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Market
Find out exactly how much the art market contracted last year.
This article is part of the Artnet Intelligence Report Year Ahead 2024. Through in-depth analysis of last year’s market performance, the new edition paints a data-driven picture of the art world today, from the latest auction results to the artists and artworks leading the conversation.
The number of women among the 100 top-selling fine artists at auction in 2023—tied with 2022 as the largest proportion we’ve ever recorded.
The average price (in USD) of a fine artwork sold at auction last year, down almost 16 percent from 2022.
The revenue (in USD) from fine art auction sales in China last year. While that figure represents a 13 percent increase over 2022, it is the second lowest total the country has seen in a decade.
The dip in total fine art sales generated by the Big Three auction houses—Sotheby’s, Christie’s, and Phillips—year over year.
The number of artists who made their auction debuts at Sotheby’s, Christie’s, and Phillips last year. Only 2.2 percent of them failed to find a buyer on their debut.
The total (in USD) spent on fine art at auction in 2023—down 12.7 percent year over year.
The sell-through rate for fine art at auction in 2023—higher than in any year in the past 10 years except 2021 and 2022.
The decline in revenue generated by the highest-end artworks at auction. Sales of art valued at more than $10 million dropped by just under $2 billion last year.
The dip in total auction sales of work by ultra-contemporary artists (those born after 1974) between 2022 and 2023.
The revenue (in USD) from online-only sales at Sotheby’s, Christie’s, Phillips, Bonhams, and Artnet Auctions last year—down 12 percent from 2022.
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