{"title":1145,"content":1146},[],[1147],{"type":79,"text":1148,"spans":1149,"direction":373},"Monet’s market for these series peaked in 2015 at over $268 million, driven by a high volume of lots. In 2022, the market reached an unprecedented $379 million in combined revenue through successive sales of Water Lilies, London, and Venice Views. Prices for these paintings that year ranged from $30.4 million to over $75 million ($32.6 million to $80.5 million when adjusted for inflation). The variations in price are attributed to several factors, one of the most important for Monet being the subtle differences in colour, reflections, air, and atmosphere that make each work unique.",[],"text$8cb5859f-6d8c-4169-81ad-4028aa6273e8",{"variation":1152,"version":72,"items":1153,"primary":1154,"id":1174,"slice_type":94,"slice_label":7},"double-slice",[],{"image1":1155,"image2":1162,"label":1169,"copyright":1170},{"dimensions":1156,"alt":7,"copyright":7,"url":1159,"id":1160,"edit":1161},{"width":1157,"height":1158},922,592,"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZoUwSB5LeNNTwwIA_Waterloo_Bridge%2C_soleil_voil%C3%A9_-1903-_Claude_Monet_-W_1591-.jpg?auto=format,compress","ZoUwSB5LeNNTwwIA",{"x":29,"y":29,"zoom":30,"background":398},{"dimensions":1163,"alt":7,"copyright":7,"url":1166,"id":1167,"edit":1168},{"width":1164,"height":1165},851,548,"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZoUwmR5LeNNTwwIP_Waterloo_Bridge%2C_effet_de_brume_-1904-_Claude_Monet_-W_1582-.jpg?auto=format,compress","ZoUwmR5LeNNTwwIP",{"x":29,"y":29,"zoom":30,"background":398},"From left to right",[1171],{"type":79,"text":1172,"spans":1173,"direction":373},"Two Waterloo Bridge paintings were sold in 2022: Waterloo Bridge, soleil voilé (Waterloo Bridge, Hazy Sun) (W 1591) (1901) on the left, auctioned in September for $76 million ($80.5 million when adjusted for inflation), and Waterloo Bridge, effet de brume (Waterloo Bridge, Mist Effect) (W 1582) (1901) on the right, auctioned for $37.5 million ($39.3 million when adjusted for inflation).",[],"image$6b8561fb-b899-464b-b06e-66bd73e0e044",{"variation":71,"version":72,"items":1176,"primary":1177,"id":1191,"slice_type":155,"slice_label":7},[],{"title":1178,"content":1179},[],[1180,1188],{"type":79,"text":1181,"spans":1182,"direction":373},"When adjusted for inflation, the highest prices in Monet’s iconic series are typically achieved by Water Lilies, holding 7 of the top 10 auction sales, alongside two Haystacks and a view of the Houses of Parliament in London. These top sales prices range from $69.1 million to $134 million, with half achieved between 2018 and 2023.",[1183],{"start":1184,"end":1185,"type":88,"data":1186},99,111,{"link_type":90,"url":1187,"target":683},"https:\u002F\u002Fartexplored.com\u002Farticle\u002Fartist-report-claude-monet",{"type":79,"text":1189,"spans":1190,"direction":373},"With approximately 220 Water Lilies, 30 Haystacks, 95 views of London, and fewer than 40 views of Venice, these iconic series make up less than 20% of Monet’s output of over 2000 paintings, most of which are held by museums worldwide. The few remaining examples available for acquisition highlight auction sales and are sought after by wealthy collectors. When adjusted for inflation, 94% of these lots exceed $10 million, with 37% surpassing the $50 million mark, placing them at the pinnacle of the art market.",[],"text$aa27e125-412f-44a4-bd16-8ef8efb15fb0",{"variation":468,"version":72,"items":1193,"primary":1194,"id":1202,"slice_type":94,"slice_label":7},[],{"image1":1195,"label":7,"copyright":1201},{"dimensions":1196,"alt":7,"copyright":7,"url":1198,"id":1199,"edit":1200},{"width":1197,"height":737},2826,"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZoVVhR5LeNNTwwey_Monet_PieChart1.jpg?auto=format,compress","ZoVVhR5LeNNTwwey",{"x":29,"y":29,"zoom":30,"background":398},[],"image$7a0876a3-ff00-4557-bccd-391981461aee",{"variation":71,"version":72,"items":1204,"primary":1205,"id":1212,"slice_type":155,"slice_label":7},[],{"title":1206,"content":1207},[],[1208,1210],{"type":79,"text":594,"spans":1209,"direction":373},[],{"type":79,"text":772,"spans":1211,"direction":373},[],"text$e9bc73ed-e1d6-4fcb-988b-a5b0a3790df9","Monet’s Iconic Series: From Haystacks to Water Lilies","French artist Claude Monet (1840-1926), a founder of Impressionism, underwent a pivotal shift in his artistic approach during the late 1880s. He began creating paintings that were conceived, executed, and exhibited in series. A practice that was revolutionary at the time. This approach led to creative marketing strategies, conveying a sense of exclusivity and attracting eager buyers. Paintings from the Haystacks, Water Lilies, London, and Venice series have consistently achieved Monet's highest auction sales over the last twenty years.",{"dimensions":1216,"alt":7,"copyright":7,"url":1217,"id":1218,"edit":1219},{"width":160,"height":161},"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZoVUkx5LeNNTwweb_ImageOpengraph.jpg?auto=format,compress","ZoVUkx5LeNNTwweb",{"x":29,"y":29,"zoom":30,"background":398},[1221,1241],{"variation":71,"version":72,"items":1222,"primary":1239,"id":207,"slice_type":208,"slice_label":7},[1223,1227,1231,1235],{"post":1224},{"id":170,"type":41,"tags":1225,"lang":16,"slug":172,"first_publication_date":173,"last_publication_date":174,"uid":172,"link_type":55,"key":1226,"isBroken":19},[45],"d5730ead-db7d-4035-a53e-2ab0936b90fd",{"post":1228},{"id":178,"type":41,"tags":1229,"lang":16,"slug":180,"first_publication_date":181,"last_publication_date":182,"uid":180,"link_type":55,"key":1230,"isBroken":19},[45],"4464598d-fad4-4ddd-a634-2bfc5f0a18fa",{"post":1232},{"id":186,"type":41,"tags":1233,"lang":16,"slug":189,"first_publication_date":190,"last_publication_date":191,"uid":192,"link_type":55,"key":1234,"isBroken":19},[188],"0a9de36d-a104-4a8d-91c1-69e50a73484c",{"post":1236},{"id":196,"type":41,"tags":1237,"lang":16,"slug":199,"first_publication_date":200,"last_publication_date":201,"uid":202,"link_type":55,"key":1238,"isBroken":19},[198],"dd8a5917-309c-42ac-8783-5c1707e480bf",{"slides_per_view":7,"max_slides_count":7,"tag":1240,"type":41,"title":206,"paralax":19},{"link_type":55},{"variation":71,"version":72,"items":1242,"primary":1247,"id":219,"slice_type":208,"slice_label":7},[1243,1245],{"post":1244},{"link_type":55},{"post":1246},{"link_type":55},{"slides_per_view":7,"max_slides_count":7,"tag":1248,"type":217,"title":218,"paralax":19},{"link_type":55},{"slice":282,"payload":1250},[1251,1462,1694,1886],{"id":286,"uid":288,"url":7,"type":41,"href":1252,"tags":1253,"first_publication_date":289,"last_publication_date":290,"slugs":1254,"linked_documents":1255,"lang":16,"alternate_languages":1256,"data":1257},"https:\u002F\u002Fartexplorer-prod.cdn.prismic.io\u002Fapi\u002Fv2\u002Fdocuments\u002Fsearch?ref=aCb60BIAACEA00zN&q=%5B%5B%3Ad+%3D+at%28document.id%2C+%22ZmsEqBIAACEAI9lL%22%29+%5D%5D",[45,258],[288],[],[],{"title":1258,"subtitle":1259,"author":1260,"copyright_cover":7,"cover_desktop":1261,"cover_mobile":1269,"thumbnail":1274,"published_at":7,"slices":1277,"meta_title":1424,"meta_description":1425,"og_image":1426,"slices2":1432},"Gerhard Richter’s market milestones","Late eighties to early nineties paintings",{"link_type":55},{"dimensions":1262,"alt":7,"copyright":7,"url":1263,"id":1264,"edit":1265},{"width":23,"height":24},"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZoUgth5LeNNTwvwk_RichterVisualsforArticles2-4-.jpg?auto=format%2Ccompress&rect=137%2C169%2C2572%2C1447&w=3840&h=2160","ZoUgth5LeNNTwvwk",{"x":1266,"y":1267,"zoom":1268,"background":398},137,169,1.24,{"dimensions":1270,"alt":7,"copyright":7,"url":1271,"id":1272,"edit":1273},{"width":24,"height":23},"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZo61yB5LeNNTxAFK_Richter_AnalysisArticle_Thumbnail_WhiteV51.jpg?auto=format,compress","Zo61yB5LeNNTxAFK",{"x":29,"y":29,"zoom":30,"background":398},{"dimensions":1275,"alt":7,"copyright":7,"url":1271,"id":1272,"edit":1276},{"width":24,"height":23},{"x":29,"y":29,"zoom":30,"background":398},[1278,1305,1327,1339,1357,1366,1380,1400,1416],{"variation":71,"version":72,"items":1279,"primary":1281,"id":1304,"slice_type":155,"slice_label":7},[1280],{},{"title":1282,"content":1286},[1283],{"type":1284,"text":772,"spans":1285},"heading1",[],[1287,1301],{"type":79,"text":1288,"spans":1289,"direction":373},"Throughout his career, German artist Gerhard Richter (b. 1932) continually pushed the boundaries of painting, skillfully transitioning between abstract forms and representational images to create a diverse body of work. The late 1980s and early 1990s marked a pivotal period for Richter, as he developed his signature squeegee technique and rose to international acclaim.",[1290,1298],{"start":1291,"end":1292,"type":88,"data":1293},308,337,{"id":1294,"type":126,"tags":1295,"lang":16,"slug":1296,"first_publication_date":1297,"last_publication_date":1297,"link_type":55,"isBroken":19},"ZmxKyxIAACEAJeVC",[],"signature-squeegee-technique","2024-06-14T13:51:09+0000",{"start":1291,"end":1299,"type":1300},336,"strong",{"type":79,"text":1302,"spans":1303,"direction":373},"Consequently, paintings created between 1985 and 1994 are highly coveted in Richter's