Bloomberg is reporting that Any Warhol is not the largest seller at auction, followed by PIcasso, Richter and Zhang Daqian (the previous top seller).
According to the article, contemporary art is the driving force of art at auction, and it is also tightly focused on a few select artists.
Bloomberg reports
Source: BloombergAndy Warhol has supplanted the Chinese ink painter Zhang Daqian as the world’s biggest seller at auction.
Works by the U.S. pop artist fetched $380.3 million in sales in 2012, also beating Pablo Picasso, according to figures compiled by the database Artnet (ART) for Bloomberg News. The two western artists -- who died in 1987 and 1973 respectively -- had totals exceeding those for 80-year-old Gerhard Richter, the top living artist, with Zhang tumbling to fourth place from first.
The rankings reflect the increasing dominance of western postwar and contemporary works in the international art market. Auctions in this category at Sotheby’s, Christie’s International and Phillips de Pury & Co. in New York in November raised a record $1.1 billion, more than twice the total of the previous week’s Impressionist sales, where Picasso traditionally shines.
“Contemporary art is where the dynamic energy is at auctions,” Jonathan P. Binstock, senior adviser in postwar and contemporary art at Citi Private Bank Art Advisory & Finance, said in an interview. “The market is selective and concentrated on works by certain artists. The instant recognizability of masterpieces by Warhol and Richter makes them well suited to performing well.”
The ranking of auction sales for artists born after 1880 shows demand for Warhol barely exceeded the $379.4 million raised in 2011.
Warhol’s all-time auction sales climbed to $2.9 billion in 2012, while Picasso’s reached $5 billion.
Munch Record
This last year, Picasso lost his long-held reputation as the world’s priciest artist at auction. “The Scream” by Edvard Munch (1863-1944) became the most expensive artwork at a public sale when it fetched $119.9 million at Sotheby’s, New York, in May. The previous high had been the $106.5 million paid for Picasso’s “Nude, Green Leaves and Bust” in May 2010.
Picasso’s total auction sales were also down, slipping to $334.7 million last year from $366 million. The average sale price declined to $1.5 million from a record $1.6 million, according to data supplied by Artnet. All its figures include auction-house fees.
“Supply is the problem,” said the London-based art adviser Wendy Goldsmith. “There weren’t as many good examples from the right periods coming up for auction last year. The market still loves Picasso. People just don’t want to let them go.”
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