While the stock market has seen its worst year in decades, the art market continues to do just fine against a climate of rampant inflation, a looming recession and the lingering war in Europe.
The Fall 2022 Intelligence Report that #artnet just published, attributes the strength of the market to a pent up desire to spend and the accumulation of wealth during the pandemic by a sector of the population. Add to that a strong dollar, a desire to view and see art in person and travel and you have a strong art market, as was palpable in Paris for the first edition of Paris + by Art Basel.
Here are some of the key findings from the Artnet Intelligence Report:
– NFTs were not among the top sellers at action in 2022. In fact the average price of NFT plummeted by 92% since last year. The NFT craze is definitely cooling off.
– There is a return to painting and collectors continue to compete for paintings by young artists. Painting was definitely the star of the show at Paris +, where works by emerging artists sold on the first day of the fair.
– The revenue from online-only sales at auctions has declined by 71.5% compared to the year before. And the average price of work sold online in 2022 dropped 72% to $20,000.
– Speculation and art flipping for emerging artists is rampant. Artists and galleries are devising ways to fight back to regain control of the market.
– The Chinese market, whose growing population of young collectors has fueled the demand for contemporary art thus far, is cooling down.
I am curious to read your take on this market report that, for me, helped clarify some of the trends that I have been witnessing for months. As an art advisor, It is important that I maintain my fingers on the pulse of the art market and keep a close watch on market trends and news to better advise my clients and navigate the market. To read more, subscribe to my newsletter.
#artnet #artmarket #trends2022 #artcollecting #artadvisor #artfairs #collectart #artcollector #artcollecting #contemporaryart #contemporarypainting #parisplus #artbaselmiami #markettrends
[Originally published on Linkedin at https://www.linkedin.com/posts/estelle-fournier-art-consultant_architecturaldigest-warlimpirrngatjapaltjarri-activity-6894684392820662273-qXqP
