«The Contemporary Art Market has entered an essential and long-awaited phase of adjustment. The question is no longer whether works by Jeff Koons, Damien Hirst or Christopher Wool are important – they have proved that beyond doubt – but rather how to readjust their prices to those commanded by the Old and Modern grand masters of Art History and to those fetched by the new generations of artists on the global art market. »
thierry Ehrmann, CEO of Artmarket.com and Founder of Artprice
The 2023 report from Artprice by Artmarket reveals an extraordinary +2200% growth in the contemporary art market since 2000. This underscores the market's resilience and vigor even during significant global crises. With records constantly being broken, art remains a dependable asset. The United States leads in this segment, although China and the UK are also notable contributors.
Artists under 40, particularly those involved in the Ultra-Contemporary segment, have seen remarkable attention and success. However, there has been a 38% decrease in the global turnover for this segment in the first half of 2023 compared to the previous year. NFTs, an emerging medium, constituted 11% of the Ultra-Contemporary art market, indicating the digital art’s rising influence.
Contrasting the volatility in the broader economy, the art market continues its robust growth, consistently setting new auction records across various artistic periods and countries. Major auction houses and investors are increasingly recognizing art as a safe haven, a trend underscored by the Artprice100© index outperforming traditional stock market indices. Past crises, including financial downturns and global conflicts, have seen the art market exhibit remarkable resilience.
Thanks to Christie's and Sotheby's remarkably well-conducted sales of exceptional American collections, the year 2022 became a significant milestone in the history of public auctions.
“The art market increasingly reflects the world we live in: a world evermore aware of the value of beauty and rarity, of things that may soon be gone forever and that we must constantly reinvent by creating new forms to enrich our souls.”
thierry Ehrmann, CEO of Artmarket.com and Founder of Artprice
2022 was clearly marked by the six works that each fetched over $100 million at Christie’s, setting a historic new record for the auction house and ensuring New York’s position as by far the strongest capital of the ultra high-end market.
But, we have also seen the emergence of new market places all over the globe, from Seoul to Cape Town, via Sydney, Dallas and Tokyo.
This Annual Report also highlights the evermore inclusive nature of the art market thanks to a belated but nevertheless growing recognition of women artists and a better representation of artists from all walks of life and all movements.
Published in time for Frieze London and Paris+ art fairs, Artprice has – for the first time – devoted an entire annual report to the “Ultra-Contemporary Art Market”. Available free of charge in French and English, this document analyzes the dazzling auction results for works of Fine Art and art-NFTs created by artists under 40.
These works reflect the new concerns and societal challenges that today's younger generations are grappling with our 2022 Ultra-Contemporary Art Market Report (available free online and in PDF) and to maintain our customary tracking of the Contemporary art market, Artprice is happy to present here a summary of the key figures for the global Contemporary art market as a whole, and for the Ultra-Contemporary segment specifically:
Two years after the health crisis triggered a profound evolution of the art market that included an opening to NFTs and the Metaverse, Artprice and its exclusive partner Artron are glad to present their free analysis of the 2021 global art market and its underlying changes.
The market data shows a spectacular 60% increase in auction turnover versus 2020, despite the continuation of the pandemic. The migration of the art market into the virtual sphere of the Internet is now a reality on all 5 continents, almost relegating the need for physical auction rooms to history.
“As the 21st century unfolds into a new era of enlightenment, the art world will be reshaped around virtual creation and a virtual (but very real) economy, allowing the emergence of a genuinely boundless space for artists to express themselves. Even in the virtual world of the Metaverse, singularity will remain one of the most prized qualities”… thierry Erhmann, Founder of Artprice & President of Artmarket.com
Available for free, in three languages, online as well as in PDF version : English – French – Chinese
Read our 23rd Annual Report on the Global Art Market: The Art Market in 2021
And much more to read: China’s lead over the United States; Soft Power; the impact of the health crisis on the operational structure of auction houses and the quality of their transactions; how the UK art market is affected by Brexit; artists breaking new records at ever-younger ages; what the NFT market really represents and how is it re-configuring the auction landscape; the top-performing artists of the year and the most popular; etc...
In fact, the 2020/21 period marks the Contemporary segment's best year in auction history, both in terms of lots sold and in terms of global auction turnover, and it saw the Contemporary art segment move into a new space vis-à-vis the rest of the art market.
Part of this movement was driven by the sensational arrival of NFTs and the staggering prices obtained for works by very young artists, both of which appear to have profoundly transformed the art market's overall landscape. The NFTs very likely mark a substantial acceleration of the Hegelian power struggle that will release artists from their condition of slavery and make them masters of their own markets… and reconfigure the entire global art market in the process.
