Even while the wealthiest art collectors are currently on a tear, the recent financial crisis might alter everything.
Sales of art-related tokens increased to $2.9 billion in 2021 as crypto bros spent their earnings on NFTs and Audemars Piguet watches.
The wealthy inhabit a distinct economic environment. That much is evident from all the Dior purses and Cartier watches they purchase, but it is made abundantly plain when you consider all the works of art they amass.
Reported by the most recent state of industry
assessment by art economist Clare McAndrew for Art Basel and UBS Group AG, global art sales will reach $67.8 billion in 2022. It represented a 3% gain from 2021 when sales recovered 31% from the pandemic-related low point in 2020.
The American market drove the art business last year, just as it does in the worldwide luxury sector. After Leonardo Da Vinci’s Salvator Mundi, which fetched $450 million in New York in 2017, Andy Warhol’s Shot Sage Blue Marilyn, which fetched $195 million in May, is the second-most expensive art ever to be sold at auction.
While the US maintained its top spot in the worldwide rankings, it is noteworthy that the UK also grew. The British art market is still drawing foreign purchasers after Brexit even if it hasn’t fully rebounded to pre-pandemic levels. It didn’t help either that sterling fell last fall.
According to McAndrew’s Arts Economics, the most costly pieces of art sold the best worldwide. The only sector that saw an increase in sales last year’s value was pieced selling for more than $10 million. Paul Cezanne’s La Montagne Sainte-Victoire and Georges Seurat’s Les Poseuses, Ensemble (Petite Version), both of which sold for over $137 million, are included in this category. Its top-end boom indicates growing wealth vaults among the wealthiest collectors.