Here’s What The Most Expensive Art Auctions Of 2022 Say About The Art Market (And The Economy)

Topline

The year 2022 was record-breaking at the top levels of the art market in terms of valuable collections coming to market, expensive paintings and auction house sales, though some experts say sales at the lower levels of the market are beginning to slow as fears of a recession grow.

Key Facts

The most expensive artwork to sell at auction this year was Andy Warhol’s $195 million portrait of Marilyn Monroe titled “Shot Sage Blue Marilyn,” selling in May to famed art dealer Larry Gagosian, who works on behalf of billionaire collectors, though it’s still unclear if he purchased it for himself or one of his clients.

The painting, the most expensive ever sold at auction by an American artist and the most valuable from the 20th century, was sold as part of famed late Swiss art dealer Thomas Ammann and his sister Doris’ collection at Christie’s in May.

Placing second was “Les Poseuses, Ensemble (Petite version)” by Georges Seurat, which fetched $149.24 million and was the most valuable artwork sold during the record-breaking auction of late Microsoft cofounder Paul Allen’s collection.

Also from the Allen collection was Paul Cézanne’s “La Montagne Sainte-Victoire,” which sold for $137.8 million, nearly double the artist’s previous record at auction.A cyprus landscape by Vincent Van Gogh called “Verger avec cyprès” also broke the artist auction record when it sold for $117.2 million during the Allen auction.

Paul Gauguin’s “Maternité II” and Gustav Klimt’s “Birch Forest” from Allen’s collection sold for $105.7 million and $104.6 million, respectively, and broke auction records for the artists.

Key Background

The past year was filled with record-breaking auctions and prices, but rising economic uncertainty, inflation, the war in Ukraine and worries about an impending recession have affected lower levels of the art market and some aspects of high-end collecting. Art advisor Thomas Stauffer told ArtNet News that collectors are focusing on the high-end of the market amid the threat of a recession. “Established art acts as a safe haven for value preservation in uncertain times like this,” Stauffer said. “The massive success of the record sale of the Paul Allen collection with blue chip art is the evidence of that.” Meanwhile, some auctions featuring less notable artwork had less impressive results, either barely reaching or missing pre-sale estimates. After a November modern and contemporary sale at Phillips’ auction house in New York only barely surpassed its $114 million estimate, New York collector Max Dolgicer told ARTnews the market was feeling “more tentative,” adding that the Allen collection’s “exceptional” results did reflect the realities of art sales overall. “The market can’t go up forever,” he said.

Crucial Quote

“We are sometimes, in the art market, dancing on the volcano when we see what’s happening in the world, in Ukraine, in Iran, in Asia, with the difficult Covid situation they are now facing, with the recession in many countries, inflation in many others, divided countries,” Christie’s CEO Guillaume Cerutti said during an earnings call this month, according to ArtNews.

Big Number

$1.6 billion. That’s how much 60 pieces from Allen’s collection brought in at Christie’s in November, breaking the record for the most expensive art collection ever sold at auction. It surpassed the previous record holders, Manhattan real estate mogul Harry Macklowe and his former wife Linda, whose collection fetched $922.2 million over two auctions, the second of which was held in May, just six months before the Allen sale.

Tangent

Christie’s said this week the auction house brought in a record $8.4 billion in art sales in 2022, driven largely by the Allen collection and other high-profile estate sales, like the Ammanns’. Sotheby’s said its fine art and collectible sales totaled $6.8 billion, down 7% from the previous year. Phillips said it sold $1.3 billion, up from 1.2 billion in art sales reported in 2021.

Further Reading

Most Expensive Art Auction Ever: Paul Allen’s Collection Fetches Record $1.6 Billion (Forbes)

Andy Warhol’s $195 Million Portrait Of Marilyn Monroe Breaks Record For Most Expensive American Artwork (Forbes)

Why Larry Gagosian Bought Andy Warhol’s Marilyn Monroe Portrait For A Record $195 Million (Forbes)

Real Estate Mogul Harry Macklowe And Ex-Wife Linda’s Art Collection Fetches Record-Breaking $922.2 Million (Forbes)

Here Are The 10 Biggest U.S. Billionaire Art Purchases. Will Paul Allen’s Collection Make The List? (Forbes)