market, generating an impressive $2.1 billion from 295 lots sold between 2004 and 2023. This segment's value nearly doubles Van Gogh's auction market which stands at $1.3 billion from just 66 lots sold over the past two decades.",[],"text$70e5d07e-6002-443b-907d-2b4441f2272c",{"variation":468,"version":72,"items":1306,"primary":1316,"id":1326,"slice_type":94,"slice_label":7},[1307],{"image":1308,"title":7,"subtitle":7},{"dimensions":1309,"alt":7,"copyright":7,"url":1310,"id":1311,"edit":1312},{"width":1131,"height":1132},"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZmwFMZm069VX1v1f_RichterVisualsforArticles-28.jpg?auto=format%2Ccompress&rect=181%2C122%2C2585%2C1747&w=2947&h=1992","ZmwFMZm069VX1v1f",{"x":1313,"y":1314,"zoom":1315,"background":398},181,122,1.14,{"image1":1317,"label":7,"copyright":1325},{"dimensions":1318,"alt":7,"copyright":7,"url":1319,"id":1320,"edit":1321},{"width":23,"height":737},"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZmwFHJm069VX1v1d_VanGogh%27svsRichterlandscape3_2.jpg?auto=format%2Ccompress&rect=384%2C256%2C3072%2C2048&w=3840&h=2560","ZmwFHJm069VX1v1d",{"x":1322,"y":1323,"zoom":1324,"background":398},384,256,1.25,[],"image$19a02077-12cb-4921-a909-1bdc1a62fbcb",{"variation":71,"version":72,"items":1328,"primary":1329,"id":1338,"slice_type":155,"slice_label":7},[],{"title":1330,"content":1331},[],[1332],{"type":79,"text":1333,"spans":1334,"direction":373},"Richter's works from this period particularly captivated buyers between 2008 and 2012. Notably, Abstraktes Bild (809-4), a painting from 1994, made Richter the most expensive living artist in 2012. Having set several auction records for the artist, these works now occupy nine of his top ten sales.",[1335],{"start":1336,"end":1337,"type":111},96,119,"text$ee13476c-9a3e-4d89-88b8-8238b36170b0",{"variation":468,"version":72,"items":1340,"primary":1349,"id":1356,"slice_type":94,"slice_label":7},[1341],{"image":1342,"title":7,"subtitle":7},{"dimensions":1343,"alt":7,"copyright":7,"url":1346,"id":1347,"edit":1348},{"width":1344,"height":1345},1822,2356,"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZmsJr5m069VX1uYh_RichterVisualsforArticles-21.jpg?auto=format,compress","ZmsJr5m069VX1uYh",{"x":29,"y":29,"zoom":30,"background":398},{"image1":1350,"label":7,"copyright":1355},{"dimensions":1351,"alt":7,"copyright":7,"url":1352,"id":1353,"edit":1354},{"width":737,"height":23},"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZmsIppm069VX1uXx_Richter3_2.jpg?auto=format,compress","ZmsIppm069VX1uXx",{"x":29,"y":29,"zoom":30,"background":398},[],"image$9218cfd6-ae59-45d9-9b61-646d8053d5d9",{"variation":71,"version":72,"items":1358,"primary":1359,"id":1365,"slice_type":155,"slice_label":7},[],{"title":1360,"content":1361},[],[1362],{"type":79,"text":1363,"spans":1364,"direction":373},"The market for Richter’s 1985-1994 paintings has shown remarkable resilience, even during the pandemic downturn. In 2020, \"Abstraktes Bild (649-2),\" a 1987 painting, made Richter the most expensive Western artist at an Asian auction when it was acquired by the Pola Museum in Hakone, Japan. By 2021, annual sales in this segment reached their highest level in six years.",[],"text$7275b4de-13b5-4e81-bee5-3e0d41cfb077",{"variation":468,"version":72,"items":1367,"primary":1374,"id":1379,"slice_type":94,"slice_label":7},[1368],{"image":1369,"title":7,"subtitle":7},{"dimensions":1370,"alt":7,"copyright":7,"url":1371,"id":1372,"edit":1373},{"width":1099,"height":1100},"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZoa42h5LeNNTwzGK_Richter_AnalysisArticle_Graph_V1.jpg?auto=format,compress","Zoa42h5LeNNTwzGK",{"x":29,"y":29,"zoom":30,"background":398},{"image1":1375,"label":7,"copyright":1378},{"dimensions":1376,"alt":7,"copyright":7,"url":1371,"id":1372,"edit":1377},{"width":1099,"height":1100},{"x":29,"y":29,"zoom":30,"background":398},[],"image$a61a6c61-9b4c-4c70-a5db-73eb386d5b0a",{"variation":71,"version":72,"items":1381,"primary":1382,"id":1399,"slice_type":155,"slice_label":7},[],{"title":1383,"content":1384},[],[1385,1393],{"type":79,"text":1386,"spans":1387,"direction":373},"Richter's auction records in this category are consistently set by monumental \"Abstrakte Bilder\" (abstract paintings) measuring 200 cm or more. These works have solidified Richter’s status as a central figure in the art market since the 2010s. For more insights, ArtExplored's Focus Report, highlights the evolution of the market for these specific paintings over the last twenty years.",[1388],{"start":1389,"end":1390,"type":88,"data":1391},263,289,{"link_type":90,"url":1392,"target":683},"https:\u002F\u002Fartexplored.com\u002Farticle\u002Fartist-report-gerhard-richter",{"type":79,"text":1394,"spans":1395,"direction":373},"In 2017, Richter announced his retirement from painting, concentrating instead on works on paper. He leaves behind an impressive oeuvre, comprising 3,819 paintings created over six decades, a quarter of them between 1985 and 1994. His reputation remains so well-established that for the past decade, at least one museum exhibition featuring his work has been organised worldwide each year.",[1396],{"start":1397,"end":1398,"type":111},129,135,"text$5f9b1e63-e6bb-4f77-8396-1934978a98cb",{"variation":468,"version":72,"items":1401,"primary":1410,"id":1415,"slice_type":94,"slice_label":7},[1402],{"image":1403,"title":7,"subtitle":7},{"dimensions":1404,"alt":7,"copyright":7,"url":1407,"id":1408,"edit":1409},{"width":1405,"height":1406},1811,1641,"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZmsKEpm069VX1uYw_RichterVisualsforArticles.jpg?auto=format,compress","ZmsKEpm069VX1uYw",{"x":29,"y":29,"zoom":30,"background":398},{"image1":1411,"label":7,"copyright":1414},{"dimensions":1412,"alt":7,"copyright":7,"url":1407,"id":1408,"edit":1413},{"width":1405,"height":1406},{"x":29,"y":29,"zoom":30,"background":398},[],"image$34d5dc5f-c92a-438d-8d0f-03d3e4897ef6",{"variation":71,"version":72,"items":1417,"primary":1418,"id":1423,"slice_type":155,"slice_label":7},[],{"title":1419,"content":1420},[],[1421],{"type":79,"text":594,"spans":1422,"direction":373},[],"text$c9d09c01-d732-49d0-9051-f790ca199b2b","Gerhard Richter’s Market Milestones Late Eighties to Early Nineties","Richter’s paintings created between 1985 and 1994 are highly coveted in the art market. Read the ArtExplored Focus Report to find out more about the paintings that consistently set auction records in this category: monumental Abstrakte Bilder.",{"dimensions":1427,"alt":7,"copyright":7,"url":1429,"id":1430,"edit":1431},{"width":1428,"height":161},2388,"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002FZnwHGJbWFbowe3z2_Richter_AnalysisArticle_Opengraph.jpg?auto=format,compress","ZnwHGJbWFbowe3z2",{"x":29,"y":29,"zoom":30,"background":398},[1433],{"variation":71,"version":72,"items":1434,"primary":1455,"id":1461,"slice_type":208,"slice_label":7},[1435,1439,1443,1447,1451],{"post":1436},{"id":256,"type":41,"tags":1437,"lang":16,"slug":259,"first_publication_date":260,"last_publication_date":261,"uid":262,"link_type":55,"key":1438,"isBroken":19},[45,258],"b77e43c0-bf71-4ab7-a540-a35d732c8132",{"post":1440},{"id":246,"type":41,"tags":1441,"lang":16,"slug":249,"first_publication_date":250,"last_publication_date":251,"uid":252,"link_type":55,"key":1442,"isBroken":19},[45,248],"83ac311d-9c82-41cb-812b-a30b1063a75e",{"post":1444},{"id":39,"type":41,"tags":1445,"lang":16,"slug":14,"first_publication_date":46,"last_publication_date":47,"uid":40,"link_type":55,"key":1446,"isBroken":19},[44,45],"a7f2a3e9-fbcd-4727-9fb7-5b5ee6da1f91",{"post":1448},{"id":178,"type":41,"tags":1449,"lang":16,"slug":180,"first_publication_date":181,"last_publication_date":182,"uid":180,"link_type":55,"key":1450,"isBroken":19},[45],"caf357d9-834f-41c9-ac5b-413d3a778fb6",{"post":1452},{"id":303,"type":41,"tags":1453,"lang":16,"slug":305,"first_publication_date":306,"last_publication_date":307,"uid":308,"link_type":55,"key":1454,"isBroken":19},[45],"e5cfba1a-617c-4cec-bbf5-638cee97564e",{"slides_per_view":1456,"max_slides_count":278,"tag":1457,"type":41,"title":1460,"paralax":19},3,{"id":711,"type":712,"tags":1458,"lang":16,"slug":714,"first_publication_date":715,"last_publication_date":716,"uid":714,"link_type":55,"key":1459,"isBroken":19},[45],"395cb02f-d422-4d00-9c75-082296a5b25f","Read more","carousel$4b20f160-2667-4f75-b8c5-099514bb50d0",{"id":294,"uid":299,"url":7,"type":41,"href":1463,"tags":1464,"first_publication_date":297,"last_publication_date":298,"slugs":1465,"linked_documents":1466,"lang":16,"alternate_languages":1467,"data":1468},"https:\u002F\u002Fartexplorer-prod.cdn.prismic.io\u002Fapi\u002Fv2\u002Fdocuments\u002Fsearch?ref=aCb60BIAACEA00zN&q=%5B%5B%3Ad+%3D+at%28document.id%2C+%22ZPHrjxAAACIA03J7%22%29+%5D%5D",[45],[296],[],[],{"title":1469,"subtitle":1470,"author":1471,"copyright_cover":1515,"cover_desktop":1516,"cover_mobile":1521,"thumbnail":1526,"published_at":7,"slices":1529,"meta_title":1469,"meta_description":1647,"og_image":1648,"slices2":1651},"A new dawn of increased sales for female artists?","Sales are on the up but it’s hard to know if the positive trajectory will