TURKISH ART MARKET at AUCTİONS First Quarter 2021 REVIEW in Brief By Dr. Zafer Özdem HIGHLIGHTS Auction art market sales turnover increased up to 48 Million TL by 100.11 % in the first quarter compared to the same period in 2020. This increase and all zaferozdem Turkish Art Market Indices indicates that the art auction market in Turkey boomed with online auctions which are organized mostly after the pandemic circumstances. Almost all art markets turned into digital platforms to buy and sell art pieces. zaferozdem Turkish Modern Art Index shows the biggest increase, up to 1330.32 by 39.95 % in the First Quarter All zaferozdem Turkish Art Market Indices priced in USD increased even with volatile exchange rate. zaferozdem Contemporary Art Index shows the biggest Average Annual Return increased by 19.57 % between 2000-2021Q1. Bedri Rahmi Eyüboğlu artworks sold at auctions with greatest volume by 3.118.000 TL in the First Quarter. Abidin Dino artworks sold with the highest demand by average number of bids 49 per artwork. The most expensive artwork sold at auctions was Fikret Mualla: 530.282 TL (75.864 USD) at 13 Feb. 2021 by Artam Antik A.S. The Highest Price Increase of Artists was Mustafa Ata by 139.71 % at Auction Market in First Quarter 2021
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zaferozdem art investment https://www.artbasel.com/stories/2021-the-art-basel-and-ubs-global-art-market-report-2021
Turkish Fine Art Auction Markets Summary First Half of 2021
Turkish art market auction sales turnover increased up to 198 Million TL by 136.87 % in the first half of the year compared to the same period in 2020. Almost all art markets turned into digital platforms to buy and sell art pieces and all auction sales were realized by online sales. This great percentage increase indicates that the art auction market in Turkey boomed with online auctions which were organized mostly after the pandemic circumstances and made it possible to reach new customers all around Country.
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Turkish Art Market
TURKISH ART MARKET CONFIDENCE INDEX ® (by Dr. Zafer OZDEM) also indicates low level confidence at 60 % of the buyer confidence about appropriate time to buy artworks with goes parallel with decrease of the 2 major indicators of the art market buyer demand “Average Bids Number Per Artwork of Bidders” and “Auction Market Liquidity Ratio” . Turkish Art Market Players' expectation about art prices to be in the next 3 months will rise by 30 %; will fall by 20 % and will be stable by 50 %.
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