Art market proves resilient in a hectic inflationary macro-economic context .
2022 posted record sales for auction house Christie’s with $8.4Bio (+18%vs 2021)excluding real estate and cars while Sotheby’s posted $8Bio including both latter sectors.
It’s the highest number since Christie’s creation in 1766 mainly due to Paul Allen record $1.5Bio sale proceeds (donated to charities )and a record $195Million for Andy Warhol’s Marilyn. Christie’s surpassed Sotheby’s global 2022 sales despite its historical Macklowe $900Million collection sale.
Buyers from North and South America increased to 40% vs 35% in 2021 while Asia counted less buyers than last year.
Prime buyers have 35% of total buyers of which a third are millenials.
Combined revenues for both aauction houses are up 75% vs 2020.
Art market revenues have triggered $65.2Bios according to ARTBasel-UBS report.
In 2022, 52 art works sold above $30Mios
vs previous record of 36 in 2015, 24 above $50 Mios, vs previous record of 15 in 2014. In a year time the threshold of $100 Mios was hammered 6 times vs 3 times in a year previousely according to AFP.
Constantly increasing number of millionaires, new comers to art, important collector’s parting from their collection, digitalisation, the need for diversification and safe haven effect enhanced Art as an attractive alternative asset class in a challenging 2022 context .
https://www.barrons.com/news/record-year-for-auction-houses-christie-s-and-sotheby-s-01671478509