continue",{"id":1472,"type":363,"tags":1473,"lang":16,"slug":1474,"first_publication_date":1475,"last_publication_date":1476,"uid":1477,"data":1478,"link_type":55,"key":1514,"isBroken":19},"ZBBfzBAAACgAzQAo",[],"william-corwin","2023-03-14T11:51:45+0000","2023-07-10T00:55:46+0000","will-corwin",{"description":1479,"short_description":1492,"job":1496,"thumbnail":1497,"cover":1504,"uid":1477,"title":1500,"og_image":1507,"meta_description":1510,"meta_title":1500},[1480,1483,1486,1489],{"type":79,"text":1481,"spans":1482},"William Corwin covers art news and features in North America. He is a sculptor, journalist, and curator from New York. He has exhibited at The Clocktower, LaMama and Geary galleries in New York, as well as galleries in London, Hamburg, Beijing and Taipei. ",[],{"type":79,"text":1484,"spans":1485},"He has written regularly for The Brooklyn Rail, Artpapers, Bomb, Artcritical, Raintaxi and Canvas and formerly for Frieze. He curated and wrote the catalog for Postwar Women at The Art Students League in New York, an exhibition of the school’s alumnae active between 1945-65, and 9th Street Club, an exhibition of Perle Fine, Helen Frankenthaler, Mercedes Matter, Grace Hartigan, Lee Krasner and Elaine Dekooning at Gazelli Art House in London. ",[],{"type":79,"text":1487,"spans":1488},"His most recent curatorial projects were the first solo exhibition of French Mid-century painter Marguerite Louppe (1901-1989) at Rosenberg & Co gallery in New York (Corwin has been working with the estates of Marguerite Louppe, and her husband the painter Maurice Brianchon for the past decade), and The Agreement:  Chromatic presences, and exhibition of colored sculpture featuring Ugo Rondinone, Lynn Umlauf, Remy Jungerman, Kianja Strobert and Tom Doyle, among others. ",[],{"type":79,"text":1490,"spans":1491},"He is the editor of Formal Concerns: Collected Essays of Saul Ostrow, to be published in 2023 by Elective Affinity Press, and participated in the exhibition Anchor\u002FRoots at the Newhouse Center for Contemporary Art at Snug Harbor Cultural Center in 2021. He is the author of the book &Model (2020), a history of a Grass-roots artist-run gallery in Northern England, published by Leeds Metropolitan University.",[],[1493],{"type":79,"text":1494,"spans":1495},"William Corwin covers North America for ArtExplored",[],"Art Writer (North America)",{"dimensions":1498,"alt":1500,"copyright":1500,"url":1501,"id":1502,"edit":1503},{"width":1499,"height":149},2660,"William Corwin","https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002F4bbbe5d4-21a0-489e-8fe3-96d3a471c015_William+Corwin+B%26W+Art+Explored.jpg?auto=compress,format","ZIg3ghAAACAApnDS",{"x":29,"y":29,"zoom":30,"background":31},{"dimensions":1505,"alt":1500,"copyright":7,"url":1501,"id":1502,"edit":1506},{"width":1499,"height":149},{"x":29,"y":29,"zoom":30,"background":31},{"dimensions":1508,"alt":1500,"copyright":1500,"url":1501,"id":1502,"edit":1509},{"width":1499,"height":149},{"x":29,"y":29,"zoom":30,"background":31},[1511],{"type":79,"text":1512,"spans":1513},"Will Corwin covers North America for ArtExplored",[],"79c53ace-ed2f-4c0c-b501-341d0b133551","Self-Portrait as the Allegory of Painting, Artemisia Gentileschi, Royal Collection",{"dimensions":1517,"alt":7,"copyright":7,"url":1518,"id":1519,"edit":1520},{"width":23,"height":24},"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002Fa02a5c0e-9b52-44ce-b475-d21fdf9519e7_La+Pittura+-+Artemisia+Gentileschi+-+Slide+16_9.jpg?auto=compress,format","ZPHXmRAAACQA0xF5",{"x":29,"y":29,"zoom":30,"background":31},{"dimensions":1522,"alt":7,"copyright":7,"url":1523,"id":1524,"edit":1525},{"width":24,"height":23},"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002F5d8d8c51-b755-49db-ab32-40722c1b8545_La+Pittura+-+Artemisia+Gentileschi+-+9_16.jpg?auto=compress,format","ZPHX5xAAACIA0xL3",{"x":29,"y":29,"zoom":30,"background":31},{"dimensions":1527,"alt":7,"copyright":7,"url":1523,"id":1524,"edit":1528},{"width":24,"height":23},{"x":29,"y":29,"zoom":30,"background":31},[1530],{"variation":71,"version":72,"items":1531,"primary":1533,"id":1646,"slice_type":155,"slice_label":7},[1532],{},{"title":1534,"content":1535},[],[1536,1548,1551,1565,1568,1599,1602,1605,1608,1619,1622,1625,1636,1644],{"type":79,"text":1537,"spans":1538},"It’s ironic that the top reported sale for the 2023 Basel Art Fair was Louise Bourgeois’ terrifying Spider IV (1996) at $22.5 million. A conflicted symbol of both care and trauma, is this shiny bronze arachnid the harbinger of a new era of expanded sales for female artists, or a lonely outlier and merely an expression of the market’s adulation of enshrined dead masters, regardless of gender or race? ",[1539,1542],{"start":1540,"end":1541,"type":111},100,110,{"start":1540,"end":1541,"type":88,"data":1543},{"id":1544,"type":126,"tags":1545,"lang":16,"slug":1546,"first_publication_date":1547,"last_publication_date":1547,"link_type":55,"isBroken":19},"ZPHruRAAACMA03M7",[],"spider-iv","2023-09-01T13:48:44+0000",{"type":79,"text":1549,"spans":1550},"Inquiring among a range of industry experts, gallerists, and artists, ArtExplored found that there isn’t a clear answer, but a complicated web of potential paths, promising beginnings, and consistent unchanging realities that point to a murky, possibly brighter future. ",[],{"type":79,"text":1552,"spans":1553},"However, in terms of female Old Masters, the market has improved markedly of late with increasing demand leading auction houses to organise sales focusing exclusively on these artists – something they would have never dared to promote a few years ago. Take Artemisia Gentileschi, for example – her record sale was set in 2019 when the Getty Museum purchased her Lucretia (1623-25) for $5.3 million (six times its high estimate), and world-wide she has had five exhibitions in 2023 alone.",[1554,1557],{"start":1555,"end":1556,"type":111},362,371,{"start":1558,"end":1559,"type":88,"data":1560},412,428,{"id":1561,"type":126,"tags":1562,"lang":16,"slug":1563,"first_publication_date":1564,"last_publication_date":1564,"link_type":55,"isBroken":19},"ZPHsCRAAACMA03T2",[],"high-estimate","2023-09-01T13:50:05+0000",{"type":79,"text":1566,"spans":1567},"\nBut back to Basel Art Fair. While many of the sales were of now-passed women now become household names, such as Alice Neel ($2.8 million) and Meret Oppenheim ($225,000-275,000), there were sales for living women artists as well: Roni Horn ($2.5 million), Amy Sillman ($450,000), Firelei Báez ($350,000), Tracy Emin ($970,000), and Senga Nengudi ($90,000). ",[],{"type":79,"text":1569,"spans":1570},"Obviously, this is a literal improvement over a past which saw the occasional female or two as acknowledged members of Abstract Expressionism, Minimalism, or Post-Modernism, but a recent survey – the Burns Halperin Report – paints a disappointing picture of almost glacially-slow incremental change for both women artists and those from minorities.  \n\nArtists in general are very aware of the fad potential of any market movement, whether it’s a passing interest in figuration, political art, or in a particular “type” of artist. “There’s a lot of activity now, there’s a lot of visibility, but how does that trickle down and how does that impact future generations; not just in the moment?” muses Shervone Neckles, a multimedia artist who represented her home country of Grenada at the 2019 Venice Biennale.",[1571,1578,1586,1595],{"start":1337,"end":1572,"type":88,"data":1573},141,{"id":1574,"type":126,"tags":1575,"lang":16,"slug":1576,"first_publication_date":1577,"last_publication_date":1577,"link_type":55,"isBroken":19},"ZPH_CBAAACEA09Eg",[],"abstract-expressionism","2023-09-01T15:11:07+0000",{"start":1579,"end":1580,"type":88,"data":1581},143,153,{"id":1582,"type":126,"tags":1583,"lang":16,"slug":1584,"first_publication_date":1585,"last_publication_date":1585,"link_type":55,"isBroken":19},"ZPH-5BAAACQA09Br",[],"minimalism","2023-09-01T15:10:31+0000",{"start":1587,"end":1588,"type":88,"data":1589},158,172,{"id":1590,"type":126,"tags":1591,"lang":16,"slug":1592,"first_publication_date":1593,"last_publication_date":1594,"link_type":55,"isBroken":19},"ZPH-wRAAACEA08-6",[],"post-modernism","2023-09-01T15:09:56+0000","2023-09-01T15:13:20+0000",{"start":1596,"end":440,"type":88,"data":1597},199,{"link_type":90,"url":1598},"https:\u002F\u002Fstudioburns.media\u002Fheres-every-element-of-the-2022-burns-halperin-report-all-in-one-place\u002F",{"type":79,"text":1600,"spans":1601}," “I’m looking for that deep thoughtful investment which doesn’t just happen through the artwork, it’s also the amount of scholarship that’s being done on women artists.” Herein lies the problem: while according to the Burns Halperin Report, sales of women artists overall expanded 174.2% between 2008 and 2021, this resulted in only 11% of acquisitions by US museums (of the 31 institutions represented in the report). Considering that’s half the population, this falls far short of gender equity. ",[],{"type":79,"text":1603,"spans":1604},"\nCollector’s attitudes on the other hand may be changing. Irene Kim, global head of VIP relations for Art Basel, feels there’s been a sea change in terms of collector mentality: “Most Collectors buy whatever they want and like, but these days if you are a collector that’s cognisant to build an overall narrative, it’s about what your mission is; what is your collection focus.”  