The Art Market in 2023
NFT “Chaos under the pure light” by 1dontknows
02
01
SUMMARY
OVERVIEW:
WINDS OF CHANGE AFTER TWO RECORD YEARS
STATE OF THE MARKET
Asia restarts while the West readjusts
Reasons to remain optimistic
THE YEAR IN REVIEW
STRUCTURE AND EVOLUTION OF THE MARKET BY PRICE RANGE
Changes in the high-end market
The dynamics of the intermediate markets
High transaction volume at the low end
GEOGRAPHY OF THE ART MARKET
AND THE MAIN AUCTION HOUSES
TOP PERFORMING COUNTRIES
The United States shrinks by two billion
Lots of works sold – and unsold – in China
The UK market has shrunk since Brexit
The France market holds up well
GLOBAL RANKING OF AUCTION HOUSES
Flexibility at Christie’s and Sotheby’s
Phillips posts remarkable sold-through rates
The top Chinese auctioneers
QUESTIONS AND ANSWERS
ARAA’S OVERVIEW OF THE CHINESE ART MARKET IN 2023
6
24
33
GEOGRAPHIC DEVELOPMENTS IN THE MARKET
London increasingly squeezed
Hong Kong confirms its power of attraction
India: the surprise of the year
THE ARTISTS AND WORKS THAT MARKED THE YEAR
THE RELATIVE MARKET WEIGHT OF THE DIFFERENT CREATIVE PERIODS
Old Masters
19th
Century
Modern Art
Post-War Art
Contemporary art
NFTs
WHICH ARTISTS GENERATED THE HIGHEST TRANSACTION VOLUMES
The winning trio
The most sought-after artists by country
SECOND BEST PERFORMANCE BY FEMALE ARTISTS
History’s female painters revalued
20th
Century works revalued by several million dollars
Yayoi Kusuma overtakes Gustav Klimt
Joan Mitchell generates over $100 million
Julie Mehretu - most expensive artist of African origin
Paula Rego - record year one year after her death
Enthusiastic bidding for emerging female artists
TOP 100 FINE ART AND NFT WORKS SOLD AT AUCTION IN 2023
TOP 500 ARTISTS BY AUCTION REVENUE IN 2023
03
38
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Methodology
The analysis of the Art Market presented in this report has been compiled on the basis of
the results of Fine Art public auctions recorded by Artprice and Artron between 1 January
and 31 December 2023. This analysis only concerns paintings, sculptures, drawings, photographs,
prints, videos, installations, tapestries and NFTs, and it excludes antiques, anonymous
cultural goods and furniture.
All prices indicated in this document relate to the results of public auctions, buyers' fees included.
Any mention of $ refers to the US dollar and any mention of ¥ refers to the Chinese
yuan. The exchange rate used by ARAA to convert sales results recorded in the Chinese
market is an annual average rate.
Except for Chinese art, Artprice’s temporal segmentation of art history refers to the following
creative periods:
•	“Old Masters”: works created by artists born before 1760
•	“19th Century”: works created by artists born between 1760 and 1860
•	“Modern Art”: works created by artists born between 1860 and 192
•	“Post-War Art”: works created by artists born between 1920 and 1945
•	“Contemporary Art”: works created by artists born after 1945
•	“Ultra-contemporary Art”: works created by artists under 40 years old
ARAA divides Chinese Art into two main categories:
•		“Chinese painting and calligraphy” refers to traditional Chinese art, i.e. Chinese ink
on supports as diverse as Xuan paper, silk and fans. “Chinese calligraphy” has words,
poems and wishes as subjects, while “Chinese painting” depicts landscapes, people,
birds and flowers.
•	“Oil painting and contemporary art” refers to works of art created by Chinese artists
who have appropriated Western techniques and media (oil painting, photography,
sculpture, installation, pencil drawing, gouache, watercolor , etc.) since the first exhibition
of an oil-on-canvas in China in 1579.
4
FOREWORD
BY THIERRY
EHRMANN
Our 2023 Art Market Report is much
more reassuring than the results of the
major prestigious sessions alone suggest:
the number of auction transactions
reached a new absolute record and the
unsold rate of lots has remained completely
stable. The art auction market
is therefore running at full speed with
only the ultra high-end segment slowing
down. The number of transactions over
$10 million actually fell by 25%, but the
total number of lots sold worldwide increased
by +5%.
With no fabulous results hammered for
works in major collections like the Paul G.
Allen Collection in 2022, the year 2023
was much less illustrious at the high-end,
and 19th
Century Art was the segment
that contracted the most. In the absence
of major works, Claude Monet remained
the 6th
top-selling artist in the world (at
auction) in 2023, although his auction
total dropped from $540 million in 2022
to $197 million in 2023. It is clear that the
global geopolitical context has substantially
contributed to a slowdown in sales
of historical masterpieces.
However, this report highlights many
remarkable performances: the very first
auction result above $100 million in London,
the rapid development of auctions in
India as well as the stabilization of NFT
sales. Generative Art experienced sensational
success in 2023, with seven-digit results
for NFTs by Dimitry Cherniak and
Tyler Hobbs. Artprice sees this medium
as a domain with major potential. We are
also very proud to collaborate with the
digital artist 1DONTKNOWS by presenting
his NFT Chaos under the pure light on
the front cover of this report.
Our 2023 Art Market Report also highlights
the performances of women
artists. Japanese visual artist Yayoi
Kusama has for the second consecutive
year joined the 10 top-selling artists in
the world (all creative periods combined)
behind René Magritte and above Gustav
Klimt! New auction records were
also recorded for Joan Mitchell, Louise
Bourgeois, Agnes Martin and Barbara
Hepworth. They attest to the new appreciation
collectors now have of these major
artists of the 20th
Century. Artprice
observed the growth in the recognition
of female artists is further amplified by
their diverse origins, with the Ethiopian-American
Julie
Mehretu (b. 1970) and
the Nigerian-English
Jadé Fadojutimi (1993)
among the brightest
stars on the global art
market in 2023.
