ARTSPLIT Bi-Weekly Market Round-Up (1st — 15th January 2023)
It was a bullish bi-weekly performance on the ARTSPLIT marketplace to start the new year. The marketplace posted a 0.23% gain, with its market capitalization gaining $8,000 from $3.465 million in the last two weeks to end the week with a market capitalization of $3.473 million. The gain in the market seen during the last two weeks was majorly attributable to the gains seen on Edosa Ogiugo’s “Market Day In Dalston, London,” and Ben Enwonwu’s “Water.”
In the last two weeks, we saw the market record a total volume of 4,605 SPLITS from 28 Artworks of the 51 currently listed on the ARTSPLIT platform. A majority of the volume came from Isshaq Ismail, who accounted for 1,448 SPLITS, representing 31.44% of the total volume that was traded in the last two weeks. The least came from Uche Okeke, who accounted for only 1 SPLIT, representing 0.02%.
Diving in deeper into these figures, as previously mentioned, Isshaq Ismail’s “Abrantie,” accounted for the most volume seen in the last two weeks, representing 1,448 SPLITS or 31.44% of the total volume seen. This is followed by Clary Nelson Cole’s “Gestation,” and an artwork by Abayomi Barber which both accounted for 801 and 610 SPLITS, representing 17.39% and 13.25% of the total volume respectively.
On the value side, a total of $1,065.12 was traded in the last two weeks under review. A majority of the value came from Isshaq Ismail, who accounted for $419.92 representing 39.43% of the total value of transactions seen on the platform in the last two weeks in question. The least came from Yusuf Grillo who accounted for just $0.05.
Diving in deeper, as previously mentioned, Isshaq Ismail’s “Abrantie,” accounted for the most value of transactions seen in the last two weeks, accounting for $419.92, representing 39.43%. This is followed by Clary Nelson Cole’s “Gestation,” and Kofi Agorsor’s “The Orange Dance,” which both accounted for $160.20 and $131.12, representing 15.04% and 12.31% of the total value respectively.
On the gainer’s chart, we saw four artworks post gains during the weeks under review. The chart was led by Edosa Ogiugo’s “Market Day In Dalston, London,” which posted gains of 27.27% in the last two weeks, as it started trading at $0.11 per SPLIT to end trading at $0.14 per SPLIT. The artwork was responsible for adding $3,000 to the market capitalization. This was then followed by a 9.09% gain seen on Ablade Glover’s “Confrontation,” and an 8.57% gain seen on Ben Enwonwu’s “Water.” They both collectively added $4,000 to the market capitalization. There were no losers recorded in the last two weeks.
Although the market ended up bullish, its market breathe, however, ended bearish, where the sellers accounted for most of the transactions seen in the last two weeks, representing $919.12 with a volume of 4,114 SPLITS. This means the sellers accounted for 86.29% of the total value of transactions and 89.34% of the total volume of transactions. There was no activity on the lease side as all artworks ended the week flat.
ARTSPLIT is an art trading technology company driven by one common goal; enhancing the investment status of African art by allowing users to co-own rare and valuable artworks on a platform that guarantees price discovery and market liquidity.
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