Artprice is proud to present this latest exclusive report focusing on the latest evolutions in a Contemporary Art Market that is seeing buying and selling habits transformed, the very notion of “collecting” being fundamentally shaken by NFTs, and Art history itself somewhat fitfully evolving towards greater inclusion and diversity… These changes are as radical as they are unavoidable!
According to thierry Ehrmann, CEO of Artmarket.com and Founder of Artprice: Sales strategies offering a large number of works at relatively affordable prices and growing demand from multi-generational collectors allowed the Contemporary art segment to resist the negative impacts of the health crisis a lot better than any other segment.
The Contemporary art segment (artists born after 1945) posted a historic auction turnover performance in H1 2021, up 50% versus H1 2019 (and five times the total hammered in H1 2020, impacted by the early days of the covid pandemic).
Asia ... the market pivots towards the East
After an extremely difficult 2020, China, Hong Kong and Taiwan posted exceptional performances in H1 2021) taking their total turnover from sales of Contemporary art for the 2020/21 period to USD 1 billion, i.e. 40% of the segment's global turnover.
This Report represents an essential tool as we head into the major autumn art fairs (notably the Frieze and the Fiac) and is now available at the following address:https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2021
The Art Market has adopted a new economic model and reached a new equilibrium that the most optimistic projections were not expecting to see before 2025. It is now much better equipped to work with contemporary ways of living and collecting, i.e. those of the 21st century.
In sum, despite a global tragedy that is unique in social and modern economic history, the Art Market has rebounded via digital technology, which it has massively adopted within a record time and which has allowed the market's turnover contraction to be limited to just -21%, which in itself – given the circumstances – is a superb performance.
“Artprice is proud to present this exclusive report which traces the evolution of the Contemporary Art Market over 20 years”, announces thierry Ehrmann, President and Founder of ArtMarket.com and its Artprice department. “The story it tells reflects a multitude of sociological, geopolitical and historical factors, all of which contributed to the rapid rise of Contemporary Art in the global Art Market. A marginal segment until the end of the 1990s, Contemporary Art now accounts for 15% of global Fine Art auction turnover, and is now its primary growth driver, having increased +2,100% over 20 years. As a result of the Covid-19 pandemic in 2020, the Art Market switched almost entirely to the Internet. 2021 will no doubt see an extension of this trend”.
In short, the Contemporary Art Market has been through a very long and very profound transformation over twenty years, which Artprice has followed. We have witnessed its exponential rise until 2008 – until Damien Hirst’s insolent sale just after the bankruptcy of Lehman Brothers at Sotheby’s – and the subsequent ‘arrival’ of the Chinese Art Market with its peak in 2014. Clearly, the health crisis that began in March 2020 has once again broken the market’s rhythm, but there are few markets that resist rhythm breaks quite like the Art Market.
So we seem to have reached a perfect spot for a pause and for serious analysis of the metamorphoses of the Contemporary Art Market – the segment of the Market which harbours the biggest risks and opportunities – before it fully resumes its undoubtedly unexpected activities.
And don't miss, exclusive to this year's report, the TOP 1,000 contemporary artists at auction (2000-2019)
Read our report, 20 years of Contemporary Art auction history:
The Contemporary Art Market report 2000-2020
thierry Ehrmann, Artprice founder and CEO of ArtMarket.com: “The Art Market’s growth is based on confidence”
This report contains the famous Artprice ranking of the Top 500 best-selling artists on the global fine art auction market and the Top 100 auction results. It also contains an analysis of the global Art Market from a geographical perspective (by country and by major city), a breakdown by historical periods and by artistic media, a selection of crucial Artprice market indices and 8 key chapters providing an uncompromising analysis of today's global Art Market. No other entity is currently capable of generating such high quality macro- and micro-economic metadata based on proprietary Big Data and AI algorithms.
Read our 22nd Annual Report on the Global Art Market at:
In commercial terms, the trade in Contemporary artworks is today a veritable market within a market. Our 21st Contemporary Art Market Report focuses on the over 70,000 Contemporary works now bought and sold annually at auctions around the world. This is almost the same number as for the entire Art Market in the early 1990s.
The Contemporary Art segment may be the market’s most volatile segment, but it is not ‘speculative’ in the negative sense of the word. Most Contemporary artists are alive today, so the segment naturally generates the highest returns on investment because the value of the works is itself being created, little by little, as the artists’ productions expands and each artist finds his or her place in Art History.
