Art auctions broke records last year

Art auctions accounted for $17.08 billion in 2021, thanks in part to online sales, up 60% from the previous year, according to Artprice, the world leader in art market insights.

The increase was 28% compared to 2019, according to that same company.

“The health crisis dramatically accelerated the dematerialization of the art market. 87% of the 6,300 auction houses that Artprice monitors already have all the resources to make online sales”, explained Thierry Ehrmann, its president.

The total number of lots sold in the world amounted to 663,900, including paintings, sculptures, installations, drawings, photographs, etc…

“Contemporary art now represents 20% of the market compared to 3% in 2000″specified the expert.

China, at $5.95 billion, represents 35% of the world market (those figures include Hong Kong and Taiwan).

The United States follows with US$5.79 billion, that is, 34% of the market, Ehrmann said.

The United Kingdom, in the midst of the Brexit process, saw a decline in activity, with US $ 1,990 million, 10% less than in 2019.

In terms of number of lots sold, the United States is the first market, followed by France.

South Korea saw its business volume multiplied by four, totaling US$237 million.

Sotheby’s and Christie’s firms account for 49% of sales (US$4.4 billion and US$4.0 billion, respectively).

The percentage of works that did not find a buyer fell to 31%, a historical minimum.

Young artists, from 18 to 30 years old, stand out on the horizon thanks in large part to NFTs, a kind of certificate of authenticity. The auction of these “tokens”, as they are known in crypto art jargon, amounted to US$232.4 million.

The most sought-after living artists are Gerhard Richter and Banksy. 1,186 works by Banksy were sold, for a total of US$206 million.