Art Market Update
How will prices for Pablo Picasso’s artwork react to the upcoming 50th anniversary of his death?
I ask this because there will be increased media coverage of the late artist and numerous exhibitions coinciding with this anniversary. With the increase of Picasso’s presence in the media and museums/ galleries, it wouldn’t be out of the ordinary for demand and prices for his artwork to rise in response.
But, this could be a double-edged sword. Collectors may oversupply the market with Picasso’s works in anticipation of increased demand, resulting in suppressed or even lower prices.
The answers remain elusive, of course, but it might pay to be in early (whether buying or selling) to avoid the worst of any volatility or unpredictability in the market for Picasso’s artworks.
What exhibitions are scheduled?
The celebration of the Picasso will begin in 2023, which marks 50 years since his passing in 1973. So far, more than 40 major exhibitions across Europe and North America are being organized by the Musée Picasso Paris and its partners. Picasso exhibits are already lined up for the Metropolitan Museum of Art and Guggenheim in New York City.
Although I would argue that many smaller galleries and institutions around the world will likely contribute to the conversation with their own exhibitions outside the scope of Musée Picasso Paris, meaning that the reach of this event will be incredibly wide.