Art Market

Summer typically ushers in a period of relative tranquility in the art market. Still, this year, Summer 2023 has proven to be a captivating season, marked by a compelling fusion of artistic endeavors and historic sales.

Let us embark on a curated journey through a selection of the most noteworthy sales that unfolded during this summer.

In the previous article "Decoding Art Valuation: Exploring the Factors Behind Price Variation in Artworks part 1" the objective drivers that influence the valuation of artworks were explored: the age factor, size, medium and materials, rarity, genre and colors, mentions and exhibitions, provenance and ownership history.

In this article, on the other hand, we explore the other factors that contribute to the valuation of works of art.

Evaluating artworks can be a complex process that involves considering various factors that contribute to the variation in prices. Artworks are inherently heterogeneous, differing in terms of artist’s age, artwork size, medium, genre/color, provenance, and mentions in literature or participation in exhibitions.

June 2023 saw several significant events and developments in the art market that captivated art enthusiasts and collectors alike.

From record-breaking auctions to the success of renowned art fairs, the art world demonstrated its resilience amidst turbulent times.