Artprice by Art Market's Contemporary Art Market Report – an indispensable tool for participants and attendants at the major autumn art fairs (Frieze and Fiac in particular) – is available free of charge at the following address:
*Public sales of Fine Art (paintings, sculptures, drawings, photographs, prints, installations). **In collaboration with Art Market Monitor of Artron (AMMA).
“We are seeing a tightening of the balance between supply and demand in the Art Market,” explains thierry Ehrmann, Artprice’s Founder/CEO.
“The results show persistent demand for museum-quality works, but the secondary market’s supply has tightened somewhat. The Art Market – as we have known it since 1975 – appears to be reaching its structural limits: auction houses are struggling to maintain their operating margins and also to convince collectors to sell their best pieces. They are constantly increasing their buyer fees while simultaneously inventing new ways of reassuring sellers. Guarantees can encourage some sales, but this mechanism doesn’t represent a global solution. It’s time for the Art Market to start a new digital era”.
The recent acquisition of Sotheby’s and Artprice.com’s metamorphosis into Artmarket.com (its new company name submitted to the Extraordinary General Meeting) are two changes that clearly reflect the Art Market’s entry into the age of the Internet.
Now available online at:
Eight artists changes in our Artprice100® index between fiscal year 2017 and 2018 In 2000, only 1 Chinese artist (Zhang Daqian) qualified for inclusion in our Artprice100® index compared with 16 in 2017
In a world where many Western countries now post quarterly economic growth rates well below 1%, the Art Market has once again confirmed its efficiency, liquidity and transparency… just like a financial market.
In 2018, 26.2% of our Top 500 global artists are Chinese, illustrating the power of China vis-à-vis the United States which only account for 17.4% of the Top 500 artists.
The report includes Artprice’s now famous ranking of the world’s 500 most powerful artists, the Top-100 auction results of the year, information regarding our Artprice100® index now used in trading rooms, analyses by country and by capital, analyses by creative periods and by artistic media... and a selection of Artprice market indices, and even more: Soft Power, Trends, Financial returns, etc...
Read our 21st Annual Report on the Global Art Market at:
*Fine Art at Public Auction: painting, sculpture, drawing, photography, prints, installation
**In collaboration with the Art Market Monitor of Artron (AMMA)
The chapters explore the hottest topics in the global market and provide answers to questions that any art lover, collector, professional or curator who is active in the Contemporary Art Market might have...
Stimulated by a sensational record of $110.5 million in May 2017, the Contemporary art Market has just ended a third consecutive semester of growth. The principal drivers of this growth are ever-stronger demand for works by the stars of Contemporary art and a proliferation of supply in a particularly favorable economic context.
Now available, the new 2018 Artprice Contemporary Art Market Report provides decision support tools that analyse the evolution, the organization and the latest trends in the Contemporary Art Market:
*Fine Art Public Auction: painting, sculpture, drawing, photography, prints, installation
**In collaboration with the Art Market Monitor of Artron (AMMA)
Global Fine Art auction turnover amounted to $ 8.45 billion in H1 2018, an increase of 18% versus the year earlier period. The Art Market is therefore pursuing the renewed growth which started in H1 2017 (+9%) and was confirmed in H2 2017 (+32%).
Now available online at:
2017 marks a return to worldwide growth for the art market. After two consecutive years of contraction (-10% in 2015 and -23% in 2016), global art auction turnover increased by +20%, equivalent to a spectacular turnaround of +40% (absorption of the contraction plus additional growth). This performance is all the more significant as it was generated by a combined recovery of both the Western and the Chinese markets, with each market generating a new historical auction result as well.
The year 2017 will remain a decisive year for two reasons.
On the one hand, because a new price range (unthinkable just a few months ago) has been reached, with the huge gap between the previous all-time art auction record and the new one (between $180 million and $450 million) bound to be filled incrementally by upcoming sales of museum quality works.
On the other hand, because for the first time since the eclosion of the Chinese market (2008), the major powers of the Art Market have together demonstrated all the signs of firm and durable growth. And lastly because 2017 has proved beyond any doubt the validity of the model developed (and IPR protected) by Artprice which details and forecasts all of the economic, financial and sociological phenomena inherent to “the Museum Industry” ®.
The “Quality over Quantity” strategy of Chinese Art Auction Market has paid off
Ranking of the Top 500 artists by auction turnover
European artists accounted for nearly half of the world’s Top 500 artists last year, ahead of Asia (162) and North America (82). The ranking also contained 12 Latin American artists, 6 Africans and 6 from Oceania. Although still modestly represented in the Top 500, these latter regions are indeed becoming increasingly important on the global Art Market as a whole.
Much more to discover in:
The complete Art Market in 2017 (Annual Report by Artprice.com) available online: