Our 2022 Art Market Review
The art market in 2022 has seen a plethora of successes, with major fairs returning to in-person events and record-breaking sales being made at auctions.
Art fairs, which were heavily impacted by the pandemic in the previous year, made a strong comeback in 2022. Major events like Art Basel and Frieze London were held in their regular slots and with no social distancing measures, signaling a return to normalcy in the art world. Additionally, Expo Chicago and TEFAF Maastricht held their first exhibitions since the pandemic, and two new fairs, Frieze Seoul and Paris + par Art Basel, made successful debuts.
In terms of leadership, both Victoria Siddall and Marc Spiegler stepped down as global directors of Frieze and Art Basel, respectively. While their departures signal change in the industry, they also indicate that the art world is moving forward and adapting to the new challenges presented by the pandemic.
The trend towards industry consolidation, which began prior to the pandemic, only continued to grow in 2022. Sotheby's launched a direct-from-artist studio primary market sales platform, Bonhams acquired regional auction houses, and commercial galleries like David Zwirner and Perrotin strengthened their secondary market offerings. There were even rumors of LVMH's Gagosian acquisition, which seemed increasingly plausible as the year went on.
In terms of auctions, 2022 saw a number of successful single-owner collections, including those of Paul G. Allen, the Macklowes, David Solinger, and Joseph Hotung. Individual works also made records, with Warhol's Shot Sage Blue Marilyn selling for $195 million at Christie's New York, becoming the most expensive work from the 20th century to sell at auction.
Non-fungible tokens (NFTs), which have garnered significant attention in recent years, also made a significant impact on the art market in 2022. Major players like Christie's and Sotheby's entered the NFT market, and the first purely digital work was sold at auction.
Overall, while there were certainly challenges faced in the art market in 2022, there were also numerous successes. With major fairs returning to in-person events, record-breaking sales being made at auctions, and the continued influence of NFTs, it is clear that the art market is thriving. It is reasonable to assume that this success will continue into 2023 and beyond. In fact, it is likely that the art market in 2023 will be even better than it was in 2022, as the industry continues to adapt and innovate in the face of any challenges that may arise.
