Polish art market in the time of the plague

In 2020, despite the global crisis of the Covid-19 pandemic, the Polish art market saw an increase in turnover of as much as 85 million zlotys! Although the salutary effect of beauty has been known since antiquity, there are more and more people for whom art in uncertain times is also a good investment.

The origins of the art market in Poland can be traced to the activities of Stanislaw August Poniatowski. It is only since the fall of the Iron Curtain, however, that we can speak of a market that is beginning to keep up with global trends. To this day, the Polish art market is described in the industry as a young and growing market. The widespread luxury goods market is seeing an increasing number of
interest in the art of Polish artists. Importantly, not only the former. Previously, the most spectacular auction records usually fell during auctions of works by old masters.  As of 2018, it is contemporary art that has gained the attention of collectors.

The art of young Polish artists has also attracted the interest of Lukasz Wiącek, a Lublin-based collector, cultural expert and art historian. The Wiacek Collection can be admired among others. On Instagram.

It is made up of 170 objects today.
– The collection is a collection of artworks, presenting mainly the work of young Polish artists. Each work that augments the collection is intended to show contemporary artistic trends and the path of exploration of artists in creating their own vision of the world. Of course, foreign names also appear among the artists whose works are part of the collection. Although there are many great foreign artists, collecting “domestic” art is of great importance to me. It’s about rebuilding public awareness of the desirability of investing in the works of young artists working in Poland,” says Lukasz Wiącek.

Works of art are luxury goods. The price of an object is usually determined by the name recognition of the author of the work and, of course, the excellence of the workshop.
– The common statement that art collecting is only for the elite and has become a hobby of the rich contains a lot of truth, but importantly, it is not the rule and does not have to be so at all. You just need to know a few universal rules that will allow anyone to build their collection,
regardless of whether we choose to invest in the works of established or emerging artists,” explains Lukasz Wiącek.
Wanting to create your own collection, you can choose to buy directly from the artist or his heir, or become an active participant in the auction market.

The Polish auction record belongs to Magdalena Abakanowicz, whose installation “Caminado” (1998/1999), consisting of twenty figures, was auctioned in 2019 for 6,800,000 million zlotys (after auction fees 8,000,000). The groundbreaking event took place at Poland’s largest auction house Desa Unicum. The second place in the ranking of the most expensive Polish works of art is occupied by a painting by Wojciech
Fangor’s “M39” (1969). It was auctioned, also at Desa Unicum, in 2018 for PLN 4 million (after auction fees, 4,720,000).

The world’s most expensive painting sold is Leondardo da Vinci’s “Salvator Mundi.” It was auctioned at New York’s Christie’s in November 2017 for a price of $400 million ($450 million after auction fees). The work was bought by Saudi Crown Prince Bader bin Abdullah bin Mohammed bin Farhana al-Saud. And who buys Polish art? According to the KPMG report “Luxury Goods Market in Poland. Luxury Across Generations” Poles are getting wealthier. It is estimated that in 2018, 1.4 million Poles earned more than 7,100 per month. PLN gross. The natural tendency of citizens getting richer is the development of the luxury goods market. The report shows that 5 percent. Survey respondents earning more than 3.7 thousand per month. PLN gross bought some artwork in 2018.

According to a Deloitte report, the Polish art market has been growing rapidly since 2011. In 2018, turnover amounted to PLN 252 million (compared to annual turnover of 60 to 80 million in 2000). The year 2020, despite the global covid crisis, brought an increase in turnover in the Polish art market by 85 million zlotys. That’s an increase of 29 percent. relative to 2019.

– Investments in works of art are most often a very good investment of capital,” explains Lukasz Wiącek, adding that when collecting art we should know for what purpose we are doing it. – There is a division into three categories: investment, collector and decorative. Many collectors take a purely investment approach in their choices, making the collection an investment portfolio consisting of works of art by already established artists. Art is then a capital investment, but still not devoid of the emotional value that interacting with works of art gives us.