Global Auction Sales Soared to a Record $12.6 Billion in 2021
The global auction market soared to record levels in 2021, with Christie’s, Sotheby’s, and Phillips posting a combined US$12.6 billion in sales, according to a report released Tuesday.
The figure was 70.2% higher than 2020, and 2.3% higher than the previous peak in 2018, according to RawFacts Auction Review 2021 by ArtTactic, a London-based art market research firm.
Sotheby’s maintained its leading position,accounting for 49.8% of the total auction sales last year, with auctions running at US$6 billion. That’s the highest level in the company’s 277-year history.
Sotheby’s successful sales strategy included “a diverse digital offering and securing the sales of high-value single-owner collections, including the Macklowe collection and the MGM Resorts Fine Art Collection,” the report said.
Christie’s market share increased from 40.9% in 2020 to 42.6% in 2021, and Phillips’ market share dropped to 7.6%, down from 8.7% in 2020.
New York retained its position as the global art hub, accounting for 48% of auction sales in 2021. Hong Kong, with a market share of 19.4%, replaced London to become the second most important art market, where the three auction houses saw a combined US$2.45 billion in sales.
London’s market share fell to 16.6% from 22.7% in 2020, although auction sales rose from US$1.7 billion in 2020 to US$2.1 billion in 2021, according to the report.
Online sales continued to explode as the three auction houses adapted to the global pandemic. Online-only sales amounted to US$1.35 billion, up 28.2% from 2020 and accounting for 10.7% of total auction sales. Online-only sales were at a mere US$168.2 million in 2019.
In terms of categories, post-war and contemporary art accounted for 32.8% of the market in 2021, with total sales of US$4.14 billion, according to the report.
Sotheby’s maintained its leading position,accounting for 49.8% of the total auction sales last year, with auctions running at US$6 billion. That’s the highest level in the company’s 277-year history.
Sotheby’s successful sales strategy included “a diverse digital offering and securing the sales of high-value single-owner collections, including the Macklowe collection and the MGM Resorts Fine Art Collection,” the report said.
Christie’s market share increased from 40.9% in 2020 to 42.6% in 2021, and Phillips’ market share dropped to 7.6%, down from 8.7% in 2020.
New York retained its position as the global art hub, accounting for 48% of auction sales in 2021. Hong Kong, with a market share of 19.4%, replaced London to become the second most important art market, where the three auction houses saw a combined US$2.45 billion in sales.
London’s market share fell to 16.6% from 22.7% in 2020, although auction sales rose from US$1.7 billion in 2020 to US$2.1 billion in 2021, according to the report.
Online sales continued to explode as the three auction houses adapted to the global pandemic. Online-only sales amounted to US$1.35 billion, up 28.2% from 2020 and accounting for 10.7% of total auction sales. Online-only sales were at a mere US$168.2 million in 2019.
In terms of categories, post-war and contemporary art accounted for 32.8% of the market in 2021, with total sales of US$4.14 billion, according to the report.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
