Pablo Ruiz Picasso (1881-1973) was among the most prominent and celebrated Spanish artists of the 20th century, famous for co-founding the Cubist movement along with Georges Braque. Born in Malaga, Spain, into a creative family, Picasso displayed artistic talent in his early years and acquired his initial art education in Barcelona. He migrated to Paris 1904 to promote his artistic ambitions, where he became part of a new avant-garde art movement.Picasso contributed considerably to a number of artistic movements, especially Symbolism and Surrealism, and was responsible for inventing constructed sculpture and co-inventing collage. His artistic career went through various stages: the Blue Period (1901-1904), when he created paintings in dark blue shades; the Rose Period (1904-1906), when he painted people from the circus; the African-influenced Period (1907-1909); Analytic Cubism (1909-1912) and Synthetic Cubism (1912-1919). In Cubism, fragmented subjects and objects were rearranged in abstract form, while the colors used were invariably dull greys, brown and neutrals.In the mid-1920s, Surrealism inspired a change of style. Picasso’s works became more expressive and often depicted violence or eroticism. Picasso produced more than 30,000 paintings, prints, drawings, sculptures, ceramics, theatre sets and costume designs during his long career. Picasso’s works left a great impact on the art world, and he had a mass following of fans and critics alike. Some of his notable works are “Blue Nude,” “Les Desmoiselles d’Avignon”, “The Aficionado” and “Guernica.”On September 26, Sotheby’s will present 24 lots of Picasso’s art at its Prints and Multiples auction and on September 28, 137 lots are up for auction at Sotheby’s Important Picasso Ceramics Online sale in London.Here is a performance analysis of Pablo Picasso’s creations in the auction market:1. Sales Trend in the Past 20 YearsPicasso ranked No.1 – as the highest-grossing artist of all-time, with sales totaled $7.5 billion.2015 was a record high year for Picasso, with 2,724 lots sold for a total $655 million, bolstered by the sale of his masterpiece “Les femmes d'Alger (Version ‘O’)” realized $179.4 million at Christie’s auction Looking Forward to the Past in New York. At the time, the price was the highest on record for a work of art sold at auction, and was well over its estimate of $140 million.In 2016, his annual sales nearly halved, with $312.4 million for 2,557 works as more than 90 percent of his works were sold for below $100,000.But in 2017, sales climbed to a total $436.1 million, bolstered by the Impressionist & Modern Art Evening Sales at Christie’s and Sotheby’s, where 11 of his artworks exceeded the $10 million mark.2. Volume of Artworks on Offer vs. Bought-in RateThe graphic below shows that there continued to be a high demand for Picasso’s artworks in the past decade. In 2014, Picasso’s second-highest grossing year, a record 3,378 lots were offered, while the bought-in rate was 20.5 percent. In the past four years, lots offered at auction remained relatively steady, but in 2017, a high bought-in rate of 30.7 percent was registered because some of his high estimated works remained unsold. Those works included “Palette, Pinceaux, Livre De Victor Hugo” (estimated at $5 million to $7 million) and “Buste de femme” (estimated $4 million to $6 million).3. Bought-in by Auction HousesThe graphic below represents the artist’s lots and bought-in rates at the top two auction houses. Overall, the lots offered at Christie’s and Sotheby’s both were low when compared with the other auction houses. Since 2013, Picasso’s works have been offered more at auction houses other than Christie’s and Sotheby’s combined. The bought-in rates overall at Sotheby’s and Christie’s were low, in a range of 8 percent to 18 percent, in the same period.4. Average and Median Sale Price Trend in the Past 20 YearsEven though 2015 was Picasso’s record year, his sale price average hit an all-time high of $330,641 in 2010, which can be attributed to the record-setting sale of his “Nude, Green Leaves and Bust” work, which fetched $106.5 million at Christie's New York and became his third priciest work ever sold.The median prices of the artist in between 2014 to 2017 remained low at $7,600 - $9,300, as 98 percent of his works sold for below $1 million in that period.5. Highest-Priced ArtworksPicasso’s top three lots were sold at Christie’s New York.“Les femmes d’Alger (Version ‘O’),” a 1955 oil on canvas, sold for a record $179.4 million on May 11, 2015, an unprecedented price for a work of art at the time. This vibrantly hued painting is the final and most highly finished work from Picasso’s 1954-55 “Femmes d’Alger” series, which was inspired by the 19th-century French master Eugene Delacroix, and which created a new style of painting.This year, his canvas “Fillette a la corbeille fleurie” sold for $115 million on May 8. On May 4, 2010, his third-highest sale occurred, when a sensuous and stunning masterpiece “Nude, Green Leaves and Bust (1932),” fetched $106.5 million. 6. Price Band in Which His Works Have Sold in the Past 20 YearsNinety percent of Picasso’s artworks were sold for below $100,000, but a significant 7 percent, or 2,070 lots, sold in range of $100,000 to $1 million and 2 percent, or 596 lots, sold in the $1 million to $10 million range. A total 101 lots exceeded $10 million in the past two decades.7. Where Have His Works Sold the Most in the Past 20 YearsAbout 94 percent of his creations were sold at the main auction houses, Christie’s and Sotheby’s, in the past two decades. In terms of volume, over 50 percent of Picasso’s works were sold at Christie’s and Sotheby’s, but a significant 48.5 percent were sold at other auction houses.Geographically, the United States leads with $3.5 billion in sales, followed by the United Kingdom at $1.7 billion, with France, Germany and Australia accounting for the rest.8. How Often Have His Works Exceeded Auction High EstimatesIn the past two years, between 48 percent and 54 percent of his works have exceeded the auction high estimates at Sotheby's, whereas at Christie's, these figures were in the range of 34 percent to 43 percent. Given the trend, there is a higher chance of his works exceeding the high-estimates at Christie’s than at Sotheby’s. http://www.blouinartinfo.comFounder Louise Blouin
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