Rise in the prices of artists' works in the art market

In recent years, we have witnessed price surges in the auction market, often in double digits. Record-breaking sales have stirred collectors' imaginations. When it comes to investments, attention should be paid to both segments that have solidified their positions in the art market and to new collecting categories.

Modern and contemporary sculpture are one of the strongest and fastest-growing segments of the Polish art market. Sculpture ranks second on the podium of the global art market, experiencing regular price surges. In this market segment, new auction records are set every year. Works from this group are among the most sought-after objects among Polish and foreign collectors. This is due to both the high position of Polish sculptors in the history of 20th-century art and their international recognition.

It is precisely at sculpture auctions that one can find unique artworks that are extremely rare on the global art market, which are pieces by one of the most recognizable Polish artists in the world – Alina Szapocznikow. The fact that Szapocznikow's works are included in the most important museum collections worldwide, such as the Tate Modern in London, the Centre Pompidou in Paris, or the MoMA in New York, testifies to the significance of the Polish artist among the leading representatives of 20th-century art. Due to the rarity of her pieces on the market, their high collector's value as well as historical significance, each bidding of this artist's works arouses great excitement in the art market.

- Natalia Kowalek, project coordinator "Modern and Contemporary sculpture" - 

In recent years, the artist's works have reached record amounts. Here, we should recall the exciting auction from 2016 of the "Bird" artwork, which was discovered after many years. The piece was purchased for 1,958,000 PLN at the DESA Unicum's auction, thereby setting a price record for a sculpture sale transaction in Poland. It is worth noting that the asking price was 400,000 PLN, while the final hammer price was five times the asking price. 2019 also saw a huge rise in the asking price during the auction of a unique sculpture "Friendship." The piece, with an estimate value of 400,000 PLN, reached a hammer price of 1,700,000 PLN within a few minutes of bidding, significantly exceeding the high estimate (estimation: 600,000 PLN - 900,000 PLN.

The increase in interest, and consequently the increase in prices, is visible not only in the case of Polish art icons but also among younger artists. Since 2020, DESA Unicum has been implementing the "Urban Contemporary Art" project – an auction gathering artists with significant artistic achievements and – importantly – international recognition. Financially, it remains an accessible project to start assembling one's own art collection.

One of the leading artists presented in this auction is Robert Proch, whose example shows us how this art segment is developing in the market. The first work exhibited at DESA Unicum by Proch was the painting "Butterflies" from 2014, which sold for 8,260 PLN. It was a characteristic work for this artist, who tried to depict the trajectory of movement through painting. The composition itself was incredibly dynamic on the border between abstract and figurative art. The next Proch painting, "Stains II," which appeared at auction six months later, achieved a result of 15,340 PLN, and it is worth noting that it was half the size in format. The next noticeable price rise was during the auction in August 2021 – the painting "Daltonist," after a long and fierce bidding, sold for 42,000 PLN. Since then, every work of Proch's work at auction has aroused interest among collectors specializing in urban art, as well as those collecting post-war and contemporary art or the Polish contemporary art. Over the past year, only three works by this esteemed artist have appeared on the auction market, with their provenance being foreign collections. They achieved the following hammer prices: "Hangover" 84,000 PLN(auction in May 2023), "Individuals" 57,600 PLN, and "Light seekers" for 90,000 PLN (both appeared at the auction in December 2023). The next opportunity to acquire a work by this esteemed artist will be soon – on April 15th, the painting "Escape" and the collaborative piece by Proch and Chazme 718 "Coma" will be presented during the "Urban Contemporary Art" auction. - 

- Joanna Wolan, project coordinator "Urban Contemporary Art".

One of the names that generates enormous interest among Polish and foreign collectors is undoubtedly Magdalena Abakanowicz. The artist's strong position in the art market is evidenced by successive auction records.

In 2021, during the DESA Unicum auction, "Crowd III," a group of 50 monumental figures, was sold for 13.2 million PLN (3.04 million €), thereby setting a record sale on the Polish art market. Magdalena Abakanowicz's "Crowd III," became the first piece of art in Poland to exceed PLN 10 million (2.26 million €) and also became the artist's most expensive composition worldwide.

We note a steady increase in the position of Magdalena Abakanowicz's works in the international auction market. This applies to both the number of sold works and the prices achieved for auctioned objects. In the last five years, the number of the artist's sold objects has increased fivefold. Additionally, in 2021 alone, the turnover of the artist's works globally increased to 9.8 million dollars compared to 1.6 million from the previous year.

- Natalia Kowalek, project coordinator "The Polish School of Textile Art" - 

The dynamics of price growth for Abakanowicz's works is evidenced, for example, by the sale of the artist's fabric titled "Dorota," which in 2016 reached 56,640 PLN (13,049 €) at auction, while in 2020, the same work was sold for 519,000 PLN (119,570€), representing an increase of 816%.

The presence of Magdalena Abakanowicz's works in the most important contemporary art collections and museums worldwide enhances the interest of collectors and foreign investors. Among them are both private individuals and museums or institutions investing in art.

 

_{The content of this publication is for informational and educational purposes only. Before each investment, one should individually assess the benefits and risks associated with the planned transaction. Before making any decisions, consider (for example, with the assistance of a financial advisor) whether the transactions are suitable in light of the interested party's specific needs and financial situation, the adequacy of investing in any assets, or the application of any investment strategies. 
The information presented is based on the authors' current knowledge at the time of publication and may become outdated. It also does not constitute a guarantee that the art market will maintain its previous trends in the future. Trading in works of art is always associated with a series of risks that should be individually considered before making a transaction. No information contained in the publication constitutes investment advice or any opinion regarding the suitability of any securities, and the opinions expressed on this page should not be treated as advice regarding the purchase, sale, or possession of any securities. DESA Unicum and the author of the publication are not responsible for the decisions made by recipients of the published content, which always remain the individual choice of the parties involved in potential transactions. 
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