An overview
Artprice has published its report for the first half of 2022 (H1) on the global art market for the Fine Art category (i.e. paintings, sculptures, drawings, photographs, prints, videos, installations, tapestries, and NFTs). The main takeaway: the art market returns to strong growth in the West.
It seems indeed that despite the war in Ukraine, the recent wave of Covid-19 throughout Asia and the energy crisis, the overall turnover for Fine Art auctions recorded a growth of 8% in the first half of 2022, for a total of $7.49 billion, as reported by Artprice. The number of 20th and 21st-century artist sales was on the rise, particularly for young artists. Those born after 45 represented 18% of the overall market over this period, and the number of sales of Contemporary Art increased by 12% (from 102,000 to 119,400). Young artists have had particularly volatile prices, but at times their ratings have exceeded those of the grandmasters.
Related: 10 Record-Breaking Artworks and Who Bought Them
The growth has been reinforced by increasingly fierce competition between the main marketplaces for Fine Art, which rank in order: New York ($3.1 billion), London ($1.3 billion), Hong Kong ($598 million) and Paris ($507 million). The demand recorded also grew with a 4% increase in the number of lots sold compared to the first half of last year (i.e. 326,000 lots sold in six months, compared to 313,400). Unsold pieces made up 31% of Fine Art lots at auction for this period, compared to 27% last year.
Market players and market places
Unsurprisingly, Christie's and Sotheby's own 38% of the global auction market share. Sotheby's recorded the most explosive result for the period, and also in the history of collection sales, with the Macklowe collection in New York becoming the most expensive in the world, grossing a total of $922 million. Meanwhile, Christie's achieved the 2nd best auction of all time (after the Salvator Mundi sale) with the portrait of Marilyn Monroe Shot Sage Blue Marilyn (1964), painted by Andy Warhol (1928-1987) and sold $195 million in May 2022 in New York.
Related: Warhol's Marilyn at Auction with $200m Estimate
Geographic distribution
In terms of geographic distribution, the United States and the United Kingdom are driving growth, accumulating between them 2/3 of Fine Art auction sales over this half-year. This is followed by China, which retains 12% of the turnover, with 70% of sales happening in Hong Kong.
France, meanwhile, is doing particularly well. The country retained its first place in Europe and recorded a 14% increase in profit, thanks in particular to the performance of Artcurial and Aguttes. Paris is strengthening its position as a key location for the art market with the establishment of several Blue Chips galleries, such as David Zwirner and Hauser & Wirth, as well as opening new spaces for Gagosian and Continua. Finally, as Bonhams bought Cornette de Saint Cyr and Art Basel will now organise Paris +, the fair replacing FIAC, Paris is set to dominate Europe. Elsewhere in the world, Japan and Switzerland recorded excellent results with an increase of +74% and +145% in their sales.
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Trends and outstanding results
Since their sensational entry into the auction market in the spring of 2021, NFTs have gained the first place of the podium when it comes to market trends. The work Human One (2021) by Beeple made $28.9 million at Christie's in March 2021. The 2022 record fetched a bit lower with Refik Anadol's NFT, titled Living Architecture: Casa Batlló, which sold for $1.38 million at Christie's in May. Despite a growing distrust of cryptocurrencies, 88% of the world's top hundred auction houses now have an NFT department.
Related: Digital Art Makes History at Auction
Want to know more about the world of NFTs? Listen to our Podcast Ep #18 Marking the Future
Artprice has also seen strong enthusiasm for young artists under the age of 40, some of whom are recording results in the 7 figures – even before having had the opportunity to exhibit in major museums. It is also important to highlight the growing influence of young female painters (eight of the top 10 artists under 40 are women), street artists and artists of color. An excellent example is the incredible sale of the painting The Sugar Shack (1976) by Ernie Barnes (1938-2009), a Black artist, sold for $15,275,000 on May 12 at Christie's in New York – more than 100 times its low estimate of $150,000.
Another sale which fetched higher than expected was the exceptional still life by Jean-Baptiste Chardin (1699-1779), The Strawberry Basket (1761), sold at Artcurial for €24.4 million, against a low estimate of €12 million. The expert Éric Turquin insisted on the immense importance of this work in the history of art.
Related: The $26-Million Strawberry Basket
Related: A New Renaissance for Old Masters
Last year, Yayoi Kusama (born in 1929) entered - as the only woman - in the top 10 of the best rated artists. This year, she achieved her third best performance, behind Gerhard Richter (born in 1932) and Banksy (born in 1974). The Japanese artist also achieved a new world record of $10.5 million, thanks to the sale of Untitled (Nets) (1959), at Phillips on May 18, 2022.
The top 10 sales of works by living artists under 40:
• Avery Singer (b.1987) : $5,253,000
• Christina Quarles (b.1985) : $4,527,000
• Jennifer Packer (b.1984) : $2,349,000
• María Berrio (b.1982) : $1,562,500
• Robbie Barrat (b.1999) : $841,317
• Robert Nava (b.1985) : $639,401
• Issy Wood (b.1993) : $588,042
• Lauren Quin (b.1992) : $588,042
• Louis Fratino (b.1993) : $365,400
• Jordy Kerwick (b.1982) : $277,200
Artprice's next report is wholly dedicated to 'Ultra-Contemporary Art', in coordination with Frieze London (October 12-16) and Paris+ by Art Basel (October 20-23).
