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Wednesday, August 17, 2022

Art shows itself to be crisis-proof | DiePresse.com

Both the international auction houses and the Dorotheum recorded strong results in the first half of the year, only NFTs are weak.

Art seems to be considered a safe asset class during the crisis, because the art market was astonishingly strong in the first half of the year. Auction sales for the first six months of 2022 rose 25 percent year-on-year to a record $7.4 billion, according to a recent report by art market analysis firm Art Tactic. With a market share of 49 percent, Christie’s was the market leader.

Christie’s reported total revenue of $4.1 billion for the first half, up 18 percent and the best result since 2015. Even Christie’s CEO Guillaume Cerutti called sales “remarkably strong.” Sales such as Andy Warhol’s “Marilyn”, the Bass Collection in New York and the Givenchy Collection in Paris. “These results were achieved in a difficult economic and political environment, thanks in part to the resilience of the art market and in part to Christie’s changing business model in recent years,” Cerutti said in a press release. The house has accelerated technological innovations and diversified the range of services, above all through digitization and the introduction of live auctions. Along with increasing digitization, the house has been able to attract more young buyers. 34 percent of first-time buyers were millennials.

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