The Artprice report is worth studying. It shows that the art market is strong both at the high end and at the low end of the price range. China had been lagging but is coming back, and Christie’s and Sotheby’s continue to dominate the market, with Phillips following in third place. It reminds professional advisors that they need to inquire whether clients own artwork or collectibles and if so whether the art market has changed since the last time their plans were updated.
CHINA
The Chinese art auction market celebrated its 30th anniversary in 2022, a year with achievements supported by China's economic prosperity and growing national strength.
In the last decade, the Chinese economy has undergone stable growth, while its art auction market is ranked as one of the top markets worldwide. A bewitching bronze spider by Louise Bourgeois sold for $16.5 million, the best result ever hammered for a sculpture in Asia.
If the Chinese art market had not been considerably slowed by its Covid-19 situation, 2022's global art auction turnover total would have been the highest in art market history.
Unfortunately, the public health context and the restrictions linked to their Zero-covid Policy temporarily undermined the formidable momentum of the Chinese market, whose annual turnover fell from $5.9 billion to $3.9 billion (-34%). The Chinese market posted a sharp contraction due to continued covid-related restrictions.
THE GLOBAL ART MARKET:
Despite a 19% contraction of the S&P 500 Index in 2022 and a generally precarious global context in terms of public health and energy costs, more than one million artworks appeared at auctions in 2022, of which almost two thirds (65%) found buyers.
International fine art auction turnover rose slightly in 2022. Excluding China, the global art auction turnover reached its highest ever annual level with a total of $12.6 billion, i.e. 76% of the global art market. while the Chinese market is still experiencing a decline in turnover due to the pandemic, with the art auction market experiencing significant difficulties
The Artprice report is worth studying. It shows that the art market is strong both at the high end and at the low end of the price range. China had been lagging but is coming back, and Christie’s and Sotheby’s continue to dominate the market, with Phillips following in third place. It reminds professional advisors that they need to inquire whether clients own artwork or collectibles and if so whether the art market has changed since the last time their plans were updated.