Postimees: Art buyer seeks refuge in art assets to escape inflation

Artrovert Gallery founder and director Siim Raie: “During this autumn’s Estonian art auction season, the proportion of works sold by living artists was only about a third, but foreign art collectors prefer to invest in emerging and rising names.”

A brief summary of the article:

  • In 2022, a total of 23 art auctions took place, featuring a total of 1,724 artworks on offer.
  • Of these, 1,181 (69%) found new owners, while 543 works remained unsold.
  • There were 592 works sold in spring auctions and 589 in autumn auctions.
  • The total revenue from the auctions in 2022 amounted to 6.18 million euros, with 3.54 million euros generated from the autumn auctions.
  • The arithmetic average selling price of works in spring was 4,455 euros, while in autumn, it was significantly higher, slightly over 6,000 euros.
  • The average selling price of works in the Osta Noort Kunsti auction was 1,265 euros.
  • In the autumn auctions, 72% of the offered works were by deceased artists, and 28% were by living artists.
  • The artist with the highest number of works offered in the autumn auctions was Malle Leis (26), followed by Evald Okas (24), Jüri Arrak (23), Eduard Wiiralt (21), and fifthly, Leonhard Lapin (16).

Read the article (in Estonian) on the Postimees website for more information: KULTUURIS KUUM ⟩ Kunstiostja põgeneb inflatsiooni eest kunstivara kantsi