2022 art market milestones: from Paul G. Allen record to NFT crash
The 2022 art market saw several defining trends. Christie's sale of the Paul G. Allen Collection achieved $1.6 billion, the highest ever for a single-owner auction, surpassing the Macklowe and Rockefeller collections. The ultra-contemporary segment boomed, with artists under 40 driving marketing and sales, including dedicated auctions like Sotheby's The Now, and mega-galleries signing young talents like Jadé Fadojutimi and Anna Weyant. Millennials and Gen Z became a major force, with Sotheby's Luxury segment doubling revenue and under-40 bidders setting records. The NFT art market, after a peak, saw a sharp decline in turnover by May 2022. Surrealism dominated exhibitions and influenced younger artists, but a return to abstraction is anticipated.
Key facts
- Paul G. Allen Collection sold for $1.6 billion at Christie's, the highest single-owner auction total ever.
- Ultra-contemporary artists under 40 became a key market segment, with Sotheby's The Now format and Gagosian signing Jadé Fadojutimi and Anna Weyant.
- Millennial and Gen Z collectors drove growth, with Sotheby's Luxury segment revenue doubling and under-40 bidder numbers tripling.
- NFT art market experienced a crash after early 2022 hype, with turnover falling sharply by May.
- Surrealism, especially female surrealists like Leonora Carrington, was prominent in 2022 exhibitions and influenced younger artists.
- The Bass, Amman, and Solinger collections also returned to auction in 2022.
- Christie's achieved its highest total in history from the Allen sale.
- A shift towards abstraction is expected in the near future.
Entities
Artists
- Georges Seurat
- Paul Cézanne
- Vincent Van Gogh
- Paul Gauguin
- Gustav Klimt
- Lucian Freud
- Anna Weyant
- Jadé Fadojutimi
- Leonora Carrington
- Dorothea Tanning
- Leonor Fini
- Remedios Varo
- Paula Rego
- Beeple
- Cecilia Alemani
- Cristina Masturzo
Institutions
- Christie's
- Sotheby's
- Gagosian
- Artprice
- Peggy Guggenheim Collection
- Tate Modern
- Artribune
- NABA Nuova Accademia di Belle Arti
Locations
- Venezia
- Italy
- Londra
- United Kingdom