Artnet News, in collaboration with Morgan Stanley and the Artnet Price Database, analyzed global auction sales from January through May 20 for the years 2018 to 2022. The total auction sales for the first five months of 2022 reached $5.7 billion, just barely exceeding the previous high set in 2018. The sell-through rate was 73.4%, the second highest in the period examined. The average price of a work sold surged 180% from 2020 and 26% from 2021, driven by pent-up supply of high-value works. Sales of works priced at $10 million and above grew nearly 50% year-over-year, fueled by major consignments from the estates of Thomas and Doris Ammann, Anne Bass, and Harry and Linda Macklowe. Meanwhile, sales of works under $10,000 increased 43% since 2018, partly due to the rise of online auctions during the pandemic.
This analysis matters because it provides a comprehensive snapshot of the art market's recovery and shifting dynamics following the pandemic. The V-shaped rebound in the U.S., which saw sales jump over 700% from 2020 to a record $3.4 billion, underscores the resilience of the American market. The data also highlights regional divergences: the U.K. market has not recovered to its 2018 peak post-Brexit, while France continues to grow, reaching a record $339.5 million. The near tie between Impressionist & Modern and Postwar & Contemporary sectors ($2.4 billion each) signals a broadening of collector interest. These trends offer critical insights for collectors, dealers, and investors navigating the current market landscape.