5

Three Concepts

Several key factors are essential when analysing a

painting’s sales performance: repeat sales, inf lation-

adjusted prices, and CAGR (Compound Annual

Growth Rate).

This case study will use Van Gogh’s Two Lovers (1888)

(illustrated on the right) to demonstrate these concepts.

A C A S E S T U DY

Performance

Analysis

1. Repeat Sales

Repeated sales of the same work demonstrate its

changing value over time. They are included in this

Artist Report when one or both sales occured between

the 1st of January 2004 and the 31st of December

2023. If both occurences of a repeat sale took place

prior to that date, the repeat sale will not be included

in this report.

Case study: Van Gogh’s Two Lovers was auctioned three consecutive times, in 2001, 2013, and 2022

occasioning two repeat sales that are both included in our study.

First Auction

4M

2001 2013

Second Auction

71M

2022

Third Auction

133M

Repeat Sale 2 Repeat Sale 1

2004 2024

Repeat Sales Timeline Case Study