The fine art auction business has remained a duopoly over its 250-year history. The industry is dominated by Sotheby's and Christie's Inc. Curiously, neither competitor has been able to overtake the other by a notable margin despite the clear network effects of this platform business.
Global sales: Showing a second consecutive year of positive growth, the global art market in 2018 reached $67.4 billion, up 6% year-on-year. This brings the market to its second-highest level in 10 years, with values advancing 9% over the decade from 2008 to 2018.
Sales at public auction of fine and decorative art and antiques reached $29.1 billion in 2018, up 3% year-on-year. Works of art selling at prices in excess of $1 million accounted for 61% of total sales value in the fine art auction market in just 1% of lots.
North America held the highest share of the global art market, with Europe placing second. The United States was again the largest market by value with an estimated market share of 44%, up 2% in 2018. Sales reached $29.9 billion in 2018, their highest recorded level to date.
Art fairs: Art fairs continue to be a central part of the global art market, with aggregate sales estimated to reach $16.5 billion in 2018, up 6% year-on-year. The share of the total value of global dealer sales made at art fairs has grown from less than 30% in 2010 to 46% in 2018, stable year-on-year
Online sales: The online art market reached an estimated new high of $6 billion in 2018, up 11% year-on-year. This represents 9% of the value of global sales. Online sales gathered pace at the major auction houses in 2018, while second-tier houses reported making 19% of their annual sales online, with 74% through third-party platforms.
A plastic crown worn by rapper Biggie during a photoshoot just days before his murder has sold at auction for $594,750 in New York. The crown headlined Sotheby's first-ever sale devoted to hip hop that featured more than 120 lots including jewelry, art, and other ephemera of the genre born in the Bronx.
In December 2020, Sotheby's will auction off a pair of Air Jordan worn by Michael Jordan during the 1991 NBA finals. Jordan himself wore and signed (twice) these black sneakers. They come from the personal collection of a former Nike executive called Sonny Vaccaro. The Air Jordan High Top Sneakers could fetch between $500,000 and $700,000 and could become the most expensive sports shoes in history. A pair of Air Jordans 1 Chicago sold for $615,000 dollars in August 2019 at Christie's, setting a new record for the basketball legend.
@Banksy: "The urge to destroy is also a creative urge" - Picasso
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