Artprice by Artmarket.
com – world leader in
art market information
– continues its collaboration
for the fifteenth
consecutive year with the Chinese company
Artron, whose ARAA service provides
essential information on the Chinese art
market. Together we publish the world’s
most comprehensive annual report on the
art market. Our partnership honors the
diplomaticrelationsestablishedsixtyyears
ago between China and France, which, in
2024 (year of the dragon in China) has a
new lease of life with the announcement
by the former French Minister of Europe
and Foreign Affairs, Catherine Colonna,
and her Chinese counterpart, Wang Yi,
of the “Franco-Chinese Year of Cultural
Tourism” in 2024.
The global coverage of art auction sales
made possible by the association of Artprice
and Artron allows a comprehensive
view of the structural evolution and trends
in the global art market. This report is
therefore unique and we are proud to present
it to you in three languages: French,
Mandarin and English.
Thierry Ehrmann,
CEO of Artmarket.com and Founder of Artprice
5
FOREWORD
BY WAN JIE
In 2024, marking the 60th
anniversary
of Sino-French diplomatic relations, the
world’s political and economic landscape
continues to harbor a degree of uncertainty.
Nonetheless, the sharing of cultural
and artistic ideals persists as an
enduring aspiration of mankind. In fact,
across the annals of human civilization,
the creation, exchange, accumulation,
and spread of cultural and artistic works
have persisted, unaffected by shifts in
the economy or turbulence in politics.
Beginning in 2010, the partnership between
Artron Art Group and Artprice
celebrates its 15th
anniversary this year.
“The 2023 Global Art Market Report”
encapsulates the essence of our 14-year
collaboration and serves as a testament to
cultural and artistic exchanges between
the East and West. Nowadays, a growing
array of international artists and
art exhibitions are leaving their mark
in China. This trend not only reflects
the enthusiasm and openness of Chinese
art enthusiasts towards the diverse
cultures and arts of various nations, but
also highlights China’s ambition to integrate
with the global community, and
the world’s eagerness to understand and
cherish Chinese culture and art.
Art endures against the passage of time,
and art data plays a crucial role in preserving
cultural and artistic heritage.
As one of the world’s top three art data
companies, Artprice not only serves the
French art market but also the global art
market at large. Through the partnership
between Artron and Artprice, our goal is
to enhance the exchange of cultural and
artistic values between the East and West.
This endeavor holds profound significance
for the exchanges,
collections, education,
and research within the
art market, enabling the
international community
to gain a deeper understanding
of Chinese
artists and helping Chinese
artists gain entry
into the international art
scene. Simultaneously, it
allows more outstanding
international artists
to participate in the Chinese art market.
China has a profound respect for the cultural
and artistic contributions of all nations
and ethnicities. Thus, the partnership
between Artron and Artprice aims
not only to learn, study, and draw inspiration
from foreign art and culture, but also
to foster deeper integration into the global
community. We eagerly anticipate making
fresh new contributions to the cultural
and artistic realms of both China and the
world. Artron is committed to taking on
greater responsibilities by building bridges
that enable Chinese and international
artists, art institutions, cultural and art
enthusiasts, as well as researchers to comprehensively
understand Chinese art and
effectively tell Chinese stories.
Wan Jie, Founder and CEO of Artron Art
Group and Founder of Artron Research Academy
of Arts (ARAA)
Overview:
Winds of change
after two record years
7
KEY FIGURES FOR AUCTIONS OF FINE ART AND NFT WORKS WORLDWIDE (2023)
Global turnover
Down -14%
compared to 2022
Lots sold
Maximum number
of transactions:
almost 763,000
Unsold rate
This ratio increases
in the face of
abundant supply
Lots presented
The market reaches
its highest density, more
than 1.2 million lots
$14.9 billion +5%
38%+10.5%
©artprice.com/ARAA
8
STATE OF
THE MARKET
In 2022, a post Covid-19 rebound effect
coupled with the sale of some of the
most extraordinary private collections in
history led the global art market to a remarkable
auction turnover total. Indeed
for the market’s top price bracket it was
a record year with 24 lots fetching prices
above $50 million. These prices rewarded
extremely rare works that each had a
place in art history and whose singularity
and value represented ‘holy grails’ for any
major collector or museum.
In 2023 there were some sales of private
collections, but they were much less prestigious
and much less successful than those
of the previous year, and the number of
results above the $50 million threshold
fell from 24 to just 6. Indeed, given the
very high prices they fetched, the eighteen
major high-end auction lots that were absent
in 2023 (in a total of 763,000 lots
sold) represented a shortfall of $1.46 billion
versus 2022. But while such a shift
in gear might have been expected, what
was less expected was the complexity of
the global context with the stagnation of
the Ukraine-Russia war and the arrival
of the Israeli-Palestinian conflict.
After the enthusiasm that gripped the
market following the Covid-19 crisis, the
art market had to adapt to a constantly
disrupted macro-environment with severe
economic turbulence in both Europe
and the United States. Once again,
the major auction houses were forced to
demonstrate both flexibility and agility
to adjust their activities and adapt their
strategies to a downturn in the high-end
market. By all accounts, they succeeded,
selling more art than ever before and increasing
their customer base even further.
Asia restarts while
the West readjusts
In 2023, global art auction turnover
reached $14.9 billion, which represents a
slowdown of 14% compared with the preTURNOVER
FROM FINE ART AND NFT SALES IN CHINA AND THE WEST
5
10
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Billion ($)
2008
2009
2010
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2015
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2019
2020
2021
2022
2023
Fine Art in China ©ARAAFine Art in the West ©Artprice NFT ©Artprice
©artprice.com/ARAA
9
vious year. At the global ‘East vs. West’
level, 2023 was also similar to 2022, but
in the reverse direction: while Asian
markets expanded, the Western market
shrank compared with its excellent results
in 2022.
