5 Key Moments in the 2023 Art Market: Corrections, Records, and New Geographies

The 2023 art market underwent significant corrections and adjustments, moving toward a buyer's market amid geopolitical, economic, and environmental uncertainty. A standout event was Sotheby's November auction of the Landau Collection in New York, which achieved $406.4 million, the highest total for a single-owner sale by a female collector. The top lot was Pablo Picasso's 'Femme à la montre' (1932), sold for $139.4 million, making it the most expensive artwork of the year and the second-best result for the artist. Italian artist Salvo Mangione (Salvo) set a new auction record at Christie's Hong Kong, where 'Il Mattino' (1994) sold for HKD 8,964,000 (approx. €1,015,267), breaking the million-euro threshold for the first time. Geographically, Paris solidified its status as a global art hub with the second edition of Paris+ par Art Basel, while Seoul emerged as a major market with the debut of Frieze Seoul and numerous international gallery openings. The article also highlights the ethical turn in the art market, with restitution policies, charitable initiatives tied to art transactions, and philanthropic projects by major galleries such as Hauser & Wirth Learning and the Mennour Institute.