The art market has become younger, with the increasing proportion of millennial customers, 30s and 40s, and the works of 21st-century artists breaking the highest auction price.
On 13th Jul y, Christie’s, the largest auction house in the world, reported that its sales in the first half of 2022 were $4.1 billion, up 18% from the result of $3.5 billion in the same period last year, and recorded the best performance in the past seven years.
30 percent of Christie’s buyers in the first half were new customers, which was up 1 percentage point from the same period last year. The proportion of millennials (the younger generation born between 1981 and 1996) among new customers was 34%. It increased 3 percentage points from 31% in the first half period of last year.
Young artists are making new records for auction. A total of 10 artists under the age of 40 set a record for the highest auction.
The market is getting bigger. Before Covid-19, around 10,000 to 15,000 clients would watch the firm’s auctions online, but the number of viewers has jumped to between 800,000 and 1.2m people after the pandemic.
As people’s attention to art is increasing, new moves and breath would be in the art market. The prospects of the art market are positive.
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