Most frequently asked questions about artnet Analytics Reports

1. What are artnet Analytics Reports?

artnet Analytics Reports are intended to provide market information about artworks that have sold at auction, in a highly customized, yet intuitive format. These reports are based on auction sales data that has been consolidated into comparable sets that allow users to visualize market trends for a specific artist or group of artists over time. Four different types of reports are available. See question 2 for more details.

2. What are the different types of reports available?

artnet Analytics Reports compile data from the artnet Price Database, the most comprehensive database of art auction sale results, to allow users to visualize market trends for one or multiple artists over time. Currently available reports include:


• Artist Market Report: Report describing the performances over time of the complete works by the artist of your choice
• Artwork Analysis Report: Report combining or comparing the performances over time of comparable sets of artworks by the artist of your choice (each artwork set can be combined in one single index, or compared to each other)
• Multiple Artists Report: Report describing the performances over time of the complete works by two or more artists of your choice (each artist can be combined in one single index or compared to each other)
• artnet Top Picks: Reports created by artnet analysts to provide you with analysis on recent and noteworthy topics and trends

3. How do I build my reports

Go to the artnet Analytics product page, and select the type of report you would like to build.

Selecting one report type will bring you to a customization process where you can decide which artist(s) and graphs to include in your report, and how your indices should be displayed (either combined or compared).

The steps to build your report will depend on the report type selected. At all times, easy-to-follow instructions are available to walk you through the process. Please click on “Need Help?” on the top right of each step of the report building process.

If you have any question, you can also email artnet analysts or call at +1-212-497-9700 ext. 135, Monday through Friday, 9 a.m.–5 p.m. (EST).

4. What if I cannot find an artist that I am looking for in the report wizard?

As artists are analyzed by the Analytics team, artists with sufficient sales history and Comparable Sets will be progressively added to the report wizard.

Please note that only some of these artists are available within the Comparable Set Report path. Artists that are not currently included will be activated once they have sufficient sales history.

5. What are artnet Indices?

Similar to financial indices like the S&P 500, artnet has consolidated auction sales data into comparable sets which are then used in calculating artnet Indices. These indices are based on an in-house methodology that aggregates resulting data in order to examine price performance. Public auction sales data are extracted from the artnet Price Database.

artnet Indices, such as the Contemporary Art Index (C50), track the performance of a variety of artists and collecting categories.

Individual Artist Indices are also based on groups of comparable artworks; similar to the way certified appraisers use USPAP (Uniform Standards of Professional Appraisal Practice) to establish comparables for valuation.

For a more detailed explanation of the artnet methodology, please read the artnet Indices White Paper.

artnet Indices can be compared against financial Indices, such as the Dow Jones or the S&P 500, to get a broader sense of how the art market or segments of it perform against financial sectors.

6. What is the artnet C50™ Index

The artnet C50™ Index is the primary artnet Analytics index, and combines performance data from 50 leading Contemporary artists who best represent the Contemporary Art auction market.

The master list of the 50 most important Contemporary artists is defined using data from the artnet Price Database and a robust approach, where artists are ranked based on their yearly performance. The rank for each artist in a given year is used in a formula dating back five years; the resulting rank value generated is used to determine the final list of the 50 most significant Contemporary artists.

More specifically, artists are ranked with the following steps:

• Determine universe of artists in the Contemporary Art market based on their style, birth and death years, and associated movements
• Compute total lots sold and median price for each artist per year, excluding prints
• Calculation step (see artnet Indices White Paper for more details)
Generate the overall rank for year x

• The artists with the highest overall rank in year x are included in the computation of the artnet C50™ Index for year x

The final list used in the artnet C50™ Index is an indication of which artists artnet considers significant in the Contemporary Art market, reflecting both a data filtering process and expert opinion. With the artnet C50™ Index, users can compare individual artist markets and financial indices to this art market index, in order to support informed purchase decisions.

7. How are artnet Indices calculated?

artnet analysts classify auction records into comparables sets with the greatest possible degree of homogeneity by assessing the basic cataloguing details (date, medium, subject matter) and images for all lots within the artnet Price Database, excluding prints.

Comparables sets are then combined using linear regression, a statistical approach that analyzes the relationship between the sale prices of each lot within the set.

A detailed account of the complex calculations involved in generating artnet Indices can be found inthe artnet Indices White Paper.

8. What are artnet Top Picks?

For Top Picks, you will be asked in the report customization process to select specific groups of artworks by the chosen artist, called “Comparable Sets.” These “sets” are artworks grouped by common characteristics. Data is only examined when at least two comparable lots have sold at auction.

