The turnover on the local auction market is higher so far this year than in all of 2006—ISK 146 and 112 million (USD 2.5 and 1.9 million, EUR 1.7 and 1.3 million) respectively—and two large auctions are still left before Christmas, at Gallery Fold and Arnason & Andonov.
According to the Icelandic Art Price Index, published by the company Hansen og synir ehf., the average price for art sold at auctions has increased rapidly since 2005 as well as the number of items for sale.
Last year the average price of an Icelandic piece of art was ISK 178,911 (USD 3,044, EUR 2,091), but this year the average price is ISK 345,361 (USD 5,876, EUR 4,036), Fréttabladid reports.
“With a higher price more pieces of art are put up for sale; it goes hand in hand. The scope of the artwork market has therefore expanded, both in terms of the number of works and ISK,” said Jóhann Ágúst Hansen, art dealer and owner of Hansen and synir ehf.
The price of Icelandic artwork sold at foreign auctions has also increased considerably this year.
Click here to read about the most expensive Icelandic artwork to date.