Contemporary art

In contemporary art, value is largely built on reputation: exhibitions, reviews, museum acquisitions, gallery support. This construction makes the segment sensitive to fashion effects, but it also creates opportunities for informed buyers.

The primary and secondary markets are distinct. The first is that of galleries selling the artist's work directly; the second is that of resale, in galleries or at auction. Secondary prices reflect real demand and feed the index.

The authenticity of contemporary works raises few problems of fakes, but raises other questions: conceptual works resting on a certificate, installations to be reassembled according to instructions, ephemeral works, numbered editions, digital works.

In all these cases, the artist's or gallery's certificate is the work itself or nearly so. The OIMAP certificate ensures its traceability and conservation: it records the work, the artist's certificate and the reinstallation conditions.

Museums and contemporary art foundations have become essential opinion-makers. An exhibition in a recognised institution is often followed by a rise in prices, while an acquisition by a major museum lastingly validates an artist's career.

This influence is double-edged: the institutions themselves are subject to fashion effects, and their choices are not always backed by the market. The Observatory follows the links between exhibitions and prices in an annual study.