With the much anticipated recent release of Skate’s Annual Art Investment Report for 2013 – Part 1, Skate’s Art Market Research analyzes the art market’s top segment through its proprietary rating, referred to as Skate’s Top 5000, which includes the 5,000 most valuable artworks sold at public auctions throughout the world over the past nearly thirty years. Through its analysis of the results from premium art auction sales, Skate’s emphasizes the most significant trends in the commercial art world and addresses various key art market areas in the current report, including as follows: (1) the global state of the premium art market; (2) art trading results for 2013; and (3) the most notable achievements by individual artists at auction.
Skate’s also has the ability through a unique tool to track repeat sales of artworks appearing at auction more than once. This makes it possible for Skate’s to measure the financial performance of these artworks to determine the most liquid artists as well as the best and worst investment performers on the art market.
In the opening of the current report, Skate’s succinctly notes in pertinent part: “2013 will be remembered and cherished by global art market observers as a year that repeatedly proved that there are no boundaries when it comes to the value of art. Auctions continued to test the market and push bidders, with higher estimates resulting in even higher sales prices. The past year became a turning point for many artists’ markets with new records being set. This was particularly the case with contemporary art.”
A notable mention regarding artist performance in the premium segment in 2013 is Pablo Picasso, who is supported by “unwavering demand and a constant supply of works for public auctions,” and “continues to increase his share in Skate’s Top 5000, which leaves virtually no chance for another artist to exceed his current USD 3.5 billion in total market capitalization (based on the cumulative value of works selling above the rating’s threshold price of USD 2.6 million).”
Now that is some noteworthy and impressive artist performance last year. Let’s see if this trend continues in 2014.