Christie's annual results that we recently analyzed leave no room for doubt: this market is suffering a cooling on a global scale. If we analyzed 2022 from the consolidation of the new normal, confirming that its dynamics were once again those prior to the pandemic and the macroeconomic situation had curiously affected it little, in 2023 we do it from a clear corrective in sales. Not only at the end of the year, already in the May auctions we were aiming for a drop of close to 30%. But despite all the tensions caused by wars and inflation, this market has proven resilient, and neither in the fairs nor in the large halls have there been resounding failures as there have been in other crises.
The star collection of 2022 was that of Paul Allen, which with $1.6 billion not only marked a historical milestone that will be difficult to surpass but also boosted Christie's annual results. The collection that Sotheby's obtained this year from the former patron of the Whitney, Emily Fisher Landau, only reached $406.4 million. The 31 works for sale barely exceeded the lower part of the estimate of 344.5 million (here, without the buyers premium). In addition, 25 of them were guaranteed by a third party, which meant that Sotheby's had to transfer part of the benefit to that guarantor.
Beyond figures, this industry has shown during the year that some of its trends are becoming more consolidated every day. Awareness about sustainability is undoubtedly one of them. The Gallery Climate Coalition, born during the pandemic, now has more than a thousand members. The market is increasingly leaning towards contemporary. The works of women artists and ethnic minorities are not only valued in major exhibitions or biennials, but are also appreciated at auctions.
On the other hand, just as megagalleries continue to open locations, concentration in the fair sector continues. The Frieze group, every time it opens the market in Asia, buys two other American fairs: The Armory Show and Expo Chicago, knowing that the fair merry-go-round never stops rolling. NFTs, on the other hand, which were announced as the revolution of this industry, have been left aside as anecdotal. We will see what the next 12 months have in store for us, but the big question is whether this corrective will be a temporary blip or whether we will be stuck in it for the next few years.