Certain collectors stand out: Pamela Joyner focuses her collection primarily on contemporary African American artists, while Komal Shah collects work by contemporary women artists, and just published Making Their Mark: Art by Women in the Shah Garg Collection (2023).",[],{"type":79,"text":1606,"spans":1607},"Still, change is slow, and going by the statistics, seems to be largely based on the market for long established and dead women artists. ",[],{"type":79,"text":1609,"spans":1610},"A gallery that has been instrumental in informing the wider art world of the sheer quantity and variety of talented women painters beyond the five main characters of Mary Gabriel’s 9th Street Women – is the New York gallery Berry Campbell. Founded in 2013 by Christine Berry and Martha Campbell, the gallery sought out the not-household names of women Abstract Expressionists. “We were going through the rosters of important exhibitions from the 1950s, and realising that the names that you don’t know tend to be names of women artists. So that you might see Willem de Kooning and Jackson Pollock on an exhibition list, but there’s also Perle Fine, Judith Godwin, and Yvonne Thomas: we said who are these artists and what does the art look like?” ",[1611],{"start":1612,"end":1613,"type":88,"data":1614},142,163,{"id":1615,"type":126,"tags":1616,"lang":16,"slug":1617,"first_publication_date":1618,"last_publication_date":1618,"link_type":55,"isBroken":19},"ZPH_3RAAACMA09Uk",[],"five-main-characters-of-mary-gabriels-9th-street-women","2023-09-01T15:14:40+0000",{"type":79,"text":1620,"spans":1621},"Based on that strategy, Berry Campbell has grown from a modest two-room gallery to a large museum-quality exhibition space. “The Denver Art Museum Show [Women of Abstract Expressionism, 2016, curated by Gwen Chanzit] was probably a turning point,” says Berry, “when that exhibition happened is when people, museums, collectors realised this can be a focus, in the past they wouldn’t want to do a show of the women artists alone, but I think by Denver doing that show it allowed other museums and galleries to go ahead and say we can single out the women.” She does also feel Gabriel’s 9th Street Women “made these women come into mass consciousness.” ",[],{"type":79,"text":1623,"spans":1624},"And the results have been staggering. In the case of Abstract Expressionist Perle Fine (1905-1988), Berry Campbell exhibited her work in 2015 with prices ranging from $40,000-45,000. Now Fine’s works are selling for just under $1 million. According to the Burns Halperin Report, the biggest sellers in the auction market are by far Post-war and Contemporary women artists, which reached a peak of just under $600 million in 2018, but as the authors of the report are quick to point out, the sales of a single artist, Pablo Picasso (6.23 billion), exceeds the total sales of all women (6.2 billion) overall, between 2008 and 2022.",[],{"type":79,"text":1626,"spans":1627},"Do these modest increases translate to artists working in the primary market?",[1628],{"start":1629,"end":1630,"type":88,"data":1631},61,76,{"id":1632,"type":126,"tags":1633,"lang":16,"slug":1634,"first_publication_date":1635,"last_publication_date":1635,"link_type":55,"isBroken":19},"ZPIALhAAACIA09aW",[],"primary-market","2023-09-01T15:16:00+0000",{"type":79,"text":1637,"spans":1638}," Talking to painter North American Emily Mae Smith, who exemplifies the contemporary artist working internationally within the market; showing with Frederick Petzel in New York and Perrotin in Paris, among others, one gets the sense that she would rather tie her fate to the world of collectors and market convulsions. “It’s funny how we sometimes go oh that’s just the market, it’s not moral, but actually there is no moral: I feel there’s this false separation between what is academic or understood by the “higher minds” of our industry – which are the artists and the writers and the curators – and that’s different from the collectors, but I don’t think it is. In my experience with academia, I have actually been treated more fairly, and had more access in the capitalistic art industry than I had in academia.” In effect, Smith argues, the realisation that women and artists of colour are simply a sound investment nudges progress much faster and more efficiently than the slow and convoluted instigation of diversity, equity, and inclusion (DEI) programmes in museums and universities.",[1639,1642],{"start":1640,"end":1641,"type":111},387,392,{"start":1643,"end":462,"type":111},419,{"type":79,"text":772,"spans":1645},[],"text$decb3b0f-5387-4e55-92ca-ba5c2966deea","Sales are on the up for female artists but it’s hard to know if the positive trajectory will continue.",{"dimensions":1649,"alt":7,"copyright":7,"url":1518,"id":1519,"edit":1650},{"width":23,"height":24},{"x":29,"y":29,"zoom":30,"background":31},[1652,1660],{"variation":71,"version":72,"items":1653,"primary":1656,"id":1659,"slice_type":208,"slice_label":7},[1654],{"post":1655},{"link_type":55},{"slides_per_view":7,"max_slides_count":7,"tag":1657,"type":217,"title":1658,"paralax":7},{"link_type":55},"Listen to audiocasts","carousel$fe996508-a474-425e-83eb-b5a1c8f13a42",{"variation":71,"version":72,"items":1661,"primary":1690,"id":1693,"slice_type":208,"slice_label":7},[1662,1666,1676,1680],{"post":1663},{"id":39,"type":41,"tags":1664,"lang":16,"slug":14,"first_publication_date":46,"last_publication_date":47,"uid":40,"link_type":55,"key":1665,"isBroken":19},[44,45],"6ffcae52-f355-4601-8e2b-1ba187b2be28",{"post":1667},{"id":1668,"type":41,"tags":1669,"lang":16,"slug":1671,"first_publication_date":1672,"last_publication_date":1673,"uid":1674,"link_type":55,"key":1675,"isBroken":19},"ZCajPxAAACEA67FU",[1670],"Edvard Munch","emins-love-of-munch-is-rooted-in-pain","2023-04-03T09:56:03+0000","2023-07-13T14:37:18+0000","the-contemporary-artist-from-the-british-seaside-town","017b7a17-78ca-43a3-83d0-f90afa84bc80",{"post":1677},{"id":196,"type":41,"tags":1678,"lang":16,"slug":199,"first_publication_date":200,"last_publication_date":201,"uid":202,"link_type":55,"key":1679,"isBroken":19},[198],"0426e6e7-0e16-4695-ac90-07beddb43771",{"post":1681},{"id":1682,"type":41,"tags":1683,"lang":16,"slug":1685,"first_publication_date":1686,"last_publication_date":1687,"uid":1688,"link_type":55,"key":1689,"isBroken":19},"ZAhxkRAAACkAvx0D",[1684],"Amedeo Modigliani","amedeo-modigliani-through-the-microscope","2023-03-08T15:49:55+0000","2023-07-13T14:21:18+0000","amadeo-modigliani-a-century-of-enigma","23381a92-2997-4ffb-9bde-ebd5c357a21d",{"slides_per_view":7,"max_slides_count":7,"tag":1691,"type":41,"title":1692,"paralax":7},{"link_type":55},"More articles","carousel$a0acf46d-90de-4685-a504-212bc0852bcc",{"id":303,"uid":308,"url":7,"type":41,"href":1695,"tags":1696,"first_publication_date":306,"last_publication_date":307,"slugs":1697,"linked_documents":1700,"lang":16,"alternate_languages":1701,"data":1702},"https:\u002F\u002Fartexplorer-prod.cdn.prismic.io\u002Fapi\u002Fv2\u002Fdocuments\u002Fsearch?ref=aCb60BIAACEA00zN&q=%5B%5B%3Ad+%3D+at%28document.id%2C+%22ZBmiNxEAACUAZCbn%22%29+%5D%5D",[45],[305,1698,1699],"buying-art-is-often-a-highly-emotional-affair-but-how-does-it-stack-up-against-other-more-traditional-markets-when-it-comes-to-returns","buying-art-is-often-a-highly-emotional-affair-but-how-does-it-stack-up-against-other-more-traditional-markets-when-it-comes-to-returns-artexplorer-investigates.",[],[],{"title":1703,"subtitle":1704,"author":1705,"copyright_cover":7,"cover_desktop":1746,"cover_mobile":1754,"thumbnail":1759,"published_at":7,"slices":1762,"meta_title":1842,"meta_description":1843,"og_image":1844,"slices2":1850},"Is art a sound investment?","Buying the right painting and sitting on it can be very fruitful",{"id":1706,"type":363,"tags":1707,"lang":16,"slug":1709,"first_publication_date":1710,"last_publication_date":1711,"uid":1709,"data":1712,"link_type":55,"key":1745,"isBroken":19},"ZBB4GBAAACgAzS2z",[1708],"Robert Budden","robert-budden","2023-03-14T13:35:25+0000","2023-07-10T00:56:54+0000",{"description":1713,"short_description":1723,"job":1727,"thumbnail":1728,"cover":1735,"uid":1709,"title":1708,"og_image":1738,"meta_description":1741,"meta_title":1708},[1714,1717,1720],{"type":79,"text":1715,"spans":1716},"Robert Budden is ArtExplored's Art Market Editor. He is a financial journalist with expertise in personal finance and investment. He spent most of his journalistic career writing for the Financial Times where he held a number of roles including Deputy Markets Editor, Personal Finance Editor and Chief Media Correspondent. ",[],{"type":79,"text":1718,"spans":1719},"He has written extensively on many areas of personal finance and investment from hedge funds and mutual funds to stocks and shares, junk bonds and financial market instruments as well as alternative investments such as wine.",[],{"type":79,"text":1721,"spans":1722},"He has won around a dozen awards for journalism including Pensions Journalist of the Year (Business Journalist of the Year Awards), Investment Trust Journalist of the Year (Association of Investment Companies) and Pensions and Investment