Artmarket.com: the Artprice100© index is continuing to grow... +405% since 2000

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Mar 02, 2021, 08:00 ET

PARIS, March 2, 2021 /PRNewswire/ -- Artprice's blue-chip artists index, the Artprice100^©, actually grew by 1.8% over the past year… a year marked by the almost complete absence of international fairs, but also by the forced transition of galleries and auction houses to a digital modus operandi. And yet… the price of the Art Market's top one hundred artists (by auction turnover) continued to climb, taking its total growth since 2000 to +405%.

Annual change in the Artprice100 © vs. S&P 500 - Base 100 in January 2000

Distribution of the Artprice100 © in January 2020 by period of creation

thierry Ehrmann, President and Founder of Artmarket.com and of its Artprice Department: "The resilience of the Art Market in times of crisis is perfectly illustrated by the evolution of our Top-100 benchmark index. The positive performance of the Artprice100 © in 2020, although modest, is extremely reassuring. True... it doesn't compare well with the US stock markets (the S&P 500 posted a sensational growth of +16% last year, rising from 3,234 pts to 3,756 pts in twelve months."

While the construction of the Artprice100^© is inspired by that of the S&P 500, the two indices nevertheless remain profoundly different and should be compared with caution.

Artprice100© versus S&P 500: warning!

The Artprice100^© is designed as a portfolio of artworks representing the one hundred most important artists on the art market (see the composition below). It's a purely theoretical exercise. It is clearly not possible to acquire a share in all the works by an artist that will be auctioned in the coming year. In fact, no-one can even predict which works will hit the secondary market over the next twelve months. But the results as a whole provide an excellent appreciation of the general price evolution for each of these artists.

The composition of the Artprice100^© index is based on purely objective criteria. It is established on 1 January of each year on the basis of two criteria, both resolutely independent of any personal preference: a performance criterion and a liquidity criterion. The initial investment is thus made in proportion to the auction performances of the artists over the last five calendar years (2015-2019), on condition, however, that their works are exchanged regularly: at least seven auction appearances per year over a ten-year period (excluding prints).

Analysis of the composition

There are two good reasons for calculating a specific price index for a set of top-selling artists: firstly it allows the analysis of the performance of a well-diversified portfolio, constructed objectively on the basis of the auction results for well-established artists. Secondly, it allows observation of the evolution of the 100 artists who constitute the veritable hardcore of the global Art Market.

Pablo Picasso remains the portfolio's dominant artist with a weight of 8.8% in the initial investment. On the basis of all original works by Picasso sold at auction in 2020, Artprice calculates that his price index increased overall by +2.2% in the twelve months of 2020. This result is perfectly consistent with the overall evolution of the Artprice100^©.

Picasso is one of 45 Modern artists included in the composition of the 2020 index. This period of creation is by far the most solid segment of the art market and it represents approximately half of the initial investment.

As in 2019, only four female artists have qualified for inclusion in the composition of the Artprice100^© in 2020: Yayoi Kusama, Joan Mitchell, Louise Bourgeois and Barbara Hepworth. They account for just 3.3% of the portfolio's total value. On the other hand, the number of living artists has increased significantly, thanks to the 'entry' of seven active painters, with only three 'departures' from the composition.

Entries (living artists) ; Lee Ufan, Zhou Chunya, Rudolf Stingel, Zhang Xiaogong, Yoshitomo Nara, Takashi Murakami, Zeng Fanzhi

Departures (living artists) ; Günther Uecker, Frank Auerbach, Michelangelo Pistoletto

Composition of Artprice100^© on 1 January 2020 (Rank, Initial weight, Period)

