Global art market continues to smash records as auction activity heats up
The global art market had a banner year in 2021, with total auction turnover reaching new heights in terms of total sales volume and number of lots sold. 2022 is proving to be an even more impressive year as art values and buying activity have reached new heights.
The Artprice Contemporary Art Index is currently up 16.2% since the beginning of the year, compared to S&P500 this is a drop of almost 14% over the same period.
by Andy Warhol ‘Shot Sage Blue Marilyn’ just grossed $195 million Christie’s in New York last month during the auction house‘s Spring Marquee Week, the highest amount ever paid at auction for a 20th-century work of art. Warhol now ranks ahead of Picasso and just behind Leonardo da Vinci in terms of all-time art auction records.
Christie’s Spring Marquee Week surpassed nearly $1.44 billion in auction sales, including Man Ray’s iconic masterpiece ‘Le Violon d’Ingres’ which set a record for a photograph with a sale price of $12,412,500.
Sotheby’s also set a record last month by closing its two-part sale of the Macklowe Collection. During two sales, one in November 2021 and the other in May 2022, the Macklowe collection reached $922.2 million to become the most expensive collection ever sold in auction history.
Much of the recent growth in the art market can be attributed to greater investor access now that most major auctions are taking place online. The global pandemic has forced major auction houses to move to online platforms, which has dramatically lowered the barrier to entry for new collectors and investors.
Another reason for this growth is that retail investors can now buy blue chip art stocks through Regulation A offerings on alternative investment platforms. masterpieces has become one of the most active buyers in the market over the past two years and has contributed over $400 million to the art market by buying iconic works, securitizing them and allowing investors to buy actions.
Related: Fractional investment offer for $2 million Albert Oehlen Painting Now Live
Christie’s landmark auction series 20th/21st Century Art returns this month to London and Paris, with the main auctions taking place on June 28, 2022. Iconic works by Andy Warhol will be up for grabs during the Post-War and Contemporary Art sale on June 29, 2022 in Paris and July 1, 2022 in London.
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