By Mark Westall • 16 June 2021
LiveArt has launched LiveArt Market to the public, the digital peer-to-peer marketplace that places control into the hands of sellers and buyers. LiveArt Market began limited, invitation-only trading last week and has already achieved sales approaching $5 million, with more than 1,000 works of art valued at approximately $120 million in the pipeline for sale. Prices have ranged between $50,000 and $500,000, with works by Amoako Boafo and Ed Clark commanding six-figure sums – levels usually seen only at the major auction houses. Early offerings currently available for purchase include works by Derrick Adams, Jean- Michel Basquiat, George Condo, Yayoi Kusama, Joel Mesler, Pablo Picasso, Richard Prince, Robert Ryman, Andy Warhol and Jack Whitten, among others.
LiveArt puts collectors in control by providing participants at all levels with one destination for real-time information and an efficient and secure marketplace in which to privately transact. All LiveArt Market participants are extensively vetted and therefore can transact anonymously in virtual deal rooms facilitated by the LiveArt team. Additionally, sellers can control the visibility of their works of art and only share exact details and images once they are comfortable with a potential buyer – addressing two key concerns often raised by market participants.
“Privacy is a hallmark of LiveArt, critically important for those who want to pursue a potential sale or purchase without the risk of overexposing a work or revealing a collecting strategy. At the same time, LiveArt offers more transparency into the sale process than any other platform or venue – a single seller and a single buyer, and straight-forward and low fees. The virtual deal rooms empower both sellers and buyers to control the outcome and all-in price.”
Marisa Kayyem, Chief Content & Data Officer for LiveArt,
Sellers upload works of art from their own collection to LiveArt’s AI-powered comprehensive data platform and instantly receive a LiveArt EstimateTM, view price trends and comparable sales, and make informed decisions about a potential sale. The LiveArt Concierge Services team is on hand to help users with listing works for sale.
Buyers discover works by browsing the LiveArt Market and viewing works listed publicly, as well as those listed privately – where comparable works are shown and images and details are only shared once the seller is comfortable proceeding. Once there is a commitment by both parties to move ahead with a sale, the work is
shipped to a secure art handling facility in Delaware for firsthand inspection to confirm authenticity and condition before the sale is completed. Funds paid by the buyer are held in escrow before being released to the seller, and a flat 10% fee is charged to successful purchasers.
“LiveArt provides a level of access and discovery that was previously available only to the most seasoned market participants. The platform is an exciting place for collectors to engage directly with one another and chase otherwise unavailable blue-chip treasures, observe the latest trends, and discover artists usually reserved for a small coterie of insiders. For the first time, collectors anywhere in the world will have access to an exciting offering of works to suit all tastes.”George O’Dell, Executive Vice President of LiveArt
New works are constantly being added to the platform, and curated weekly drops feature special collections, themed offerings and outstanding individual highlights.
The next drop will launch on June 17th and feature a work by Alex Da Corte from his seminal CD series. The offering is timely – Da Corte, who is quickly becoming a defining artist of this generation, was selected for the Metropolitan Museum of Art’s coveted roof garden commission and his As Long as the Sun Lasts, is on view through October 31st.
Among the highlights currently available for sale and listed publicly on LiveArt Market are works by Jean-Michel Basquiat, George Condo, Barbara Kruger, Yayoi Kusama, Pablo Picasso, Jack Pierson, David Salle and Andy Warhol. Additionally, private listings feature works by Derrick Adams, Kwesi Botchway, Robert Ryman, Kara Walker and Jordan Wolfson.