Sophie Neuendorf, Vice President of Artnet and Senior Contributing Editor at LUX

Sophie Neuendorf, Vice President of Artnet and LUX Senior Contributing Editor, turns her insider’s eye to emerging trends to bring us her art-world predictions for 2024

1. Online fine art sales will take up more market share
According to financial services company UBS, online fine-art sales made up 16 per cent of the $68 billion global fine-art market in 2022, up from six per cent in 2019. With the rise of a new tech-savvy generation and the desire for digital solutions and experiences, I predict online sales will continue to rise.

2. All eyes will be on Christie’s and Sotheby’s
It’s no secret that the art market has been volatile recently. Sotheby’s failed to consign several hot single-owner sales and Christie’s had the Fineberg sale disaster. But with a summer Sotheby’s sale that included a rare Klimt portrait with an estimate
of $80 million and Christie’s total sales outperforming Sotheby’s for the first half of 2023, the fightback is on. Will Christie’s finally emerge as the art-world auction powerhouse? The stage is set for 2024.

Follow LUX on Instagram: luxthemagazine

3. There will be a consolidation of the market
A plethora of art-related companies have surfaced over the past few years. The question is, with online experiences and transactions increasing, which companies will take the lead in this hot segment? I predict that only a few companies will survive and take the lead in the market, especially because of socioeconomic pressures, and this will become apparent during 2024.

4. Art and fashion collaborations will expand
I recently spoke to a friend who works in one of the major haute fashion houses about the rapidly increasing collaborations in art and fashion. These are fruitful creative marriages with benefits on both sides. While the fashion industry gains depth and seriousness, fine art can gain new potential collectors. There have been controversies, such as the concerns over Louis Vuitton’s 2023 collaboration with Yayoi Kusama. At Saint Laurent, however, Creative Director Anthony Vaccarello is doing a remarkable job in supporting established and emerging artists, just like Yves Saint Laurent himself. There’s an exhibition space at the Rive Droite site and global pop-up shows including Sho Shibuya at Art Basel Miami Beach.

Christmas in California, 2022, by Guimi You. The Korean artist is a LUX favourite. Image chosen by our editorial team, not an endorsement by the writer

5. Museums will deaccession more works
The Whitney Museum of American Art recently deaccessioned seven works, including four by Edward Hopper, with proceeds from the sales said to be going to support new acquisitions. Hopper is indisputably one of America’s greatest artists and it strikes me that the action caused panic in the market – works by Hopper were predicted to take a tumble in value. This is the unfortunate side-effect of deaccessioning artworks. However, I personally feel that an artwork is far better served on an art lover’s wall than in a museum vault.

6. ESG will have a greater foothold in the market
Environmental, Social and Governance (ESG) is a framework that is rapidly gaining in importance. It is not only an indicator of the sustainable health of an economy or company, it is also driving decision-making among the new generation of collectors. Where the baby-boomer generation was interested in how an artist draws from art history, the new generation of collectors is more concerned with asking about what drives the artist. What are they trying to communicate with their work? Does it represent the zeitgeist and discuss contemporary themes, such as #MeToo, Black Lives Matter or the war in Ukraine? In trying to captivate the new generation, galleries will have to engage with ESG reporting and initiatives.

Read more: Artist Ricky Burrows: From the streets to the studio

7. Expenditure in fine art as an asset will increase
I always advise to buy for passion, but with an investment view. According to cultural economist Claire McAndrew, investments in fine art are especially lucrative during inflationary and recessionary periods. I have noticed significantly increased movement over the past few months, especially on the private sales side of the market. From an eye-opening Lichtenstein to a rare Caravaggio, never have I been offered so many works for private sale and acquisition. With the impending transfer of wealth from the baby boomer to the millennial generation, I predict there will be many a marvellous work to hit the auction block in 2024 and, indeed, over the next few years.

Find out more: artnet.com

This article first appeared in the Autumn/Winter 2023/24 issue of LUX

A record-breaking sale at a German auction house is reverberating around the European art market, says Sophie Neuendorf

Sophie Neuendorf

The 1943 striking self-portrait was hammered down for €20 million ($22 million) or €23.2 million ($24.4 million) with fees —the highest amount ever paid for a work of art at auction in Germany. Including fees, the masterpiece surpassed the previous record for a Beckmann self-portrait, which was set with the sale of Selbstbildnis mit Horn, (1938), sold for $22.5 million with fees at Sotheby’s New York in 2001 (Source: Artnet Price Database). Additionally, the Grisebach sale marks the second highest price achieved for a Beckmann painting: Bird’s Hell (1937–38) sold for £36 million ($44 million), including fees, at Christie’s London in 2017.

According to several witnesses, a Swiss collector, who had bid over the phone via one of Grisebach’s partners, was the lucky buyer of the masterpiece. Self-portraits are the most famous of Beckmann’s oeuvre, and this particular work, a striking painting depicting the artist in a fur-lined robe, was painted while the German artist was living in exile in Amsterdam during World War II. Several collectors in the room bid on an array of blue chip works during what can be described as an electrifying evening. Many collectors had also come to see the evening’s star lot and to hopefully witness a record as the Beckmann piece was offered with no guarantee. Self-portrait Yellow-Pink had been on view in New York in November before arriving back at Grisebach’s historic Berlin villa for the December sale. Most likely, it had caught the eye of several American collectors as auction house specialists notably switched over to English during the sale of this particular lot. According to Grisebach’s Diandra Donnecker, the uniqueness of the work stems from the fact that it is one of five self-portraits to remain in private hands; they rarely come up for sale, and works he painted in exile are even rarer.

Traum von Monte Carlo (1939 – 1943) Max Beckmann

The Grisebach sale marks a pivotal moment for the German art market, which has steadily gained momentum over the past few years. Sotheby’s returned to the country in 2021 after a hiatus and sales in recent years have been more robust than usual, with more works going for over €1 million. Given the ramifications of Brexit, which is making import and export transactions much more cumbersome, Sotheby’s decision is hardly a surprise. Christie’s has been steadily strengthening its presence in Paris over the last few years and Amsterdam is much smaller in terms of buyer opportunities; so the EU’s largest country in terms of size and economic strength seems the logical choice for Sotheby’s – and consequently, international collectors.

The Grisebach sale on December 1 is more than double the last record achieved in Germany, which was previously held by the auction house Nagel in Stuttgart. Nagel had sold a Chinese bronze sculpture, dating to 1473, for €9.5 million. The record for a painting sold in Germany is held by Grisebach for its sale of another Beckmann work, The Egyptian (1942), for €5.5 million in 2018.

Selbstbildnis gelb-rosa (1943) Max Beckmann

For context, let’s take a look at the market. The top 5 German auction houses, in terms of value sold, are Ketterer, Grisebach, Hampel Fine Art Auctions, Lempertz, and Van Ham (in that order). Ketterer’s total sales value in 2022 thus far is over €100 million. After their December 1 sale, Grisebach’s total sales value for 2022 is also close to 40 million USD. But how does the German market compare to its European counterparts in 2022 thus far? Total sales value this year in Germany was $193 Million. The Austrian market recorded total sales of $94 Million, the Swiss market hammered down $182 Million, and the French market recorded $967 Million in sales value.

One of the strongest European markets, Germany will likely need to record a few more years of growth until it can compete with France and the UK (which hammered down over $1 Billion in total sales thus far). (Source: Artnet Price Database).

Interestingly, German artists have proven robust through global economic downturns and often surpass their US or UK counterparts in terms of value sold. The top 5 most sought after artists, in terms of value sold, are Gerhard Richter, Georg Baselitz, Sigmar Polke, Franz Marc, and Max Ernst. For context, the total value of Richter works auctioned in 2022 is $223 Million in 2022 thus far – which is greater than total auction sales in Germany this year.

