The 2022 Contemporary Art Market in Figures
Figures that will dazzle you: in 2021 the total revenue of art worldwide was 17 billion dollars (16 billion euros). Turnover was 60 percent higher than in 2020 and 28 percent higher than in 2019, before the corona pandemic broke out. Since corona the online art business soared in almost all auction houses. Especially Contemporary Art - art by artists born after 1945 - is doing particularly well. That segment accounts for a fifth of the total market in 2021. About 20 years ago it was only 3 percent.
What about 2022?
It is unlikely that 2022 will match the record year of 2021, the total sales value in the first two quarters of 2022 account for 62% of those seen in the first half of 2021. However, the contemporary prints market has increased at a considerable rate of 352% over the last five years according to a recent MyArtBroker report.
Some interesting facts about the 2022 Art Market:
- The average price paid for a contemporary art print: €35.000
- Top price paid for a contemporary print at auction in the first half of 2022: €599.760 (David Hockney - The Arrival Of Spring In Woldgate).
Who is collecting Contemporary Art?
Contemporary Art prints are nowadays seen as a more accessible way to collect artwork from some of the world’s most famous and expensive artists. There has been a shift in collector-base, with younger, greener collectors beginning to invest in art. Art is no longer just a hobby for wealthy middle-aged persons.
Who are the best selling Contemporary Artist of this moment?
The most well-known artists to watch are listed below with their sales value growth rate from 2016-2021.
Top 3 Contemporary Artwork Sold in 2022
As with wine and whiskey, an investment in art is long-term. Do not expect to make a profit very quickly and think at least a period of five years before a profit can be made. You should also realize that the art market is a risky market. Below we sum up some of the highest sold contemporary art prints of 2022.
|Artist and artwork||Date of Sale (2022)||Sales Value (EUR)|
|DAVID HOCKNEY - The Arrival of Spring In Woldgate East Yorkshire 4th May 2011||March 2022||€ 599.760|
|BANKSY - Girl With Balloon (pink)
||June 2022||€ 479.808|
|BANKSY - Girl With Balloon
Are you ready to start investing? Keep an eye out for these artists and be sure to regularly check our Contemporary Art Collection. You can subscribe below to join our mailing list and keep up to date on the latest art news.