The Art Market, Prognosis for 2019
In 2017/2018 it was notable that due to strategically lowered auction estimates more artworks than ever were sold, a clever tool to boost auction sales.
The climax was probably when Jenny Saville’s Propped, estimated at £3-4 million, was sold for £9.5 million in Sotheby’s London on the 5th of October 2018. In addition to this, the Banksy Girl With Balloon sale, estimated at £200,000-£300,000, sold for £860,000 (excluding buyer’s premium) in the same auction. It looked like the sky was the limit!
2019 brings a big hurdle for the UK buyers though. With Brexit getting closer, the UK is due to leave the EU at 11pm, on Friday 29th of March 2019. As a result of the political and economic uncertainty, UK buyers have become more hesitant to purchase art in and outside of the auction houses. Nevertheless, the UK art market remains attractive to international buyers due to the favourable exchange rate.
At the same time, smaller art fairs such as Condo, The Other Art Fair or Art London with predominantly new emerging UK based artists will continue to be hugely popular and record good sales.
That is why I struggle to believe that art enthusiasts will stop buying art. I am certain that the desire to buy art will continue as before. After all, art not only facilitates the diversity of an investment portfolio, it is also a great pleasure to own and live with.
In addition, the international art market is still thriving with exciting developments and growing investors, particularly in South America and Korea. Two emerging international artists to watch out for are:
Min Jung Kim. She is a promising Korean artist. Her work has already been shown at the Asia Society, New York as well as in the White Cube Gallery in London and can be found in the permanent collection exhibition in the British Museum.
The Iranian artist Natascha Sadr Haghighian, who will represent the German Pavillion at the Venice Biennale 2019 is another artist to keep a close eye on.
I look forward to sharing more emerging artists, art investments and trends of 2019 with you.