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The art market continues to thrive in 2022

November 20, 2022

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

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