Arts & Crafts in Apapa

Text: OLGA GUROVA Zeng Fanzhi. The Last Supper. 2001. Oil on canvas. Sold in October 2013 at Sotheby's, Hong Kong for $ 23.3 million. Courtesy Sotheby's In short, the contemporary art market has gone through a profound transformation in 20 years. It is clear that the pandemic that broke out in 2020 disrupted the pace of market development. Thus, experiencing this pause, we can conduct a serious analysis of the metamorphosis of the contemporary art market, which is fraught with the greatest risks and the greatest opportunities, before it resumes its work full of surprises. Over the past 20 years, the contemporary art market has undergone profound structural changes: more and more artists (from 5400 to almost 32 thousand presented on the auction market today), more and more works (from 12 thousand to 123 thousand lots). The market grew and expanded geographically (from 39 to 64 countries participating in the auctions). Its growth has accelerated with the proliferation of remote transactions and is now the most dynamic and profitable segment of  Arts & Crafts in Apapa the entire art market. Over the past 20 years, the number of auction houses bidding on the contemporary art market has doubled, the number of sessions has tripled, and the number of lots sold has increased sixfold. The turnover of contemporary art auctions has already surpassed in terms of volume such segments of the art market as the art of the old masters or the art of the 19th century. The works of some contemporary artists have already reached the status of "historical treasures" and are valued in monetary terms in the same way as the greatest artists of modernism such as Monet or Picasso. Basquiat holds the first and last auction records of the twentieth anniversary. One of his works in 1998 was the first for contemporary art to break the $ 1 million bar, and the other in 2017 became the most expensive piece of contemporary art sold at auction (Untitled (1982), Sotheby's, $ 110.5 million) - Basquiat's auction record for 20 years has grown 65 times. During the same period, the average price of a work of contemporary art has tripled. This growth has made contemporary art the main driver of the growth of the global art market in the 21st century. ► 6 times more artists and 6 times more lots. B0. ► Basquiat is the record holder of world auctions in the segment of contemporary art: $ 110 million. B4. B0. ► Since 2000, contemporary art has generated $ 22.7 billion. 8C. One of the main factors in the growth of the contemporary art market was the sudden appearance of Chinese buyers, whose arrival led to a radical change in the market. The rapid growth of the Chinese economy has allowed some wealthy entrepreneurs to start collecting art, while others have started buying art to diversify their investments. The emergence of the art business sector in China was rapid and impressive, and included the emergence of specialized investment funds. In imitation of the practice of the stock market, "shares" in works were offered with the aim of obtaining rapid and significant capital gains. Large sums were invested mainly in the works of Chinese artists, which significantly increased their value. In 2011-2012, the auction market in China sold twice as many works of contemporary art worth more than $ 100 thousand than in the whole of Europe. Over the years, many Chinese shoppers have become serious collectors - including e-commerce giant Alibaba founder Jack Ma, Adrian Chen or Lin Han. Some have set up private museums to house their collections - for example, Budi Tek with its museum in Shanghai. However, the growth of the contemporary art market has not been driven solely by China. It arose as a consequence of the ongoing globalization of the art market. Prices rose for works by leading Indian, Middle Eastern and Western artists. A whole series of new auction records began in New York and London. https://jiji.ng/apapa/art-collectibles