Despite the Covid restrictions, 2021 proved very successful for the art market. Art lovers have replenished their collections with new works purchased at auctions and online platforms. Some pieces broke their price records, reaching tens and hundreds of millions of dollars. But the primary sensation of 2021 was the sky-high growth in the value of NFT works. Discussions about the artistic value of digital art have not yet subsided, and it is already beginning to compete seriously with traditional paintings and statues.
Traditional art
The results of the auction were a pleasant surprise for all market participants. In 2021, the top sales were works of the XV, XIX, and XX centuries. Works attracted the attention of buyers in the style of neo-impressionism, pop art, neo-pop art, abstract expressionism, and cubism. After the problems in the global economy in 2020, no one expected such a rapid recovery in demand for art objects.
Pablo Picasso's "Woman sitting at the window."
The work of the famous Spanish artist ranks first at the top. It was sold for $103.4 million at Christie's auction. Recall that in 2013 the cost of the work was estimated at only $44.8 million, which is more than two times less than the price of 2021. The canvas depicts a young model Maria-Therese Walter, with whom Picasso was in a love relationship. The height of the painting is an excellent 1.5 m for this genre.
Jean-Michel Basquiat "In this case"
The honorable second place after the picture of Pablo Picasso is the work of the eccentric master of street art Jean-Michel Basquiat. Unusual compositional solutions complement the semantic contrast of the plot. The skull on a red background is not only a symbol of the past and the frailty of life but also a genuine danger that awaits young African American artists on the streets of New York.
"In this case" Jean-Michel Basquiat. Photos © christies.com
The work was sold at Christie's for $93.1 million. Unfortunately, the master of street art died young, never knowing how popular his legacy would later become. Recall that this is not a record of Basquiat's work. Back in 2017, his untitled work was sold for $110.5 million.
Sandro Botticelli's "Portrait of a young man with a medallion."
The work of the famous Italian master, painted with tempera on the board, went under the hammer at Sotheby's for $92.2 million. In 1938, the work was rediscovered by a dealer in the living room of a Welsh estate in the UK. In 1982, it was sold for 890 thousand pounds to an American billionaire, after whose death it went to auction, where it was bought in 2021.
"Portrait of a young man with a medallion" Sandro Botticelli. Photos © sothebys.com
The authorship of the painting has been repeatedly denied in the past, but today it is believed that Botticelli wrote it.
The cost of the work set a new price record for Botticelli's works: only the works of Leonardo da Vinci are sold more expensive among the masters of the Renaissance.
Mark Rothko's "No 7"
Fans of Mark Rothko's work were also pleasantly surprised by the auction sales in 2021. At Sotheby's auction, a work called No 7 went under the hammer for $82.5 million. It is known that a collector from an Asian country became the new owner of the canvas of a meter of abstract expressionism. In technical terms, the work of the master looks primitive: three stripes of different colors and separate lines. But behind the seeming simplicity, there is a deep philosophical meaning. The main idea of the master's work is to abstract the observer from images and forms to enjoy the pure beauty of the painted planes. It is said that the author's primary goal was to the audience's emotions during their acquaintance with his paintings. It should be noted that Mark Rothko's works have been among the top-selling art objects for several years in a row.
Vincent Van Gogh's "Wooden huts among olives and cypresses"
Until 1910, the canvas was kept by the widow of the painter's brother Theo Van Gogh. Later it changed several owners until the famous auction house auctioned it. The work of Vincent Van Gogh, sold at Sotheby's for $71.4 million, also came to the attention of art market participants in 2021.
"Wooden huts among olives and cypresses" Vincent Van Gogh. Photos © christies.com
The painting bears the imprint of Van Gogh's mature style, which was finally formed at the time of its writing in the city of San Remy. According to the artist himself, the painting was inspired by local olives. The color palette of fruits (from blue to green-bronze) significantly complicated the work on the canvas. And yet the master managed to create an authentic image of olives and capture their beauty forever.
Digital art
In recent years, the popularity of digital works of art has increased significantly. The price tags of some pieces have already reached the mark of several tens of millions of dollars and continue to grow. It is difficult to say whether such creativity has a future. The fact is that the demand for it arose due to the popularization of cryptocurrency. If tomorrow it depreciates and finally loses its attractiveness to investors, the future of crypto art will be in question. In the meantime, NFT continues to break price records.
Beeple "Every day's: The First 5000 Days"
Beeple has been creating artworks daily and publishing them on the Internet for many years. An unknown crypto art connoisseur paid a fantastic amount of $69.3 million for a collage of the artist's works called "Every day's: The First 5000 Days". The collage demonstrates the creative evolution of the artist during the 5000 days. Here you can see different works on different subjects, colors, and compositional solutions. There are stylized portraits of famous politicians and singers in the collage.
CryptoPunk №3100
Character generator created by M. Hall and J. Watkinson "CryptoPunk №3100". One of the images of the famous CryptoPunks series, consisting of 10 thousand pictures, was sold for a record $7.58 million. The cost of the work is explained by its uniqueness: it depicts an alien punk with a headband.
"CryptoPunk №3100" M. Hall and J. Watkinson. Photos © businessinsider.com
Recall that it all started with creating a comic collection of pixel images for avatars. Sky-high amounts for such pictures began to be paid after a rapid increase in demand for funny icons. Among 10 thousand pictures, zombies, animals, and aliens are the most valuable.
Crossroads
Another work by the famous artist Beeple in 2021 was sold for $6.6 million, almost 11 times more than the initial price ($582 thousand). The token depicts former US President Donald Trump after losing the 2020 presidential election. According to the work's author, two token variants were initially created for two possible election outcomes. Trump's loss determined the work's plot - the former US president was drawn among the garbage. In case of victory, Trump would be depicted as a winner, heading for success.
Stay Free
The author of this work was the infamous ex-employee of the US special services, Edward Snowden. In 2013, he was at the center of a scandal related to the publication of secret US documents. Snowden positions himself as a fighter for freedom. His work entitled "Stay Free" is dedicated to this topic. In technical terms, it is a collage composed of the pages of the court decision, according to which the interference by the US intelligence services in the personal life of citizens was recognized as illegal. The proceeds from the sale of the lot for $ 5.26 million were transferred to a particular international organization that defends the right to freedom.
Death Dip
The work of London artist XCOPY's "Death Dip" closes the top five most expensive pieces of the crypto art market. In 2021, it was bought for 1000 ETH (equivalent to $1.68 million). It is known about the new owner that his nickname is 4156 Collection, and this is not the first acquisition for him: he has already bought pictures from the famous CryptoPunk collection.
"Death Dip" XCOPY. Photos © twitter.com
Like other works of this new trend, "Death Dip" raises many questions about its artistic value. The work's author is known among crypto art fans for his interest in the theme of death and life in dystopian worlds. At the same time, the technique of execution is no longer the main criterion for the value of the work.
KyivGallery art critic