The Night (1918-1919) Max Beckmann

With a historically strong culture of collecting and a deeply ingrained love and value for the arts, it won’t take long for the German market to become a hub for international collectors. An abundance of private collections in Germany will surely provide ample opportunities for acquiring unique and unseen masterpieces. Many of the most important art collections worldwide are located in the country, and quite a few of these marvelous collections will be transferred to the next generation before too long.

According to Artnet data, German collectors have historically favored Impressionist and Modern art, closely followed by Post War and Old Masters paintings. Now, these same categories are tied to tedious export rules and regulations, introduced by Germany’s culture minister a few years ago (ostensibly to protect Germany’s cultural heritage). The fourth most popular collecting category is Contemporary Art, which is much easier to buy and sell internationally. With the rise of the new millennial generation of collectors, perhaps the German market is primed for a shift in wealth and collecting habits? According to Artnet data and recent sales, the country’s market is drawing an international audience and is on track to compete with France and the UK. Some notable collections to keep an eye on are those of Ingvild Goetz, Karen Boros, Ariane Piech, Nicolas Berggruen, and Desire Feuerle, to name just a few.

Sophie Neuendorf is Vice-President at Artnet.

Find out more: artnet.com

“This is one of my favourite areas of the house, as we often have meals or work together at this table. In the mornings, the sunlight as it hits the pool is reflected on the walls and ceilings. It’s quite magical” – Sophie

In the 1980s, Hans and Caroline Neuendorf had a dream. The German art entrepreneurs wanted to build a house in Mallorca unlike any other. Pioneering and minimalist, the house would go on to redefine luxury living. More than 30 years on, Caroline and her daughter Sophie reflect on life at one of the world’s most distinctive homes, Neuendorf House

 “In 1984 we accidentally met John Pawson on a holiday in Porto Ercole, Italy. He was a young architect working with Claudio Silvestrin at the time. Neither had so far ever built a house. They transformed some flats in London into divine empty spaces with little furniture. We immediately fell in love with their concept – it was long before ‘minimalism’ was coined. We had bought a big piece of land in the Mallorcan countryside and we gave both architects carte blanche. We wanted a holiday house for our growing family. It was an adventure for the architects and us. At the time, Mallorca was largely undiscovered, and we were lucky to find a builder who was at the same time mayor of the little village nearby. With his help we were able to build this amazing structure. Little did we know that this house would become famous some day – on the contrary, most of our friends made endless jokes about us. Who would excavate a huge piece of land to build a sunken tennis court? Who would build a 110m wall with the sole purpose of defining the space between house and countryside? We would.”

You take it all in from there: what a view!” – Caroline

“Neuendorf House was built when I was just born, so my brothers and I spent nearly all our childhoods there and most summers since. We moved around a lot, from New York to Berlin and London, so the house represents for me a place of constancy, peace and happiness. I travel there both to spend wild holidays and special occasions with family and friends or to disconnect. For years, we had no phone, TV or internet there, and my parents encouraged us to read if we were bored. There is a soft wind, the smell of wild lavender, thyme, almond trees and sea air, which is intoxicating. Time moves slowly – we’ve had many long languid lunches and dinners at the house. It’s important for us to come together there every summer, as I live in Madrid, my brothers in New York, Paris and London, and my parents are in Berlin. For me, the house was always protective, yet many friends didn’t understand how we could feel comfortable in a house that’s so empty. It’s the emptiness that gives room for laughter and creativity, that lets the mind wander. One is stripped down to nature and togetherness without distraction. I’ve spent the happiest days of my life at the house, notably my 30th birthday. And now my wedding, one of the most important moments in one’s life.” 

“These trees were always on the property and as there is so little distraction they almost become sculptures” – Caroline

“These deckchairs stand in the courtyard, from which you can contemplate a piece of private sky – and that happens a lot! The cactus was left by Cartier, when they shot the famous Cactus Collection” – Caroline

“The long view – the runway, as we call it” – Caroline

“The light coming from the ‘door’ is like a sundial. Depending on where the light and shadows fall, one can roughly tell the time of day. I’ve always used it as a good reference to see if I’ve overslept!” – Sophie

“A view of the house from the north. The little windows give a postcard view of the landscape” – Caroline

“A view of the smaller saltwater pool. In the winter it is heated; I have spent such wonderful moments there in the winter months, turning on the Jacuzzi and enjoying my first coffee” – Caroline

“The clay tennis court, a dream for any tennis aficionado” – Caroline

“The stairs to the sunken tennis court – the Tennis Temple” – Caroline

Sophie Neuendorf is Vice President at Artnet

neuendorfhouse.com

An NFT from Tezos

They’re being shown at Basel, included in Venice: let’s see what the data tells us about NFTs and their long-term potential. Our contributing editor and columnist Sophie Neuendorf looks into it

Sophie Neuendorf

At this point, I believe that most of you will have heard of the phenomenon that’s taken the art world by storm: Non-Fungible Tokens, better known as NFTs. Ever since Christie’s sold that now famous NFT by artist Beeple for $69 Million in March 2021, this nascent category has grown exponentially. Over the past year, something like $44 billion has been spent on about 6 million NFTs, usually issued to certify digital creations but sometimes for physical objects such as paintings and sculptures.

The popularity of NFTs can be attributed to several factors. Primarily, it can be attributed to the rapid digitalisation of the art industry. Now, more and more artists, collectors, and professionals are comfortable with browsing, interacting and transacting online. This coincides with the cultural shift to the metaverse, which is a digital copy of the real world. It’s unsurprising that the metaverse should include fine art and collectibles, given that luxury fashion brands such as Gucci, Prada or Ralph Lauren are also represented.

Jimmy Fallon’s NFT by Bored Ape Yacht Club

But how can one identify ‘good’ or ‘bad’ NFTs and NFT artists? How do we know which NFTs are a good investment? This process is not much different to that of traditional art: after a period of time, a selection of NFT artists will crystallise as those that are most in- demand and desired. This may be a reflection of tastes and preferences but also of the zeitgeist and, most importantly, of who collects them. Many of us look to tastemakers and well known gallerists or collectors to see what they are buying, then use that information to help us form an opinion.

As one does before committing to a traditional work of art, it’s important to research prices and comparables before purchasing an NFT, as the market for NFTs has evolved and changed rapidly, even within the past year.

Follow LUX on Instagram: luxthemagazine

As you can see from the graph, the prices for NFTs appreciated rapidly from the spring of 2021. However, since the end of last year, NFT prices have experienced a correction – the average transaction value has decreased substantially. This is in no way a reflection of the long-term viability and value of NFTs as a collecting category, but can be interpreted as the stabilisation of the market. Much more volatile than other assets or collectibles, such as contemporary art or gold, NFTs also suffer from price fluctuations due to the changeable nature of cryptocurrencies. Additionally, as it’s a new category, speculators may see it as less viable and secure as an investment in comparison to traditional blue-chip categories (as demonstrated below, on this page) – as yet, in terms of art as an investment, postwar and contemporary art, for example, are seen as much more secure than the nascent NFTs.

Yuga Labs is the company that is responsible for the extremely pricey ‘Bored Ape Yacht Club’ NFT series. At the beginning of this year, they announced the acquisition of the intellectual property behind their rival Larva Labs’ CryptoPunks and Meebits projects. This means that now three of the world’s most important crypto companies are under one blockchain-supported roof. Yuga Labs thus attempts a novel solution to a riddle facing more and more art professionals in this era of Instagram-ready immersive installations, branded merchandise, and fractionalised ownership: how do you turn a niche obsession into a mainstream phenomenon?

One of 10,000 avatar NFTs created by Azuki

Yuga Labs’ answer is to grant direct financial incentives to NFT owners to help the company build – and market – a creative universe around its tentpole intellectual property (IP). The move makes an expensive category accessible to a potentially much wider fan base. Despite the correction in transaction value, these popular NFTs are still expensive. The cheapest Meebit now costs about 5.6 ETH ($14,500). The floor price for a CryptoPunk is about 75 ETH ($195,000). Bored Apes sell for at least 97 ETH ($250,000).

