Artory Collaborates with Art Basel and UBS on the 2021 Art Market Report

Art Market Report 2021

For its fifth edition, the annual Art Basel and UBS Global Art Market Report 2021 has once again partnered with Artory to give the art world its first comprehensive look at the art market’s performance over the past year.

The Art Market Report 2021 is the art world’s premier benchmark for the study and analysis of the general art market, art collecting, auction houses, galleries, fairs, and online sales. By using data from sources, including Artory’s neutral database with information sourced directly from auction houses, The Art Market Report offers objective, independent research and shares Artory’s goal of bringing greater access to credible information to the market.

Artory’s database, which contains millions of transaction records from auction houses across the globe, was an integral part of the research conducted in the report. The Artory team worked closely with renowned economist Dr. Clare McAndrew–Founder of Arts Economics and author of the report–to provide her with the most relevant and trusted information about the global auction market.

On Artory’s collaboration with The Art Market Report 2021, Founder and CEO Nanne Dekking states, “It is an honor to act as an asset for this report. Artory is more than happy to share our resources and to curate data sets uniquely designed to assist Clare with her research. Her work represents a gold standard within the industry and the report has really become an invaluable resource for all parties involved in the market.”

Dr. Clare McAndrew
Dr. Clare McAndrew, the brains behind The Art Market Report.

The Artory Registry and free price database give institutions and collectors the tools to participate in the art market with more confidence. The price database gives all market players access to historical transaction data sourced from around the globe, making it a valuable tool for informing collectors on price trends and other art historical research. 

Separately from the free price database, only trusted institutions can cryptographically sign and record information on the blockchain in The Artory Registry: guaranteeing the veracity and credibility of signed information on Artory. The Registry thus creates a repository of trusted and vetted artworks within Artory’s already massive database.

By using The Artory Registry, galleries, auction houses, appraisers, and other art organizations leverage blockchain to secure and protect artwork information. In doing so, institutions create a time-stamped, unalterable record of ownership and provenance which can be shared privately with their clients through permission-based access. Artory therefore enables institutions to issue digital proofs of purchase, authenticity, condition, and more to their clients through a fully secure and private platform.

“Rumors of War,” 2019, Kehinde Wiley.
Featured in the report: “Rumors of War,” 2019, Kehinde Wiley. Now in the collection of Virginia Museum of Fine Arts.

Artory was proud to help Dr. Clare McAndrew complete her report through our wealth of data. Through Artory’s unique capacities and dataset, Artory is able to provide:

  • An extensive investigation into the global auction market spanning over six continents, including transactions from online auction houses;
  • Enables bespoke analyses of art market performance including queries by region, artist, movement, time, price bracket, and auction house amongst others;
  • Comprehensive, objective, and independent datasets.

Timothy Kompanchenko, Artory’s Chief Technology Officer, further explains: “The volume of data that we have compiled is invaluable to understanding the market.” Kompanchenko continued: “Beyond that, however, Artory has a team that understands how to digest this raw data and how to work with researchers to provide the kind of rigorous analysis they need to conduct their studies. As we grow, we expect to become an even stronger resource for collectors, academics, and other institutions seeking an understanding of the art market and its constituents.”

Artory’s database covers thousands of auction houses, with millions of records and consistent auction results gathered annually for businesses globally. As stated in the report: “Global auction data is supplied by Artory. Artory’s database covers 4,000 auction houses with over 35 million records, with consistent auction results gathered annually for 250 businesses in 40 countries and 500,000 artists.” The database comprises results from major sales in first- and second-tier auction houses around the world, and does not restrict inclusion by final price or estimate value, hence offering coverage of the full range of prices and sales.

For more information on Artory, please visit our How It Works page and read more on The Artory Blog. If you’re interested in working with Artory, please visit our Partner Page.

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