ARTSPLIT Weekly Roundup (October 21st — October 28th, 2022)
It was a bullish week on the ARTSPLIT marketplace as it posted a 0.38% gain, with its market capitalization gaining $12,000 from $3.198 million in the previous week to end the week with a market capitalization of $3.210 million. The gain in the market seen during the week was majorly attributable to the addition of three new artworks to the ARTSPLIT marketplace.
The week in question saw the market record a total volume of 8,110 SPLITS from 12 Artworks of the 45 currently listed on the ARTSPLIT platform. A majority of the volume came on Tuesday, the 25th of October 2022, where 4,897 SPLITS, representing 60.38% of the total volume that was traded during the week. The least came on Friday, the 28th of October 2022, when no SPLIT was recorded.
Diving in deeper into these figures, Akinola Lasekan’s “Ijo Ibile,” accounted for the most volume seen during the week, representing 4,502 SPLITS or 55.51% of the total volume seen during the week. This is followed by Ben Enwonwu’s “Water,” and Edosa Ogiugo’s “Market Day In Dalston, London,” which both accounted for 1,002 and 710 SPLITS, representing 12.36% and 8.76% of the total volume respectively.
On the value side, a total of $2,298.33 was traded during the week under review. A majority of the value came on Tuesday, the 25th of October 2022, accounting for $1,315.27, representing 57.23% of the total value of transactions seen on the platform during the week in question. The least came on Friday, the 28th when no transaction was recorded.
Diving in deeper, Akinola Lasekan’s “Ijo Ibile,” accounted for the most value of transactions seen during the week, accounting for $1,260.48, representing 54.84%. This is followed by Ben Enwonwu’s “Water,” and an artwork by Abdoulaye ‘Aboudia’ Diarrassouba which both accounted for $397.59 and $334.00, representing 17.30% and 14.53% of the total value respectively.
On the gainer’s chart, we saw only one artwork post gains during the week under review. The chart was led by Akinola Lasekan’s “Ijo Ibile,” which posted gains of 64.71% during the week, as it started the week trading $0.17 per SPLIT to end the week trading at $0.28 per SPLIT. The artwork was responsible for adding $11,000 to the market capitalization.
On the loser’s chart, we saw three artwork post losses during the week under review. The chart was led by an artwork by Akinola Lasekan which posted losses of 56.10% during the week, as it started the week trading $0.41 per SPLIT to end the week trading at $0.18 per SPLIT. The artwork was responsible for the market capitalization losing $23,000. This was followed by losses from Akinola Lasekan’s “Fishermen Sorting the Catch,” and El-Dragg Okwoju’s “Euphoria,”, which both posted losses of 50.00% and 16.67% respectively.
Although the market ended the week bullish, its market breadth, however, was an entirely different story as sellers accounted for most of the transactions seen during the week, representing $2082.22 with a volume of 6,440 SPLITS. This means the sellers accounted for 90.59% of the total value of transactions and 79.41% 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.
To learn more about the platform, send an email at info@artsplit.com or visit www.artsplit.com. You can also call or WhatsApp our mobile at +234(0)9088962169 and follow @artsplitofficial on Twitter, Instagram, and Facebook.
