Sotheby’s maintains its leadership position with a total of $ 6 billion in auctions in 2021.
Courtesy of Sotheby’s
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The global auction market hit record highs in 2021, with Christie’s, Sotheby’s and Phillips recording combined sales of $ 12.6 billion, according to a report released on Tuesday.
The figure was 70.2% higher than in 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 company.
Sotheby’s maintained its leadership position, accounting for 49.8% of total auctions last year, with auctions of US $ 6 billion. This is the highest level in the company’s 277-year history.
Sotheby’s successful sales strategy included “a diverse digital offering and securing sales of high value sole proprietorship 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 fell to 7.6%, from 8.7% in 2020.
New York has maintained its position as a global art hub, accounting for 48% of auctions in 2021. Hong Kong, with a 19.4% market share, has replaced London to become the second largest market for art. art, where the three auction houses saw a combined $ 2.45 billion in sales.
London’s market share fell to 16.6% from 22.7% in 2020, although auctions fell from US $ 1.7 billion in 2020 to US $ 2.1 billion in 2021, according to the report.
Online sales continued to explode as all three auction houses adjusted to the global pandemic. Online-only sales were $ 1.35 billion, up 28.2% from 2020 and accounting for 10.7% of total auctions. Online-only sales were only US $ 168.2 million in 2019.
In terms of categories, post-war and contemporary art made up 32.8% of the market in 2021, with total sales of $ 4.14 billion, according to the report.
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