Wildfires in Los Angeles: A Devastating Blow to the Global Art Market

The ongoing wildfires in Los Angeles have had a catastrophic impact on the global art market, with millions of artworks destroyed and countless others at risk. As the world begins to take stock of the unprecedented volume of art lost in the fires, Artprice by Artmarket.com and its CEO/founder thierry Ehrmann have expressed their sympathy and solidarity with all those affected by this major catastrophe.

The damage caused by the fires goes far beyond the material, with cultural and patrimonial destruction on an unprecedented scale. As Artprice by Artmarket.com stated, "tons of art has been destroyed. In value terms we are talking many billions of dollars." This loss of irreplaceable artworks is a devastating blow to humanity's collective global heritage.

Artprice by Artmarket.com, as the world leader in art market information, holds and offers the most comprehensive data available. With access to data from 861,000 artists and nearly 30 million sales results and Artprice indices, along with the proprietary AI Intuitive Artmarket®️ now deployed in Premium mode, the platform is well-positioned to help insurance companies determine the price of destroyed works with certainty.

As the news of the scale of the destruction emerges, it is clear that this is one of the biggest cultural losses that humanity has ever suffered, comparable to very few other historical events. Countless unique works will now only exist through photos that were taken for art history books and databases, including those of Artprice.

Artprice takes this opportunity to restate its role as one of the new guardians of global artistic memory by recording and tracking all artworks as they pass through auctions all over the world. The platform will do everything in its power to help those impacted by very heavy losses and to assist the broader Art Market in integrating the new reality into its day-to-day activities after the destruction of so many masterpieces.

Support is pouring in from around the world to help Los Angeles, where arts culture is omnipresent. Major museums, philanthropists, and foundations have raised millions of dollars to support artists affected by the wildfires. Among the organizations that have chipped in are the Getty and the Los Angeles County Museum of Art, along with philanthropists like Sheikha Al Mayassa bint Hamad bin Khalifa Al Thani of Qatar and foundations like Steven Spielberg's.



In conclusion, the wildfires in Los Angeles have had a profound impact on the global art market, with millions of artworks destroyed and countless others at risk. The loss of irreplaceable artworks is a devastating blow to humanity's collective global heritage, and the art market will struggle to recover from this catastrophic event. As the art market continues to evolve, it will be important to monitor these trends and adapt to the changing landscape.