CURRENT ART MARKET:
Major auction houses continued to receive outstanding outcomes in the past year when selling expensive artwork. Renowned painters' works, both historical and modern, were highly sought after and frequently sold for more than their anticipated costs.
The auction house Christie’s reported that many of their pieces sold for significantly more than Christie's had predicted. The two sales were predicted to bring in between £70.8m and £106.3m in total. With transactions having a combined sell-through rate of 85%, the auction house came in close to exceeding their expectations with the £96.5m number.
For some individuals and organisations seeking variety in their portfolios, art continues to be a desirable investment option. Investors were drawn to the art market because of its capacity to hold onto and even raise the value of artworks over time.
The worldwide art market continued to expand with a growing emphasis on developing regions like Asia, especially China, as a source of new consumers and collectors.
According to the artsy report, the tangible art industry made a full comeback last year, with COVID-19 restrictions largely lifted globally. Even when physical fairs and events have returned, galleries still rely heavily on the internet sales strategies that proved so successful during the pandemic as a source of income. However, the art world is not exempt from the uncertainty in the global economy and politics.
London has been without a doubt the centre of Europe's art market for many years. There was disagreement a year ago on whether the city's momentum was receding. However, seven years after Britain's historic decision to leave the EU, the art market remains focused on Paris even while London continues to enjoy the greatest proportion of global riches.
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