In 2022, the American market particularly
benefited from the dispersals of
major collections belonging to Paul G.
Allen and Thomas & Doris Ammann,
which alone generated two billion dollars.
And in the absence of such prestigious
sales this is exactly the shortfall in 2023
compared with 2022. The American art
auction turnover total, which amounted
to $5.2 billion in 2023, was down -28%
despite a 9% increase in the volume of
transactions. The Chinese art auction
market generated $4.9 billion, thereby
returning to its pre-Covid level. In other
Asian countries, the totals were both up
and down: Japan lost 22% while South
Korea contracted 49% after the previous
year’s growth. India posted turnover
growth of 76%.
The United Kingdom, the third largest
art market place in the world, posted a
15% contraction in art auction revenue
(at $1.8 billion) despite a slight uptick in
transactions (+5%). Like the American
market, there was a general absence of
supply in the market’s high-end segment.
With $875 million (down 11%), France
was in its customary 4th
place on the global
map and it is now clear that an annual
total above the $1 billion threshold is well
within reach for French auction operators
when conditions are good. The other
main European players, whose turnover
is generated at more intermediate price
levels, held steady or even posted better
figures in 2023. Germany and Italy were
stable while Belgium and Spain posted
growth of +21% and +31% respectively.
Reasons to remain
optimistic
In an uncertain environment, a drop in
sales revenue is not the most important
indicator. Indeed it is quite natural that
enthusiasm wanes when global news deteriorates.
Right now it is clear that we
are witnessing renewed caution regarding
the most sensitive and highly valued
categories of works. After the flurry of
records in an extraordinary year 2022,
the bidding was, generally speaking, less
flamboyant and buyers were considerably
more prudent.
However, the waning of post-Covid euphoria
and heightened tensions in the
macro-environment have not undermined
the urge to buy in the majority of
the art market’s segments, and the numerous
sellers have provided a particularly
dense offering with over a million artworks
put up for auction during the year.
Of the million works offered, more than
763,000 changed hands. This represents
a new peak, even higher than the sales
flow of 2022 which was already a historic
year in terms of transactions.
2023 stands out as the most dynamic
year in the history of the
global art market, with more
than 763,000 transactions.
The fact that transaction flow is at its
highest level is a testament to the energy,
appetite and passion that drives the market.
It’s a key sign of vitality, like the soldthrough
rate, which, at more than 70%
in the main Western market places (77%
in the USA and 71% in the UK), is high
enough to reassure sellers and it reflects a
healthy equilibrium between supply and
demand in the market.
In addition, we have seen the number
of bidders continue to grow. The main
auction houses have once again recorded
significant increases in the number of
auction participants, particularly from
the younger generations. In its end-ofyear
report, Christie’s indicated a 17%
increase in the number of art buyers for
its 20th
& 21st
Century Art sales in 2023.
Phillips’ end-of-year report indicates that
almost half of its 2023 customers were
first-time buyers and that a third of their
buyers are part of generations ‘Y’ and
‘Z.’ The market is therefore continuing
to evolve, driven by young art enthusiasts
10
who fully contribute to the market’s overall
dynamic in a context of increasing
globalization and digitalization.
In 2021 and 2022, the general trend was
geared towards prestige and big spending.
It was a good time for sellers in possession
of important high-value works, but also
works created by prominent young artists
whose works carry significant upside
potential in terms of value. In 2023 we
have seen a shift from a sellers’ market to
a buyers’ market.
High quality works were much rarer in
2023 and the bidding was generally less
competitive compared to the previous
two years. Several works by major 20th
QUARTERLY EVOLUTION OF THE OVERALL AUCTION PRICE INDEX
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200 2023
2024
2022
2021
2020
2019
2018
2017
2016
2015
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2013
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2011
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1999
1998
©artprice.com
century artists like Pablo Picasso, Andy
Warhol, Mark Rothko and Robert Rauschenberg
sold without great enthusiasm,
sometimes beneath their low estimates. At
the same time, some sellers chose to remain
discreet by favoring the private sales
channel rather than public sales.
In sum, the 2023 global art market survived
without mega results or speculative
buying, both of which substantially
contributed to the market dynamic in the
previous two years. Obliged to adapt to
the new climate, the market repositioned
itself to build new solid foundations while
opening the field to more attractive purchasing
opportunities.
11

WASSILY KANDINSKY (1866-1944)
Murnau mit Kirche II (Murnau with Church II) (1910) - $44.7 million
Sotheby’s, London, 1 March 2023
12
THE YEAR
IN REVIEW
In addition to the highlights of the traditional
prestigious New York sales in
May and November, a month-by-month
breakdown of the year reveals the highs
and lows and the strategies and expectations
of the global art market.
H1 2023
The art market procrastinated throughout
the first half of 2023, ending the period
with a 20% slowdown in global turnover
(vs. H1 2022). This strong decline
was due to the consignment of fewer highend
and exceptional quality artworks
than a year earlier. The absence of works
valued at over $10 million was responsible
for 87% of the contraction in the first half
of the year (or -$1.4 billion). In 2023 only
0.02% of transactions were hammered
in this price bracket (>$10 million) compared
with 0.03% in H1 2022, and that
difference was enough to reduce the halfyear
result by almost $1.5 billion.
Certain major artists posted drastic reduction
in their auction turnovers: in H1
2023 Andy Warhol was down 89%, Mark
Rothko shrank 95% and Francis Bacon’s
turnover fell 73%. These contractions
clearly impacted the overall H1 2023 turnover
total, as did the absence of major
19th
century masterpieces, notably, by
Claude Monet, whose auction turnover
fell 94%. However, although the best
works by these major artists were absent
from the prestige sales, their prices have
not shown any sign of contraction.
