Online Transactions Soar Against Backdrop of COVID-19 Lockdown
Average Lot Value for Post-War & Contemporary Sale Hits New High
May Sales More Than Double Year-Over-Year
BERLIN, GERMANY / NEW YORK, NY / ACCESSWIRE / June 8, 2020 / Sales at Artnet Auctions in May rose by 111% to $4 million year-over-year, setting a new monthly record supported by strong demand across all categories. Against the backdrop of widespread lockdowns and the cancellation of conventional auctions due to the COVID-19 pandemic, Artnet's online transaction platform became one of a few remaining options to buy and sell fine art in the past weeks. "Buyers came out in full force which confirms that high-quality, well-sourced artworks remain sought-after even in times of uncertainty", said Colleen Cash, Director of Auctions. The number of new bidders in May went up by 35%, as compared to the previous year. The May record follows a strong April performance when sales rose 14% year-over-year.
During the Post-War & Contemporary sale in May, the average transaction value surged to a new record high for a sale on Artnet Auctions. Competitive bidding from across the globe drove the average price for lots sold to $48,000, a 43% increase compared to the Spring 2019 Post-War & Contemporary sale. Top lots from the sale included Tom Wesselmann's painting Blue (1996) which achieved $288,000 and Eddie Martinez' painting Clown Amoeba (2014) which sold for $156,000.
As the leading provider of online-only auctions for fine art, Artnet Auctions is uniquely well-positioned to help the art market weather the coronavirus crisis. "The crisis also presents a tremendous business opportunity for Artnet because it accelerates the digital transformation of the art market", said Jacob Pabst, CEO of Artnet.
For the summer, Auctions plans a number of well-curated offerings including Newcomers; a sale focused on emerging stars and mid-career artists relatively new to auction. The sale Photographs: Then and Now will be dedicated to classic and contemporary photography, and the perennial favorite California Cool, a tribute to West Coast artists, will feature works that highlight the strong influence of the region's environment, culture, and color palette on the art world.
To explore Artnet Auctions' current and upcoming sales, visit our sales calendar: www.artnet.com/auctions/sales-calendar.
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About artnet
Artnet is the leading resource for buying, selling, and researching art online. Founded in 1989, Artnet's suite of industry-leading products has revolutionized the way people collect art today. The Price Database contains approximately 14 million auction results from 1,800 auction houses dating back to 1985, providing an unparalleled level of transparency to the art market. The Gallery Network platform connects leading galleries with collectors from around the world, offering the most comprehensive overview of artworks for sale. Artnet Auctions was the first dedicated online marketplace for fine art, providing a seamless and efficient collecting experience for both buyers and sellers. Artnet News covers the events, trends, and people shaping the global art market with up-to-the-minute analysis and expert commentary.
Artnet AG is listed in the Prime Standard of the Frankfurt Stock Exchange, the segment with the highest transparency standards.
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SOURCE: artnet AG