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"The Art Market in 2022" reveals a 16% increase in sales from Western art auctions, as the United States recovers its first place and the world registers a record of art auction transactions
PARIS, March 20, 2023 /PRNewswire/ -- Artprice's 26th annual report, "The Art Market in 2022," provides an overview of public sales of works of art, i.e. paintings, sculptures, drawings, photographs, engravings, videos, installations, tapestries and NFT (excluding antiquities, anonymous cultural goods and furniture), and covers the period between January 1 and December 31, 2022.
All prices indicated in this Artprice by Artmarket report refer to public auction results, including buyer's fees. The use of the $ sign refers to US dollars.
The results of the 2022 Art Market are excellent, despite the pandemic that will remain etched in the history of the modern world and that fortunately seems to be coming to an end.
Despite the negative effects of the pandemic, the figures show a 16% increase in the turnover of Western auctions compared to the previous year (2021).
In China, the government's zero-COVID policy caused a sharp 34% contraction in art auction turnover, which stood at $3.9 billion, compared to $5.9 billion in 2021.
However, art market professionals expect a fairly substantial rebound in the Chinese art market in 2023 and much fiercer competition with the United States.
As part of their collaboration in producing authentic global art market reports, Artprice and its Chinese state-owned publishing partner, Artron, are closely monitoring this fierce competition.
In this report, Artprice presents, among other factors, its famous rankings, including the top 500 artists and NFTs by auction turnover in 2022 and the top 100 best-selling works and NFTs of the same year.
The dematerialization of the art market and its growing dependence on the Internet is today a reality in the five continents of the world that will end up relegating physical auction rooms to the history of the 20th century.
According to Thierry Ehrmann, CEO of Artmarket.com and founder of Artprice, "the migration to the Internet universe of auction houses has taken on spectacular proportions, on the one hand, with an increase of 2,700% in Internet auction advertising and, on the other another, an 810% increase in direct sales during the three years of the COVID pandemic. In general, similar figures were not expected before 2025-2027."
Artprice by Artmarket is pleased to announce the publication of its 26th annual report "The Art Market in 2022", available in its entirety free of charge and in three languages, both as an online reference document and as a downloadable PDF:
English: https://www.artprice.com/artprice-reports/pdf/rama/the-art-market-in-2022.pdf French: https://fr.artprice.com/artprice-reports/pdf/rama/ le-marche-de-lart-en-2022.pdfMandarin: https://zh.artprice.com/artprice-reports/pdf/rama/zh-the-art-market-in-2022.pdf
In the West, the turnover of works of art auctions reached a new maximum of 12.6 billion dollars, 16% more than in 2021 (10.9 billion).
Including China, the world art auction market amounted to 16,560 million dollars, compared to 17,080 million in 2021, representing a contraction of 3.1%, mainly due to the sharp drop in turnover in China (-34 %) as a consequence of its zero COVID policy.
Trading volume reached a new all-time high with 705,000 lots sold, up from 672,000 in 2021.
The proportion of unsold lots went from 31% in 2021 to 35% in 2022, which suggests that the market has become slightly more selective.
The median auction price for artworks was $23,500 in 2022, up from $25,730 in 2021.
The median auction price was $760 in 2022, up from $930 in 2021.
In 2022, 80% of artworks sold for less than $4,500 at auction (up from $4,800 in 2021).
The general art price index fell -18% between January 1 and December 31, 2022.
The Artprice100© index of blue-chip artists rose 3% in 2022, compared to -19% for the S
Contemporary art represented 16% of the art market, compared to 20% in 2021 and just 3% in 2000.
Six artworks crossed the symbolic $100 million threshold, all of them in New York, down from just one in 2021.
In 2022, a total of 1,682 artworks plus 1 NFTs crossed the million dollar threshold, up from 1,709 artworks and 25 NFTs in 2021.
Global turnover from auctions of works of art and NFTs
Infographic - https://mma.prnewswire.com/media/2032675...
United States in first position
In 2022, the United States registered the highest turnover in its history in auctions of works of art, with 158,000 lots that generated 7,340 million dollars, which represents 44% of the world art market (compared to 140,000 lots and 5,800 million dollars, which represented 34% of the world art market in 2021).
Paralyzed by its zero-COVID health policy, China generated just $3.91 billion, or 24% of the global art market (compared to $5.9 billion in 2021, or 35% of the global art market).
