11 figures for 2011

The last page in our review of 2011 crystallises the art market’s main trends in 11 key figures.

2011 top results

Every fortnight Artprice posts a new or updated ranking in its Alternate-Friday Top Series. The theme of today's TOP article is the Top 10 global auction results in 2011.

Contemporary art defies the market…

The art market is proving its extraordinary capacity for surprise. After the very disappointing Impressionist & Modern sales in New York, the outlook for the Contemporary and Post-War Art sales was not particularly good

Auctioneers were over-optimistic…

As we suspected in our previous Insight article, (Prices disconnected from market reality?), a number of the estimates for the masterpieces offered at the New York sales on 1 & 2 November were disconnected from the market reality.

The New York School

The European artists who sought refuge in New York during the Second World War helped stoke up a simmering US art scene. A resurgence in US painting was in the making. A resurgence that would be abstract and manifest in two key movements: Action painting, consisting of gestural painting that emphasised the physical act of painting, and Color Field painting, characterised by large, flat areas of vibrant colour conducive to meditation.

The New York School

After World War II, American painting was revived by a number of young artists. Influenced by surrealism, they eschewed reality and began a free style of painting that developed into two basic trends: "Action painting" and "Colorfield painting".

Booming contemporary art auctions

The New York contemporary art market has posted strong growth over the last five years. Turnover at Sotheby’s and Christie’s evening auctions has climbed steadily to reach a total of USD 168 million in 2004 compared with USD 100 million in 1999.

Abstract expressionism, fetching the highest prices at contemporary art auctions

Abstract expressionism, the most influential American art movement of the 1960s, is topping the bill at the most prestigious contemporary art auctions. After occupying pride of place at the MoMA (New York) for over fifty years, Number 12 (1949), a “drip painting” on paper by Jackson POLLOCK found a buyer at Christie’s on 11 May 2004 at USD 10 million. The next day, the euphoria continued with more extremely high bids including an artist’s record for Clyfford E. STILL ’s 1960-F which went under the hammer at USD 2.8 million.

International contemporary art driven by Phillips, De Pury & Luxembourg

The contemporary art market has been doing fairly well of late, and the last big auctions of the year have reaffirmed the trend. The wealthiest US investors are continuing to support new art. Record after record has been falling in New York, and not only for American artists.