Read more: Maryam Eisler On Tim Yip’s ‘Love Infinity’

‘Rebirth’ by Beeple

This new development answers the question of how to build a broad fan base for IP in such short supply, and with such impressive price tags: create derivative works available at low costs. Think of the Basquiat estate licensing the artist’s imagery for Uniqlo T-shirts. The difference is that Yuga Labs is outsourcing this task to NFT owners, rather than proliferating the Punks, Meebits, and Apes in house. Yuga Labs will give direct financial incentives to NFT owners to help the company build and market a creative universe. Or, to compare it to the traditional art world: create prints off of original works on canvas for a fraction of the price.

NFTs have already been shown at major fairs, such as Art Basel. This year’s Venice Biennale is showing NFTs in the Cameroon Pavilion. Galleries and museums, such as the Uffizi and Belvedere, are issuing NFTs of their Old Master and modern paintings. With auction houses such as Sotheby’s, Christie’s, and Artnet auctions regularly offering NFTs, it’s only a matter of time until they are less of a novelty and more fully integrated in the traditional art industry.

Sophie Neuendorf is Vice-President at Artnet

This article first appears in the Summer 2022 issue of LUX

Marlene Dumas, ‘Betrayal’ (1994). Private collection, courtesy David Zwirner. Photo by Emma Estwic. © Marlene Dumas

As VIPs swarm to Venice for the pre-opening week of the Biennale, LUX columnist Sophie Neuendorf gives her tips for visiting the all-consuming art event, the biggest of the year

Sophie Neuendorf

There is something magical about Venice. No matter what time of the year one travels to the historical city, it’s always a delight. Though, it’s especially lovely during the opening week of Biennale.

I’ve been fortunate enough to have visited Biennale several times already, and always thoroughly enjoyed rushing from one exhibition or event to another.

During my last, pre-pandemic visit to Biennale, a renowned art fair director, who somehow never received a VIP card to the opening (and who shall remain nameless), showed me where I could possibly gain illicit entry by jumping over a fence.

During another visit, a well-known gallerist showed me how he uses the service corridors and stairs to gain secret entry into the parties at the Bauer Hotel.

Bruce Nauman, ‘Contrapposto Studies’, installation view at Punta della Dogana, Venice (2021). Jointly owned by Pinault Collection and the Philadelphia Museum of Art. Photo by Marco Cappelletti. © Palazzo Grassi, Venice. © Bruce Nauman by SIAE, Rome, 2021.

Aside from those shenanigans, there are many sites, exhibitions, museums, and, of course, parties to visit during the opening week.

It is most likely that one won’t be able to see everything on offer during the Biennale, so it’s wise to pick and choose beforehand. As previous Biennale director Massimiliano Gioni said, “The fact that people are still congregating periodically to look at art made in 80+ countries around  the world, there is a kind of madness to it. So, I say, embrace the madness.”

The opening of Biennale di Venezia is on April 23, and the extravaganza is curated by art world veteran, Cecilia Alemani. Alemani is the fifth woman to curate the show in the biennale’s 127 year history. In 2017, she curated the Italian pavilion—the largest national pavilion on site—which she said gave her a “definite advantage.”

Follow LUX on Instagram: luxthemagazine

The exhibition is titled The Milk of Dreams, after a book by Surrealist artist and author Leonora Carrington, which Alemani describes as “very simple, very joyful, but also quite macabre.”

The exhibition suggests a fitting bit of symmetry with our own moment: the Surrealist movement emerged in 1924 just after the end of World War I, in part as a reaction against totalitarianism and militarisation.

The 2022 exhibition focuses on the many inquiries that saturate the sciences, arts, and myths of our time – “How is the definition of ‘the human’ changing? What constitutes life, and what differentiates plant and animal, human and non-human? What are our responsibilities towards the planet, other people, and other life forms? And what would life look like without us?”

The Ca’ d’Oro, or Palazzo Santa Sofia, is a palace on the Grand Canal in Venice where a group of significant Renaissance sculptures will be on display during the Venice Biennale

These are some of the guiding queries for this edition of the Biennale Arte, which concentrates on three thematic areas in particular: the representation of bodies and their metamorphoses; the relationship between individuals and technology; the connection between bodies and the Earth.

Among many highlights, this year’s edition will be showcasing NFT artists, such as Kevin Abosch and Eduardo Kac among several others, for the very first time – courtesy of the Cameroon Pavilion. This year also marks the first time the United Kingdom has chosen a black female artist to represent the country at the Biennale: Sonia Boyce.

In response to the nomination, Boyce commented “I do think part of the question, as it is posed to me, is about [how] I’m black and British, and what does it mean to “carry the flag”? It will be interesting to see how she tackles this immense and multi-facetted question.

Read more: The LUX Art Diary: Exhibitions to See in April

Outside the Biennale, worth visiting is the multi-sensory work by Danish artist Jeppe Hein. The fruit of French champagne house Ruinart’s fifth artist residency (previous collaborations included Vik Muniz and David Shrigley). The work is inspired by the maison’s residency’s chalky, sun-dappled terroir.

The renowned Palazzo Grassi is showing work by South African artist Marlene Dumas, curated by Caroline Bourgeois. It will show works from 1984 through today, with many previously unseen masterpieces. Her work focuses on human figures dealing with the most intense emotions and paradoxes.

Irish NFT artist Kevin Abosch

While you’re there, don’t miss the Bruce Nauman show, which is an homage to the influential contemporary artist. Awarded the Golden Lion at the 2009 Biennale di Venezia, the show brings together old and recent works, some of which have never been exhibited in Europe.

One of my favourites is the Palazzo Fortuny, a beautiful palace and museum. It was constructed between 1460 and 1480, commissioned by a Venetian nobleman. Today, it houses a wonderful collection of masterpieces.

This year, Colnaghi Gallery is collaborating with the Direzione regionale Musei Veneto and Venetian Heritage to present a group of significant Renaissance sculptures at Ca’ d’Oro. An exquisite Gothic jewel, the Ca’ d’Oro is the most famous Gothic building in Venice after the Doges Palace. It was hugely admired by Ruskin, who recorded its facade in a beautiful watercolour in 1845. The exhibition will include works by the greatest artists of the Italian Renaissance, including Donatello, Lombardo, and Rovezzano.

The whole city is a work of art, with many yet-to-be-discovered treasures. After surviving the pandemic, discovering art from 80 different countries is a call to live and let live.

Sophie Neuendorf is Vice President at artnet. 

Works by Pia Krajewski in the group exhibition ‘Lost and Found in Paradis’, Paris, 2019

The pandemic has changed the art market forever. A new model of purchasing and enjoying art is amazing, and a new generation of collectors with different passions is coming to the fore, as our contributing editor and columnist Sophie Neuendorf outlines

Sophie Neuendorf

2021 is proving a year of profound shifts within the art market. Covid-19 restrictions and socio-political changes have empowered some markets, such as in Germany, and caused the decline of others, such as in the UK (see bar chart below). The most notable, even sustainable, of several changes are a shift to online transactions, a rise in new collectors and markets, and the rapid development of alternative art-related assets. Looking back, it took a pandemic to propel the art world forward 10 years within 12 months.

Follow LUX on Instagram: luxthemagazine

With the steady roll-out of vaccines and a slow return to ‘normal life’, many industry insiders and commentators are debating whether or not the art industry will return to its pre-pandemic existence, especially with regard to its former habit of jetting around the globe to see the latest fairs and exhibitions. But is that what collectors still want, and does it reflect the zeitgeist? The answer is yes and no, with recent developments pointing towards a hybrid model of transacting online and enjoying in person.

