Art Report 2020
TURKISH ART MARKET REVIEW in Brief
HIGHLIGHTS
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Performance of Turkish Fine Art Markets at Auctions Between 2000-2020 |
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TURKISH ART INDEX (TL) |
TURKISH ART INDEX (USD) |
TURKISH MODERN ART INDEX (TL) |
TURKISH MODERN ART INDEX (USD) |
TURKISH CONTEMPORARY ART INDEX (TL) |
TURKISH CONTEMPORARY ART INDEX (USD) |
TURKISH OLD MASTER ART INDEX (TL) |
TURKISH OLD MASTER ART INDEX (USD) |
|
|
Index Value |
773.03 |
69.15 |
950.53 |
85.32 |
1909.14 |
159.37 |
292.56 |
27.43 |
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Average Annual Return % |
12.45 |
0.63 |
14.95 |
2.88 |
20.12 |
5.34 |
20.97 |
9.3 |
|
Average Annual Standard Deviation (RİSK) |
20.53 |
23.4 |
28.34 |
28.71 |
36.12 |
26.33 |
64.94 |
59.68 |
|
Return per Unit of Risk |
0.61 |
0.03 |
0.53 |
0.10 |
0.56 |
0.20 |
0.32 |
0.16 |
Source: Indices created by Dr. Zafer Ozdem
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Total Sales of The Greatest 80 Listed Artists |
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Total Sales (TL) |
Change % |
Total Sales (USD) |
Change % |
The Number of Works Sold |
Change % |
|
|
2020 |
18.319.442 |
-26.10 |
2.644.263 |
-40.48 |
385 |
31.85 |
|
2019 |
24.790.961 |
- |
4.442.685 |
- |
292 |
- |
Source: Artprice.
Auction art market sales turnover was around 200 Million TL in 2020.
The top 80 greatest Listed Artists sales dropped 26.10 % to 18.3 Million TL at auctions but contrary to this decline the number of artworks sold of the Listed Artists increased 31.85 %, suggesting that the artwork prices fell down dramatically and masterpieces did not show up in the market or went unsold as the disadvantage of online sales.
Zafer Ozdem Turkish Art Market Index down to 773.03 by 0.50 %.
Contemporary art shows the biggest increase, Turkish Contemporary Art Market Index up to 1909.14 by 23.91 %.
Turkish Art, Modern Art and Old Master Art Indices in USD fell down under base year 2000 value because of Turkish Lira had lost its value against USD very sharply in recent years.
Positive Investment returns in the art market indicated by Zafer Ozdem Turkish Art Market Index which is included by the top 38 greatest Artists produced average annual growth rate 12.45 % in Turkish Lira and 0.63 % in USD between 2000-2020.
The explosion in online activity as galleries, auction houses, and collectors turned to digital platforms to buy and sell art.
Many traditional art galleries also turned to auction houses to operate online auctions.
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Artists with the greatest shares at auctions in 2020 |
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Total Sales (TL) |
The Number of Works Sold |
Average Bids Number Per Artwork of Bidders |
Unsold Lot Value |
Unsold Lot Numbers |
Unsold Rate in Value |
Unsold Rate In Numbers of work |
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|
Burhan Dogancay |
3.000.200 |
64 |
22 |
- |
- |
- |
- |
|
Bedri Rahmi |
2.636.150 |
175 |
33 |
260.000 |
4 |
0.10 |
0.02 |
|
Devrim Erbil |
2.266.350 |
86 |
21 |
75.000 |
2 |
0.03 |
0.02 |
|
Kemal Onsoy |
2.184.750 |
65 |
23 |
112.500 |
3 |
0.05 |
0.05 |
|
Ergin Inan |
1.590.250 |
75 |
16 |
334.000 |
16 |
0.21 |
0.21 |
Source: Artprice.
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The Most İn-Demand Artists at Auctions in 2020 |
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The average number of bids per artwork |
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1.Fahrel Nissa Zeid |
46 |
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2.Bedri Rahmi |
33 |
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3.Fikret Mualla |
27 |
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4.Kemal Onsoy |
23 |
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5.Mustafa Ata |
23 |
Source: Artam Antik A.S.
The Highest Average Annual Return of Artists Between 2000-2020
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Average annual return (%) |
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1. Osman Hamdi |
167.16 |
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2. Ibrahim Callı |
56.5 |
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3. Alaettin Aksoy |
52.18 |
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4. Neset Günal |
51.32 |
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5. Mubin Orhon |
48.15 |
Source: Calculated by Zafer Ozdem Artists Art Indices.
The Highest Price Increase of Artists in 2020 vs 2019 (%)
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1. Ahmet Gunestekin |
118.42 |
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2. Ahmet Oran |
108.49 |
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3. Haluk Akakce |
80 |
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4. Avni Arbas |
78.74 |
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5. Gungor Taner |
72.53 |
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The Highest Price Increase of Artists Between 2000-2020 |
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|
Index Value |
|
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1. Nuri Abaç |
4440.54 |
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2. Neşet Günal |
4226.77 |
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3. Mehmet Güleryüz |
3995.45 |
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4. Neş'e Erdok |
3183.87 |
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5. Ferruh Başağa |
3008.70 |
The Most expensive artworks sold at auction in 2020
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Price (TL) |
Price (USD) |
Auction House |
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Burhan Dogancay (1929-2013) |
568,170 |
74.439 |
Artam Antik A.S., December 19, Online Auction. |
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Erol Akyavas (1932-1999) |
467,162 |
72,590 |
Artam Antik A.S., March 28, Salon Auction. |
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Ergin Inan (1943) |
328,276 |
43,900 |
Artam Antik A.S., September 12, Online Auction. |
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Canan Tolon (1955) |
290,398 |
45,124 |
Artam Antik A.S., March 28, Salon Auction. |
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Source: Artprice.com
The most in-demand artist at auctions in terms of the number of users inquiring about buying her work held on Artam Antik A.Ş. was Fahrelnissa Zeid in 2020.
The most in sales artist at auctions in value was Burhan Dogancay, in the numbers of works sold was Bedri Rahmi Eyuboglu in 2020
The highest price increase of Artist in 2020 vs 2019 was Ahmet Gunestekin.
The highest price increase of Artist from 2000 to 2020 was Nuri Abac whose artwork's price surged more than forty fourfold.
The highest average annual return of Artist in the last 20 years is Osman Hamdi.
Burhan Dogancay was the most expensive artist in Turkey in 2020.
