Germany-based start-up Arttrade dug into the Artnet Price Database to bring you five insights about how the auction market has evolved:
shown at the media preview of the summer auction at Sotheby's Hong Kong in May 2015.
dug into the Artnet Price Database to bring you five insights about how the fine-art auction market has evolved—and what you as an art investor need to know to get the most out of this dynamic, fast-changing industry.Total auction sales in 2021 reached $16.5 billion, making it the art market’s most lucrative year ever. The previous peak, in 2014, generated $16.3 billion in total sales. Last year marked a remarkable recovery from the pandemic-era trough, when the auction market slumped to $10.
The top of the art market also rebounded more quickly than other asset classes, according to Artnet’s index of the top 100 best-performing artists. In 2021, the blue-chip art market outpaced the S&P 500 and the MSCI World Index. Looking ahead, some suggest art may also benefit from rampant inflation, which is reaching 40-year highs in the U.S., as it can be seen as a secure store of value during times of financial volatility.
Auction houses, which had been relatively slow to adapt to the Internet revolution, pivoted rapidly to the web during 2020. While IRL sales were limited or impossible, online transactions spiked. Sotheby’s, Christie’s, and Phillips sold a combined $1 billion in art online in 2020, up 1,007 percent from 2019. Miraculously, a year spent in lockdown seems to have permanently altered buyer behavior, meaning that total online sales continued to grow even after the world began to emerge from lockdown.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
For the First Time, James Turrell Is Installing a Skyspace at a Children's School in Manhattan—and the Public Can Visit, Too | Artnet NewsThe Friends Seminary School in downtown Manhattan will soon be home to one of James Turrell's famous 'Skyspace' installations.
Read more »
Archaeologists Have Uncovered an Enormous Megalithic Complex of More Than 500 Standing Stones in Spain | Artnet NewsThe oldest stones discovered at the site were likely erected during the late sixth or fifth century B.C., experts say.
Read more »
Heading to Seoul? Here Are 5 Rising Korean Artists You Need to Know Ahead of the Frieze and Kiaf Art Fairs | Artnet NewsFrom a pioneer of Korean video art to a feminist take on action painting, keep an eye out for these breakout stars of the Korean art scene.
Read more »
More Than $100 Million Worth of NFTs Have Been Stolen in the Past Year as Crypto Scams Continue to Rise | Artnet NewsThieves are deploying sophisticated scams to gain access to collectors’ digital wallets, making off with an average of $300,000 each time.
Read more »
What Art Does Brad Pitt Collect? Here Are 8 Artists Whose Work We Know the 'Bullet Train' Actor Owns and Admires | Artnet NewsBrad Pitt has his own sculpture studio at home—but he's also built an enviable art collection over the past 15 years.
Read more »
See the Freshly Commissioned Artworks That Meta Is Unveiling at Its Sprawling New Headquarters in New York's Moynihan Station | Artnet NewsSee the freshly commissioned artworks that Meta is unveiling at its sprawling new headquarters in New York's Moynihan Station:
Read more »