Recent data suggests that more and more collectors are confidently and regularly transacting online, with the 2021 Art Basel/UBS art market report showing that in 2020, 90 per cent of high-net-worth collectors visited the online viewing rooms of galleries and art fairs rather than their physical spaces in spite of the fact that in the same period 66 per cent of the same group expressed a preference for viewing art at a physical exhibition. For context, online-only fine art sales at the three big auction houses – Christie’s, Sotheby’s and Phillips – in 2020 jumped from approximately US$100 million to just over US$1 billion, according to artnet data.

Read more: Helga Piaget on educating the next generation

It is predicted by the research and consulting firm Cerulli that over the next 25 years more than US$68 trillion will be transferred primarily by baby boomers to their generation X heirs and to charity, with potentially a large part going to fine art and collectibles. These are the most important groups of collectors to watch. It’s also these generations who will sell part of their inherited collections and re-invest.

According to artnet data, the categories currently most favoured are modern and contemporary art, closely followed by post-war and ultra-contemporary art. Where the collectors of the baby boomer generation were knowledge- and expertise-driven and interested in the art-historical context of an artist, the new generation is often interested instead in the context of an artwork in terms of current events (such as climate change, Black Lives Matter or #MeToo), as well as what motivates and moves the artist in question. It is unsurprising, therefore, to see the rise of ultra-contemporary art, specifically the work of African American artists and female artists (see table below). This is supported by data supplied by artnet’s partnership with Artfacts, in which the combined data points (exhibitions, art fairs, auction data, among many others) help determine the popularity of emerging artists. For example, artnet/Artfacts data suggests that work by artists such as Woody de Othello, Mario Klingemann and Anne Samat will become more desirable and valuable over the near future.

A new generation of patrons, such as Eugenio and Olga de Rebaudengo, are driven by their desire to support emerging artists and help them reach their full potential and recognition. Their visionary hybrid model of online exhibitions and offline pop-up shows, developed in 2013, was ahead of their time and are now, post-pandemic, growing in popularity. “We are very lucky, because, for us, collecting and supporting artists and creating projects with them is a central part of our everyday life. We focus in particular on artists of our generation and try to get involved with them before they become mainstream names,” Olga explained, adding that, “When we believe in an artist and their vision, we love to collect them in depth and often we become good friends in the process.” Artists whose work the de Rebaudengos are collecting include Michael Armitage, Pia Krajewski, David Czupryn, Avery Singer, Sanya Kantarovsky and Josh Kline.

Read more: Milk Honey Bees Founder Ebinehita Iyere on youth work & creativity

The rise of new, young collectors goes hand in hand with the development of art-related alternative assets. Over the past few months, there has been a steady development in the tokenisation of works of fine art. This means that you can now purchase a share of an artwork and trade it, in the same way you would purchase a share on the stock market. Being much easier and faster to sell than an actual artwork, tokens are an attractive entry point into the art market and appeal to potential new buyers who are unfamiliar with it. Such buyers may find the prospect of investing into a blue-chip work daunting and find tokens as a way to slowly ease themselves into the pool of collectors. Keep an eye out for firms such as Sygnum and Ikon Exchange, who have recently launched their first tokenised works of fine art.

Olga and Eugenio de Rebaudengo with Antigone (2018) by Michael Armitage. Courtesy ARTUNER

Tokenisation of an artwork is not to be confused with non-fungible tokens (NFTs), which are growing in popularity among collectors worldwide. NFTs are unique digital assets, such as an artwork, stored on a blockchain which in turn is a system secure from cyberattack by virtue of its non-centralised presence online. According to NonFungible.com’s data, NFT sales peaked on 3 May 2021, when $102 million of NFTs changed hands in a single day with the seven-day period surrounding the peak bringing $170 million in transactions. If the numbers for the crypto-art category appear startlingly low, that’s because NonFungible.com only tracks on-chain transactions. Some of the biggest sales of crypto art – such as the Beeple digital collage that sold at Christie’s for $69.3 million of Etherium, Sotheby’s sale of Pak for $17 million, and so on – generally happen off-chain, meaning they are not recorded on the public blockchain. (This has, in turn, led some in the digital art community to question whether these are ‘real’ NFTs.)

The pandemic has ushered in an era of positive change as the art world finally embraces digitalisation. The new generation of collectors is a driving force, especially in terms of emerging artists and innovations. This increased liquidity will surely carry the upwards trajectory well into 2022 and beyond.

Sophie Neuendorf is Vice-President at artnet. Find out more: artnet.com

This article was originally published in the Autumn/Winter 2021 issue.

Tunji Adeniyi Jones. Courtesy White Cube Gallery

From prints and paintings to photography and NFTs, the diversity and scale of art world can be daunting to first-time collectors, but it doesn’t have to be. Here, artnet’s Vice President Sophie Neuendorf shares her top tips for navigating the art world and building a collection

Sophie Neuendorf

With fine art developing into a beautiful alternative asset, the opportunity to purchase tokens and the growth of NFTs, now is a great time to invest, but it can be difficult to know where to begin. How do you choose the works and artists? Where is the best place to buy: galleries, brick-and-mortar auctions or online auctions? How do you know what’s a fair price?

Follow LUX on Instagram: luxthemagazine

Entering the art world can sometimes feel like more trouble than it’s worth, but it collecting can bring a lot a pleasure, and it’s worth remembering that you probably already know more than you think.

How do I know what I like?

Whether consciously or not, the preferences one has in terms of art and culture begin developing in childhood. Can you remember the first time you experienced art? Was it in a museum, a church, gallery or in someone’s home? Those earlier encounters leave a lasting impression which will have an impact on the artists and artworks you gravitate towards, and generally speaking, it’s always advisable to follow your instincts.

From a young age, I’ve had the huge pleasure and privilege of enjoying my father’s collection at home and in terms of my own collecting habits today, I find myself wanting to support emerging artists, as my father has always done. When I like a work, I tend to discuss it with my brothers, whose opinions I trust, before purchasing.

Robert Indiana. Courtesy of artnet auctions

How important is research?

While you might be buying for passion, it’s important to also have an investment view. I would strongly advise anyone interested in a particular artwork or artist to spend some time researching their exhibition history, and similar artists before committing to a purchase.

Read more: Louise Cottar of Cottar’s Safaris on meaningful luxury experiences

Where do I go to buy?

Personally, I like to purchase artworks through galleries or in online auctions. I enjoy building a relationship not only with the artist I collect, but also with the galleries that represent them. Galleries are paramount to the art world ecosystem, and supporting them is very important. The app SeeSaw lists current and forthcoming exhibitions, where you can go to discover new and notable artists. For example, I’ve recently discovered the works of Tunji Adeniyi Jones, Eddie Martinez, and Donna Huanca.

Donna Huanca. Courtesy of Simon Lee Gallery

Online auctions offer a great alternative, especially at a time when we might not be able to travel so easily to galleries. You can browse and purchase artworks from the comfort of your own home and the seamless end-to-end transaction process takes away any potential stress. I’ve already preselected a few works that I’ll be bidding on at artnet auctions this Autumn, such as a marvellous piece by Robert Indiana as well as several contemporary artworks.

The most important piece of advice I’ve ever received is: “Buy it because you love it. It doesn’t matter what others think.” With any luck, the monetary value will appreciate as well as the emotional value.

Follow Sophie Neuendorf on Instagram: @sophieneuendorf

Auctioneer Oliver Barker directing Sotheby’s global e-auctions. Courtesy of Sotheby’s.

Following the announcement of Sotheby’s Cologne office, artnet’s Vice President and LUX columnist Sophie Neuendorf discusses shifting collecting habits and the potential for Germany to become a key player in the art world

The recent news that Sotheby’s is opening an office in Cologne, Germany has made waves internationally but also ruffled a few feathers within the German market. However, given the ramifications of Brexit, which is making import and export transactions much more cumbersome, it’s hardly a surprising decision. Christie’s has been steadily strengthening its presence Paris over the last few years and Amsterdam is much smaller in terms of buyer opportunities so the EU’s largest country in terms of size and economic strength seems the logical choice for Sotheby’s.

