Rising Art Prices During the Pandemic

Posted On September 25, 2020

New Buyers Prove Art Market Resiliency and More Key Insights

Key findings:

1. Art market prices, as measured by Sotheby’s Mei Moses, were up in the extended first half of 2020, with the SMM All Art Index up 1.6% from 2019
2. Fewer lots offered, and a change in the mix of works offered at auctions, caused total sales at Christie’s, Sotheby’s, and Phillips to decline 43% – there were 23% fewer works sold under $100k sold, and whereas ~40-50% fewer works over $100k were sold at each price band relative to the same period in 2019
3. Despite the drop in lots offered, Sotheby’s saw a 2.3% increase in the number of people who bid on a lot from the same period in 2019, which was driven by a 22.5% increase in bidders in their 20s and 30s
4. Contemporary art continues to be hot, with the SMM Post-war & Contemporary Art Index up 5.5% from 2019