Journalist of the Year (Aon). He has frequently appeared on TV and radio for a number of  broadcasters including CNN, CNBC, Sky News and the BBC.",[],[1724],{"type":79,"text":1725,"spans":1726},"Robert Budden covers the financial and art market for ArtExplored. ",[],"Art Market Editor",{"dimensions":1729,"alt":1708,"copyright":7,"url":1732,"id":1733,"edit":1734},{"width":1730,"height":1731},2291,2446,"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002Ff845a770-a008-44c8-9879-c9f3b0b5e52a_Robert+Budden.jpg?auto=compress,format","ZIsQqxAAACEAs6bQ",{"x":29,"y":29,"zoom":30,"background":31},{"dimensions":1736,"alt":1708,"copyright":7,"url":1732,"id":1733,"edit":1737},{"width":1730,"height":1731},{"x":29,"y":29,"zoom":30,"background":31},{"dimensions":1739,"alt":1708,"copyright":1708,"url":1732,"id":1733,"edit":1740},{"width":1730,"height":1731},{"x":29,"y":29,"zoom":30,"background":31},[1742],{"type":79,"text":1743,"spans":1744},"Robert Budden is a finance and art markets writer at ArtExplored",[],"dd252c20-702d-4ca1-b385-fde1be417179",{"dimensions":1747,"alt":1750,"copyright":7,"url":1751,"id":1752,"edit":1753},{"width":1748,"height":1749},2881,1621,"Massysm Quentin — The Moneylender and his Wife","https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002F6cb95598-e3af-4c20-ae64-d8f7775dda0f_Slide+16_9+-+85.jpg?auto=compress,format","ZJq2chEAACIAroje",{"x":29,"y":29,"zoom":30,"background":31},{"dimensions":1755,"alt":1750,"copyright":1750,"url":1756,"id":1757,"edit":1758},{"width":24,"height":23},"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002Fa6363f49-781b-40dc-9173-db3c111bbcd8_9_16.jpg?auto=compress,format","ZJq19hEAACEAroa_",{"x":29,"y":29,"zoom":30,"background":31},{"dimensions":1760,"alt":1750,"copyright":1750,"url":1756,"id":1757,"edit":1761},{"width":24,"height":23},{"x":29,"y":29,"zoom":30,"background":31},[1763,1794,1804,1814,1823,1835],{"variation":71,"version":72,"items":1764,"primary":1766,"id":1793,"slice_type":155,"slice_label":7},[1765],{},{"title":1767,"content":1771},[1768],{"type":1284,"text":1769,"spans":1770}," ",[],[1772],{"type":79,"text":1773,"spans":1774},"It is the sort of gain most investors only dream of. The sale at Sotheby’s in 2017 of Untitled by Jean-Michel Basquiat for $110.5m marked a record for a post-1980 painting by an American artist at the time. Bought for \"just\" $19,000 in 1984, the sale price delivered its owner impressive profits - equating to a compound annual return (before costs) of about 30%. The world’s best-paid hedge fund managers would be immensely proud of that performance.\n\nSuch returns are by no means unique in the art world: some savvy collectors who bought works from the likes of Andy Warhol or David Hockney at the right time will also be sitting on huge gains. Art advisers have many of their own stories about clients who purchased artworks that have increased in value considerably, sometimes over a period of just a few years. \n\nSo, does art make sense as an investment and how has the wider art market performed? \n\nA number of art indices including Sotheby’s Mei Moses, Artprice, and Artnet capture data from multiple sources. Over the 15 years between 2005 and 2020, the Artnet Index for Fine Art produced a compound annual growth rate of 4.9%, against 7.6% (excluding dividends) for the S&P 500, the leading basket of US stocks. ",[1775,1778,1786],{"start":1776,"end":1777,"type":111},86,94,{"start":1779,"end":1780,"type":88,"data":1781},564,576,{"id":1782,"type":126,"tags":1783,"lang":16,"slug":1784,"first_publication_date":1785,"last_publication_date":1785,"link_type":55,"isBroken":19},"ZK0tLxEAACEAdnWz",[],"andy-warhol","2023-07-11T10:21:41+0000",{"start":1787,"end":1158,"type":88,"data":1788},579,{"id":1789,"type":126,"tags":1790,"lang":16,"slug":1791,"first_publication_date":1792,"last_publication_date":1792,"link_type":55,"isBroken":19},"ZK0uhhEAACMAdnxa",[],"david-hockney","2023-07-11T10:27:29+0000","text$1bdd61da-7e86-40cd-a086-e0b1d9c8e77c",{"variation":71,"version":72,"items":1795,"primary":1797,"id":1802,"slice_type":1803,"slice_label":7},[1796],{},{"quote":1798},[1799],{"type":79,"text":1800,"spans":1801},"\"You can’t just go out and pay $50,000 for 10 contemporary artists with no history, no secondary market, and no institutional representation and expect to do well. Randomised spending sprees increase the risk of negative performance enormously.\"",[],"quote$63a4a947-8dd2-4b3b-b41b-73029c75031d","quote",{"variation":71,"version":72,"items":1805,"primary":1807,"id":1813,"slice_type":155,"slice_label":7},[1806],{},{"title":1808,"content":1809},[],[1810],{"type":79,"text":1811,"spans":1812},"Over 2022, as inflation and interest rates climbed and stock markets plummeted, the broad Global Artprice index fell 18%. However, the Artprice100 index of leading artists was up 3% in 2022, supporting the dictum that blue chip art is a relative safe haven.\n\nBut how reliable are these numbers? Art advisers urge caution. Art indices only track publicly available data – essentially prices from auctions – immediately cutting out the more opaque private market, which typically accounts for about half of all sales. Indices also only record price changes from artworks that have sold more than once. This limits their accuracy still further by excluding the vast majority of auction transactions – sale debuts, say art advisers. \n\n“You need to look at these indices with a pinch of salt,” says Laurent Issaurat, head of Art Banking Services at Société Générale. “They reflect only a very limited portion of the art market [lots that sell twice or more at auction], don’t include transaction costs and only show the winners in the race. The losers are forgotten. If there is no bidder in the room then an artwork is burned and this is not taken into account [in the indices] at all.” \n\nSuch so-called “survivorship bias” means that indices have a tendency to flatter investment performance. In terms of transaction costs, Philip Hoffman, founder of the Fine Art Group and a former deputy CEO at Christie’s, estimates the typical auction spread between buyer and seller can be as much as 37%.\n\nDespite these limitations, however – if used carefully – art indices can still prove valuable tools, for example, when negotiating purchases or identifying trends, say art specialists. \n\nFor a better guide to long-term art performance, Adriano de Picinati di Torcello, global art and finance coordinator at Deloitte, points to academic studies. One, published in 2011 by Elroy Dimson and Christophe Spaenjers, tracked the performance of the art collection of renowned economist John Maynard Keynes from 1900 to 2010. \n\nThe collection, containing works by major blue chips such as Picasso and Matisse, delivered a respectable real return (after allowing for inflation) of 2.4% a year over the period, comfortably ahead of government bonds and not far behind the total return on stocks and shares. Another paper by Christophe Spaenjers found art returned an impressive 4% a year between 1951 and 2007, again after inflation. \n\nThese are numbers that many long-term investors would be pretty happy with. The challenge, say art advisers, is achieving them as the art market is very diverse ranging from Old Masters to Contemporary and from low to high-end. All can have very different performance profiles.\n\n\"You can’t just go out and pay $50,000 for 10 contemporary artists with no history, no secondary market and no institutional representation and expect to do well. Randomised spending sprees increase the risk of negative performance enormously,” says Eugénie Dumont, art collections manager at Belgian private bank Degroof Petercam. “You need to purchase astutely and put together a collection carefully, based on your taste, your budget and its ultimate purpose while keeping in mind a long-term strategy.”\n\nThere are other points to consider too. While stocks and shares tend to pay dividends, art does not. Instead, there is a cost of ownership of art which includes insurance, maintenance and possibly storage for example. These costs can run from “well under 1%” per annum [of the value of the painting] for \"plain vanilla\" artworks requiring very little maintenance, according to Dumont, to much more for valuable and fragile pieces requiring a specific conservation environment, as well as historical discoveries where provenance and authenticity must be proven.\n",[],"text$855ac36b-1f02-44fb-9321-0d6fb003a622",{"variation":71,"version":72,"items":1815,"primary":1817,"id":1822,"slice_type":1803,"slice_label":7},[1816],{},{"quote":1818},[1819],{"type":79,"text":1820,"spans":1821},"“During Covid art held much of its value. It wasn’t demand that dropped dramatically it was more that, in a very uncertain market, sellers would stop selling.”",[],"quote$2097a3b3-3dde-4bce-bc35-28624f8dbc43",{"variation":71,"version":72,"items":1824,"primary":1826,"id":1834,"slice_type":155,"slice_label":7},[1825],{},{"title":1827,"content":1830},[1828],{"type":1284,"text":772,"spans":1829},[],[1831],{"type":79,"text":1832,"spans":1833},"Artworks are also much less liquid than other mainstream investments such as stocks or bonds, meaning they can be complicated and time-consuming to sell. \n\n“Although I have done deals in a day or even in an hour, the average sale probably takes three years,” says the Fine Art Group’s Hoffman, reflecting the time it takes to find the right buyer.