UK art auction turnover increased by 8% in 2022 to $2.16bn, consolidating its third place with 13% of the global art market (up from $2bn in 2021, or 12 % of world turnover).
The French art auction market generated $991 million (6% of global turnover), 3% less than in 2021 ($1.02 billion or 6% of the world art market) due to a euro/ unfavorable dollar.
Germany continued to grow (6%), totaling 379 million dollars and representing 2.3% of world turnover (compared to 359 million in 2021 or 2.1% of the world market).
Italy (-11%) and Japan (10%) ended 2022 at par, with 190 and 185 million dollars respectively (compared to 211 million for Italy and 167 million for Japan in 2021).
Germany set a new record for Max Beckmann's self-portrait, which fetched a price of $24.4 million.
The Japanese art auction market also recorded a new record price thanks to the sale of a work by Andy Warhol for 20.8 million dollars.
Top 10 countries by turnover (and market share) of NFT artwork auctions in 2022
País Facturación Cuota de mercado
1 EU. 7.339.083.284 USD 44.31%
2 China (Artron) 3.913.799.723 USD 23,63%
3 United Kingdom $2,156,700,023 13.02%
4 France $991,549,591 5.99%
5 Germany $379,443,977 2.29%
6 Italy $190,674,079 1.15%
7 Japan $185,463,014 1.12%
8 Switzerland 154,773,773 USD 0.93%
9 South Korea $139,234,350 0.84%
10 Australia 118.278.877 USD 0,71%
Auction houses and collections
In 2022, Christie's broke a new all-time record for its art and NFT auctions worldwide, with a total revenue of $5.8 billion in twelve months (compared to $4 billion in 2021).
Sotheby's was the second largest auctioneer of works of art in the world, with 3.9 billion dollars (compared to 4.4 billion in 2021).
Sotheby's may have come in second to Christie's in New York, London and Paris, but it dominated in Hong Kong and Milan in 2022.
Accounting for 35% and 24% of global art auction turnover respectively, Christie's and Sotheby's accounted for more than half of the total world value of the secondary art market. In 2021 they represented 23% and 26%, respectively).
On November 9 and 10, 2022, the Paul G. Allen Collection became the most expensive of all time, generating $1.6 billion at Christie's in New York.
New York also took sales of collections belonging to Anne H. Bass, Thomas Ammann and David M. Solinger, among others.
Items from the Hubert de Givenchy collection fetched $59 million at Christie's in Paris.
China Guardian was the leading auction house in China, with 362 million dollars (compared to 677 million in 2021).
Artcurial ($92 million in 2022 vs. $91 million in 2021) was the first auctioneer of works of art in France.
Main markets by turnover in auctions of NFT works of art in 2022
Infographic - https://mma.prnewswire.com/media/2032674...
Works of art and artists by periods
Old Masters (artists born before 1759)
In 2022, Old Master works of art accounted for 11% of all art lots sold at auction worldwide and 7% of global turnover (compared to 11% of lots sold and 9% of sales). billing in 2021).
In January and November 2022, two Botticelli paintings exceeded $40 million in New York.
In France, a still life by Jean-Baptiste Siméon Chardin and a drawing by Michelangelo sold for $27 million and $24 million respectively.
19th century art (artists born between 1760 and 1859)
In 2022, works by 19th-century artists accounted for 10% of all lots sold during the year and 14% of total global art auction turnover (compared to 10% of lots sold and 10% of billing in 2021).
The first three results of this period were in 2022 above 100 million dollars each.
These paintings by Seurat, Cézanne, and Van Gogh were part of the Paul G. Allen Collection.
In 2022, Claude Monet was the 2nd most successful artist worldwide, with a total of $539 million in annual sales at auction (in 2021, he ranked 4th, with $305 million).
Modern art (artists born between 1860 and 1919)
In 2022, modern art was the leading segment of the auction market, with 35% of lots sold and 37% of their value (versus 37% of lots sold and 37% turnover in 2021).
Pablo Picasso was the third most auctioned artist of the year, with 494 million dollars (in 2021 he was the most popular, with 672 million).
Gustav Klimt's The Birch Grove (1903) became the tenth most expensive modern art ever sold at auction, fetching $104 million.
With more than 30 million dollars at auction in 2022, René Magritte finished the year among the five best-selling artists in the world.
The Empire of Lights (1961), by Magritte, achieved the best result of the year in a modern art auction in London, with 79 million dollars.
