Despite the pandemic, multiple works reached final prices of 7 figures.

Like multiple sectors, the art market industry was severely impacted by the crisis caused by Covid-19, resulting in the cancellation of multiple fairs, sales, exhibitions and auctions, important for the continued growth of the value of art. However, this situation was also an opportunity for many companies and art institutions to try and bet on new sales strategies focused on the use of technologies.

The total sales achieved between March and June were not even close to achieving the income that auction houses such as Christie's, Phillips and Sotheby's generally obtain this season, but that does not change the fact that there were multiple unexpected results with works selling for prices up to 10 times above their high estimate. Such was the case of Henriette Browne, whose work “A Visit: a Harem Interior” was valued by Sotheby's at a maximum of $100,000 but obtained a final price of just over $1,000,000 (with taxes included).

According to ArtPrice, an international company dedicated to monitoring art auctions and valuations, 5 years ago it was unthinkable that a sale of more than a million dollars could be achieved in an online auction.

“Seeing the work ‘physically’ is no longer an absolute imperative for sales, especially when new communication tools offer a high degree of precision that allows buyers to discover new works from a distance.”

The undoubted champion of online sales this quarantine was Sotheby's, who obtained 7 of the 8 sales that exceeded one million dollars. The other auction house to achieve a 7-figure online sale was not any of the big competitors like Christie's or Phillip's, it was none other than Seoul Auction, a Korean auction house, who showed that the Asian art market is getting stronger more, to the point of competing with sales from the West.

The 5 best auction sales obtained between March 15 and June 3 were:

1. “The Bay of Naples” by Ivan Constantinovich Aivazovsky, sold for $2,880,452 USD at Sotheby’s London.

2. “Untitled” by Vasudeo S. Gaitonde, sold for $1,820,000 USD at Sotheby’s New York.

3. “Natura Morta” by Giorgio Morandi, sold for $1,580,000 USD at Sotheby’s New York.

4. “Woman with Golden Hair” by George Condo, sold for $1,573,510 USD at Sotheby’s London.

5. “Infinity-Nets (OWTTY)” by Yayoi Kusama, sold for $1,290,355 USD at Seoul Auction, Seoul.

With information of Artprice.com