Despite the drop in global auction turnover,
the overall results remained positive
in a number of respects: the volume
of transactions remained at an unprecedented
level; the unsold rate improved
slightly (from 34% in H1 2022 to 31% in
H1 2023), and China’s art market considerably
stabilized.
The results of the American market in
H1 2023 perfectly illustrated the contrast
between the strength of general demand
and the weakening of the high-end segment:
while sales turnover declined by a
quarter in H1 2023 due to the absence of
exceptional collections coming onto the
market (as in 2022), the overall volume of
transactions increased by 3%.
January
The year 2023 opened with one of the
most important collections of Baroque
art ever to appear on the market: the 10
masterpieces from the Fisch Davidson
Collection sold on January 26 by Sotheby’s
generated $50 million, of which, over
half was hammered for a painting by Peter
Paul Rubens titled Salome presented with
the Head of Saint John the Baptist (1609). The
painting changed hands for $26.9 million
after just two minutes of bidding,
although the work was expected to fetch
up to $35 million. However this timid
result for a very powerful canvas was followed
by a superb result for a portrait of
a young man by Bronzino (stolen during
WWII) that fetched double its high estimate,
setting a new record for the artist at
$10.6 million.
March
On 1 March at Sotheby’s, a monumental
work by Edvard Munch joined his top-ten
secondary market results, while Wassily
Kandinsky reached a new auction record
at nearly $44.7 million with a superb canvas
from 1910, produced at a pivotal moment
for the Russian painter. These two
works by Munch and Kandinsky were
both looted during the Second World
War and recently returned to their heirs.
In March, art market professionals became
concerned about the risk of an increase
in the import tax on works of art
(20% compared to 5.5%), which would
have severely undermined the competitiveness
of European countries had the
measure been adopted. Meanwhile, Asia
Week was in full swing in New York,
where Christie’s achieved an all-time record
of $2.76 million for one of the best
known prints of Hokusai’s Great Wave off
13
Kanagawa. The existing auction record for
this iconic image by the illustrious Japanese
artist climbed by more than a million
dollars, Christie’s having sold another
print for $1.59 million in 2021.
April
Sotheby’s celebrated its 50th
anniversary
of activity in Asia with a commemorative
sale of works by Eastern and Western
masters during which it fetched the highest
auction price for a sculpture by Japanese
artist Yayoi Kusama: $7.9 million
for Pumpkin (L), a bronze work measuring
almost two and a half meters high.
May
The American Central Bank raised its
Fed Funds rate to the highest level since
2006 (source FOMC), which was not
conducive to excellent sales in May. In
New York, where Christie’s sales totaled
HOKUSAI (1760-1849)
The Great Wave off Kanagawa - $2.76 million
Christie’s, New York, 21 March 2023

$1.4 billion in May 2022 (notably thanks
to the Anne Bass and Doris Amman
Collections), they peaked at $930 million
for the two collections offered: the first,
Modern and Contemporary, collected
by the media mogul S.I. Newhouse, who
died in 2017, did reasonably well, taking
$177.8 million on 11 May. But, a few days
later, the Contemporary collection put
together by Gerald Fineberg, a major real
estate investor who died in 2022, reached
only $197 million versus Christie’s low
estimate of $235 million. The collector’s
heirs apparently decided to forego the
minimum price guarantees offered by the
auction house and third parties, which
would certainly have allowed the works of
Lucio Fontana, Willem de Kooning, Roy
Lichtenstein, Gerhard Richter and Christopher
Wool to reach at least the low estimates.
Meanwhile Sotheby’s and Phillips
also experienced turnover contractions
with the latter dropping from $255.9 million
to $108 million in May 2023 vs. May
14
2022. But the news was not all bad: Sotheby’s,
for example, hammered the second
best-ever result for René Magritte when
his The Empire of Lights (1951) from the Mo
Ostin Collection sold for $42.3 million.
June
On 15 June, Sotheby’s hosted a sale dedicated
to the pioneers of Generative Art
with works in the form of NFTs by Tyler
Hobbs, Jeff Davis, Casey Reas, Hideki
Tsukamoto and Dmitri Cherniak. The
latter obtained a new record at $6.2 million
for his NFT Ringers #879 (The Goose)
(2021). At the end of the month, Sotheby’s
returned to the classics and set a new
record for Gustav Klimt at $108.39 million,
well beyond the $82 million initially
expected. In a context of market
slowdown, a sale above the $100 million
threshold is a reassuring sign that major
collectors still have an appetite for important
works.
H2 2023
In the second half of 2023, global art auction
turnover rose to $7.79 billion (+9.4%
vs. H1 2023) thanks to renewed energy in
the ultra high-end market. The presence
of remarkable works, particularly in the
New York and Hong Kong sales, raised
the number of results above $10 million to
67, after the sharp decline during the first
half of the year to 57.
July
London’s Old Masters sales generated a
couple of surprises: on 5 July, Sotheby’s
offered a painting depicting the Pentecost
(circa 1490), the largest and most important
work among those recognized as being
by the Master of the Baroncelli Portraits.
The work fetched a new record at
$10 million for this little-known artist who
was the presumed student of Hans Memling
and whose works can be found at the
MONTHLY EVOLUTION OF GLOBAL FINE ART AND NFT AUCTIONS (2023)
3
2
1
Billion ($)
January
February
March
April
May
June
July
August
Septem
ber
October
Novem
ber
Decem
ber
©artprice.com
15

MAÎTRE DES PORTRAITS DE BARONCELLI (act. 1490)
Pentecost - $10 million
Sotheby’s London, 05 July 2023
16
Louvre and at the Courtauld Institute.
