Despite outperforming pre-pandemic figures, auctions in 2022 struggled to outdo 2021’s exceptional turnover. Global contemporary art sales yielded USD 2.7 billion from July 2021 through June 2022, slightly less than the previous year’s USD 2.73 billion, according to Artprice’s annual report. Owing to its zero-Covid policy, China lost its place as the world’s largest auction market to the United States, while South Korea boasted dramatic growth. Buyers preferred ultra-contemporary artists as demand for established auction favorites faltered. Amid the crypto winter, the volatile NFT market collapsed 46 percent from its debut year.
Tug of War
An inverse of 2021’s tally, the US returned as the world’s largest art-auction market with a 39-percent share, while China, bolstered by sales in Hong Kong, comprised 27
