This Week in the Art Market - Friday 8th September

Art Investment, Art Market News, Editorial

Artsy release "Art Collector Insights 2023". Despite economic uncertainties, 75% of collectors maintained or increased their art purchases.

Artsy's annual report, Art Collector Insights 2023, paints a complex yet optimistic picture of current art collecting trends based on responses from over 1,200 collectors. Despite economic uncertainties, 75% of collectors maintained or increased their art purchases. Digital platforms continue to be integral, with 80% of respondents buying art online—a slight increase from last year. Younger collectors are digitally more engaged and diverge in purchasing habits from older collectors. While 64% buy art to build collections, investment-focused buying is on the rise, marking a six-point increase to 34% from last year. The report also reveals that abstract art is the most popular genre, followed by expressive and realist figurative works. Price transparency and security remain pivotal in online transactions.

$30m worth of art, furniture and other assets from the Rothschild collection are set to be sold at Christie's

For the first time in history, the elite French family have opened up their vast collection of art, furniture, silver, ceramics and jewellery to be sold at Christie's New York this autumn. This collection includes a number of extremely valuable Old Masters paintings, including a canvas by Gerrit Dou worth $3-5m. The collection also includes Renaissance era furniture, ceramics, silver, tapestries and jewellery. When asked to speculate on the reason behind this unprecedented event, Jonathan Rendell (deputy chairman of Christie's Americas) named a "rationalization" and a "generational shift" in attitude.

Second Iteration of Frieze Seoul Opens to Long Lines and Bustling Crowds

On the 6th of September, both Frieze Seoul and Korea International Art Fair (Kiaf) opened their doors in the culturally-rich Gangnam district, welcoming crowds of art lovers and critics alike. The enthusiastic turnout was noted by art dealers, many of whom reported solid sales. Notably popular Korean artists at the fair included Heemin Chung and Lee Bui, both represented by gallery powerhouse Thaddeus Ropac. There were also a number of remarkably high prices at the Frieze Masters section, featuring blue-chip artists such as Willem de Kooning, Alex Katz, Joan Mitchell, Andy Warholl and Jeff Koons.

Sydney Contemporary features 96 galleries over 4 days

Sydney Contemporary is a spectacular commercial art fair featuring nearly a hundred galleries, 13 major installations and an ambitious lineup of talks and performances, all taking place in a former industrial space that is now known as Carriageworks. The fair is notable for elevating the profile of the city as a global player in the art world. The selection of artists is also particularly diverse and international, drawing in artists from China, Indonesia, South Korea, while also paying homage to Aboriginal artists and their rich artistic practice. A number of blue-chip works may also be found, including art by Anthony Gormley and Picasso.

Chinese Power Couple Set to Sell $150m worth of art at Sotheby's in Fall

Liu Yiqian and wife Wang Wei are known as the founders of the Long museum in Shanghai, the leading private art institution in China. They are also famous as collectors of contemporary art, having accrued a considerable collection of both Western and Chinese contemporary art. Now, they've initiated plans to sell 50 works (valued at $150 million) at Sotheby's in Hong Kong. These works include those created by blue-chip brand names like Zao Wou-ki, Rene Magritte, David Hockney and Yayoi Kusama.

A US Court decides that AI-generated art cannot receive copyrights

On the 25th of August, a US court in Washington ruled that a work of art created artificial intelligence without human input cannot be copyrighted under US law. This was the claim made in rejection of an application filed by computer scientist Stephen Thaler, who sought patents for inventions created by his DABUS system. The Copyright Office also recently rejected an artist's bid for copyrights on images created by the AI software Midjourney. This ruling comes amid a complex and turbulent legal landscape surrounding the issue of AI generated art, with strong voices calling both for and against legal protection for AI art.

Jason Allen's A.I.-generated work "Théâtre D'opéra Spatial" took first place in the digital category at the Colorado State Fair.

Published on August 8, 2023

Yu Ke Dong

Ke Dong is a seasoned art writer and current double major in English Literature and Art History at NTU. Having worked with esteemed art institutions in Singapore, Ke Dong now regularly contributes his keen research skills, adept writing abilities and passion for art to the Art Works discourse.