Landscape after Wang Ximeng (1947), by Zhang Daqian, won the best result of the Chinese art auction market in 2022, with 47 million dollars.
Two photographs set new world records for that medium: one by Man Ray, with $12.4 million, and another by Edward Steichen, with $11.8 million.
Postwar art (artists born between 1920 and 1944)
Postwar art accounted for 26% of lots sold and 26% of global turnover (25% of lots sold and 23% of turnover in 2021).
Andy Warhol was the most successful artist of the year at auction, with 2,160 lots sold that generated $590 million (he was 3rd in 2021 with $348 million).
Shot Sage Blue Marilyn (1964), by Warhol, becomes the second most expensive work of all time, reaching 195 million dollars.
Large Interior, W11 (1981/83), by Lucian Freud, achieved a new auction record for the artist: $86 million.
Gerhard Richter was the best-selling living artist of the year at auction, with a total turnover of $226 million ($246 million in 2021).
Three Alighiero Boetti tapestries become the most expensive ever sold at auction, with more than $5 million each.
Yayoi Kusama was the only woman in the top 10 artists: In 2022, 900 of her lots sold for a total of $195 million (up from 778 lots sold for $178 million in 2021).
Contemporary art (artists born after 1945)
Contemporary art sales accounted for 18% of lots sold and 16% of global auction turnover.
Jean-Michel Basquiat dropped to 7th place in the Artprice ranking, with an annual turnover of 221 million dollars (2nd in 2021, with 439 million).
Jeff Koons' sculpture Jim Beam (1986) sold for $17 million in 2022, but in 2014 it was worth $33 million.
Yoshitomo Nara revolutionized Hong Kong auctions when Oddly Cozy (2013) fetched $14.3 million.
Ultra-contemporary art (artists under 40 years of age)
Two works by Matthew Wong and an Avery Singer painting have crossed the $5 million threshold at auction.
The artist Ayoko Rokkaku (1982) ranks 75th in the global Artprice ranking, with $32 million (she ranked 97th in 2021, with $21.5 million).
Flora Yukhnovich (1990) generated $14.6 million, with a new career high of $3.6 million.
The Beautyful Ones (2012), by Njideka. A. Crosby, sold for $4.7 million in 2022, up from $3.1 million in 2017.
Anna Weyant set a new auction record for an artist under 30 with $1.6 million.
Refik Anadol (1985) got the best price of the year for an NFT with his Living Architecture: Casa Batlló (2022) fetched a price of $1.4 million (compared to Beeple's record price of $69.4 million). in 2021).
In conclusion, the art market has proven to be insolently healthy, counterintuitively, given the current geopolitical and economic context, and records have been broken for periodic auctions of works of art from all artistic periods in a large number of key market centers. Among the main indicators of the health of the art market: no cancellation of sales cataloged Classic and/or Prestige in 2022 or 2023.
Major investors and auction houses are well aware that art is a sound and safe investment, as evidenced by the Artprice100© index, which has outperformed traditional stock indices. Therefore, this current period of uncertainty in the stock markets also redirects new funds and investments towards the art market.
Artprice had already pointed out that during the major crises of the recent past, such as the Nasdaq crash in 2000, the 9/11 attacks and the Afghanistan war in 2001, the Iraq war in 2003, the subprime mortgage crisis and CDS in 2007, the era of negative interest rates that began in 2011 and the 2019 Covid pandemic, the art market was less affected than financial markets and the broader economy.
As proof, a new page in auction history has just been turned: the highly anticipated dispersal of the art collection acquired by Paul G. Allen, founder of Microsoft together with Bill Gates in 1975, was the first private collection of the history to surpass $1 billion at auction, generating a staggering $1.62 billion, with five works selling for prices substantially above the $100 million threshold at Christie's New York.
Thanks to the sales of exceptional American collections carried out by Christie's and Sotheby's, the year 2022 marked a milestone in the history of public auctions.
Neither the war on European soil nor the fear of an economic recession have been able to with the art market.
As for 2023, given the early results and an expected rebound in art auction activity in China following the end of its zero COVID policy, the outlook is clearly positive.
Images:[ https://imgpublic.artprice.com/img/wp/sites/11/2023/03/image1-global-fine-art-and-nft-auction-turnover.png] [ https://imgpublic. artprice.com/img/wp/sites/11/2023/03/image2-principal-marketplaces-fine-art-and-nft-auction-turnover-in-2022.png]
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