A Summary of the Art Market Trends for 2022
Since the beginning of the pandemic in 2020, the art industry, which encompasses many sectors such as auction houses, galleries, artists, collectors, etc., have had to reimagine the way in which it operates. As digital communications and interactions became the new norm, auction houses had to shift gears quickly to maintain some replica of pre-pandemic life. Not only did the mode by which those within the art industry interacted change, but the interests in particular categories of artwork changed as well.
The past year or so has marked a new beginning for digital art. Non-fungible Tokens (NFTs) skyrocketed in popularity, especially with Beeple’s “Everydays: The First 5000 Days” (2021) selling at Christie’s Auction House for over $69 million. With growing interest in digital artwork, as well as in digital modes of buying and selling artwork and collectibles, we see a shift in interest and desire for certain categories of art. MutualArt’s “The Art Market Breakdown” monitors the market daily for what is selling and what is not. Check out the table below for Total Auction Sales of key art categories from the past quarter.
TOTAL AUCTION SALES
| Category | USD | Vs Last Year |
| Postwar & Contemporary | $221.8 Million | -53% |
| Old Masters | $167 Million | +75% |
| Impressionist & Modern | $66.1 Million | -72% |
| Asian Antiquities | $47 Million | -48% |
| Asian Modern & Contemporary | $37.9 Million | +13% |
Auction sales in the Old Masters category went up a staggering 75% compared to last year’s sales; whereas sales of Postwar & Contemporary art declined by 53%. This goes to show that interests are changing and it would be a good idea to keep an eye on the ways in which the market aligns itself digitally in the coming months.