Analysis
State of the Art Market: An Analysis of Global Fine Art Auction Sales in 2022
Here’s what recent auction results can tell us about the state of play in the art market.
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Here’s what recent auction results can tell us about the state of play in the art market.
Artnet News and Morgan Stanley
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In November 2022, Christie’s evening sale of Microsoft cofounder Paul G. Allen’s esteemed fine art collection brought in more than $1.5 billion, making it at the time the most lucrative single-owner auction ever, and a fitting capstone to a historic year in the global auction market. Within the trade, 2022 may be remembered as a year defined by blockbuster single-owner sales of fine art. Combined with the usual string of traditional evening sales held by Christie’s, Sotheby’s, and Phillips worldwide (defined as the three auction houses’ regularly scheduled seasonal evening auctions with the highest-priced fine art lots), these premier single-owner sales supplied the market with a steady stream of top-tier artworks from season to season and region to region. Buyers appeared to respond again and again, helping to insulate the fine art auction market against the tremors created by a bear market for stocks in the U.S. and other macroeconomic challenges abroad.
After a year of historic sales, Morgan Stanley collaborated with Artnet News and the Artnet Price Database to survey the state of the global fine art auction market on an annual basis from 2018 through 2022, as illustrated in all charts herein.
Source: Artnet Price Database and Artnet Analytics.
Source: Artnet Price Database and Artnet Analytics.
Source: Artnet Price Database and Artnet Analytics.
Source: Artnet Price Database and Artnet Analytics.
Source: Artnet Price Database and Artnet Analytics.
Source: Artnet Price Database and Artnet Analytics.
Source: Artnet Price Database and Artnet Analytics.
Source: Artnet Price Database and Artnet Analytics.
Artnet Price Database: From Michelangelo drawings to Warhol paintings, Le Corbusier chairs to Banksy prints, you will find over 14 million color-illustrated art auction records dating back to 1985. Artnet covers more than 1,800 auction houses and 385,000 artists, and every lot is vetted by Artnet’s team of multilingual specialists. Whether you are appraising a collection, researching an artist’s market history, or pricing an artwork for sale, the Price Database will help you determine the value of art.
Disclosures: This material was published on June 16, 2022 and has been prepared for informational purposes only. Charts and graphs were published by ArtNet News in the Artnet Intelligence Report Spring 2022. The information and data in the material has been obtained from sources outside of Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of the information or data from sources outside of Morgan Stanley.
This material is not investment advice, nor does it constitute a recommendation, offer or advice regarding the purchase and/or sale of any artwork. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. It is not a recommendation to purchase or sell artwork nor is it to be used to value any artwork. Investors must independently evaluate particular artwork, artwork investments and strategies, and should seek the advice of an appropriate third-party advisor for assistance in that regard as Morgan Stanley Smith Barney LLC, its affiliates, employees and Morgan Stanley Financial Advisors and Private Wealth Advisors (“Morgan Stanley”) do not provide advice on artwork nor provide tax or legal advice. Tax laws are complex and subject to change. Investors should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trusts and estate planning, charitable giving, philanthropic planning and other legal matters. Morgan Stanley does not assist with buying or selling art in any way and merely provides information to investors interested learning more about the different types of art markets at a high level. Any investor interested in buying or selling art should consult with their own independent art advisor.
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