It was a year of adjustments for the art market. This year 2023, which is nearing its end (told on the pages of Artribune (also with the publications of Incanti, the newsletter dedicated exclusively to the economics of the artistic supply chain, launched in March 2023) and now looking at it from a final stocktaking perspective – looking for significant moments and more distinctive trends – we will remember it as keep This is the year of market corrections that have become necessary across the industry The Notes by Picasso and SalvoThe new market regions with Paris and Seoul at the forefront and – perhaps less conspicuous but no less effective – i new operating models of an art supply chain which tries to stay close to civil and social issues.
The Picasso record from the Landau collection
The new geographies of the art market: Paris and Seoul
The ethical side of the art market
It sounds like the title of a book by the American writer Jonathan Franzen, but in this case the corrections we are referring to are the adjustments that the art market has had to make to itself and its pricing policies over the course of 2023, in order to cope with a continued “normalization” – another key word of the year – to be finished. While the sector faces ongoing geopolitical, economic and environmental uncertainty, it is approaching what has been referred to as a “buyer’s market”: a market in favor of buyers. Those from strong negotiating positions tend to push prices downward rather than upward. And so, after the post-pandemic recovery effect has faded and enthusiasm has waned somewhat, the art market has endured a year of decline compared to 2022 and is still looking to effectively adapt to changing conditions and different trading circuits.
At the end of a year of declining prices, the auction took place in November Sotheby's the most anticipated sale in New York Single owner of 2023: the auction dedicated Landau Collection. And the most expensive work of the year emerged from his catalog. In a sold out session of $406.4 million, the highest total for the sale of a collector's collection and with an impressive presence of third-party guarantees protecting all lots in the catalog, was the top lot of the evening of November 8th Femme à la montre From Pablo Picassoa recorded portrait of his beloved Marie-Thérèse Walterannus mirabilis by the Spanish artist, 1932. At auction, the painting achieved an estimate of over 120 million dollars $139.4 million, This makes it the most expensive work awarded in all of 2023 and the second best result for the artist.
If cutting-edge artists, young and mid-career, continue to generate interest at auction, there has to be one of our positions for the moments of 2023 to remember Except Mangione. An Italian artist who until a few years ago was, to say the least, undervalued and today finds himself at the center of the perfect market storm, with the now exclusive commitment that his daughter, the gallerist Norma Mangione, will dedicate to the enhancement of his legacy and a new auction Record mark scored by Christie's in Hong Kong and exceeded the million mark for the first time. After successful appearances in London and New York, the arrival on the Asian market followed The morning (1994) actually sparked competition between bidders and after a long dispute, the work changed hands for approximately HK$8,964,000 €1,015,267.
How have the geopolitical spheres of influence in market events changed? On the one hand, in 2023 there was a consolidation with the second edition of Paris+ for Art Basel, the rise of the French capital as a new center of the global art market, thanks also to the positions lost by the United Kingdom after Brexit. And if the new, great Art Basel brought audience and sales feedback to the exhibiting galleries, the density of international galleries that have opened in the city and the new hype surrounding the Paris auctions are all signs that confirm the potential of the Ville Lumière as new art capital. At the same time, Seoul was the other big attraction that emerged between 2022 and 2023. With the debut of Frieze and the opening of outposts of many galleries and mega-galleries from around the world – all factors seem to come together in a favorable institutional framework and with a solid base of collectors for the Asian capital. And for a country, South Korea, which today positions itself as one of the most strategically important markets alongside Hong Kong and Singapore.
The art market is moving ever closer to the luxury goods industry, often leaving no room for debate and reflection on the evolution of art and the role it plays in broader social, political and cultural dynamics. anthropological. However, different stories and visions of this trend emerged over the course of the year, and there are several cases where actors in the artistic supply chain have bet on the collective impact of their activities. From the restitution policies of auction houses and institutions to correct the injustices of the past, to the greater consideration of charitable initiatives related to art transactions by fairs and collectors, to the planning of large galleries Hauser & Wirth Learning at the Mennour Institute, which has a front-row seat to philanthropic, educational and audience-building activities.