A Decade in Art, Part 1

A blow by blow record of global art auctions 2012 - 2022

Art auctions have been a significant part of the art market for centuries, providing a platform for buyers and sellers to come together and exchange works of art. The past decade, from 2012 to 2022, has seen a number of notable trends and developments in the art auction scene.

2012 was a strong year for art auctions, with total sales reaching $12.4 billion, according to a report by art market research firm Art Basel and UBS. This was an increase of 12% from the previous year, and reflected growing confidence in the global economy. One of the most notable sales of the year was Edvard Munch's iconic painting "The Scream," which sold for a record-breaking $119.9 million at Sotheby's in May.

2013 saw a slight dip in total sales, with $11.2 billion in total sales according to the same report. Nevertheless, there were still several major sales throughout the year, including a $142.4 million sale of Picasso's "Nude, Green Leaves, and Bust" at Christie's in May, and a $104.3 million sale of Francis Bacon's "Three Studies of Lucian Freud" at Christie's in November.

In 2014, the art auction scene experienced a significant surge in sales, with a total of $16.2 billion, an increase of 45% from the previous year. This was driven by several landmark sales, such as Picasso's painting "Les Femmes d'Alger (Version O)" selling for $179.4 million at Christie's in May, and Amedeo Modigliani's "Nu couché (Reclining Nude)" selling for $170.4 million at Sotheby's in November.

2015 and 2016 saw total sales drop again to $12.4 billion and $13.6 billion respectively. However, records were broken at these years as well. Among these, “Salvator Mundi” a painting of Jesus Christ attributed to Leonardo da Vinci sold for $450.3 million in November 2017, setting a new record for the most expensive work of art ever sold at an auction.

From 2017 to 2020, the art market had stable auction sales, around $15 billion for the years. Nevertheless, there were still some major highlights such as Jeff Koons's sculpture “Rabbit” selling for $91.1 million in May 2019, becoming the most expensive work by a living artist ever sold at auction. And in 2020, the pandemics had a big impact on the physical auction events, but the market had adapted and many auctions moved to online platforms, setting new records as well.

2021 has been a year of recovery for the art auction scene, with total sales reaching $17.2 billion, despite the ongoing pandemic. The year saw several notable sales, including the $130 million sale of Claude Monet's "Meules" at Sotheby's in May and the $68 million sale of Banksy's "Love is in the Air" at Sotheby's in October.

Overall, the past decade has been marked by both ups and downs in the art auction scene, but it remains a vital part of the art market and continues to set records and make headlines. The art auction scene is likely to continue evolving in the coming years, driven by new technologies, changing tastes, and economic conditions, but it will remain an important platform for buying and selling art.

It is worth noting that this is a general overview of the art auction activity, and it can vary depending on the region, art styles and artist. Also, this data is based on reported sales by main auction houses and art market research firms.