ARTSPLIT Weekly Roundup (October 14th — October 21st, 2022)
It was a bullish week on the ARTSPLIT marketplace as it posted a 0.03% gain, with its market capitalization gaining $1,000 from $3.197 million in the previous week to end the week with a market capitalization of $3.198 million. The gain in the market seen during the week was majorly attributable to the gains seen in El-Dragg Okwoju and Kolade Oshinowo artworks.
The week in question saw the market record a total volume of 4,829 SPLITS from 10 Artworks of the 42 currently listed on the ARTSPLIT platform. A majority of the volume came on Friday, the 14th of October 2022, where 1,843 SPLITS, representing 38.17% of the total volume that was traded during the week. The least came on Sunday, the 16th of October 2022, where 1 SPLIT, representing 0.02% of the total volume was recorded.
Diving in deeper into these figures, an artwork by Abayomi Barber accounted for the most volume seen during the week, representing 1,840 SPLITS or 38.10% of the total volume seen during the week. This is followed by El-Dragg Okwoju’s “Euphoria,” and Kolade Oshinowo’s “Koma Village II,” which both accounted for 1,719 and 683 SPLITS, representing 35.60% and 14.14% of the total volume respectively.
On the value side, a total of $953.57 was traded during the week under review. A majority of the value came on Thursday, the 20th of October 2022, accounting for $371.55, representing 38.96% of the total value of transactions seen on the platform during the week in question. The least came on Sunday, the 16th when $0.28 value of transactions was recorded.
Diving in deeper, an artwork by Abayomi Barber accounted for the most value of transactions seen during the week, accounting for $292.90, representing 30.72%. This is followed by El-Dragg Okwoju’s “Euphoria,” and Ben Enwonwu’s “Nnamdi Azikiwe,” which both accounted for $272.81 and $227.50, representing 28.61% and 23.86% of the total value respectively.
On the gainer’s chart, we saw three artwork post gains during the week under review. The chart was led by El-Dragg Okwoju’s “Euphoria,” which posted gains of 63.64% during the week, as it started the week trading at $0.11 per SPLIT to end the week trading at $0.18 per SPLIT. The artwork was responsible for adding $7,000 to the market capitalization. Taking second and third place were Kolade Oshinowo’s “Koma Village II,” and an artwork by Abayomi Barber which both gained 25.00% and 6.67% respectively. They both collectively added $4,000 to the market capitalization.
On the loser’s chart, we also saw one artwork post losses during the week under review. The chart was led by Akinola Lasekan’s “Ijo Ibile,” which posted losses of 37.04% during the week, as it started the week trading at $0.27 per SPLIT to end the week trading at $0.17 per SPLIT. The artwork was responsible for the market capitalization losing $10,000.
Although the market ended the week bullish, its market breath, however, was an entirely different story as sellers accounted for most of the transactions seen during the week, representing $616.82 with a volume of 3,632 SPLITS. This means the sellers accounted for 64.69% of the total value of transactions and 75.21% 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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