Why is the fine art auction market growing?

The growth at the top of the fine art auction market can be traced back to the slew of star-studded single-owner sales, headlined by the aforementioned $1.5 billion collection of Microsoft cofounder Paul Allen at Christie’s New York in November.

How much did fine art sell in 2022?

Total sales of fine art reached $15.9 billion in 2022, a roughly four percent decline from the $16.4 billion sold in 2021 but still the second highest annual total since 2018. That’s noteworthy, since the five-year sample includes two pre-pandemic years and two post-pandemic years bookending an anomalous 2020.

Are online fine-art sales hitting a plateau?

Now that in-person auctions have fully returned, online fine-art sales are hitting a plateau—but they remain far above pre-pandemic levels. A total of $155.8 million worth of fine art was sold in online-only sales at Sotheby’s, Christie’s, Phillips, Bonhams, and Artnet Auctions in the first five months of the year.