The market for high-end art seems to be booming. Total sales for Sotheby's, Christie's and Phillips have hit more than $2.5 billion for 2022 already — led by works of Andy Warhol, Pablo Picasso and more.
Two works by Mark Rothko, sold at Christie's for $116.4 million.Vendors at the Phillips auction were so confident of selling their pieces that about half as many as last year took the auction house's offer to guarantee a minimum price. Robert Manley, Phillips deputy chairman,London art dealer Patrick Bourne noted that female artists in particular seemed to be doing well this year, with recent sales of women's works at Sotheby's selling for"sometimes to 10 times the estimate.
"If you're worried about inflation and stock market volatility, then a blue-chip bankable name painting or sculpture can be something that investors see as a safer bet," he says, adding that the healthy prices are particularly impressive given the quantity of art on the market. The current surge in sales follows an earlier"mini-boom" in the high end art market during the height of the Covid-19 pandemic.
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