Auctions and the Global Art Market

Based on the 2022 art market reports.

The art auction market has existed for centuries and is dominated by only a few significant players.

Pioneers of the auction market:

• Dorotheum - est. 1707

• Sotheby's - held its first auction in 1744

• Christie's - est. 1766

• Bonhams - est. 1793

• Phillips - est. 1796

Since its inception, the art market has been growing significantly year over year. In 2022, the global art market was valued at $67.8 billion, 45% of which is in the US alone. Auction sales contribute to 40% of the global art market.

Although the online art market has been growing steadily, reaching a valuation of $11bn in 2022. However, sales of the NFT art market are still not included in global art reports and thus do not equate to the global art industry.