Everything You Need to Know About... the Artprice Art Market Report in 2023

Explore the intricate post-pandemic art landscape with Artprice Art Market Report 2023. Our Research Team have summarised the insights gained from this document and has outlined the key information you need to know about.

Key Takeaways

Global Dynamics

• In 2023, the art market experienced a decline in prestigious private collection sales, with only 6 auctions surpassing the $50 million mark, down from 24 the previous year. This led to a significant revenue drop compared to 2022, partly due to ongoing conflicts causing economic instability in Europe and the United States.
• However, major auction houses showed resilience by adjusting to market shifts. They not only sold more art than ever but also widened their customer base, demonstrating adeptness in navigating a high-end market downturn amid complex global issues.

Future Outlook

• A surge in bidders, notably from younger generations, is reshaping the art market. Christie’s and Phillips saw a significant increase in art buyers in 2023, with many being first-time buyers from Generations Y and Z.

Structure and Evolution by Price Range

• High-end Market: In 2023, only six artworks were sold for over $50 million, marking a substantial drop from the 24 such sales in 2022. The threshold of $100 million at auction was only reached twice, by Picasso and Klimt, compared to 6 times in 2022.
• Middle Market: Transactions within the price bracket of £100,000 to £1 million saw a significant 21% rise compared to the previous year. In 2023, artworks between $20,000 and $100,000 tripled, marking an 18% growth compared to higher-priced items.
• Low-end Market: 90% of transactions involved lots sold for under $12,000. Transactions under £1,000 soared to a record high in 2023 with almost 423,000 transactions, driven by growing global demand and online accessibility to younger buyers.

Market Weight of Creative Periods

• Contemporary art dominates 41% of the worldwide art auction scene, particularly thriving in the US and Europe. Despite a lack of significant private collection sales, 2023 witnessed numerous new records.
• In 2023, Post-War Art was the second most profitable period, contributing a quarter of global auction revenue. Despite a downturn from 2022, with artists like Warhol seeing reduced sales, some set new auction records, indicating a shift in pricing dynamics.
• In 2023, Contemporary Art saw steady turnover worldwide, reaching a total of over $2.2 billion, making up 17% of the global market.

Artist Focus:

• In 2023, Basquiat led the Contemporary art segment, with sales up 7% to £238 million, ranking second globally after Picasso. His works dominated the top three spots in the segment.
• Andy Warhol's prints represented 72% of his 1,900 auction transactions throughout 2023.
• In 2023, Yayoi Kusama emerged as the world's foremost female artist, with her artworks fetching almost $190 million from the sale of over 9,400 pieces, placing her eighth in global rankings.

Whether you want to start your art journey, or you're a seasoned collector, the Maddox Team are on hand to help you with whatever your art needs are. Please explore our New Arrivals here or explore our Current Exhibitions page here.

Created by the Maddox Research Team on the 26th of March 2024.