OKN Works on Paper 100 — September 2026
OKN Works on Paper 100 re-bases to 1000.00 for the 3 September 2026 vintage — the first published point under the rebuilt hedonic-v1 valuation model.
Index update · September 3, 2026 · Okasen Research
The reading
This is the first published vintage of OKN Works on Paper 100 under the rebuilt Track A valuation model (hedonic-v1). It sits at the index's base value, 1000.00, for the 3 September 2026 vintage, with a band of 879.77–1136.66. A base run has no prior vintage and no move to report: the value and activity components equal their base by construction (v-ratio 1.00, a-ratio 1.00).
Why the level reset
The index was re-based when the Track A assessed-value model moved from hedonic-ols-v0.1 to hedonic-v1 — the earlier model memorised single-sale artists and applied one flat FX rate across 2018–2026; v1 uses a partially-pooled artist effect and annual-average FX by sale year. Any earlier published vintage for this index used the previous model's valuations and is superseded. Movement will show from the next monthly valuation vintage on.
What sits behind it
84 hedonic-v1 valuations and 66 trailing-twelve-month sales. The index is led on frequency by Kenneth Newman (17 sales, latest valuation 699 USD) and Gregoire Boonzaier (15 sales, 665 USD), with a long tail of infrequently traded names. Recent colour: a Georgina Gratrix sold for 33,474 ZAR at Aspire Art on 25 August 2026, and a Walter Battiss for 220,000 ZAR at Strauss & Co on 19 August 2026.
Method
Blended index, w = 0.5; assessed value (hedonic-v1) and trailing-twelve-month market activity, rebased to 1000 at 3 September 2026. Vintage 3 September 2026.
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