Deloitte Report: Art Market Fireworks and Opacity in 2022
The 2023 Art & Collectibles Market Report from Deloitte characterizes 2022 as a year filled with 'fireworks' and 'opacity'. The market experienced a 12% increase for Christie's, Sotheby's, and Phillips, largely due to single-owner sales. In Asia, market share declined to 10.6%, accompanied by a 31.6% drop in revenue, while the US and London reported significant gains in painting auction revenues of +35.6% and +31.9%, respectively. Among New York's top five lots, each exceeding €100 million, was Andy Warhol's 'Shot Sage Blue Marilyn', which sold for $195 million. Total sales were $8.4 billion (+17%) for Christie's, $8 billion (+9.5%) for Sotheby's, and $1.3 billion (+8%) for Phillips. Despite a 176% rise in women artists' works, they represented only 3.3% of sales. Early 2023 auctions reflect caution due to inflation concerns.
Key facts
- Deloitte report describes 2022 art market as 'fireworks and opacity'
- Auction revenues grew 12% for Christie's, Sotheby's, and Phillips in 2022
- Asia market share fell to 10.6% with 31.6% revenue decline
- US painting auction revenues rose 35.6%, London 31.9%
- Andy Warhol's 'Shot Sage Blue Marilyn' sold for $195 million, a 20th-century record
- Paul Allen collection at Christie's New York exceeded $1.6 billion
- Christie's 2022 sales totaled $8.4 billion, Sotheby's $8 billion, Phillips $1.3 billion
- Millennials account for one-third of new clients at Christie's and Phillips
Entities
Artists
- Andy Warhol
- Paul Allen
- Mariolina Bassetti
- Pablo Picasso
- Gerhard Richter
- Egon Schiele
- Tracey Emin
- Marc Chagall
- Wassily Kandinsky
Institutions
- Deloitte
- Christie's
- Sotheby's
- Phillips
- Art Basel
- Frieze Seoul
- Art SG
- Massimodecarlo
- Burns Halperin Report
- Artribune
- Università Bocconi
Locations
- United States
- London
- United Kingdom
- Paris
- France
- Asia
- China
- Hong Kong
- Seoul
- South Korea
- Singapore
- New York
- Europe