The following day, Christie’s sold The
artist’s workshop with a seamstress, a work by
a long-forgotten Flemish artist, Michiel
Sweets, for a record price of $16 million
against a high estimate of $3.8 million.
The result put The artist’s workshop
with a seamstress among the year’s top
results in the Old Masters category after
a drawing by Wang Meng, two works by
Rubens, an exceptional calligraphy by
Zhao Mengfu and a set of two portraits
by Francisco José de Goya y Lucientes.
October
On5OctoberSotheby’ssufferedanumber
of disappointing results. In Hong Kong,
Liu Yiqian and Wang Wei’s superb collection
seemed to loose its nerve after the
flagship lot, Portrait of Paulette Jourdain by
Modigliani reached just $34.8 million,
which was $8 million less than in 2015.
Then Léonard Tsuguharu Foujita’s superb
Nu au chat (1930) remained unsold despite a
low estimate of $5 million, the price paid
for the work in 2016. On the other hand,
a monumental work by Julie Mehretu set a
new record for the artist at $9.3 million on
the same day.
The following week in London, Sotheby’s
was forced to buy in its star lot, a
powerful abstraction by Gerhard Richter
estimated $19 - 29 million (two other
Richter works both exceeded $30 million
in November). However, in the same week
Christie’s London hosted totally reassuring
sales that generated a higher turnover
total than the same sales a year earlier: Its
20th/21st Century Art sale took $54.5 million
with a sales ratio at 89% in value.
The second part of the sale reserved for
the Samuel Josefowitz Collection generated
$63.2 million, with 90% of the
lots sold in value. Offering rare works by
the Nabis, the Pont-Aven school and the
largest private corpus of Rembrandt engravings,
the sale posted remarkable results,
particularly for Kees Van Dongen’s
superb painting, Tranquility, which fetched
$13 million (double its high estimate), and
for Félix Valloton’s Five hours (1898), which
set a new auction record for the artist at
$4.4 million.
After the sale of Modigliani’s Portrait of
Paulette Jourdain in Hong Kong, the month’s
second best result was hammered in Paris
for one of the most significant paintings
by Joan Miró offered on the market –
Peinture (femmes, lune, étoiles) (1949) – which
reached $21.9 million on 20 October at
Christie’s.
Among nearly 50,000 artworks sold in
October around the world, the 10 best results
totaled $154 million, only 10 million
less than in October 2022, and this recovery
was the prelude to further good results
in November.
November
In November, Christie’s and Sotheby’s
together hammered $1.2 billion at their
New York sales of Modern and Contemporary
Art. Christie’s 20th Century Art
sale on 9 November generated a total of
$640.8 million and its highest result was
$74 million for Claude Monet’s Bassin
aux nymphéas (1917-1919), a vast canvas
measuring 1 x 2 meters kept in the same
family collection for 50 years. It fetched
the year’s third best auction result. At
Sotheby’s, the most coveted private collection
of 2023, that of the late Whitney
Museum patron Emily Fisher Landau,
generated $424.55 million. All of the
works found buyers, including nine at
over $10 million and one – Pablo Picasso’s
1932 portrait of Marie-Thérèse Walter,
Femme à la montre – at $139.4 million,
the world’s highest art auction result in
2023. The Chara Schreyer Collection,
also sold by Sotheby’s, achieved good results
as well, notably $18.7 million for a
key work by Frank Stella.
The two auction houses subsequently
hosted prestige sessions in Hong Kong
with Christie’s 20th/21st Century Art Evening
Sale taking $88.9 million from fifty
lots, which was two million more than at
the same session in November 2022. The
jewel of this sale, San Yu’s Femme nue sur
un tapis, fetched $24 million, $5 million
above its high estimate. Lastly, we note
that while the best works by Yayoi Kusuma,
Yoshimoto Nara and Zao Wou-Ki
appear to have motivated bidders, works
17
Auction
house Title Date
Sales
proceeds
Lotssold
Unsoldlots
Maximum
price
1
Christie's
New York
20th Century
Evening Sale
9 Nov. 2023 $640,846,000 61 2 $74,010,000
2
Sotheby's
New York
The Emily Fisher
Landau Collection:
An Era Defined
8 Nov. 2023 $406,422,100 31 0 $139,363,500
3
Christie's
New York
20th Century
Evening Sale
11 May 2023 $328,779,600 44 12 $43,535,000
4
Sotheby's
New York
Modern Evening
Auction
16 May 2023 $303,104,250 40 8 $53,188,500
5
Sotheby's
New York
Contemporary
Evening Auction
15 Nov. 2023 $250,514,100 43 3 $42,000,000
6
Sotheby's
London
Modern and
Contemporary
Evening Auction
27 June 2023 $242,610,830 50 9 $108,743,230
7
Sotheby's
New York
Modern Evening
Auction
13 Nov. 2023 $223,335,300 31 3 $30,783,000
8
Sotheby's
London
Modern
& Contemporary
Evening
1 March 2023 $191,386,640 29 7 $44,721,120
9
Christie's
New York
Masterpieces from
the S.I. Newhouse
Collection
11 May 2023 $177,792,000 16 0 $34,622,500
10
Sotheby's
New York
Contemporary
Evening Auction
18 Mai 2023 $167,453,500 27 0 $32,804,500
TOP 10 FINE ART AND NFT AUCTION SALES (2023)
©artprice.com
18
by George Condo, Richard Prince, Rudolf
Stingel, Genieve Figgis and Zhang
Xiaogang received a less enthusiastic reception,
sometimes leading to failed sales.
December
On 7 December, the dispersal of Rembrandt
engravings collected by collector
Sam Josefowitz resulted in three new
7-digit results at Christie’s (Saint Jerome
reading in an Italian landscape, The Three
Crosses, and The Three Trees). Rembrandt
was also in the spotlight at Sotheby’s
where his Adoration of the Magi returned
to the market after being reattributed to
the artist. Previously considered from the
“Rembrandt Circle”, in 2021 it nevertheless
soared to $992,700 versus an estimate
of $11,000 at Christie’s Amsterdam.
