Artprice by Artmarket publishes its 2023 Contemporary Art Market Report, showing a +2200% growth since 2000 and confirming that Art is a safe haven in times of major crises
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In its 27th Annual Report, Artprice by Artmarket.com presents and examines a global Contemporary and Ultra-Contemporary art market that is more dynamic than ever before. Artprice's Report on the 2023 Contemporary Art Market is available free of charge in both French and English on:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2023
According to thierry Ehrmann, Artprice founder and CEO of its parent company Artmarket, the Contemporary art market has changed beyond recognition in 20 years. With auction turnover increasing by 2,200%, many more contemporary artists participating (from 5,400 artists to nearly 38,000 today), and a growing volume of works exchanged (from 12,000 lots offered to 123,000), the change has been structural. But it has also been geographical with 64 countries participating in the market versus 39 two decades ago. The Contemporary art market has of course accelerated with the Internet and the fluidification of remote transactions, and it now represents the most dynamic and profitable segment of the entire Art Market in the 21st Century.
I. CONTEMPORARY ART (artists born after 1945): key figures 2022/23
Soft Power of the Contemporary Art Market 2022/23
Structure of the Contemporary Art Market
Top 10 Contemporary artists by auction turnover
(1 July 2022 - 30 June 2023) ©Artprice.com
II. ULTRA-CONTEMPORARY ART (artists under 40): Key figures for H1 2023
Structure of the Ultra-contemporary Art Market in H1 2023
Diversity of the Ultra-contemporary art market in H1 2023
NFTs by Ultra-contemporary artists in H1 2023
Top 10 artists under 40 by auction turnover
(1 January 2023 - 30 June 2023) ©Artprice.com
Art, a safe haven in major crises
In conclusion, in contrast to the rest of the economy which is impacted by the current geopolitical and financial context at the moment, the art market is pursuing its growth with robust health, with regular new auction records being hammered for works from all artistic periods and in a wide range of countries during recent sales sessions. Moreover, there have been no cancellations of classic and/or prestige cataloged sales for 2023 or 2024, these sales being very much the bellwethers of the entire art market.
Major auction houses and investors know very well that art is a safe haven and a good investment, as shown by the Artprice100© index, which has outperformed traditional stock market indices. The current period of uncertainty in the stock market is also bringing new funds and investments into the art market.
During past crises, Artprice has already observed that the art market was less impacted than financial markets and the economy. This was true during the Nasdaq crash in 2000, after the 9/11 attacks in 2001, the Afghan war in 2001, the Iraq war in 2003, the subprime and CDS crisis in 2007, the negative interest rates that started in 2011, and the Covid crisis in 2019. The current period of major geopolitical unrest and the fear of a recession have clearly not got the better of the Art Market.
Methodology
This Report takes into account all public auctions of Fine Art works, i.e. paintings, drawings, sculptures, photographs, prints, videos, installations, tapestries, and NFTs, excluding antiques, anonymous cultural goods and furniture. It covers the global auction results recorded by Artprice for artworks by artists born after 1945 (Contemporary Art) between 1 July 2022 and 30 June 2023. It focuses particular attention on the results for artworks by artists under the age of 40 (Ultra-contemporary artists) between 1 January 2023 and 30 June 2023. All prices indicated in this Report refer to public auction results including buyers' fees. All uses of the "$" symbol refer to the US dollar.
The information and econometric studies produced by Artmarket.com are presented uniquely for the purpose of analyzing and understanding the statistical realities of the art market and should in no way be considered as advice or a suggestion or a solicitation to invest in the art market.
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Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information in databanks containing over 30 million indices and auction results, covering more than 817,000 artists.
Artprice by Artmarket, the world leader in information on the art market, has set itself the ambition through its Global Standardized Marketplace to be the world's leading Fine Art NFT platform.
Artprice Images® allows unlimited access to the largest Art Market image bank in the world: no less than 180 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians.
Artmarket with its Artprice department accumulates data on a permanent basis from 7200 Auction Houses and produces key Art Market information for the main press and media agencies (7,200 publications). Its 7.2 million ('members log in'+social media) users have access to ads posted by other members, a network that today represents the leading Global Standardized Marketplace® to buy and sell artworks at a fixed or bid price (auctions regulated by paragraphs 2 and 3 of Article L 321.3 of France's Commercial Code).
Artmarket, with its Artprice department, has twice been awarded the State label "Innovative Company" by the Public Investment Bank (BPI), which has supported the company in its project to consolidate its position as a global player in the art market.
Artprice by Artmarket publishes its 2023 Contemporary Art Market Report:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2023
Artprice by Artmarket's Global Art Market Report, "The Art Market in 2022", published in
March 2023:
https://www.artprice.com/artprice-reports/the-art-market-in-2022
Artprice releases its 2022 Ultra-Contemporary Art Market Report:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2022
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