ARTSPLIT Market Roundup (1st April — 15th April 2023)
It was a bullish bi-weekly performance on the ARTSPLIT marketplace to start the month of April 2023. The marketplace posted a 9.86% gain, with its market capitalization gaining $381,000 from $3.87 million in the last two weeks to end the month with a market capitalization of $4.25 million. This is the first time the ARTSPLIT market capitalization crossed the $4 million mark.
In the first two weeks, the market recorded a total volume of 10,553 splits from 34 Artworks of the 53 currently listed on the ARTSPLIT platform. Most of the volume came from Rufus Ogundele, who accounted for 6,908 splits, representing 65.46% of the total volume traded in the last two weeks. The least came from Kolade Oshinowo, who accounted for only one split, representing 0.01%.
Diving deeper into these figures, as previously mentioned, an artwork by Rufus Ogundele accounted for the most volume seen in the last two weeks, representing 6,908 Spits or 65.46% of the total volume seen. This is followed by Ben Enwonwu’s “Repeat Of 1939 Picture” and Abayomi Barber’s “Park,” which accounted for 884 and 412 SPLITS, representing 8.38% and 3.90% of the total volume, respectively.
On the value side, a total of $4,060.15 was traded in the last two weeks under review. Most of the value came from Ben Enwonwu, who accounted for $958.15 representing 23.60% of the total value of transactions seen on the platform in the last two weeks. The least came from Kolade Oshinowo, who accounted for just $0.20.
More specifically, Yusuf Grillo’s “Eyo” accounted for the most value of transactions seen in the last two weeks, accounting for $791.12 representing 19.49% of all transactions. Following that are Abayomi Barber’s “Park” and Ben Enwonwu’s “Ogolo In Motion,” which accounted for $622.38 and $609.93, respectively, representing 15.33% and 15.02% of the total value.
During the weeks under review, ten artworks posted gains on the gainer’s chart. The chart was led by Abayomi Barber’s painting “Park,” which gained 968.75% in the last two weeks, starting at $0.16 per SPLIT and ending at $1.71 per SPLIT. The artwork contributed $155,000 to the market capitalization. This was followed by gains of 614.29% and 164.58% for Abayomi Barber’s “Forest” and Uzo Egonu’s “Women Gathering,” respectively.
We saw three artwork post losses on the loser’s chart during the weeks under review. The chart was led by El-Dragg Okwoju’s “Euphoria,” which posted losses of 92.31% in the last two weeks, as it started trading at $0.26 per SPLIT to end trading at $0.02 per SPLIT. The artwork was responsible for losing $24,000 of the market capitalization. This was followed by William Joseph Kentridge’s “Studies for Sculpture” and Ben Enwonwu’s “Ogolo in Motion,” which posted losses of 16.67% and 0.33%, respectively.
Although the market finished bullish, the same cannot be said for market breadth, as sellers accounted for the majority of transactions seen in the last two weeks, totaling $3,944.72 with a volume of 9,344 SPLITS. This means that sellers accounted for 97.16% of total transaction value and 88.54% of total transaction volume. There was no activity on the lease side this week, as all artworks were returned flat.