But in 2023, after its reattribution, this
painting – measuring just 20 cm – sold
for $13.79 million. Re-attributions of this
type – involving intuition, conviction and
a great deal of research – are always one
of the most exciting phenomena on the
art market.
CLAUDE MONET (1840-1926)
Le Bassin aux nymphéas (detail) - $74 million
Christie's, New York, 9 November 2023

19
STRUCTURE
AND EVOLUTION
OF THE MARKET
BY PRICE RANGE
In 2023, the pace of the high-end market
weakened compared with the last two
years. For example, the total value of the
world’s top 10 art auction results fell by
45% compared with 2022. However, activity
was much more dynamic in other
important price segments, including that
of works valued between $100,000 and
a million dollars, and the most affordable
segment reached a new high point.
Changes in the
high-end market
In 2022, the threshold of $100 million
at auction was exceeded six times, which
had never happened before. This year,
just two works reached that level, one by
Picasso and the other by Klimt, both sold
through Sotheby’s. The market is therefore
just as capable as last year of appreciating
truly exceptional works at the highest
price level.
The best Modern works still sell dearly,
but their rarity (like that of Post-War
masterpieces as well) has reduced turnover
on the most ‘high-end’ segment.
The total value of artworks that fetched
prices above $50 million declined by a
$1.5 billion compared with last year (In
2022, 24 works valued above $50 million
alone generated $1.95 billion compared
with $494.5 million this year, from only
six lots sold).
The sale of Gustav Klimt’s last masterpiece,
Lady with a Fan, brought the first half
of the 2023 to a dynamic close by beating
the artist’s previous record ($104.5 million)
hammered in 2022 for Birch Forest
from the famous Paul G. Allen Collection.
Lady with a Fan is the very last work
painted by Gustav Klimt and it was one
of the rare portraits by the Viennese
master still in private hands. Its owner
had purchased the painting for approximately
$10.5 million in 1994 at Sotheby’s.
This time round, Lady with a Fan fetched
$108.7 million, well above its $82 million
high estimate, setting a new record for an
artwork sold at auction in Europe.
Another Modern portrait easily exceeded
$100 million in 2023. Pablo Picasso’s
Femme à la montre, a testimony to the artist’s
passionate love for Marie-Thérèse
Walter, sold for $139.4 million on 8 November,
becoming the second most expensive
Picasso work in auction history.
The work was long the centerpiece of
Emily Fisher Landau’s collection, who
bought it in 1968 from collector Ernst
Beyeler, himself having acquired it directly
from Picaso’s studio in Mougins in
1966. The painting therefore has remarkable
provenance, but also the best possible
creation date as 1932 was a pivotal year in
the artist’s life and his frenetic production
THE THREE TRANSACTIONS ABOVE $50 MILLION IN H1 2023:
$108.7 million: Lady with a Fan (1917-1918) by Gustav Klimt (Sotheby’s)
$67.1 million: El Gran Espectaculo (The Nile) by Jean-Michel Basquiat (Christie’s)
$53.2 million: Insel im Attersee (1901/02) by Gustav Klimt (Sotheby’s)
THE THREE TRANSACTIONS ABOVE $50 MILLION IN H2 2023::
$139.3 million: Woman with watch (1932) by Pablo PICASSO (Sotheby’s)
$74 million: Bassin aux Nymphéas (c.1917/19) by Claude MONET (Christie’s)
$52.1 million: Figure in Movement (1976) by Francis BACON (Christie’s)
20

GUSTAV KLIMT (1862-1918)
Lady with a fan (1917-1918) (detail) - $108.7 million
Sotheby's London, 27 June 2023
21
in that year has already been the subject
of dedicated exhibitions at the Tate Modern
in London and the Picasso Museum
in Paris (Picasso 1932 – Love, Fame, Tragedy
and Picasso 1932. Année érotique).
The high-end market relies primarily
on Modern works, which, along with
Post-War artworks, are the two creative
periods that elicit the vast majority (65%
in 2023) of the big auction results above
$1 million. The other creative period
most likely to elicit 7-digit results is of
course Contemporary Art, which in 2023
accounted for 18% of the results in this
price range, a share that is larger than the
combined shares of Old Master and 19th
Century Art, and which is bound to increase
in the future.
The dynamics of
the intermediate markets
One of the big positives of the global art
auction market in 2023 was the 21% progression
of transactions on works valued
between $100,000 and $1 million compared
to the previous year.
This price range was nourished by the
works of great Chinese artists from the
20th
century, first and foremost Qi Baishi,
Zhang Daqian, Wu Guanzhong, Huang
Binhong, Lin Fengmian, Xu Beihong
and Li Keran. In the Western art market,
the most successful artists in the $100K
– $1 million bracket were also mainly
major 20th
century signatures like Andy
Warhol, Yayoi Kusama, Pablo Picasso,
NUMBER OF 7-DIGIT AUCTION RESULTS PER CREATIVE PERIOD IN 2013 VS 2023
203 156
157
105
863
590
352
417
275
282
500
1000
1500
2000
2013 2023
Old masters 19th century Modern art Post-War art Contemporary art
©artprice.com
22
François-Xavier Lalanne, Marc Chagall
and Fernando Botero. The vitality of this
market segment, which generated 14,588
transactions in 2023, came 40% from
China and 60% from the West.
In fact, the lower the price bracket, the
denser the transactions, so the volume
of works valued between $20,000 and
$100,000 was three times higher than in
all the higher price ranges combined, increasing
by 18% in 2023 (vs. 2022) with
41,871 transactions (or 5% of global art
auction transactions. This price bracket
was, once again, generously fueled with
works by Andy Warhol, Pablo Picasso,
Yayoi Kusama, as well as Qi Baishi,
Zhang Daqian and Pu Ru from China.
