With over $2.7 billion worth of artworks sold in less than two weeks in NYC in May 2015, this auction season is the highest ever recorded in all auction history, spanning Impressionist, Modern, Post-War and Contemporary art. The figures are stunning; but even more remarkably, the art market is showing no sign of weakness despite an impressive growth for the past few years, driven by increased globalization, and the entrance of new buyers more particularly from Asia.
Pablo Picasso. Les Femmes d’Alger, 1955. Sold at Christie's for $180 million
This Auction Season in Key Figures
In terms of periods, Post-War, and Contemporary Art are clearly taking a strong lead with revenues just short of $1.6 billion, the highest total ever achieved in an auction season. However, this represents only a slight increase as compared to past seasons, $1.5 billion in November 2014. Impressionist and Modern art, with over $1.2 billion, are reaching their highest level yet as well, with an impressive growth (from $700 million in November 2014) driven by numerous records at the highest level.