Anybody, who reads about those Multimillion Dollar deals, realized mainly at auctions, held by Christie’s, Sotheby’s and Phillips, must get the impression that any art of any artist by most means is not affordable. Fact is the opposite and I like to quote in this context from the latest Contemporary Art Market Report published by Artprice.com (CEO Thierry Ehrmann):

…”Art is not exclusively reserved for well-advised investors or wealthy initiates. The lion’s share of the market remains within reach of those with small or moderate budgets. Each year, between 100,000 and 200,000 works of art produced by clearly identified artists (irrespective of creation period) are sold at auction for less than €10,000 throughout the world, and around 80% of lots can be acquired for under €5,000. There is thus a huge choice, and it is possible to make significant acquisitions without spending a fortune. The spectacular results we see in the media concern a minute proportion in an overall market that is only unaffordable by reputation. In the contemporary field, results higher than €50,000 involve 6% of the lots sold, and hammer prices of several millions only 0.3%. Art is not unaffordable: the largest range in the offer – 66% of contemporary works – consists of pieces that can be bought for less than €5,000″…

Have a pleasant weekend,

Rolf Goellnitz