1. Key figures

The market is back at full speed with unprecedented stats!

$2.7 billion worth of Contemporary works changed hands at auction over the 2020/21 exercise, an incredible figure considering the negative impact of the global health crisis. The recovery is all the more robust for being based on an unprecedented volume of transactions with more than 100,000 works sold by just over 34,600 artists. These figures are all new records!

Key stats for the year (2020/2021)

→ Global turnover on Contemporary Art is continuing to grow. The $2.7 billion hammered worldwide (of which 60% in New York and Hong Kong) represents a stronger, more diverse and denser market than ever before. A total of 102,000 contemporary works have changed hands in 12 months, 10 times more than 20 years ago. This remarkable result reflects the dynamism of an Art Market perpetually attracting new buyers. The increase in the volume of transactions was accompanied by an unsold rate down 5 points. In short, never have supply and demand been so well-balanced, with 70% of the works offered finding buyers.

Contemporary Art sales per price range

→ Painting remains the market’s primary medium both in terms of value ($2 billion, or 73% of the Contemporary segment’s total turnover) and in terms of lots sold (42%). Works on canvas also accounted for 82% of results above the $1 million threshold versus 6% for drawing and 6% for sculpture. A fourth medium also reached into the 7-digit sphere: no less than nine NFTs fetched results above $1 million, three times more than the photography medium.

The success of NFTs wasn’t limited to spectacular prices. Some NFTs have sold for less than $1,000 in recent months (see Millon’s sale in Belgium). This is also the case for the vast majority of contemporary works, nearly half of which were accessible for less than $1,000 and 90% of which did not cross the $20,000 threshold.