Follow LUX on Instagram: luxthemagazine

According to the auction house, “German collectors remain essential to Sotheby’s business, featuring in the list of top ten countries most actively buying and selling in Sotheby’s sales for the past three years.” In this light, it’s hard to imagine that the aim of the opening is centred solely around the potential of new collectors, but what is of interest is the abundance of private collections in Germany, which provide ample opportunities for acquiring unique and unseen masterpieces.

Germany is renowned for its impressive history of supporting the arts, from fine arts to music or literature. Many of the most important art collections worldwide are located in Germany, and quite a few of these marvellous collections will be handed down to the next generation before too long.

Neuendorf Gallery pop art exhibition 1964 in Hamburg, Germany.

“The German art market is outstanding in Europe with its strong collectors on the one hand and its internationally sought-after artists on the other,” comments Alice von Seldeneck of Germany’s prestigious Lempertz auction house. “After Brexit and the uncertainties and costs associated with it, it was a logical conclusion to establish another foothold on the continent. We had expected this to happen much sooner.”

Read more: The art of cross-collecting by Philip Hewat-Jaboor

According to artnet data, German collectors have historically favoured Impressionist and Modern art, closely followed by Post War and Old Masters paintings. Now, these same categories are tied to tedious export rules and regulations, newly introduced by Germany’s culture minister (ostensibly to protect Germany’s cultural heritage), which are suppressing international trade. The fourth most popular collecting category is Contemporary Art, which is much easier to buy and sell internationally. With the rise of the new millennial generation of collectors, perhaps the German market is primed for a shift in wealth and collecting habits?

Infographic courtesy of artnet

Germany ranks 4th in terms of sales in western countries after the United States, the United Kingdom, and France (source: art net). “In 2020, 40% of German bidders were new to the company, while the number of German buyers in online sales tripled, ” revealed a spokesperson from Sotheby’s. With many of Europe’s hottest emerging artists flocking to Berlin, it’s only a matter of time until the country becomes a hot spot in terms of Contemporary and Ultra Contemporary art.

“Berlin is an ideal combination of a strong primary and secondary market with different generations of collectors,” says von Seldeneck. “The strong consignments from abroad show us how highly regarded the German art market is internationally.”

Infographic courtesy of artnet

The city is a place of inspiration for many creatives from around the world as reflected by the plethora of blue chip galleries that have recently opened in the German capital. Four of the world’s top earning artists – Gerhard Richter, Georg Baselitz, Anselm Kiefer, and Frank Auerbach – are also Germany-based. But will this rise in popularity be reflected in actual sales and growth of the market?

Read more: The gastronomic delights of Suvretta House, Switzerland

According to Berlin-based gallerist and former BVDG (German Association of Galleries) board member Klaus Gerrit Friese, the entry of Sotheby’s into the German market is a testament to the country’s strength and potential for growth. “I’m very positive about the future of the German art market. The new generation of gallerists have developed radically new ideas about viewing and selling art, which goes hand in hand with the rise of millennial collectors. So, the real potential lies in the Contemporary and Ultra Contemporary market, where I have observed a lot of upward movement in Germany over the past few years,” he says.

While Germany seems primed to become one of the world’s most important countries in terms of both creativity and sales, it remains to be seen whether the coming generational change and shift in collecting preferences will propel the country into the upper echelons of the market.

Follow Sophie Neuendorf on Instagram: @sophieneuendorf

Georgia O’Keeffe in New Mexico with one of her landscape paintings

As a new solo show of Georgia O’Keeffe’s work opens in Madrid, artnet’s Vice President and LUX columnist Sophie Neuendorf reflects on how the American painter’s visionary work and mainstream success paved the way for many of today’s women artists

Sophie Neuendorf

American artist Georgia O’Keeffe burst onto the New York gallery scene in 1917 at the age of twenty. At the time, the American art world was under the influence of French Cubism, but O’Keeffe’s abstract charcoal drawings presented a version of modernism that was so radically individual, she quickly became a favourite among collectors – a nearly unthinkable achievement for a young women from the midwest.

Follow LUX on Instagram: luxthemagazine

The artist began making her famous large-scale flower paintings in the 1920s. A new show at Museo Nacional Thyssen-Bornemisza, Madrid includes O’Keeffe’s spectacular Jimson Weed/White Flower No. 1 (1932), which sold for over $44 million at auction in 2014, more than tripling the previous auction record for a female artist. Since then, the market for her work has been steadily growing, with her top 10 most expensive works finding buyers over the past 10 years (source: artnet price database).

Georgia O’Keeffe, Jimson Weed/White Flower No. 1 (1932)

A recurring subject for O’Keeffe, the flower was a tool through which she could explore varying languages of abstraction and representation, responding to nature as opposed to her inner self. Inside Red Canna (1919), for example, is considered her earliest depiction of a magnified flower in oil. Sensual, sexual, powerful and delicate, the painting beckoned Freudian interpretations throughout her life and to the present day. However, her famous flowers are just one part of her vast canon of work, and in fact, O’Keeffe spent much of her life bristling at the Freudian reading of her delicate folds of flora.

Read more: Artists in residence at Castel Caramel in the south of France

She grew up on the Wisconsin prairie and was forever after enchanted by wide open spaces with limitless horizons. Later, she found a similar sense of ease in the Badlands of New Mexico, where she lived after her husband, the photographer Alfred Stieglitz, passed away. Astonishingly, she didn’t make her first trip to Europe until 1953, when she was 66 years old, but her work was widely shown in major museums across the US. In 1940 she was given a retrospective at the Art Institute of Chicago and in 1946, she became the first female artist to be afforded a retrospective at MoMA. In 1970, her work was celebrated in another retrospective, this time at the Whitney Museum of American Art, New York, which travelled to the Art Institute of Chicago, and the San Francisco Museum of Art.

O’Keeffe’s home in New Mexico

Then, as now, women artists face far greater challenges than their male counterparts. To put it into perspective, German artist Gerhard Richter is the highest grossing living male artist, with a total sales value of $2,488,640,798. In contrast, the highest grossing living female artist, Japan’s Yayoi Kusama, has a total sales value of $709,679,123 (source: artnet price database). Kusama is closely followed by visionary artists such as Cindy Sherman, Bridget Riley, Marlene Dumas, and Julie Mehretu. However, artnet’s recent data shows that women artists have been outperforming the S&P 500, indicating strong demand and growth.

Infographic courtesy of artnet

A strong woman and a visionary painter, O’Keeffe remains an inspiration for many female artists around the globe. She was a feminist who largely contributed not only to the rise of modernism, but also helped to solidify the place of female artists within the historical art canon.

“Georgia O’Keeffe” runs until at 8 August 2021 at Museo Nacional Thyssen-Bornemisza. For more information, visit: museothyssen.org/en/exhibitions/georgia-okeeffe

Pace Gallery’s new space in Palm Beach, Florida

As part on an ongoing monthly column for LUX, artnet’s Vice President Sophie Neuendorf discusses the cultural shifts caused by the pandemic and forecasts the future shape of the art industry

Sophie Neuendorf

Prior to the pandemic, city life was often synonymous with a thriving arts and culture scene. Most of the world’s major cities offered a plethora of  national and international galleries and museums to tempt tourists and locals alike, alongside the global rota of art fairs and biennials. It was an exciting ecosystem that was supported by constant stream of international art lovers and collectors.

Follow LUX on Instagram: luxthemagazine

However, as James Tarmy recently wrote in Bloomberg, the pandemic has radically changed the status quo and has been vastly more painful to museums and nonprofit art organisations than to commercial galleries. The main reason for the disparity, he explained, is that “buying art is mostly a private activity; seeing art is much more communal.” His article reveals that sales have remained surprisingly robust at multiple levels of the market, from modestly sized dealers like James Fuentes and François Ghebaly to blue-chip galleries like David Zwirner and Hauser & Wirth. The rapid pivot to online sales are largely responsible last year’s robust sales, with $10.1 Billion spent on fine art sales in 2020 (Source: artnet Price Database). Private sales have also proved resilient— perhaps not surprising, given that the collective wealth of America’s 651 billionaires, for example, has increased by $1 trillion since the start of the pandemic. Strong interest from millennials, who squirrelled away vast amounts of disposable income amidst the lockdown, and robust activity from Asia are further fuelling demand.

