2022 was a record-breaking year for the art market. In spite of inflation and global uncertainty, last year saw the biggest auction sale in history. Many major auction houses announced company-high sale totals.
While nothing is certain, we’re expecting the art market to stay strong this year, both globally and in Seattle. Here are some trends we’ve been seeing among art buyers lately.
More Online Art Auctions
Online auctions have become more and more common since they first became an option. In-person auctions have come back since the beginning of the pandemic, but online auctions are still popular. Younger buyers tend to do a lot of their art purchasing online.
As more of the next generation become active art collectors, online auctions are expected to grow. We expect to see many successful art sales through online auction sites.
More Lucrative Art Sales
Art sales have been doing well, and we’re expecting the high sales prices to continue. Even under economic uncertainty, many collectors with disposable income have increased their spending over the past couple years.
The art market is currently concentrated at the top. Many monied collectors feel comfortable spending as usual or even increasing their spending during inflation.
More International Art Buyers
People around the world are bidding on art in 2023. According to the Arts Global Market Report 2023, the largest region in the art market last year was Asia-Pacific.
With more auctions taking place online, local sellers with niche goods can reach interested buyers across the globe.
More Popularity for Surrealism
Surrealism has become more popular with buyers. There is currently high demand for art from both the original Surrealist movement and contemporary surrealistic artists.
Over the past year, works by female Surrealists in particular, like Dorothea Tanning and Leonora Carrington, have been exceeding estimates.
More Emphasis on Social Issues in Art
Today’s buyers often collect art with a purpose. Benefit auctions have become more popular, and some collectors are prioritizing sustainability as they purchase art. Identity and socio-political issues have been major drivers in the art market lately, according to Bank of America’s 2022 Art Market Report.
The Art Basel and UBS global art market report found that 68% of art collectors in the U.S. prefer buying locally. Most collectors who prefer buying locally say they are working to reduce their carbon footprint. Collectors are also choosing more sustainable shipping methods for the art they buy.
More Popularity For Previously Overlooked Artists
Many collectors are interested in learning about artists who were under-appreciated during their careers. Works by both older and recently deceased artists have become more popular, especially works from female artists and artists of color.
According to the 2022 Art Market Report, art by Jacob Lawrence, Romare Bearden, Charles White, Faith Ringgold, and Hedda Sterne has grown in popularity.
Ready to Appraise and Sell Your Art?
Fruitcocktail Collectables is an accredited appraisal and auction company based in Seattle. We have helped clients learn the value of their art and sell it for the best possible price for over 25 years.
We appraise art and other collection items for a wide range of situations, including:
- Estate taxes
- Estate planning and equitable distribution
- Trust inventory
We will meet all the requirements to help you determine the value of your art or art collection. If you need an experienced Seattle art appraiser with a well-trained eye, contact us today for a consultation.