However, it offered exceptional diversity,
notably with works by the Russian Constructivist
Liubov Sergeevna Popova, the
Czech Surrealist Frantisek Muzica, the
Aboriginal artist Rover Thomas as well
as several Indian artists like Bharti Kher,
Kattingeri Krishna Hebbar and Jangarh
Singh Shyam.
High transaction volume
at the low end
The reality of the global art market is its
accessibility since 90% of its transactions
involved lots that sold for under $12,000.
The growth in global demand and the
opening of the market to young buyers via
online sales has ensured constant growth
in sales in the most affordable price segments
for 15 years. The most remarkable
acceleration concerns the least expensive
works, those selling for less than $1,000,
which generated nearly 423,000 transactions
in 2023. Driven by exceptional
growth of 65% since the digital acceleration
of the market in 2020, transactions
90%
of lots sold for
less than $11,875
70%
of lots sold for
less than $2,032
50%
of lots sold for
less than $700
132 LOTS
≥ $10 million
2 LOTS
≥ $100 million
AFFORDABLE MARKET HIGH-END MARKET
GLOBAL FINE ART AND NFT AUCTION MARKET BREAKDOWN BY PRICE RANGE (2023)
©artprice.com/ARAA
23
below $1,000 represent more than half of
global transactions (55%) and above all
reached a historic peak in 2023.
2023 was historic in terms of the
number of works sold for less
than $1,000, with nearly 423,000
transactions.
Salvador Dali, Victor Vasarely and Ber-
nardBuffetwereamongthekeysignatures
in this first price bracket under $1,000
thanks to the numerous serigraphs, lithographs
and engravings that these artists
produced. This affordable segment is of
little interest to the most powerful auction
houses. Christie’s, Phillips and Sotheby’s
prefer to devote their energies to the high
and mid-range markets. The segment is
therefore occupied by other auction operators
such as the Japanese company,
Mainichi Auction, the Irish firm, Morgan
O’Driscoll Fine Art Auctioneers, the Italian
auctioneer, Studio d’Arte Borromeo,
the French auction operator, Millon &
Associés and even the Polish company,
Desa Unicum, all of which contributed to
the segment’s dynamic around the world.
Geography of the
global art market
and its principal
auction houses
25
THE MOST DYNAMIC COUNTRIES IN THE FINE ART AND NFT AUCTION MARKET (2023)
UNITED STATES
$5.2 billion
UNITED KINGDOM
$1.8 billion
CHINA
$4.9 billion
INDIA
$152 million
JAPAN
$144 million
GERMANY
$372 million
FRANCE
$875 million
ITALY
$197 million
SWITZERLAND
$125 million
©artprice.com/ARAA
26
THE TOP
PERFORMING
COUNTRIES
China was the only country among the
top five powers in the art market (which
accounted for 89% of the global results)
to record an increase in revenue from art
auction sales. Nevertheless, the United
States remained the world’s strongest
art marketplace despite a 28% fall in its
annual turnover in 2023. This drop in
turnover was notably due to the comparatively
poor performance of Christie’s
New York following the most successful
year in its history, having sold three firstrate
American collections in 2022.
The United States
contracts by $2 billion
The American market was still the most
dynamic, accounting for 23% of global
transactions as well as the vast majority
of the best results. New York alone accounted
for 39 of the 50 key results of
the year, several of which involved works
by Picasso, Basquiat, Richter, Magritte,
and Mitchell.
However, the absence of sales as exceptional
as last year’s, i.e. the private collections
of Thomas & Doris Ammann, Anne
H. Bass and Paul G. Allen (which alone
generated in $2.4 billion via Christie’s
New York in 2022), mechanically reduced
the American result by two billion dollars
from $7.3 billion to $5.2 billion in 2023.
The United States’ market share dropped
from 44% to 35% of global auction turnover,
while China’s market and global
market share recovered, posting better
results than in 2022.
Lots of works
(sold and unsold) in China
The second largest market in the world,
the Chinese art auction market posted
just under 5 billion ($4.95 billion) in turnover,
a recovery driven by the dispersal
of important private collections and the
return of some exceptional works to auction
podiums. Several creations by great
Chinese artists like Wang Meng, Cui
Ruzhuo, Zhang Daqian, Zhao Mengfu,
San Yu and Fu Baoshi exceeded 10 million
dollars in Beijing and Hong Kong,
the two main cities of the Chinese auction
market.
But while China’s high-end market appeared
to recover, the very dense offerings
from auction houses seemed to overwhelm
Chinese buyers and the 195,000
lots offered in China generated a particularly
high number of unsold items, despite
an overall increase in transactions
(+33%). Indeed, in this respect, the trend
TOP 5 CHINESE CITIES BY AUCTION TURNOVER (2023)
BEIJING $2.5 billion |35,494 lots sold
HONG KONG
SHANGHAI
GUANGDONG
ZHEJIANG
$1.5 billion |6,596 lots sold
$346 million |6,055 lots sold
$216.6 million |7,983 lots sold
$187.4 million |5,627 lots sold
©ARAA
27
was the opposite to the global average,
since China posted a 64% unsold rate
compared to a 38% average for the global
art auction market.
The UK market has
shrunk since Brexit
The United Kingdom, which generated
20% of global art auction turnover in
2018, only accounted for 12% in 2023.
The London market has indeed shrunk
since Brexit, which has mainly affected
transactions between the United Kingdom
and the European Union since European
buyers and sellers wishing to transport
a work to, or from, the UK must now
fulfill customs formalities and pay VAT.