Pablo PICASSO (1881-1973) ; 8.8% - Modern
Andy WARHOL (1928-1987) ; 5.0% - Post-War
Claude MONET (1840-1926) ; 4.7 % - 19th Century
Jean-Michel BASQUIAT (1960-1988) ; 3.6% - Contemporary
QI Baishi (1864-1957) ; 3.5% - Modern
ZAO Wou-Ki (1921-2013) ; 3.3% - Post -War
Gerhard RICHTER (1932-) ; 2.8% - Post-War
WU Guanzhong (1919-2010) ; 2.4% - Modern
FU Baoshi (1904-1965) ; 2.4% - Modern
Amedeo MODIGLIANI ( 1884-1920) ; 2.2% - Modern
Roy LICHTENSTEIN (1923-1997) ; 2.0% - Post-War
Cy TWOMBLY (1928-2011) ; 1.9% - Post-War
Alberto GIACOMETTI (1901-1966) ; 1.9% - Modern
Lucio FONTANA (1899-1968) ; 1.8% - Modern
Marc CHAGALL (1887-1985) ; 1. 7% - Modern
Alexander CALDER (1898-1976) ; 1.7% - Modern
Joan MIRO (1893-1983) ; 1.6% - Modern
Willem DE KOONING (1904-1997) ; 1.6% - Modern
David HOCKNEY (1937-) ; 1.5% - Post-War
Yayoi KUSAMA (1929-) ; 1.5% - Post-War
Jean DUBUFFET (1901-1985) ; 1.4% - Modern
René MAGRITTE (1898-1967) ; 1.4% - Modern
Henri MATISSE (1869-1954) ; 1.4% - Modern
Fernand LÉGER (1881-1955) ; 1.2% - Modern
Christopher WOOL (1955-) ; 1.2% - Contemporary
Wassily KANDINSKY (1866-1944) ; 1.1% - Modern
SAN Yu (1901-1966) ; 1.1% - Modern
Jeff KOONS (1955-) ; 1.0% - Contemporary
Henry MOORE (1898-1986) ; 1.0% - Modern
Peter DOIG (1959-) ; 0.9% - Contemporary
Paul GAUGUIN (1848-1903) ; 0.9% - 19th Century
Joan MITCHELL (1926-1992) ; 0.9% - Post-War
LIN Fengmian ( 1900-1991) ; 0.8% - Modern
Ed RUSCHA (1937-) ; 0.8% - Post-War
Yoshitomo NARA (1959-) ; 0.8% - Contemporary
Pierre-Auguste RENOIR (1841-1919) ; 0.8 % - 19th Century
CHU Teh-Chun (1920-2014) ; 0.8% - Post-War
Edgar DEGAS (1834-1917) ; 0.7% - 19th Century
Auguste RODIN (1840-1917) ; 0.7% - 19th Century
PU Ru (1896-1963) ; 0.7% - Modern
Robert RAUSCHENBERG (1925-2008) ; 0.7% - Post-War
Richard PRINCE (1949-) ; 0.6% - Contemporary
Rudolf STINGEL (1956- ) ; 0.6% - Contemporary
Frank STELLA (1936-) ; 0.6% - Post-War
Sigmar POLKE (1941-2010) ; 0.6% - Post-War
Camille PISSARRO (1830-1903) ; 0.6% - 19th Century
Louise BOURGEOIS (1911-2010) ; 0.6% - Modern
Whan-Ki KIM (1913-1974) ; 0.6% - Modern
Paul SIGNAC (1863-1935) ; 0.6% - Modern
Yves KLEIN (1928-1962) ; 0.6% - Post-War
Keith HARING (1958-1990) ; 0.5% - Contemporary
Richard DIEBENKORN (1922-1993) ; 0.5% - Post-War
Pierre SOULAGES (1919-) ; 0.5% - Modern
George CONDO (1957-) ; 0.5% - Contemporary
Norman Perceval ROCKWELL (1894-1978) ; 0.5% - Modern
WU Hufan (1894-1968) ; 0.5% - Modern
Alberto BURRI (1915-1995) ; 0.4% - Modern
Gustav KLIMT (1862-1918) ; 0.4% - Modern
ZENG Fanzhi (1964-) ; 0.4% - Contemporary
Egon SCHIELE (1890-1918) ; 0.4 % - Modern
Damien HIRST (1965-) ; 0.4% - Contemporary
Ernst Ludwig KIRCHNER (1880-1938) ; 0.4% - Modern
Chaïm SOUTINE (1894-1943) ; 0.4% - Modern
Fernando BOTERO ( 1932-) ; 0.4% - Post-War
Edvard MUNCH (1863-1944) ; 0.4% - Modern
Pierre BONNARD (1867-1947) ; 0.4% - Modern
Kazuo SHIRAGA (1924-2008) ; 0.4% - Post-War
WEN Zhengming (1470-1559) ; 0.4% - Old Master
ZHOU Chunya (1955-) ; 0.4% - Contemporary
Morton Wayne THIEBAUD (1920-) ; 0.4% - Post-War
Georg BASELITZ (1938-) ; 0.4% - Post-War
Salvador DALI (1904-1989) ; 0.4% - Modern
Tsuguharu FOUJITA (1886-1968) ; 0.4% - Modern
François-Xavier LALANNE (1927- 2008) ; 0.4% - Post-War
SHI Tao (1642-c.1707) ; 0.4% - Old Master
DONG Qichang (1555-1636) ; 0.4% - Old Master
Max ERNST (1891-1976) ; 0.4 % - Modern
Sam FRANCIS (1923-1994) ; 0.4% - Post-War
Georges BRAQUE (1882-1963) ; 0.4% - Modern
Maurice DE VLAMINCK (1876-1958) ; 0.4% - Modern
Bernard BUFFET (1928-1999) ; 0.4% - Post-War
Peter Paul RUBENS (1577-1640) ; 0.4% - Old Master
Ufan LEE (1936-) ; 0.4% - Post-War
Francis PICABIA ( 1879-1953) ; 0.3% - Modern
Barbara HEPWORTH (1903-1975) ; 0.3% - Modern
Albert OEHLEN (1954-) ; 0.3% - Contemporary
Anselm KIEFER (1945-) ; 0.3% - Contemporary
Giorgio MORANDI (1890-1964) ; 0.3% - Modern
Alighiero BOETTI (1940-1994) ; 0.3% - Post-War
Robert MOTHERWELL (1915-1991) ; 0.3% - Modern
TANG Yin (1470- 1523) ; 0.3% - Old Master
GUAN Liang (1900-1986) ; 0.3% - Modern
Martin KIPPENBERGER (1953-1997) ; 0.3% - Contemporary
Takashi MURAKAMI (1962-) ; 0.3% - Contemporary
Donald JUDD (1928-1994) ; 0.3% - Post-War
CHEN Yifei (1946-2005) ; 0.3% - Contemporary
ZHANG Xiaogang (1958-) ; 0.3% - Contemporary
Tom WESSELMANN (1931-2004) ; 0.3% - Post-War
David SMITH (1906-1965) ; 0.3% - Modern
Josef ALBERS (1888-1976) ; 0.3% - Modern

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