11 April, 2023
Artprice recently published its 2022 Global Art Market Report, with its long-standing partner, Artron. Despite an uncertain global context, the report reveals how the Art Market continued to go from strength to strength in 2022, with a growing number of new collectors entering the market. In this article, we summarise some key findings from the report.
How stock market indices compared to the Art Market in 2022
One of the most positive points outlined in the report is that the Art Market has seen a new phase of acceleration. In spite of a 19% contraction of the S&P 500 index in 2022, more than 1 million artworks appeared at auctions, of which almost two-thirds (65%) found buyers. Positively, this also marks a growing number of new and younger collectors entering the Art Market, with 56% of these artworks sold for less than $1,000 (including fees). For this new generation of collectors, these more affordable lots, notably prints and three-dimensional multiples represent a pleasurable and risk-free purchase.
The UK Art Market recovers its balance, returning to its pre-pandemic and pre-Brexit level
According to the report, the UK Art Market has returned to the $2.1 billion level recorded turnover before the covid pandemic and Brexit. Growing by 8% compared to 2021, the number of works sold in the UK is ever-increasing each year, now exceeding 92,000 lots, i.e. two and a half times more than in 2015. In London, we have seen the auctioning of remarkable works by both Christie’s and Sotheby’s - René MAGRITTE ($79.3 million) and Franz MARC ($56.8 million). Despite the pandemic and Brexit, the UK has thus consolidated its third place in the global Art Market, after the USA and Hong Kong, suggesting a positive outlook for 2023.
Evolution of Fine Art and NFT Auction Proceeds (2022)
Chagall ranked 19 in the Top 500 Artists
Chagall, one of the most popular modern artists, was ranked 19 in the TOP 500 ARTISTS BY FINE ART AND NFT AUCTION TURNOVER IN 2022. Compared to 2021, Chagall's auction revenue has increased from $79,202,545 to a turnover of $124,613,728 and 1,697 lots sold. The best auction result in 2022 was a staggering $11,821,580.
Chagall has proven to be a solid investment for collectors. This acceleration is also driven by shorter holding periods, whereby these historic pieces return to auction more frequently.
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Conclusion
To conclude, despite the precarious geopolitical and economic context of 2022, the Art Market has remained resilient, with record auction results being hammered this year. The Art Market has proven to be a solid investment choice for collectors and investors alike, outperforming traditional stock market indices. The uncertainty of the financial markets also promises new investments being directed in the Art Market, making the 2023 outlook optimistic for the Art World.
You can find the full market report here.