2022 High-End Art Sales: A Record-Breaking Phenomenon
Discover the trends in the global art market as high-end art sales break records, showcasing a stark polarization in prices and the dominance of elite collectors.
The global art market has witnessed unprecedented activity, particularly in the high-end sector, where a growing polarization in prices has emerged. While a record number of artworks have sold for over $100 million, a vast majority of items fetched less than $50,000. This stark contrast highlights the evolving dynamics of the art market and the increasing influence of elite collectors.
The Polarization of Auction Prices
In 2022, the art market exhibited a striking polarization in auction prices. Artworks priced below $50,000 made up 92% of all auctioned items but accounted for a mere 10% of the total transaction volume. Conversely, artworks sold for over $1 million constituted just 1% of all sold pieces but represented a staggering 60% of the total sales volume. Of this, 32% came from sales over $10 million, marking a 12% increase compared to the previous year.
A Year of Unprecedented Sales
The year 2022 was notable for the sale of six artworks, each fetching over $100 million—an unprecedented milestone in auction history. Twenty years ago, no artwork had ever reached this price point. The past two decades have seen a total of 23 artworks sold for over $100 million, including the six from 2022. This made 2022 the year with the highest number of sales in this price category, surpassing the previous record set in 2017 with three such sales. These six pieces alone amassed a total of $809 million, surpassing the annual sales volumes of Germany, Italy, and Japan combined.
Top-Tier Private Collection Sales
Two top-tier private collections played a significant role in these record-breaking sales at Christie's. Five of the six high-priced artworks were from "Paul Allen's Collection," and one was from the "Thomas and Doris Ammann Collection."
Paul Allen's Collection
Paul Allen, co-founder of Microsoft and a renowned art collector, owned an impressive collection featuring masterpieces by Monet, Van Gogh, Manet, and Klimt. The highly anticipated auction of "Paul Allen's Collection" eventually reached a total of $1.62 billion, setting a new world record for a personal collection auction. New auction records were also set for works by Seurat, Cézanne, Van Gogh, Gauguin, and Klimt.
Thomas and Doris Ammann Collection
The "Thomas and Doris Ammann Collection" fetched $318 million, with Andy Warhol's "Shot Sage Blue Marilyn" alone selling for an astonishing $195 million. This sale made it the second most expensive artwork ever auctioned, only behind Da Vinci's "Salvator Mundi," and surpassing Picasso's "Les Femmes d'Alger (Version O)," which had sold for $179 million, setting a new record for 20th-century art at auction.
Economic Instability and the High-End Art Market
In times of economic instability, more high-quality art pieces enter the market, offering elite collectors the opportunity to acquire rare artworks. These artworks are often seen as a hedge against inflation and local economic crises. Reflecting on the 2009 financial crisis, artworks selling for over $1 million accounted for only 35% of the market share, with the mid-market segment being the largest at 42%. Since then, the share of high-end sales has grown in most years, reaching a decade-high of 60% in 2022. The mid-tier segment fell to just 30%, and the low-end segment shrank to 10%.
A Closer Look at the Top Sales of 2022
Here are some of the most notable auction results from recent years:
- Andy Warhol - "Shot Sage Blue Marilyn": $195,040,000 (Christie's, New York)
- Georges Seurat - "Models (Petite Version)": $149,240,000 (Christie's, Hong Kong)
- Paul Cézanne - "Mont Sainte-Victoire": $137,790,000 (Christie's, New York)
- Vincent van Gogh - "Orchard with Cypress": $117,180,000 (Christie's, New York)
- Paul Gauguin - "Maternity II": $105,730,000 (Christie's, New York)
- Lucian Freud - "Birch Forest": $104,585,000 (Christie's, Hong Kong)
- Lucian Freud - "Large Interior W11 (after Watteau)": $86,265,000 (Christie's, New York)
- Andy Warhol - "White Disaster (White Car Crash 19 Times)": $85,351,000 (Sotheby's, New York)
- Jean-Michel Basquiat - "Untitled": $85,000,000 (New York Auction, Hong Kong)
- René Magritte - "Empire of Light": $79,354,000 (Sotheby's, London)