Examples of set characteristics include:

• Medium/Material/Support
• Artist’s Biographical Period
• Style Series
• Size (as centimeters in parentheses at the end of the set name with the smallest dimension first)
• Coloration
• Subject Matter

Analyzing the performance of these sets over time allows evaluating the market value for specific segments of an artist’s work. These comparable sets can be combined into one index or compared against each other. For more details on the “combine” and “compare” options, please read question 10.

For a more detailed explanation on Comparable Sets, please read the artnet Indices White Paper.

9. What if I cannot find a lot that I am looking for in a specific Comparable Set?

A new Comparable Set is made available when at least two instances of comparable lots have been sold at auction; analysis is continuous, and the latest auction results are included as quickly as possible.

Lots currently without appropriate comparables are held from analysis until a comparable lot sale can be added. All auction sales results can still be viewed in the artnet Price Database, regardless of inclusion in artnet Indices.

For more details, please see the artnet Price Database product page.

10. What do “Combine”and“Compare” mean?

These two visualizations of indices are available for two report types: Artwork Analysis Reports and the Multiple Artists Reports. Selecting “Combine” or “Compare” will result in different graphs in your final report.

For the Artwork Analysis Reports:

• Combining the sets you select will result in a single index line, aggregating all comparable sets together in one index. Select this option if you would like to evaluate the global market trend of all sets at once, to understand how one specific segment of an artist’s work is performing over time.
• Comparing the sets you select will result in a separate index line for each selected set, contrasting each set’s performance against the others’. Select this option if you would like to evaluate the performance of each set selected individually, to understand how each segment of an artist’s work performs versus the others.


For the Multiple Artists Reports:

• Combining the selected artists will result in a single index line, pooling all selected artists together in one index. Select this option if you would like to evaluate the global market trend of all artists selected at once.
• Comparing the selected artists will result in a separate index line for each selected artist, contrasting each artist’s performance against the others’. Select this option if you would like to evaluate the performance of each artist selected individually.

For more details, please read the artnet Indices White Paper.

11. What components are included in each Analytics Report?

Each Analytics Report includes unique graphs, allowing you to best visualize the requested data. Each report type includes the following components:



	Artist Market Report	Artwork Analysis Report	Multiple Artists Report
Artist Biography	X
Artist(s) Index	X	X	X
Lots Sold, Lots Bought-In, and Sell-Through Rate	X
Average Sale Price vs. Estimates	X
% Sold Lots Above the High Estimate and Below the Average Estimate	X
Top 10 Annual Sale Prices and Annual Sales Volume	X



Please note that the graphs included in the artnet Analytics Prepared Reports may vary according to the subject of the report.

You can control how charts and graphs are displayed by altering the time frame, choosing different visualization options, and adding other financial indices to compare. These options are available when the report is viewed online. Fewer interactive options are available when the report is downloaded in PDF format or printed.

12. How is the base year for an artist’s index determined?

In order to obtain a robust artist index—even in early years when data are limited—base years are selected for each artist, corresponding with data overlap. The base year of an artist index will be in the earliest year in which there is both a subsequent sale in one Comparable Set and an initial sale in another Set. The index value in the base year will then be scaled to 100, and all index values in following years will be scaled to the base year.

13. Why are indices scaled to 100 in the index graph?

To compare the performance of several indices with different base years, indices have been scaled to 100 in the earliest year in which all components are available. For financial indices that have been scaled, real values can be viewed on the right-hand Y axis.

14. What is the difference between a cap-weighted and an equal-weighted index?

artnet computes two types of art indices: a cap-weighted index and an equal-weighted index. The cap-weighted index is similar to the S&P 500 Market cap-weighted index, in which more weight is given to higher valued lots than lower valued lots. The weights of the lots for each index period are computed by their performance in that period. The equal-weighted art index is similar to the S&P 500 Equal-Weighted Index, as it gives equal importance to all lots constituting the index, irrespective of the difference in value.

15. What types of artworks are included in artnet Analytics Reports?

artnet Analytics reports include paintings, sculptures, works on paper, photographs, design, and installation works, listed in the artnet Price Database. Prints, works with modifiers, and works listed as collaborations are not included in the auction sales data used to calculate artnet Indices.

16. Do prices recorded in artnet Analytics Reports include a buyer’s premium?

Yes. Although most auction houses report transaction prices that include a buyer's premium, some auction houses only report the hammer prices. Based on analysis of historical auction catalogs, artnet applies a formula to all records with hammer prices only to estimate the effect of a buyer's premium. All prices in the artnet Analytics Reports are therefore either reported as, or equated to, a hammer price plus buyer's premium.

17. When combining several components in the Multiple Artists Reports or the Artwork Analysis Reports, can I assign different weights to each artist or Comparable Set?