\n\nBut there are clear attractions of art as an asset too. If chosen carefully, art has proven a long-term store of value and a good hedge against inflation. Over a 22-year holding period, the British Rail pension fund’s foray into art investments in the 1970s delivered a healthy 13.1% annual investment return (almost 6% after inflation), boosted by timely purchases and disposals. Astutely, the fund sold works by Renoir and Cezanne in 1989 ahead of the sharp correction in the Impressionist art market of the early 1990s. \n\nArt also has a relatively low correlation to mainstream investments like equities, meaning that when stocks and shares are falling, some art investments can hold their value.\n\nWhile this was not really the case during the 2008 financial crisis – the S&P 500 index, the US stock market index, fell about 50% from peak to trough and art sales and prices similarly collapsed during this period – art investments did perform better than equities as the Covid pandemic took hold.\n\n“During Covid art held much of its value,” says Société Générale’s Issaurat. “It wasn’t demand that dropped dramatically it was more that, in a very uncertain market, sellers would stop selling.”\n\nIssaurat adds that because many collectors often hold up to 5% to 15% or so of their overall wealth in art, they don’t have to be forced sellers. In the event that they desperately need cash, most collectors have other – more liquid – assets they can sell first, helping underpin art prices in a downturn.\n\nThis is not to say that the art markets are immune from global economic events. Far from it. Art prices were boosted by quantitative easing as central banks pumped more money into the global economy, say art experts. Rising interest rates have in the past also dampened sentiment in the art markets.\n\n“I was running Christie’s when [interest rates] hit 15% and that crucified the art market,” recalls the Fine Art Group’s Hoffman. “Everybody said ‘Let’s put $10m on deposit and we get $1.5m of interest a year without doing anything’.” \n\nHe thinks a tipping point for the art market might be if interest rates in Western economies start to climb above 8% – still some way above current levels.\n\nTrends currently affecting art prices, according to Kristiane Backer, founder of fine art consultancy Baraka Consultants, include the war in Ukraine and the reopening of China after Covid. “Russian buyers are no longer there but the Chinese seem to be coming back so, for the moment, the art market remains strong,” she says. \n\nIn recent years Backer says she has seen growing numbers of buyers turn to art for investment reasons. \n\n“Art is definitely worth considering if you want to diversify your portfolio,” she says. “But take good advice to buy well and, above all, buy what you like and love.”\n\nMost buyers are unlikely to come across the next Basquiat. But, if they do buy well, they could achieve decent annual positive returns, say art advisers.\n\nThe real dividend of owning artworks, according to Issaurat, however, is “the intellectual or aesthetic enjoyment you get... You just can’t measure this in euros or dollars or pounds.\"",[],"text$adb6ea17-3dab-495b-847c-54d1d2ce0152",{"variation":71,"version":72,"items":1836,"primary":1838,"id":1840,"slice_type":1841,"slice_label":7},[1837],{},{"embed":1839},{},"embed$81701536-8c30-4ed4-ab45-b76831e8db4e","embed","How does investment in art compare to traditional investments?","What returns should you expect when you in invest in art.",{"dimensions":1845,"alt":1846,"copyright":7,"url":1847,"id":1848,"edit":1849},{"width":160,"height":161},"Massysm Quentin — The Moneylender and his Wife \u002F Is art a sound investment? \u002F Article : Art investment ","https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002Fdc35b9d9-3f09-43c3-8b5e-fd1be2538bd2_Image+Opengraph+Is+art+a+sound+investment.jpg?auto=compress,format","ZK_8txIAACMAahhi",{"x":29,"y":29,"zoom":30,"background":31},[1851,1879],{"variation":71,"version":72,"items":1852,"primary":1876,"id":1878,"slice_type":208,"slice_label":7},[1853,1857,1861,1872],{"post":1854},{"id":178,"type":41,"tags":1855,"lang":16,"slug":180,"first_publication_date":181,"last_publication_date":182,"uid":180,"link_type":55,"key":1856,"isBroken":19},[45],"aac02174-6204-43dc-a06a-a9b7ed112886",{"post":1858},{"id":170,"type":41,"tags":1859,"lang":16,"slug":172,"first_publication_date":173,"last_publication_date":174,"uid":172,"link_type":55,"key":1860,"isBroken":19},[45],"4f76be31-87a4-4d31-bb4f-dd6d5e66681c",{"post":1862},{"id":1863,"type":41,"tags":1864,"lang":16,"slug":1867,"first_publication_date":1868,"last_publication_date":1869,"uid":1870,"link_type":55,"key":1871,"isBroken":19},"ZIn28RAAACMArpTW",[1865,1866],"Paul 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Picasso","a-voyeurs-view-of-myth-desire-and-summer","2023-06-14T17:20:52+0000","2024-02-12T16:31:18+0000","bathers-a-long-and-cold-winter","710abc67-785c-45b0-8eb9-c3cd644382a1",{"post":1873},{"id":1682,"type":41,"tags":1874,"lang":16,"slug":1685,"first_publication_date":1686,"last_publication_date":1687,"uid":1688,"link_type":55,"key":1875,"isBroken":19},[1684],"f02b53e7-a383-4d15-8fb4-93174f434714",{"slides_per_view":7,"max_slides_count":7,"tag":1877,"type":41,"title":1460,"paralax":7},{"link_type":55},"carousel$92e64e99-ab0d-4e3e-81c6-19f9532e78dc",{"variation":71,"version":72,"items":1880,"primary":1883,"id":1885,"slice_type":208,"slice_label":7},[1881],{"post":1882},{"link_type":55},{"slides_per_view":7,"max_slides_count":7,"tag":1884,"type":217,"title":1658,"paralax":7},{"link_type":55},"carousel$07c6f998-e064-40e5-ae17-9d21d3b880d7",{"id":178,"uid":180,"url":7,"type":41,"href":1887,"tags":1888,"first_publication_date":181,"last_publication_date":182,"slugs":1889,"linked_documents":1891,"lang":16,"alternate_languages":1892,"data":1893},"https:\u002F\u002Fartexplorer-prod.cdn.prismic.io\u002Fapi\u002Fv2\u002Fdocuments\u002Fsearch?ref=aCb60BIAACEA00zN&q=%5B%5B%3Ad+%3D+at%28document.id%2C+%22ZBmoCREAACIAZDGt%22%29+%5D%5D",[45],[180,1890],"buying-art-can-lower-the-overall-risks-of-your-investment-portfolio-by-helping-to-maximise-returns-while-limiting-losses-in-a-downturn.",[],[],{"title":1894,"subtitle":1895,"author":1896,"copyright_cover":7,"cover_desktop":1922,"cover_mobile":1928,"thumbnail":1933,"published_at":7,"slices":1936,"meta_title":1894,"meta_description":1954,"og_image":1955,"slices2":1961},"The art of diversification ","Buy art, lower risk, maximize returns – is it so simple?",{"id":1706,"type":363,"tags":1897,"lang":16,"slug":1709,"first_publication_date":1710,"last_publication_date":1711,"uid":1709,"data":1898,"link_type":55,"key":1921,"isBroken":19},[1708],{"description":1899,"short_description":1906,"job":1727,"thumbnail":1909,"cover":1912,"uid":1709,"title":1708,"og_image":1915,"meta_description":1918,"meta_title":1708},[1900,1902,1904],{"type":79,"text":1715,"spans":1901},[],{"type":79,"text":1718,"spans":1903},[],{"type":79,"text":1721,"spans":1905},[],[1907],{"type":79,"text":1725,"spans":1908},[],{"dimensions":1910,"alt":1708,"copyright":7,"url":1732,"id":1733,"edit":1911},{"width":1730,"height":1731},{"x":29,"y":29,"zoom":30,"background":31},{"dimensions":1913,"alt":1708,"copyright":7,"url":1732,"id":1733,"edit":1914},{"width":1730,"height":1731},{"x":29,"y":29,"zoom":30,"background":31},{"dimensions":1916,"alt":1708,"copyright":1708,"url":1732,"id":1733,"edit":1917},{"width":1730,"height":1731},{"x":29,"y":29,"zoom":30,"background":31},[1919],{"type":79,"text":1743,"spans":1920},[],"5321a047-3eb9-44b7-85e8-12b9f822978c",{"dimensions":1923,"alt":1924,"copyright":7,"url":1925,"id":1926,"edit":1927},{"width":23,"height":24},"The Money Changers","https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002Fae565da2-21f2-4c7c-b5ab-d8817755c291_Slide+16_9+-+88.jpg?auto=compress,format","ZLAO6xIAACAAamGW",{"x":29,"y":29,"zoom":30,"background":31},{"dimensions":1929,"alt":1924,"copyright":7,"url":1930,"id":1931,"edit":1932},{"width":24,"height":23},"https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002F97040616-ff96-4d3a-ae2b-c1382d478718_9_16+%286%29.jpg?auto=compress,format","ZLAO7BIAACIAamGd",{"x":29,"y":29,"zoom":30,"background":31},{"dimensions":1934,"alt":1924,"copyright":7,"url":1930,"id":1931,"edit":1935},{"width":24,"height":23},{"x":29,"y":29,"zoom":30,"background":31},[1937],{"variation":71,"version":72,"items":1938,"primary":1940,"id":1304,"slice_type":155,"slice_label":7},[1939],{},{"title":1941,"content":1944},[1942],{"type":1284,"text":772,"spans":1943},[],[1945,1948,1951],{"type":79,"text":1946,"spans":1947},"Buying art can lower the overall risks of your investment portfolio by helping to maximise returns while limiting losses in a downturn. The perfect investment would be one that behaves like cash – i.e., that doesn’t depreciate – yet performs like tech stocks during the dot-com boom. Sadly, no such investment exists.  \n\nThis is something the Chinese appear to have long understood. Indeed, the Chinese word for “risk” consists of two separate symbols: “danger” and “opportunity,” clearly explaining that risk brings with it the possibility of both losses and gains.   \n\nThis understanding is deeply ingrained in the psyche of any good wealth manager or financial adviser. Underpinning every investment approach is appetite for risk – in essence, an investor’s ability and willingness to stomach losses in the pursuit of profits.   \n\nThe other key tenet of savvy investing – first popularised by Nobel prize winner and father of modern portfolio theory Harry Markowitz – is diversification.   \n\nThe idea is that, by spreading investments across different securities (like shares in different companies) and different asset classes (like bonds or even wine or art), investors can maximise their financial returns while limiting losses in a downturn. When one asset is falling in value, another might be falling more slowly or even rising in price, cushioning the overall blows of challenging investment markets yet maintaining a long-term aim of delivering decent gains.  \n\nThis concept has been so rigorously tested by academics and investors of all shapes and sizes that it is pretty much universally adopted by all professional investors from pension funds and endowments to the world’s biggest global asset and wealth managers.  \n\nThe test to check whether another investment makes sense for diversification purposes is to look at how closely it performs with another. The tool used to do this is called correlation. It measures how closely one asset (or a particular stock or bond) has performed against another. Correlation is ranked between minus one and one with zero denoting that there is no performance relationship at all, while one signifies that two assets rise and fall in tandem. A negative correlation indicates that when one asset rises in price the other falls.   \n\nMost long-term investors will own equities and bonds as core holdings in their portfolios. So typical diversification assets might include property, private equity, hedge funds, or even art and other collectables. \n\nLike property or private equity, research indicates that art can also prove to be an effective diversification asset. Measured from 2000 to the end of June 2021, European Old Masters and Impressionist art had a “low” correlation of just 0.23 with the S&P 500 index of leading US stocks, according to data provider Artnet, indicating art has a noticeably different performance profile to US equities.   \n\nIn terms of how much of their wealth investors might want to tie up in art and other collectables, that will depend on multiple factors, not least personal and emotional ones. But, as a good guide, investment advisers suggest up to around 5% of total assets held in art and collectables can provide useful diversification benefits.  \n\nBut beware, not all art performs the same and some artworks will prove better diversification tools than others. Also measured from 2000 to the end of June 2021, Global Contemporary Art and Global Post-War Art had correlations with the S&P 500 of 0.72 and 0.70 respectively, according to Artnet, pointing to a strong performance relationship with equities.   \n\nFurthermore, it is important to look at the period over which correlation figures are calculated as they can vary significantly over time.   \n\nTake bonds and equities. From the late 1990s until very recently, high-quality government bonds had a negative correlation with equities: when stock markets fell, investors tended to rush towards the safe havens of US and German government bonds, driving up their prices during stock market turmoil. But this relationship changed in 2022, as rising inflation and interest rates hurt both bonds and equities. As a result, the correlation between the two moved from negative to positive.   ",[],{"type":79,"text":1949,"spans":1950},"\n\nNo one has a crystal ball. Similar changes could happen to art or within a particular art genre if it falls in or out of favour. The fact no one can accurately predict the future only underlines why it makes sense to put one’s investment eggs in a wide variety of baskets.   ",[],{"type":79,"text":1952,"spans":1953},"  ",[],"Buying art can lower the overall risks of your investment portfolio by helping to maximise returns while limiting losses in a downturn.",{"dimensions":1956,"alt":1957,"copyright":7,"url":1958,"id":1959,"edit":1960},{"width":160,"height":161},"The Money Changers \u002F The art of diversification  \u002F Article : Art investment ","https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002Fa1fd309d-8dbb-485f-a5af-9cdca078b85b_Image+Opengraph+The+art+of+diversification.jpg?auto=compress,format","ZK_8tRIAACIAahhS",{"x":29,"y":29,"zoom":30,"background":31},[1962],{"variation":71,"version":72,"items":1963,"primary":1987,"id":1990,"slice_type":208,"slice_label":7},[1964,1968,1978],{"post":1965},{"id":324,"type":217,"tags":1966,"lang":16,"slug":326,"first_publication_date":327,"last_publication_date":328,"uid":329,"link_type":55,"key":1967,"isBroken":19},[45],"1dd6c832-959c-455d-bdb0-0d10e181c7c3",{"post":1969},{"id":1970,"type":217,"tags":1971,"lang":16,"slug":1973,"first_publication_date":1974,"last_publication_date":1975,"uid":1976,"link_type":55,"key":1977,"isBroken":19},"ZA8MXBAAACgAyr6g",[1972],"Conservation ","curtis-dowling-fakes-and-forgeries-in-art","2023-03-13T11:44:46+0000","2023-08-31T21:34:49+0000","curtis-dowling-art-forgery-fakes","b71215f6-fcfc-45bb-b124-c53817f6d59a",{"post":1979},{"id":1980,"type":217,"tags":1981,"lang":16,"slug":1982,"first_publication_date":1983,"last_publication_date":1984,"uid":1985,"link_type":55,"key":1986,"isBroken":19},"ZBNBcxAAACMAXuYT",[1684],"simonetta-fraquelli--annette-king-modiglianis-enduring-appeal-and-spotting-his-fakes","2023-03-16T16:19:49+0000","2023-08-31T21:33:41+0000","why-does-amedeo-modigliani-have-such-enduring-appeal","c91ac236-d00b-41b6-8853-8107e712aa90",{"slides_per_view":1456,"max_slides_count":1456,"tag":1988,"type":217,"title":1989,"paralax":7},{"link_type":55},"Art Explored Audiocasts","carousel$36c78bbe-e63c-4051-818f-baa909fb67e2",{"slice":319,"payload":1992},{"id":324,"uid":329,"url":7,"type":217,"href":1993,"tags":1994,"first_publication_date":327,"last_publication_date":328,"slugs":1995,"linked_documents":1997,"lang":16,"alternate_languages":1998,"data":1999},"https:\u002F\u002Fartexplorer-prod.cdn.prismic.io\u002Fapi\u002Fv2\u002Fdocuments\u002Fsearch?ref=aCb60BIAACEA00zN&q=%5B%5B%3Ad+%3D+at%28document.id%2C+%22ZHc1QRAAACUAkmFm%22%29+%5D%5D",[45],[326,1996,329],"is-art-a-good-hedge-against-inflation",[],[],{"title":2000,"subtitle":7,"color":7,"source":2001,"published_at":7,"duration":2009,"cover":2010,"copyright_cover":7,"description":2013,"narrator_copyright":2017,"music_copyright":7,"mixing_copyright":7,"deezer_external":2018,"spotify_external":2020,"apple_podcast_external":2023,"slices":2024,"meta_title":331,"meta_description":2077,"og_image":2078,"slices2":2084},"Ludovic Subran: Is art a good hedge against inflation?",{"link_type":2002,"key":2003,"kind":2004,"id":2005,"url":2006,"name":2007,"size":2008},"Media","76d6d766-71a8-4a07-8c71-e11a3f89c52c","file","ZJL3CBEAACgAEXYE","https:\u002F\u002Fartexplorer-prod.cdn.prismic.io\u002Fartexplorer-prod\u002Fafad441f-2150-4d4b-9fec-c1f9d51604ea_230616_ARTEXPLORED_AUDIOCAST_LUDOVIC_SUBRAN.mp3","230616_ARTEXPLORED_AUDIOCAST_LUDOVIC_SUBRAN.mp3","9661355",603,{"dimensions":2011,"alt":7,"copyright":7,"url":336,"id":337,"edit":2012},{"width":24,"height":24},{"x":29,"y":29,"zoom":30,"background":31},[2014],{"type":79,"text":2015,"spans":2016},"ArtExplored's finance and markets editor Robert Budden talks to Ludovic Subran, the chief economist at Allianz SE, about the damaging effects inflation can have on investment strategies and art's proven record as a hedge against rising prices. ",[],"Robert Budden, Ludovic Subran",{"link_type":2019},"Any",{"link_type":90,"key":2021,"url":2022},"e7c460cd-46da-4c9c-87ee-c4ce66f3befc","https:\u002F\u002Fopen.spotify.com\u002Fepisode\u002F7EDbEuCntvDhUUUYH5lfMh",{"link_type":2019},[2025],{"variation":71,"version":72,"items":2026,"primary":2074,"id":2075,"slice_type":2076,"slice_label":7},[2027,2033,2039,2044,2049,2054,2061,2066],{"speaker":2028,"content":2029},"RB",[2030],{"type":79,"text":2031,"spans":2032},"Inflation is something we’ve forgotten about for quite a long time because we haven’t had much of it. Then, it came back with a vengeance. Can you remind us why inflation is important and why investors should be concerned about it?",[],{"speaker":2034,"content":2035},"LS",[2036],{"type":79,"text":2037,"spans":2038},"Inflation is significant because it complicates everybody’s job. It complicates the investor’s job to yield returns. It complicates the household spending budget. It makes policymakers worried about how to finance social protection. It makes companies look after their margins like a hawk. Inflation is bad because it means the price of money is decreasing.