Author: Charlotte Bearn

Art Market Buoyancy

Autumn has finally arrived and whilst for most that signals impending dark nights, leaves on the line and pre-Christmas stress. For the art market, it’s a reawakening after the summer out. We take a look the recent upsurge in activity and encouraging sales at the major auction houses this autumn.

Off the back of Frieze and the flurry of other contemporary art fairs and sales that have occurred, London’s contemporary and modern commercial gallery scene is thriving, with a raft of new openings and expansions this autumn.

As a double-dip recession looms and the economic downturn shows no sign of ending, neither does the appetite of art collectors for works by stable contemporary artists and for the graffiti artist Banksy.

Art Market Buoyancy | Image

At two of the world’s most renowned houses, Bonham’s and Sotheby’s, this Autumn has seen significant rises in prices achieved. In September, Bonham’s saw a packed saleroom and competitive bidding across the board for their bi-annual Urban Art sale. With a selling rate at 96% by value and 86% by lot, the auction saw some significant prices achieved.

Art Market Buoyancy | Image

Art Market Buoyancy | Image

All original works sold very well, but additionally there was a significant interest and jump in prices for printed editions. Banksy's ‘Pulp Fiction’ sold for £9,375 – some £4,000 above the asking price and CND Soldiers fetched an astonishing £13,750 - £8,000 over the estimate. All 40 lots were snapped-up in just an hour-and-a-half, underlining the current appetite for graffiti-based works.

But why is the London market for art now apparently in such rude health?

In the last decade, London became a magnet for collectors from emerging markets such as Russia, the Middle East and India. During that time centres like New York, in order to connect with such destinations, have discovered that the best way of connecting with Turkish, Israeli and Lebanese collectors is via London.

Surprisingly, there have been very few gallery closures in London in recent years, unlike the 2009 New York rout when at least 30 spaces shut down. US art adviser Allan Schwartzman recently told The Art Newspaper: “What has been validated in the last few rounds of uncertainty is that art is a genuine form of capital.”

Pilar Ordovas, who previously worked at Christie’s, agrees, saying, “through times of uncertainty we have seen the demand for the very best works of art continue to grow”.

Ultimately, art is a tangible commodity and during such times in which we currently live, having an asset that one owns outright that can be held, touched and personally kept safe is more valuable than the uncertainty that often comes with numbers on a computer screen, miniscule interest earned and the volatility of depending on external international factors.

 

NEW RELEASES

The Wild Swim from £120

Oli Mumby

Various sizes

Off You Pop by Louise Nordh
Exclusive
Off You Pop £95

Louise Nordh

35 x 35cm

Limited edition of 30

Inside Mickey's Heart from £150

Angel London

Various sizes

Navy Boy £175

Charlie Evaristo-Boyce

50 x 70cm

Limited edition of 25

I Will Bite from £135

Mathilda Mai

Various sizes

Italian Summer by SODA
Exclusive
Italian Summer £125

SODA

42 x 29.7cm

Limited edition of 40

Let's Get It On £595

Linda Charles

56 x 76cm

Limited edition of 45

Wash the Blues Away by Charlie Haydn Taylor
Exclusive
Wash the Blues Away from £150

Charlie Haydn Taylor

Various sizes

Inhale £175

Joe Webb

50 x 70cm

Limited edition of 30

Roarsome - Green by And Wot
Exclusive
Roarsome - Green £195

And Wot

50 x 70cm

Limited edition of 2

Fresh £200

Hannah Adamaszek

60 x 75.5cm

Limited edition of 15

Destroy the Patriarchy Not the Planet (Mini) £400

Hannah Shillito

27.9 x 21cm

Limited edition of 20

Scratchin' Cats (Blue) £150

The Cameron Twins

33 x 36cm

Limited edition of 20

Fast Dog £95

Gavin Dobson

50 x 70cm

Limited edition of 100

Pangolin - Framed by Lisa Lloyd
Ready To Hang
Pangolin - Framed £150 £130

Lisa Lloyd

44 x 44cm

Limited edition of 50

In The Sky With Stars £195

Charlie Evaristo-Boyce

70 x 100cm

Limited edition of 16

Meet Me in Matisse's Garden - Framed by Benjamin Thomas Taylor
Ready To Hang
Meet Me in Matisse's Garden - Framed £275 £255

Benjamin Thomas Taylor

56 x 76cm

Limited edition of 25

Gamebuoy by Nick Chaffe
Exclusive
Gamebuoy £100

Nick Chaffe

29.7 x 42cm

Limited edition of 50

Seascape W £300

Newton Blades

50 x 30cm

Limited edition of 100

Space Cadet - Magma by RYCA
Exclusive
Space Cadet - Magma £180

RYCA

13 x 26cm

Limited edition of 12

Attitude - Framed by Sara Pope
Ready To Hang
Attitude - Framed £110

Sara Pope

33.5 x 33.5cm

Limited edition of 100

Ley Lines £450

Maxine Gregson

100 x 50cm

Limited edition of 250

'Amazing' Shell - Framed by Charlie Evaristo-Boyce
Ready To Hang
'Amazing' Shell - Framed £125 £113

Charlie Evaristo-Boyce

54 x 20cm

Limited edition of 50

What's That Then by Nick Chaffe
Ready To Hang
What's That Then £400

Nick Chaffe

27.8 x 54.8cm

Limited edition of 5

Les Oiseaux - Artist Proof £295

Epi

42 x 29.7cm

Limited edition of 50

See You Later Alligator! £550

The Cameron Twins

51 x 72cm

Limited edition of 10

The Olive Branch (Azzuro) £2,500

Magnus Gjoen

95 x 120cm

Limited edition of 3

Down The Rabbit Hole... by Mark Petty
Ready To Hang
Down The Rabbit Hole... £295

Mark Petty

27 x 37cm

Limited edition of 50

AZUL Mini £125

Florence Blanchard

40 x 40cm

Limited edition of 25

Blue Sway £170

Angus Vasili

59.4 x 84.1cm

Limited edition of 8