Yes, indices that represent a group of artists can be customized to account for the distribution, or weight of an artist’s works within a collection. In creating an index line that represents a group of artists, users can change each artist’s weight in the final combined index to reflect the exact composition of their particular collection. If custom weights are not applied, each artist will be given identical consideration in the final combined index.

The same weighting system can also be applied when combining several Comparable Sets.

18. How often do the Artist Indices and Comparables Sets get updated?

All indices are updated monthly to reflect the new data added to all Comparable Sets. Below each index graph, text is available listing when indices were last updated.

For more technical details, please read the artnet Indices White Paper.

19. How do I subscribe to artnet Analytics Reports?

At this time, there are no ongoing subscriptions available for artnet Analytics.
You can purchase single reports or Report Packages, which are groups of reports purchased in advance.

View question 20 for more information on how to purchase reports.

20. How do I purchase a report?

Go to the artnet Analytics product page, and select the type of report you would like to build from there.

Selecting one report type will bring you to a step-by-step customization process. If you would like to save time, you can also select “artnet Top Picks” on the product page to skip the customization process and get access to reports already prepared and customized for you by artnet analysts.

Once your report is customized or once you have selected artnet Top Picks, you will be brought to the checkout section to purchase your report.

1. Review your order: Review the report specifications you have requested.

2. Choose a payment option: Log in to deduct the cost of the report from a Report Package you previously purchased, or enter your billing information to pay by credit card.

3. Complete your order: Review your order summary and billing information carefully. If everything is correct, please click“Purchase My Report” to finalize your order.

4. Print receipt: Once you have purchased your report, you will be taken to a confirmation page that you can print for your records. An email will also be sent to confirm your order.

Please note that your report might be available immediately or with a short delay if the complexity of the calculations involved is high. In case of a delay, you will be notified as soon as the report is ready.

Visit My Reports page to view, download, print, or update your report.

21. What are artnet Analytics Report Packages? And how can I purchase one?

Report Packages are a convenient way to purchase multiple reports over time at a discounted rate. Report Packages work like available credits purchased in group; they are available in increments of 10, 25, and 100. When a new report is created, its cost of “1 Report” is deducted from your Report Package, rather than your credit card.

The reports can be created at any time. Report Packages do not have an expiration date.

You can purchase Report Packs at any time from the artnet Analytics product page or at the end of the report customization process, at check-out. You can then add report packages from the check-out page or from the My Reports page.

Please note that you need to create a username or be logged in to purchase a Report Package.

The Report Packages you purchased are available from the Member Services page.

22. Can I purchase an artnet Top Picks report with my Report Package?

At this time, it is impossible to purchase an artnet Top Picks report with a Report Package due to the varying prices of the reports.

Depending on the topic and the complexity of the calculations, the prices of the Top Picks reports can vary.

Report Packages only allow you to purchase Artist Market Reports, Artwork Analysis Reports, and Multiple Artists Reports.

23. I have an Analytics Report Package, but would like to pay separately for a report. Can I?

If you have purchased a Report Package under one username, reports will be automatically deducted from the Report Package for this username. It is the most convenient way to check out and allows you to save time and money.

If you would like to use your credit card instead, you will be asked to create a separate username, and purchase the report under this new username.

Please note that you cannot purchase Top Picks Reports with a Report Package, as the prices of the reports vary. Therefore you will always be able to purchase a Top Picks Report separately from your Report Package.

24. Why didn’t I get my report after purchasing it?

Your report might have a short delivery delay if the complexity of the calculations involved is high.

In this event, you will be notified of the length of the delay at the time of purchase.

As soon as the report is ready, artnet will contact you again to let you know that you can consult the report.

Visit My Reports page to view, download, print, or update your report.

If you have any question or concern, you can also email artnet analysts or call at +1-212-497-9700 ext. 135, Monday through Friday, 9 a.m.–5 p.m. (EST).

25. Where can I find my Analytics Reports?

Your reports are available to view, download, print, or update on My Reports page.

Please note that you can also access this page from the Member Services page.

26. When should I update my Analytics Reports?

Go to My Reports page to see all reports you previously created. The “Updated On” column will show you the last update date.

If the link “Update now” appears for any listed report, you will be able to update the report with the latest data available. Please note that all artnet Indices are updated monthly, as new market data become available.

If you have any problem to update your reports, please email artnet analysts or call at +1-212-497-9700 ext. 135, Monday through Friday, 9 a.m.–5 p.m. (EST).

27. I would like to know more about Value Added Tax. Where can I find more information?

If you would like to know more about Value Added Tax on artnet, please visit our Value Added Tax FAQ page.