Highlights of the art market in 2022
Asian collectors pay attention to art works around the world
Among the onlookers watching Western contemporary art masters, Asian collectors are not willing to be lonely.
In Christie’s global auctions, buyers from the Asia-Pacific region contributed 29% of the total turnover of the world’s most expensive private collection – “Pioneering Creativity: The Paul Allen Collection”. And in the total auction, 62% of the purchases of the new millennial buyers came from the Asia-Pacific region, and about 40% of the millennial buyers came from the Asia-Pacific region. Among them, the number of millennial buyers in the Asia-Pacific region continues to grow, increasing by 15% compared with 2021.
In Sotheby’s global auctions, 68% of new customers came from Asia; and the Asian customer base expanded rapidly, recording a record-breaking number of bidders, among which the number of bidders under the age of 40 tripled from last year; and the per capita consumption and bidding amount of Asian collectors were 20% and 40% higher than those in other regions, respectively. In terms of works, Mondrian’s “Composition No. II”, Alexander Calder’s “Sixteen Pieces of Black”, Joan Miró’s “Lady and a Bird in the Sun”, Auguste Rodin’s “Calais People, Bronze Statue of Wu Zun” were all won by Asian collectors. Among them, Mondrian’s “Composition No. II” was sold for US$51 million, won by Asian collectors, and set a new world auction record for the Dutch abstract master.
In Phillips global auctions, Asian customers will contribute 34% of the total global auction turnover in 2022, and 40% of Asian buyers are millennials. Among them, Phillips’ highest ever auctioned lot, Jean-Michel Basquiat’s masterpiece “Untitled” created in 1982, was sold for US$85 million, also won by an Asian client.