When it comes to projecting the art industry’s timeline for full re-emergence from lockdown, it would be wise to note not only the rate of vaccination as a benchmark, but also the psychological impact and cultural shift initiated by the pandemic. For example, countryside living is having a renaissance, fuelled by remote working. While previous generations were drawn to cities for work and leisure alike, the restrictions of our global lockdown have bought about a counter-reaction to city life. A shift to working from home, zoom calls, and decreased business travel support this change. But what does this cultural shift mean for the art industry? How will galleries, museums, and institutions respond to collectors’ migration away from the world’s major cities?

Hauser and Wirth Somerset

As restrictions in movement and social distancing measures continue, more and more galleries, artist residencies, and institutions are finding homes in coastal towns and the countryside, opening up spacious, Covid-19 friendly spaces to attract collectors in a safe space.

Read more: Philip Hewat-Jaboor on discovering art through materials

Last summer, already saw an increase in pop up gallery spaces in popular destinations such as the Hamptons, Aspen, St Moritz, and Mallorca. Hauser & Wirth was ahead of the trend with its opening of H&W Somerset and this summer will see the launch of a new space in Menorca, and  in Monaco. Similarly, Pace Gallery is expanding within Seoul, as Asia is recovering more rapidly from the pandemic in comparison to European countries. The gallery is also catering to its Western clients who are migrating to coastal towns, by opening up spaces in East Hampton and Palm Beach.

As more and more galleries are responding to the “new normal,” a hybrid model will most likely develop. Taking advantage of the increased collector confidence in online transactions, galleries as well as auction houses will be able to connect with their clients online, while also opening up Covid-friendly spaces in more rural locations.

Hauser and Wirth Menorca is scheduled to open in July 2021

The drama of quarantine also opened up previously unlikely collaborations between fairs, dealers, auction houses, and even luxury brands. For example, Bulgari sponsored Sotheby’s Old Master Week in January, outfitting the auctioneer and staff in the brand’s jewels. I suspect we’ll be seeing many more partnerships of this kind as well as auction-art-fair hybrids like Christie’s recent project with the 1:54 contemporary African art fair or Johann König’s ‘Messe’ in St Agnes.

The incredible innovations rapidly developed during the pandemic—from live-streamed sales to a rolling battery of online offerings—are here to stay. Industry insiders and experts are predicting a surge of post-lockdown activity, but physical openings and exhibitions will continue to be complemented by online sales. The art industry has definitely changed, but I’m hopeful for what comes next.

Follow Sophie Neuendorf on Instagram: @sophieneuendorf

Tamara de Łempicka, Young Lady with Gloves (1930)

As part on an ongoing monthly column for LUX, artnet’s Vice President Sophie Neuendorf outlines a brief history of women artists, and discusses their recent rise to prominence

Sophie Neuendorf

We define ourselves, as nations and individuals, mainly through our respective cultures. Since the stone age, art has been a signpost for humanity, and a reflection of history and the zeitgeist. Over the past few years, we’ve often been amazed by the discoveries made by archaeologists and what these tell us about generations past and how humanity has evolved since.

Follow LUX on Instagram: luxthemagazine

Artists were first commissioned to illustrate the word of God for those unable to read and since then, art has evolved to not only depict religious or mythological scenes, but also the joys and perils of everyday life. Especially in Italy, France, and Spain, prominent political, royal, and influential families commissioned artists to portray their lives for posterity.

However, the artists receiving public recognition for their contribution to the documentation of culture, have until, very recently, only been male. But how can an accurate portrayal of humanity take place when women (who make up half of the world’s population) are marginalised or ignored?

Élisabeth Vigée Le Brun, Self-Portrait

Paying a historical debt, the contribution of women to the canon has only been recognised in recent years. The first documented female artists emerged during the Renaissance, during a time when it was either considered not ‘seemly’ and completely forbidden for women to be artists, and several obstacles stood in their way. First and foremost, their training would include the dissection of cadavers and the study of the nude male form, while the system of apprenticeship meant that aspiring artists would have to live with an older artist for several years. This made it nearly impossible for Renaissance women to follow this path, seeing as other “expected duties” took precedent. Florentine artist Artemisia Gentileschi (1593 – 1653) was one of the few artists able to practice her passion. Trained by her father, she was the first female artist to be admitted to the prestigious Florence Academy of Fine Arts.

Read more: Alia Al-Senussi on art as a catalyst for change

Several years later in France, Neoclassical painter Adelaïde Labille-Guiard (1749 – 1803) became one of the first women artists to be admitted to the distinguished Académie Royale, where she exhibited her works. Soon after, she was appointed Peintre des Mesdames: painter to the King’s aunts. Astonishingly, several male painters were so threatened by Adelaïde, that they spread rumours alleging sexual misconduct in order to discredit her. But she persevered, and became a mentor many other female artists.

One of her contemporaries was the completely self-taught artist Élisabeth Louise Vigée Le Brun. Active during some of the most turbulent times in European history, she was admitted into the French Academy as one of only four female members, thanks to the intervention of Marie Antoinette. Forced to flee Paris during the Revolution, Vigée Le Brun traveled throughout Europe, impressively obtaining commissions in Florence, Naples, Vienna, Saint Petersburg, and Berlin before returning to France after the conflict settled.

Joan Mitchell, Untitled (1979)

Only a few years later but on a different continent, American artist Mary Cassatt was born in Philadelphia. Headstrong and independent, she trained as an artist and fled to Europe in order to study Old Master paintings in Spain and France. After befriending Edgar Degas, Cassatt was invited into the Impressionist circle, and by the turn of the century, her reputation was thriving in France. In 1904, she was named a Chevalier of the Légion d’Honneur. Soon, American artists in Paris sought her blessing and advice, while wealthy Americans sought her discerning eye and connections.

Courtesy of artnet

In the same century, Polish-Russian aristocratic artist Tamara de Lempicka took the French art scene by storm. Forced to flee St Petersburg and the Russian Revolution in 1917, de Lempicka headed for Paris, where she studied painting in the ateliers of Maurice Denis and André Lhote, and quickly found success. By the early 1920s her works were appearing in major Paris exhibitions, such as the Salon d’Automne and the Salon des Tuileries. Nicknamed “the baroness with the paintbrush,” she is renowned for her art deco style which oozed cool chic and elegant sensuality.

Not long after, but on the other side of the world, Japanese artist Yayoi Kusama began painting at an early age. Without any formal training, she emigrated to New York to pursue her passion. Now famed for her psychedelic paintings and sculptures, Kusama remains one of the top 10 highest grossing women artists in the world.

Yayoi Kusama in the studio

That brings us to 2021, the era of ‘me too,’ and a question arises: has the work of women artists been reduced to gender politics and to the circumstances of its production rather than being judged for its quality?

Read more: A prima ballerina dances in the London lockdown moonlight

Even though women artists are finally being recognised and forming a formidable part of the canon, it will take another few years for them to feel completely secure and appreciated in the art world. Ground-breaking artists such as Georgia O’Keeffe, Joan Mitchell, Helen Frankenthaler, or Cindy Sherman have liberated themselves from identity politics and are held in esteem by the quality of their oeuvre.

However, regardless of the obvious quality of their work, there is one glaring aspect which hasn’t yet translated: when looking at the monetary value of female artists in comparison to male artists, female artists are still incredibly undervalued. In 2020 alone, the top 10 highest grossing female artists achieved $322,780,748 in comparison to their male counterparts, who achieved $1,590,134,429 (source: artnet Price Database).

