ARTSPLIT Weekly Roundup (October 7th — October 14th, 2022)
It was a bullish week on the ARTSPLIT marketplace as it posted a 0.25% gain, with its market capitalization gaining $8,000 from $3.19 million in the previous week to end the week with a market capitalization of $3.20 million.
The gain in the market seen during the week was majorly attributable to the addition of two new artworks by Abiodun Olaku and Rufus Ogundele, on the ARTSPLIT marketplace. They both collectively added $17,000 to the market capitalization.
The week in question saw the market record a total volume of 4,950 SPLITS from 17 Artworks of the 42 currently listed on the ARTSPLIT platform.
A majority of the volume came on Friday, the 14th of October 2022, where 4,786 SPLITS, representing 96.69% of the total volume that was traded during the week. The least came on Friday, the 7th of October 2022, where 1 SPLIT, representing 0.02% of the total volume was recorded.
Diving in deeper into these figures, Ben Enwonwu’s “Water,” accounted for the most volume seen during the week, representing 2,900 SPLITS or 58.59% of the total volume seen during the week. This is followed by Irma Stern’s “Harvesters,” and Bruce Onobrakpeya’s “Atete Ghwre Ighoro-o,” which both accounted for 1,252 and 400 SPLITS, representing 25.29% and 8.08% of the total volume respectively.
On the value side, a total of $1,557.60 was traded during the week under review.
A majority of the value came on Friday, the 14th of October 2022, accounting for $1,543.34, representing 99.09% of the total value of transaction seen on the platform during the week in question. The least came on Friday, the 7th where $0.35 value of transactions was recorded.
Diving in deeper, Ben Enwonwu’s “Water,” accounted for the most value of transactions seen during the week, accounting for $1,160.00, representing 74.47%. This is followed by Irma Stern’s “Harvesters,” and an Artwork by Abdoulaye ‘Aboudia’ Diarrassouba which both accounted for $225.07 and $90.80, representing 14.45% and 5.83% 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 Irma Stern’s “Harvesters,” which posted gains of 5.88% during the week, as it started the week trading $0.17 per SPLIT to end the week trading at $0.18 per SPLIT. The artwork was responsible for adding $1,000 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 Ben Enwonwu’s “Water,” which posted losses of 20.00% during the week, as it started the week trading $0.50 per SPLIT to end the week trading at $0.40 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 $1,548.12 with a volume of 4,819 SPLITS. This means the sellers accounted for 99.39% of the total value of transactions and 97.35% 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.