\n\nIt’s true for the past ten years, and some may say since the 70s, at least in our part of the world, like in the US and Europe, that we haven’t seen much inflation. Recently, it has become a concern for investors because inflation can impact the value of their investments. When prices rise, the purchasing power of money decreases, which can lead to a loss in the real value of your investments. Even if an investment rises in price, if that price rise is less than the inflation rate, then the investor has lost money. That’s the direct effect. \n\nThe response to inflation is also through an increase in interest rates. Of course, an increase in interest rates leads to higher financing costs. If you want to use a bit of a mortgage to buy a house, or if you want to use some debt to invest, you’re also losing on that front, which is the overall cost of financing is much higher these days than it used to be just 12 months ago. It’s mostly through the value and the returns and, maybe, through the leverage angle that we see inflation bite investors. It’s creating concerns today about the future returns of investments.",[],{"speaker":2028,"content":2040},[2041],{"type":79,"text":2042,"spans":2043},"If you are a long-term investor, ideally, you want an investment that will give you a good real return above inflation. What investments are best to protect you in an inflation environment? And would you include our investments in those?",[],{"speaker":2034,"content":2045},[2046],{"type":79,"text":2047,"spans":2048},"There are many ways of investing during inflation. Beyond the more alternative investment space, like art or good wine, you have real estate, for example. Investing in a property with rental income is a good hedge against inflation because rental spaces are indexed on inflation (because the rent price is indexed on inflation). Even in the bond markets, with so-called inflation-linked bonds, you can buy a protection, a hedge. \n \n Also, in the vanilla bond market, to protect your returns and your payment of coupons from inflation, the equity market is known to be – when inflation is not too high – a good hedge against inflation. This is because you expect that those companies in the stock market should outperform the cost of inflation. They should pass on some of the increasing costs to the customers through pricing power and still make margins. Your investments should benefit from that. Many investments can be tweaked to become inflation-proof in a way. \n \n What I find interesting is that when you look historically, art has been a good hedge against inflation. The numbers are there to show it. It depends on the geography and how you account for it because there are different costs associated with it and various types of art. But if you go for quality and a buy-and-hold strategy and manage the overall cost of the transaction, art has proven to be quite resilient to higher inflation periods.",[],{"speaker":2028,"content":2050},[2051],{"type":79,"text":2052,"spans":2053},"Was that also true in higher inflation periods like the 70s?",[],{"speaker":2034,"content":2055},[2056,2059],{"type":79,"text":2057,"spans":2058},"It’s hard to know. There are a few long-term studies. Christoph Spaniers, a researcher at the University of Leeds, says you can look at art as giving good returns but there will be differences between countries and areas of art. \n\nOverall, it has worked over the past 30, 40, and 50 years. As you can imagine, the art market is less liquid than others. You don’t see as much price discovery as in the SP500, the FTSE, or some of the indices that have been there for some time. \n\nMore recently, in the last year, we’ve seen a surge in inflation. It’s spectacular - that’s why people have been talking about the 70s. But it’s a very different moment. \n\nCentral banks are much more serious about killing inflation. We don’t have the same competitive environment or wage indexation. There is no wage-price spiral we saw in the 70s. Maybe we will also be more cognisant of fiscal spending than in the 70s. \n\nBut who would have thought that we would have 10% inflation in the Western Hemisphere, right? It has made many people look back into, for example, the performance of art in the long run when diversifying the portfolio and how much people have been making from this investment. \n\nIn the long run, contemporary art has shown a strong price appreciation of close to 15% over the past 30 years. Even during periods of high inflation, it does compare quite well to the equity market, which is usually ten, or real estate, which is also ten, and also for gold, which is in the tune of seven or eight. \n\nThere is a form of resilience and a good investment in periods of high inflation of blue chip art compared to the variability of the overall transaction.",[],{"type":79,"text":375,"spans":2060},[],{"speaker":2028,"content":2062},[2063],{"type":79,"text":2064,"spans":2065},"It’s unusual where we are now, with the economies slowing in many countries worldwide, with interest rates rising and the edging away of central banks pumping money into the economy. What does all this mean for art markets and investment markets?",[],{"speaker":2034,"content":2067},[2068],{"type":79,"text":2069,"spans":2070},"This is where you get the second aspect of inflation that could worry people. When you have lower growth and high inflation, people worry about their income’s purchasing power. \n\nArt is an investment you usually make after investing in more traditional things. It’s more something you do in a layered and structured approach, like with residual savings. \n\nWe’ve seen, for example, people turning to art because they had excess hoarding from COVID. They weren’t going out or travelling. They had extra savings to put into art. Of course, since then, inflation has eroded some of these excess savings and they had to tap into their more liquid investments to ensure they could protect their living standards.\n\nThe good news for the art market is this hedonistic dividend. The idea is that you put money into art not only because you expect solid, regular returns, like in the bond market. You don’t invest in art as you invest in the equity market because you believe in a company’s strategy and you’ve seen this company and its management making good decisions. \n\nWhen you invest in art there is a sense of je ne sais quoi, as we say in French, which is emotional, refined and one of the reasons why it is a resilient segment. It has continued to attract Gen Z, for example. We’ve seen several new platforms that show, just like the Robin Hood generation when it came to equity investment in the US, more young people are interested in this form of investment. This is despite the income and wealth shock of ’22 and relative fears about the recession, higher financing costs and central banks not being done with increasing interest rates. \n\nThe sentiment is not as good, but there is a form of resilience among investors, especially in the segment of investors educated about art. They know why they go there and are not necessarily looking for high-frequency trading, trying to time the market, but more into a buy-and-hold strategy. They know this investment will be a positive one for their portfolio in the long run, a bit diversifying because it’s not as correlated as the other asset classes.",[2071],{"start":2072,"end":2073,"type":111},1106,1122,{},"text_interview$3b969a72-6120-4632-baed-d07430cdce58","text_interview","Ludovic Subran highlights art's proven record as a hedge against rising prices",{"dimensions":2079,"alt":2080,"copyright":7,"url":2081,"id":2082,"edit":2083},{"width":160,"height":161},"Art Explored audiocast with Ludovic Subran, the chief economist at Allianz SE","https:\u002F\u002Fimages.prismic.io\u002Fartexplorer-prod\u002Ff4eafce7-614a-469a-8ea3-2f61431c4c1d_Audiocast+Opengraph+Is+art+a+good+hedge+against+inflation+_.jpg?auto=compress,format","ZK_XhhIAACMAaY5F",{"x":29,"y":29,"zoom":30,"background":31},[2085],{"variation":71,"version":72,"items":2086,"primary":2089,"id":2092,"slice_type":208,"slice_label":7},[2087],{"post":2088},{"link_type":55},{"slides_per_view":7,"max_slides_count":7,"tag":2090,"type":217,"title":2091,"paralax":7},{"link_type":55},"Explore Audiocasts","carousel$ee4f582c-a0fd-486b-99f6-2ee753e8198d",[2094,2103],["Reactive",2095],{"id":711,"uid":714,"url":7,"type":712,"href":2096,"tags":2097,"first_publication_date":715,"last_publication_date":716,"slugs":2098,"linked_documents":2099,"lang":16,"alternate_languages":2100,"data":2101},"https:\u002F\u002Fartexplorer-prod.cdn.prismic.io\u002Fapi\u002Fv2\u002Fdocuments\u002Fsearch?ref=aCb60BIAACEA00zN&q=%5B%5B%3Ad+%3D+at%28document.id%2C+%22ZBnnjBIAACIAc6Df%22%29+%5D%5D",[45],[714],[],[],{"name":45,"weight":1540,"meta_title":7,"meta_description":7,"og_image":2102},{},["Reactive",2104],{"id":2105,"uid":2106,"url":7,"type":712,"href":2107,"tags":2108,"first_publication_date":2109,"last_publication_date":2110,"slugs":2111,"linked_documents":2112,"lang":16,"alternate_languages":2113,"data":2114},"ZA9CMRAAACsAyyvN","francis-bacon","https:\u002F\u002Fartexplorer-prod.cdn.prismic.io\u002Fapi\u002Fv2\u002Fdocuments\u002Fsearch?ref=aCb60BIAACEA00zN&q=%5B%5B%3Ad+%3D+at%28document.id%2C+%22ZA9CMRAAACsAyyvN%22%29+%5D%5D",[44],"2023-03-13T15:44:43+0000","2023-08-24T13:24:55+0000",[2106],[],[],{"name":44,"weight":2115,"meta_title":7,"meta_description":7,"og_image":2116},2,{}]