Infographic courtesy of artnet

While we can’t undo the past, we can work towards building a richer and more equal picture of art history, ensuring that future generations see us through all facets of humanity. How else, if not through the arts, are we supposed to learn from the past and create a brighter future for humanity?

Follow Sophie Neuendorf on Instagram: @sophieneuendorf

Auctioneer Oliver Barker directing Sotheby’s global e-auctions. Courtesy of Sotheby’s.

As part on an ongoing monthly column for LUX, artnet’s Vice President of Strategic Partnerships Sophie Neuendorf forecasts this year’s emerging trends and evolutions in the art world

Sophie Neuendorf

We’ve just emerged from arguably the most difficult and unpredictable year in recent history. The Covid-19 pandemic caused a synchronised and deep downturn of the global economy in the first six months of 2020. Social distancing measures and a lockdown of businesses in reaction to the health crisis resulted in falling consumer demand and economic output. Skyrocketing unemployment shook consumer confidence, and companies cut back on investments in light of declining demand, supply-chain interruptions and the uncertain future.

Follow LUX on Instagram: luxthemagazine

Amid the uncertainties and restrictions caused by the pandemic, fine art auctions plummeted in the first half of 2020. Total sales value dropped across all major regions. According to the artnet Price Database, global auction sales for fine art fell by 59% to $2.9 billion in the first half of 2020 compared to a more robust performance of $7 billion in the first six months of 2019.

Infographic courtesy of artnet

However, despite a 29% decrease in both the number of lots offered and sold at auction year-over-year, the global sell-through rate remained steady at 65% in the first half of 2020. Major auction houses pivoted to online platforms, generating some incredible virtual transactions. In June, Sotheby’s sold Francis Bacon’s Triptych Inspired by the Oresteia of Aeschylus (1981) for $85 million. Roy Lichtenstein’s White Brushstroke I (1965) achieved $25 million.

Even though 2020 will most likely be remembered as one of the most unpredictable and difficult years in modern history, it also pushed boundaries and accelerated the art world into the digital age. With this backdrop in mind, I’m going to take the risk and make 7 art world predictions for the year 2021 – because, if anything, last year has set the stage for some ground-breaking changes to aspire to.

1. Digitalisation is here to stay.

Plato was right: necessity is indeed the mother of invention. During the COVID-19 crisis, one area that has seen tremendous growth is digitalisation, meaning everything from online customer service to remote working to supply-chain reinvention to the use of artificial intelligence (AI) and machine learning to improve the art business. As I discussed in my last column of 2020, the digitalisation of the art market is here to stay. With galleries, museums, and auction houses pivoting online and thinking outside the box in response to the pandemic, a positive trend of accessibility, efficiency, and transparency accelerated within the art world. This also goes hand in hand with a global trend of sustainability and conscious living.

Naturally, an online viewing of art can never quite replace the in-person experience, nor should it. The impact of seeing Da Vinci’s Mona Lisa online is, of course, not quite the same as admiring it in person. However, the transactional element of the art market will emerge as a strong contender to the traditional brick and mortar purchasing process, democratising the art market and opening it up to a new generation of art lovers.

2. Some art fairs will actually happen this year. But they will be a balanced, online/offline experience.

With social distancing still de rigueur this year, it will be difficult for fairs to accommodate their usual amount of art-loving and people-watching visitors. Add to that a gallery’s sky high participation costs, especially after a difficult year, and we’re looking at only very few fairs happening in 2021. My conservative prediction is that those of us able to travel can look forward to visiting ARCO Madrid (which has been postponed to July), Art Basel in Basel, Volta Basel, Frieze London, FIAC Paris, and Basel Miami, at best. The rest of us will have to enjoy the virtual editions of these fairs again this year.

Read more: COMO Group CEO Olivier Jolivet on travel trends for 2021

3. Galleries will evolve as serious contenders to art fairs and traditional auction houses.

Gallerists have always been of utmost importance as a bridge between the creative genius of an artist and the wider public of art lovers and collectors.

This year, galleries who have embraced the innovation which the Covid-19 pandemic necessitated will emerge stronger than ever. Either through online sales and viewing rooms or through collaborations with other galleries and institutions, these art dealers will rise as serious contenders to brick-and-mortar auction houses.

4. Some young artists will start bypassing galleries and begin selling directly out of their studio via social media or other websites.

It’s already a widespread practice among young artists in Asia and I foresee it crossing over to Europe and the US this year. With countless galleries, unfortunately, having been forced to close over the last year, many artists may have become increasingly accustomed to selling via social media and other websites. Especially young artists may be inclined to bypass the traditional route expected of them by the art world, and chose to build their careers independently.

Roy Lichtenstein’s White Brushstroke I (1965) was sold by Sotheby’s for $25 million. Image courtesy Sotheby’s

5. Socio-economic issues will be at the forefront of major gallery and museum shows this year.

Artists have, historically, documented moments of change and upheaval. After a year that has compelled us to come to terms with a global pandemic, has seen us fight for equality during the Me Too and BLM movements, as well as confront global warming, now’s the time to examine these pivotal moments within gallery and museum shows.

The arts are known to push boundaries and open up discussions around difficult and oftentimes painful subjects in a spirit of tolerance, curiosity, and learning. I believe that galleries and institutions will harness this unique moment to exhibit artists who are capturing the zeitgeist.

Francis Bacon’s Triptych Inspired by the Oresteia of Aeschylus (1981) was sold for $85 million at auction by Sotheby’s in June 2020. Image courtesy of Sotheby’s.

6. There will be more fine art works sold at auction this year than over the last few years.

Given the global economic and private difficulties we are currently facing, it wouldn’t be surprising if the IRS, a divorce attorney or the grim reaper force the sale of many a private collection. It’s a rather gruesome prediction, but historically the art market has been very active during a time when some micro or macro-economic situations are under stress.

Looking at Deloitte’s Art & Finance report or artnet’s Intelligence Report, fine art has gradually emerged into a serious asset class. When you compare fine art sales to the S&P, for example, more often than not it is art which is a safer alternative asset than stocks or even real estate. It is highly likely that many artworks will find speculative buyers this year, as economic changes and challenges will cause a shift in wealth.

Read more: Visual artist Clara Hastrup on her studio experiments

7. There will be a major shift in the market resulting in a new focus on quality rather than quantity.

Life was moving along as rapidly and frivolously as usual during the months before the Covid-19 pandemic forced us into seclusion. It struck me even then that the art world was moving into an unhealthy direction, where being seen at a champagne reception was more important than the quality of work on display. Where people-watching at Frieze or Basel was far more interesting than any oeuvre, and gossiping about people or prices trumped any serious deliberations of the works on view.

However, the past year has forced all of us to focus on what’s truly meaningful within our lives and on how fleeting it actually is. How do we really want to spend our time? Do we actually have to visit all of those art fairs and events? Perhaps we should seize the moment and focus on those artists and personal interactions that really enrich our lives.

This may seem like a rather wild prediction, but I’m certain that only those galleries, fairs, and institutions will survive that really concentrate on bringing added value to our lives. Perhaps we will move to a ‘new normal’ where multiple editions of the same fair or gallery are unnecessary, but are, instead, complimented by an incredible and easy to access online offering. Now is the time to excite with quality, depth, and innovation – because time is precious.

Infographic courtesy of artnet

8. Art will not only evolve as an asset class, but also as a financial product.

Over the past few years, art has slowly evolved as a serious contender to assets such as gold, stocks, or real estate – and it is arguably a much more stable asset. Given the high barriers to entry into the art market, specifically to the high-returns, blue chip market, I predict that there will be a derivative product developed soon, to be traded on the market similarly to other indices.

