Remarkable resilience despite the geopolitical context
In 2023, the art market has experienced varied dynamics, influenced by geopolitical and economic factors. Auctions declined globally, affected by uncertain environments such as tensions in Ukraine and Asia, as well as rising inflation and rising interest rates. For example, a work by Amedeo Modigliani sold for $8 million less than in 2015 at a Sotheby's Hong Kong sale, partially reflecting the economic crisis in China. Additionally, countries like South Korea and France saw significant declines in auction results in the first half of 2023.
Hermathena #2 (2009) by Michail Parlamas
The contemporary art market remains dynamic
Despite these challenges, the contemporary art market has maintained a remarkable level of performance with a global result of $2.29 billion in 2022/2023 ($73.5 billion for the whole Art Market), ranking as the fourth best historical performance. This represents a decline from the previous record year but remains significantly higher than levels seen twenty years ago. Transaction flow reached an all-time record, with more than 123,000 auctions, demonstrating impressive market vitality, particularly for works priced at less than $5,000.
Globally, France saw its sales decline slightly due to an unfavorable euro/dollar exchange rate, while Germany continued to grow. Christie's set an all-time record with $5.8 billion in sales, helped by Paul Allen's collection, while Sotheby's posted $3.9 billion. Painting remains the dominant category, with works by artists such as Picasso, Cézanne, and Warhol reaching auction heights.
As for contemporary art, 11 works exceeded $10 million, with a total of 290 auctions above $1 million. Painting represented 74% of proceeds from contemporary art auctions, followed by sculpture and drawing. More than 30,000 contemporary artists had at least one auction during the year, demonstrating the diversity and depth of the market. Best-selling contemporary artists include Jean-Michel Basquiat, Yoshitomo Nara, and Banksy, reflecting the high demand for their works.
Artmajeur: Portal to Strategic Artistic Investment
The studies highlight the complexity and resilience of the art market in the face of current economic and geopolitical challenges, while highlighting the continued popularity of contemporary art and the strength of collectors and investors in this sector. In this context, where innovation and the diversity of works play a crucial role, Artmajeur presents itself as an ideal platform for investors seeking to diversify their portfolio with art. Here's why:
A Wide Variety of Works : Artmajeur offers a wide range of artworks, ranging from traditional paintings and sculptures to digital and photographic creations. This diversity allows investors to find unique pieces that fit different budgets and aesthetic preferences.
Established and emerging artists : The platform brings together works by established artists as well as emerging talents, thus offering the opportunity to invest in potentially rewarding works in the long term. Investing in up-and-coming artists can be particularly fruitful, as their works gain value as they gain recognition in the art world.
Decision-making tools : Artmajeur provides tools and information that help investors make informed decisions. This includes trend analyses, artist ratings, and recommendations, making it easier to assess the potential value of works.
Accessibility and transparency : The platform is accessible to everyone, allowing investors from around the world to easily browse collections and acquire works of art online from around the world. Transparency of prices and information about works helps create a safe and reliable purchasing environment.
Capital appreciation potential : By selecting wisely from a range of diverse works, investors can identify pieces with high capital appreciation potential. Art, as a tangible asset, offers an attractive alternative to traditional investments, especially in an ever-changing market.
Artmajeur is an innovative platform rich in opportunities for investors who wish to engage in the art market. Its ability to provide direct access to a wide range of artists from around the world, with a wide variety of artwork, combined with the tools to evaluate and invest wisely, makes it a strategic choice for those looking to diversify their investments with art.
Jean Dubreil
