The sale 20th Century Art by Artnet Auctions offers a key to understanding how rarity and scarcity influence the desire of collectors of contemporary art and market prices.
How the 20th Century Art by Artnet defines the desire of collectors of contemporary art
The new online auction by Artnet Auctions, dedicated to 20th-century art, brings together works by international protagonists who have radically interpreted a rapidly modernizing world. The catalog includes works by Joan Miró, Roy Lichtenstein, Yves Klein, Sam Francis, Marc Chagall, Wayne Thiebaud, Bridget Riley, and others, spanning the major artistic movements of the last century.
The 20th Century Art session is open for bids until March 19, 2026, with entirely digital methods. For collectors, it represents the opportunity to measure in real-time how historical, institutional, and market factors shape the appeal of a work.
What makes a contemporary artwork truly desirable?
The desire to collect arises from an intertwining of elements: the artist’s market performance, museum support, ongoing critical studies, balance between emotional resonance and economic accessibility. However, at the center of many buyers’ interest are two key concepts: scarcity and rarity, often confused but radically different in their implications.
The 20th Century Art auction, curated by the senior specialist of prints and multiples Sylvie François Sturtevant and the senior international specialist of contemporary art Jason Rulnick, offers exemplary cases of both dynamics. It also provides a concrete framework to distinguish, on an operational level, what is infrequent from what is simply not readily available on the market.
How are rarity and scarcity distinguished in the art market?
According to Rulnick, the two terms are often overlapped to evoke exclusivity and urgency, but they respond to different logics. «Rarity generally refers to the unusualness of an object, to something that is rarely encountered or that is ‘rare to market’», explains the specialist.
In the case of modern works of the 20th century, rarity can derive from a limited original production or from the fact that many examples have ended up in museum or institutional collections. In this way, the presence at auction is drastically reduced compared to the overall heritage.
«Scarcity», continues Rulnick, «more directly concerns supply: the quantity of works available compared to demand. The phenomenon is evident in editioned works, produced in fixed runs but desired by a number of collectors greater than the existing examples. Over time, when demand exceeds supply, it is the open market that sets the price level».
How does history generate rarity?
Among the most significant lots for understanding rarity is a fascinating 1942 painting by Joan Miró, Figure devant la lune (Figure in front of the moon), estimated at 250,000–350,000 dollars. According to the catalogue raisonné, only three works of the same series exist in a comparable format.
«During the war years, modern artists like Miró faced a true scarcity of materials, and many works on paper were created in reduced format», observes Rulnick. Furthermore, in the period preceding World War II, Miró along with Pablo Picasso, Henri Matisse, and Paul Klee was labeled as a “degenerate” artist by the Nazi regime.
The consequences were drastic: numerous works were seized from museums and private collections throughout Europe. Many works were destroyed; in July 1942 thousands of modern works were burned in the courtyard of the Jeu de Paume museum in Paris. Today, about 136 works on paper from Miró’s war years are known, a factor that decisively contributes to their rarity.
A different example of historical rarity is Cosmogonie (COS-16) by Yves Klein, estimated at 120,000–180,000 dollars. It is one of only 39 works of the series created between 1960 and 1961, towards the end of the artist’s brief seven-year career, when Klein exposed the canvases to natural elements like rain and wind.
Moreover, in the last ten years, only 15 works on paper by Klein have appeared at auction, reinforcing the exceptional nature of each appearance. In contrast to many contemporary artists, the limited production and high museum absorption mean that each new market appearance gains particular weight.
How does market-driven scarcity manifest?
If rarity is rooted in history, scarcity develops due to the dynamics of supply and demand. The print specialist Sylvie François Sturtevant points to the graphics of Pop Art as an emblematic case of contemporary scarcity.
«One of the most recognizable and beloved movements in 20th-century art, Pop Art remains highly sought after by collectors, driven by the figure of Andy Warhol», emphasizes François Sturtevant. She adds that there is a strong concentration of demand for quality prints in this area.
«With so many players involved in the competition for the most coveted Pop Art graphics, from galleries to dealers, from private individuals to institutions, we almost always observe intense interest and competitive bidding on these works».
An exemplary case is the screenprint by Roy Lichtenstein I Love Liberty (1982), at auction with an estimate of 50,000–70,000 dollars and a relatively large edition of 250 examples. Last September, an example reached a historic high of 152,400 dollars at auction, and two of the three highest subsequent results were recorded in the last two years.
«Despite the considerable edition of 250 examples, the number of prints actually available remains limited», explains François Sturtevant. «Each sale reduces by one unit the total accessible to collectors, progressively compressing supply while demand continues to grow».
What truly fuels competition at auction?
When it comes to competition in the current market, both specialists agree that scarcity, even more than rarity, tends to generate a broader base of buyers. «It is likely that more buyers are ready to compete for a scarce asset», observes Rulnick. «That audience arises from demand. A rarer object can push the price into almost anomalous territories, with high but less predictable values. The most intense competition, that is, a deeper pool of bids, often focuses on the scarce object».
François Sturtevant agrees that rarity alone is not enough to guarantee significant bidding pressure. «The mere fact that something is rare does not imply that there will be demand. An early work in an artist’s career, for example, may be infrequent but not reflect the mature style that the market more actively seeks».
For collectors, the crux becomes understanding when scarcity signals an opportunity to seize. Furthermore, it is crucial to distinguish between a bidding frenzy fueled by emotion and growth supported by solid foundations.
When does scarcity indicate it’s time to act?
«We carefully analyze the frequency with which similar works appear on the market within a given time frame», explains Rulnick. «Scarcity can translate into a clear invitation to act when the price aligns or is slightly above historical results, and other parameters are convincing: condition, provenance, references to the catalogue raisonné, and authenticity».
In the case of editioned works, the reasoning becomes more nuanced. «Almost always there are other examples that could emerge in the future», notes François Sturtevant. «Understanding when to wait and when to decide to proceed often depends on factors like the state of conservation and the collecting history».
Overall, the 20th Century Art sale, open for bids until March 19, 2026, functions as a real-time laboratory to observe these mechanisms at work. To consult the complete catalog and participate in the modern and contemporary art auction, you can visit the Artnet Auctions website.
IMAGE: Roy Lichtenstein, Reflections on Minerva (from Reflections) (1990). Courtesy of Artnet Auctions.
As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist and Econique.
She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.
