“Auction prices are the only publicly shared numbers that indicate an art work’s market value…”
And auctions are a place where art moves from one owner to the other.
With “The Art Market (in Four Parts)”, a series of videos, artsy.com, an online place for making “the art world accessible to anyone,” as they say, now highlights the obvious and unknown.
Part one takes a look at the world of auctions in detail.
“How did the art auctions business become a multi-billion-dollar industry? The first film in a series about the art market explores this question, leading viewers through the complex history of auctions, with specific attention to the last 20 years. The film unpacks record-breaking sales, like last week’s epic Jean-Michel Basquiat painting Untitled (1982), hammering in at $51 million, and anomalies such as Ai Weiwei’s Kui Hua Zi (Sunflower Seeds) (2010), which pop up at auction in countless different quantities, making the connection between the auction price and market value of art,” says the video’s additional text.
The series, produced in collaboration with UBS and directed by Oscar Boyson, also brings interviews with auction-house specialists, financial analysts, and art-world influencers like Adam Lindemann, Xin Li, Sarah Thornton, Josh Baer, and Don Thompson.
Watch it below.