Peak Performance: The Art Market Beyond $1 Million, 2018–2022
- Analyst: Sotheby's & ArtTactic
- Pages: 59
We are delighted to present this inaugural edition of Sotheby’s Insight Report, a new series that will examine key aspects of the art market through the objective lens of data-driven analysis and expert critical perspectives.
Titled Peak Performance: The Art Market Beyond $1 Million, 2018–2022, this first edition provides new perspectives on the global $1m+ fine art market over the past five years, based on auction sales at Sotheby’s, Christie’s and Phillips. The analysis in this report draws on auction data gathered and analysed by ArtTactic and covers three main fine-art collecting segments – Contemporary, Impressionist & Modern and Old Masters – as well as Chinese traditional paintings and works of art. It has been carefully assembled to help collectors gain a deeper understanding of the evolution of the top end of the market.
The analysis presented in this report shows that the $1m+ market acts as a bellwether for the global auction market as a whole. It accounts for 74% of total sales by value in the collecting categories covered in this report, despite accounting for only 4% of lots sold.
This report is set against a backdrop of tumultuous global events, such as Covid-19, Brexit, war in Ukraine, the long-term lockdown of China and uncertainty in the financial markets. Our findings clearly indicate that the art market has shown tremendous resilience over the past five years; indeed, the $1m+ market experienced 20.8% growth in auction sales in 2022 alone. It is testimony, we believe, to the powerful attraction of owning the greatest works of art, especially during periods of uncertainty.
The $1m+ market has become symptomatic of geographical shifts in global wealth and of changing demographics. Over the past five years, we have seen younger collectors entering the top end of the art market and, as this transition continues, we are likely to see the ways that this generation is exercising its influence and taste. This will inevitably affect artists’ markets and collecting categories in years to come.
Our hope is that the Sotheby’s Insight Report series provides an important new way to give all those who may be participating in the fine-art market – or are contemplating entering it – the critical information they need to make informed decisions.