Daily Management Review

Fall art auction sales in New York reach record $2.65B


11/25/2021


The autumn art auctions in New York set a record with sales exceeding $2.65 billion.



Yaou Tcing Hoernld
Yaou Tcing Hoernld
The main reasons for this interest in art auctions are growing global prosperity, concerns about inflation and the rise of the art market in general. At the same time, art auctions are increasingly attracting the attention of large holders of cryptocurrency.

Sales at fall art auctions at Christie's, Sotheby's and Phillips totaled $2.65 billion over two weeks, beating the record for 2014, when auctioned works of art were sold for a combined $2.59 billion, CNBC reported citing data from analysis firm Pi-eX. Both classic works by C├ęzanne and Van Gogh as well as sculptures in the form of NFT tokens went off. 

According to Pi-eX, a record 32 works were sold for more than $20 million each, while another 54 works sold for more than $10 million. Total sales at Christie's were $1.14 billion, Sotheby's $1.34 billion, Phillips - more than $170 million.

For example, in November at Sotheby's fall auction in New York, Justin Sun, CEO of torrent client BitTorrent and founder of cryptocurrency TRON, bought the famous "Nose" sculpture by Swiss artist Alberto Giacometti for $78.4 million. And crypto investor group ConstructionDAO lost out at auction to hedge fund CEO and billionaire Kenneth Griffin in a bid for the last privately printed copy of the 1st edition US Constitution. It was bought for $43.2m. 

source: forbes.com