2019 Art Market Review: Record Sales and Shifting Tides

In 2019, Jeff Koons reclaimed the title of most expensive living artist when his 1986 sculpture Rabbit sold for $91.1 million at Christie's New York on May 15, surpassing David Hockney's 2018 record. The work, from the collection of S.I. Newhouse, was estimated at $50–70 million and helped the Post-War and Contemporary Art Evening Sale total nearly $540 million. Tschabalala Self emerged as a market star, with her work Sapphire achieving £395,000 at Christie's, a record for the artist who first appeared at auction only in March 2019. Her prices surged from $10,000–60,000 two years prior, reflecting collector interest in post-black art. Banksy's Devolved Parliament sold for £9.9 million at Sotheby's in October, shattering his previous record of £1.5 million set in 2008. The sale occurred amid Brexit uncertainty, with Sotheby's contemporary art head Alex Branczik noting the challenging business climate. Maurizio Cattelan's Comedian—a banana duct-taped to a wall—sparked controversy at Art Basel Miami Beach, with critic Jerry Saltz dismissing it as 'joke art' and 'DOA.' Italian banks adopted divergent strategies for their art collections: Unicredit sold parts to fund sustainable projects, Intesa Sanpaolo revalued 3,500 works at fair value totaling over €270 million, Banca Mps opened its museum and archive to the public in Siena, and UBI Banca launched a new website focusing on digital engagement.