Every year, Professor Roman Kräussl, an expert in alternative investments and an FDEF Professor at the Department of Finance, analyzes the global art market trends in Manager Magazin, a leading German business magazine. In his annual report titled “Kunstindex,” he explores recent trends in the global art world and compiles a list of the 50 most popular artists based on auction sales. Prof. Kräussl also examines the trends for emerging artists and the evolving patterns of buying and selling art pieces.
In 2022, the art market experienced significant turmoil due to the crypto crash, leading to a decline in the prices of artworks by some collectors’ favorites like Jean-Michel Basquiat, Banksy, and Beeple. However, this period also witnessed the rise of some new stars such as Avery Singer, Anna Weyant, and Issy Wood, who achieved notable gains in their art sales.
Prof. Kräussl highlights that the art market in 2022 was unstable, with subdued sales compared to previous years. While art auction sales rose by nearly 15%, they remained below the 2015 record, and the second half of the year was particularly disappointing. In previous years, the prices of certain prominent artists, like the street art icon Jean-Michel Basquiat, were boosted by young collectors who had amassed wealth through cryptocurrencies. However, in 2022, due to the crypto crisis, these prices slumped, and sales for both prominent and sought-after artists such as Pablo Picasso, Roy Lichtenstein, and Banksy have also declined. Interestingly, the sale of Paul Allen’s collection (Microsoft co-founder who passed away in 2018) accounted for 15% of the entire global art auction market, significantly impacting the overall picture of the year.
Prof. Kräussl identifies three new dynamics in the art market. Firstly, collectors are showing increasing interest in artists with African roots. Secondly, there has been a positive shift in gender representation, with women now constituting 65% of the top 20 rising stars. Lastly, sales of some new stars are escalating faster than in previous decades, with their artworks reaching impressive price levels early in their careers. He concludes that the prices of the top 20 climbers are likely to continue rising in the medium term.
For further information, you can read the original article in German, titled “Das sind die wertvollsten Stars des globalen Kunstmarktes,” in Manager Magazin.