Price indices offer important insights for anyone looking to track the performance of a collection of artworks produced by a single artist or movement. At artnet, for example, we already provide an innovative price index methodology that relies on the unique strength of our flagship product, the Price Database. Our proprietary method creates indices that track the evolution of artwork prices over time, which can be tailored to focus on artworks belonging to a specific medium, movement, size, or any combination thereof, and in comparison to other indices, such as the S&P. It’s only a matter of time until the exchange traded derivative is developed. Stay tuned!

Follow Sophie Neuendorf on Instagram: @sophieneuendorf

Triumph of Death (1562), Pietr Bruegl the Elder

In the second edition of her monthly column for LUX, artnet’s Vice President of Strategic Partnerships Sophie Neuendorf looks back on the emergence of the Renaissance following the Black Plague, and towards a more positive and creative future

We can all agree that this year has been one of the toughest we’ve experienced during our life time. It certainly was for me. The consequences of an unprecedented global pandemic have been, and still are horrifying and in many ways, unbelievable. But, the question is: how will generations to come analyse and learn from this particular moment in time?

Follow LUX on Instagram: luxthemagazine

Let’s look back at another pandemic, which was arguably much worse: the Black Plague, which struck Asia and Europe during the mid-1300s. It arrived in Europe during October 1347, when 12 ships from the Black Sea docked at the Sicilian port of Messina. Most sailors aboard those ships were dead, and those still alive were dangerously ill.

Over the next five years, the Black Death – a terrifyingly efficient disease – would kill more than 20 million people in Europe, about a third of the population. At the time, no-one knew exactly how the disease was transmitted, or how to prevent and treat it. A grim sequence of events unfolded for which, in the middle of the 14th century, there was no rational explanation.

Self Portrait after Spanish Influenza (1919), Edvard Munch

Today, however, we know that the Black Death attacks the lymphatic system, causing swelling in the lymph nodes. Left untreated, it can spread to the blood or lungs and is highly contagious.

Following the Black Plague, a preventative method was developed in Italy, which we saw repeated this year: quarantine. In order to slow the spread of the disease, returning sailors were mandated to stay on their ships for 40 days ‘quarantine’, relying on isolation to slow the spread of the disease.

Read more: Life coach Simon Hodges’ tips on breaking free from destructive behaviour

Following the end of the Black Plague, a new era unfolded in Europe, known as the Renaissance (or rebirth). The impact of the Black Death had been profound, resulting in wide-ranging social, economic, cultural, and religious changes. These changes, directly and indirectly, led to the emergence of the Renaissance, which was one of the greatest epochs for art, architecture, and literature in human history.

The Birth of Venus (1484), Sandro Botticelli

After a period of pessimism, introspection and recovery, a time of enlightenment and renewal began. The arts especially flourished, as artists documented this time of change and upheaval. Through their creativity, artists wrestled with questions such as the fragility of life, religion, spiritualism, and the pleasures of living. Artists such as Leonardo da Vinci, Raphael, Michelangelo, Titian, and Albrecht Dürer dominated what’s known now as the humanistic high Renaissance period. The prevailing theme was the seizing of life, driven by positive change, knowledge and nature.

Read more: Richard Mille’s collaboration with Benjamin Millepied & Thomas Roussel

How will we respond to the pandemic we’re facing now? Will the development of a vaccine result in a period of introspection, creativity, and change? Will we – having faced an invisible, deadly enemy – emerge more tolerant, grateful, and accepting of change?

La Primavera (1477), Sandro Botticelli

A near-death experience usually results in a renewed zest for life, happiness and gratitude. Within the art world, many of the archaic norms have already been replaced during the course of the year. As artistic expression and culture define us, not only as individual nations, but in terms of humanity, we should ensure that this moment in history is not a missed opportunity.

Covid-19 has forced us to profoundly rethink the way we live, the values we have, and world we’ll leave for our children. Covid-19 has also forced us to trust in digitalisation and to rethink the way we experience and trade art. For context, while the art market declined by 58% in the first half of this year, online art sales increased by nearly 500% during the same period. There has been a flurry of creativity and inspiration, from artists doubling down in their studios to document the zeitgeist, to museum and galleries embracing VR and making their inventory accessible online. Let us embrace these changes and welcome an opportunity for a more transparent, accessible, and tolerant art world.

Browse artnet’s current auctions via artnet.com/auctions

Jimi Hendrix, London, 1967, Gered Mankowitz

With many national lockdowns reinstated across the globe, the majority of this year’s festive shopping is  taking place online. Launching her new monthly column for LUX, artnet’s Vice President of Strategic Partnerships Sophie Neuendorf discusses the benefits of buying and gifting art remotely

Sophie Neuendorf

Nothing is more enduring or powerful than a work of art. Throughout history, it has been artists who have documented the zeitgeist, from religious convictions to frivolous fêtes or times of social unrest and upheaval. It is also always artists who push boundaries and promote an atmosphere of tolerance and peace.

Follow LUX on Instagram: luxthemagazine

Especially now, at a time when we’re all forced to be secluded and are closing our houses and boarders, art has the power to open up a cross-cultural exchange and bring hope and light into our homes and our hearts. What’s more, art has the potential to provoke important discussions around current issues such as religion, gender, race, and politics. With the recent presidential election, and the ongoing Black Lives Matter, and Me Too movements, these topics will remain very current leading into this year’s holiday season.

For many of us, the holiday season is one of the most wonderful times of the year. 2020, however, is confronting us with unprecedented new challenges, and also an element of sadness and caution. Many of us will not be able to visit our grandparents; some of us won’t be able to travel home for the holidays; and a few of us will have suffered the loss of a family member or friend this year.

Untitled, 1964, Sam Francis

So, the question is: how do we celebrate the holidays pandemic style? By surprising our loved ones with witty, thoughtful gifts to make them happy for months, and years to come! Thanks to online technology it has never been easier to buy and ship directly, allowing us to get into the spirit of giving without the anxiety of social distancing.

Read more: Three major art patrons and a fine art photographer are transforming London’s shopfronts into a pop-up gallery

Whilst sites such as net-a-porter.com and matchesfashion.com provide excellent browsing material, why not try something new this year and invest in an artwork? Buying art online isn’t as complicated as it might seem. Although the art market has been slowly moving online over the past few years, the coronavirus pandemic has accelerated this transition. Now, with the help of cutting-edge technologies such as AR or VR, you’re able to visualise an artwork within a room and to scale, to ensure that the piece you love is perfect for your home. You can also chat with a specialist throughout the research and bidding process.

Study for Canadian Forest, Robert Longo

At artnet, for example, we offer a range of ongoing auctions which you can browse and bid at leisure from the comfort and safety of your home. From David Hockney to Richard Prince and KAWS, from Modern & Contemporary fine art to photography or abstraction, you’ll be spoilt for choice. It takes two minutes to register and then, you’re ready to go. Once you place a winning bid, your funds will be safely held by artnet in escrow until you or your loved ones receive the artwork in a perfect condition. And yes, there’s a returns policy. Now go ahead and treat yourself or someone else!

Sophie’s 5 top tips for buying art online:

1. Learn how to recognise quality and prioritise it over everything.
It’s much better to own one great artwork than five mediocre works. The beauty of bidding online is that it removes the time pressure of a live auction room. Take your time to browse, choose, and place your bid on that one piece you love.

2. Be patient and wait until a work of high quality within your budget comes up for sale. Then be prepared to act decisively and quickly. Don’t get discouraged if you miss out or end up being outbid; the next opportunity is always around the corner.

3. Study prices and the market extensively so you can spot good deals when they come up. At artnet, we have the art market’s most extensive and trusted price database, which is an excellent research tool. If you don’t have time, get advice from one of our specialists who are very happy to help, or work with a reputable advisor.

4. Take transaction costs into account prior to bidding. Buyer’s premium, shipping, insurance, taxes and duties can add significant costs to your acquisition. We can calculate all that for you at artnet.

5. Enjoy yourself. Art collecting is excellent fun!

Browse artnet’s current auctions via artnet.com/auctions