PARIS, November 26, 2017 /PRNewswire/ —
Artprice’s dedicated global publications monitoring team – part of its Artmarket Insight news agency – cannot but react warmly to the article published on 24 November 2017 in the New York Times. Penned by Scott Reyburn, one of the world’s most famous art journalists, its title perfectly concords with Artprice’s analysis. Entitled How This Leonardo’s Mind-Blowing Price Will Change the Art Market, the article is available online at:
Leonardo da Vinci’s Salvator Mundi (PRNewsfoto/Artprice.com)
thierry Ehrmann: “Artprice notes the perfect concordance of this article with our press release on 19 November 2017, available online at:
for the English version:
It is now clear that the new auction record of $450.3 million for Leonardo da Vinci’s Salvator Mundi has led to an almost identical appreciation of where the art market is going on both sides of the Atlantic… except that our analysis was publicised well before the result.
Indeed, the new record has immediately ratcheted high-end art prices with a number of works fetching significantly higher than their estimates. Artprice has long predicted the formation of a new economic model within the art market, a model that is now clearly emerging because the art market has become efficient, mature and liquid and is now an appropriate subject for sophisticated econometric and technical analysis.
However, the art market’s revolution is not just limited to its price scale and structure: by including Leonardo da Vinci’s Salvator Mundi in a sale of Contemporary Art Christie’s has completely overturned a long-standing convention. This remarkable break with tradition by a secular institution represents a major milestone for the future of the art market as it mutates into a proper market economy with the Internet serving as its primary market forum (auction sales are becoming increasingly dematerialized).
Thierry Ehrmann: “The Museum Industry®, a business model that Artprice conceptualised and IP copyrighted as of 2005, is driving this paradigm shift.
The new economic science – taught by Artprice – is relentlessly pushing prices up. Our conviction about the evolution of the art market started with a simple observation: the exponential nature of art museum openings around the world. In 2014 an Artprice meta-study revealed that more art museums opened between January 2000 and