The contemporary art market is dominated by the under 40s and women

The contemporary art market is dominated by the under 40s and women

In 2022, the global contemporary art market was supported by artists under 40, women in the lead, with a slight drop in earnings to $2.7 billion (-1.1%), according to the Artprice’s annual report published on Tuesday.

This slight decline is due tomainly by China’s zero Covid policy (mainland, Hong Kong, Macau and Taiwan) which recorded an exceptional loss of 33% in turnover, going from one billion dollars in 2021 to 740 million in 2022“, specifies to AFP Thierry Ehrmann, the president of Artprice.

However, “in 2022, the contemporary art market will become a driving force with the number of transactions worldwide increasing by 12% (from 102,000 to 119,400). We also go from 34,000 to 39,880 signatures, an absolute record, and we record 5,000 new record prices“, he explains. It is supported in particular by “ultra-contemporary” art, where eight artists in the Top 10 are women. This sector represents 15.5% of the contemporary art market (artists born after 1945).

In twenty years, the overall value of the “ultra-contemporary” has been multiplied by 26, carried by its 2,670 artists, five times more numerous in 2022. The average price of their five best auctions has fallen from 618,000 dollars to 4, 9 million dollars per work. Between 2021 and 2022, sales on the “ultra-contemporary” art market have thus jumped from 300 to 420 million euros, specifies Mr. Ehrmann.

On the global contemporary art market, the United States regained first place with a billion dollars in turnover, an increase of 39%. New York alone accounts for 38% of the global value, he adds.

The United Kingdom weighs 18% of the contemporary art market with 486 million dollars and is up 15% compared to the previous year. “It consolidates its lead over France (68 million dollars) which still concentrates only 3% of world turnover“, continues Mr. Ehrmann, according to which “Brexit has had no impact on the art market“.

The domination of Anglo-Saxon auction houses is absolute: Christie’s (31% of world turnover), Sotheby’s (26%) and Phillips (14%) concentrate more than 70% of the value of this segment.

Avery Singer (1987): $5,253,000
Christina Quarles (1985): $4,527,000
Jennifer Packer (1984): $2,349,000
Maria Berrio (1982): $1,562,500
Robbie Barrat (1999): $841,317
Robert Nava (1985): $639,401
Issy Wood (1993): $588,042
Lauren Quin (1992): $588,042
Louis Fratino (1993): $365,400
Jordy Kerwick (1982): $277,200

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