The heavier procedure and expenses has
led to a contraction of consignments from
Europe. On the buyers’ side, Europeans
will also tend to avoid raising bids too
high, knowing that they will then have to
pay additional costs to repatriate the work
to Europe. Totaling $1.8 billion in 2023,
the UK’s art auction turnover shrank
15% in value versus 2022, but above all,
now posts a 33% contraction since 2018.
However, among the positive points, we
found a slight increase in the volume of
British transactions over the financial
year (+5%) and above all a sold-through
rate (71%) that substantially exceeded the
global average (62%). The third largest
marketplace in the world also retained its
capacity to attract some of the most prestigious
and valued works on the planet.
Although they were few and far between
in 2023, the most remarkable – the extraordinary
Klimt painting – sold for
more than $108 million – illustrating the
Artist Artwork Price Auction House Date
1
Yayoi
KUSAMA
Summer and
Butterfly (1989)
$18,500 Shinwa Tokyo 14 apr. 2007
$966,620 Christie's Hong Kong 24 sept. 2023
2
Nicole
EISENMAN
Support Systems
for Women, No. 1
(1998)
$10,800 Phillips de Pury New York 17 nov. 2006
$400,780 Sotheby's London 13 oct. 2023
3
Kazuo
SHIRAGA
Hiryu (Flying
Dragon) (1988)
$19,200 Christie's New York 28 march 2006
$614,070 Christie's Hong Kong 28 nov. 2023
4
Lucio
FONTANA
Concetto spaziale,
La fine di Dio (1963)
$684,310 Christie's London 6 dec. 2000
$20,556,900 Sotheby's New York 15 nov. 2023
5 ZAO Wou-Ki 17.01.60 (1960)
$69,750 Sotheby's New York 15 nov. 2000
$2,061,170 Sotheby's Hong Kong 5 apr. 2023
6
Maqbool Fida
HUSAIN
Untitled
(The Musician)
$10,800 Sotheby's New York 15 oct. 2001
$277,940 Sotheby's London 24 oct. 2023
7
Frantisek
KUPKA
Compotier
aux Pommes
$29,520 Sotheby's London 29 march 2000
$756,000 William Doyle New York 17 may 2023
8
Pietro
BELLOTTI
The Parca Lachesis
$13,750 John Moran Monrovia 26 apr. 2023
$304,080 Sotheby's London 7 dec. 2023
9
Elizabeth
PEYTON
David, Victoria and
Brooklyn (1999)
$94,000 Christie's New York 17 may 2001
$2,052,180 Sotheby's London 12 oct. 2023
10 Cy TWOMBLY Untitled (1970)
$776,000 Christie's New York 13 nov. 2001
$11,425,090 Sotheby's London 27 june 2023
TOP 5 RESALES OF WORKS THAT HAVE CHANGED COUNTRIES
©artprice.com
28

ANNE VALLAYER-COSTER (1744-1818)
Nature morte au vase d’albâtre rempli de fleurs avec sur une table plusieurs espèces de fruits,
comme ananas, pêches et raisins (1783) - $2.8 million
Christie’s, Paris, 15 June 2023
29
continued prestige of the London market,
and it raised the record auction price for
an artwork sold in Europe.
France asserts itself
The French market relies primarily on its
local supply. Indeed, France has a dense
art auction market (the second largest
after the United States with 106,400 lots
sold in 2023), that is gaining strength in
the high-end segment as well. Looking
at the decade, the turnover from sales of
artworks in France has increased by 72%
with a significant increase in the number
of 7-digit results (by approximately 80%)
compared to the years 2011-2014. In
addition, big results exceeding $10 million
have started to become regular occurrences
since 2017, whereas they were
the exclusive prerogative of the UK and
American markets in the early 2000s.
In 2023, the highest art auction price
on the French market stood at $21.9 million
for a painting by Joan Miró (Painting
(women, moon, stars), 1949). Although it is
far from the $108.7 million for the Klimt
painting sold in London, this result is
nevertheless remarkable compared with
other European players. After the work
by Miró, the second best French result
went to François-Xavier Lalanne for an
exceptional Rhinocrétaire from 1964.
This rhino concealing a desk, a bar and
a safe in its metal sides prompted bidding
up to $19.4 million in October, at three
times Christie’s high estimate. The daring
works by François-Xavier Lalanne
have continued to gain value over the
last fifteen years, distinguishing the artist
as the most successful on the French art
market for the second consecutive year,
with an annual auction turnover exceeding
50 million dollars.
While the local market is supplied by
great French artists (including a work
by Fragonard kept in the same family
for more than a century, and one of the
most beautiful paintings known by Anne
Vallayer-Coster), French collections also
bring together artists of very varied origins,
periods and styles, such as the Spaniard
Joan Miró, the Belgian René Magritte,
the American Joan Mitchell, the
British Francis Bacon, the Italian Lucio
Fontana, the Romanian Adrian Ghenie
and the Japanese artist Yayoi Kusama,
who generated the best results on the
French market in 2023.
30
OUR GLOBAL
RANKING OF
AUCTION HOUSES
In 2022, Christie’s generated the lion’s
share of global art auction turnover with
the exceptional sales of the Paul G. Allen
($1.6 billion) and Bass & Amman Collections
contributing to the firm’s annual art
auction turnover total of $5.8 billion. Without
such ‘power’ sales in 2023, Christie’s
annual total (Fine Art + NFT) fell by
more than two billion, to $3.5 billion. The
drop is around -40%, or, if we exclude the
very exceptional Paul G. Allen sale from
the equation, around -16%.
Meanwhile, Sotheby’s, under the leadership
of Patrick Drahi, posted stable
results at $3.8 billion (only down 2%) and
took global first place. With a combined
annual sales turnover total of $7.3 billion,
Christie’s and Sotheby’s hammered a
little less than half of the global art auction
turnover ($14.9 billion) in 2023, compared
with more than 70% at the start of
the millennium, that is to say, before the
blossoming of the Chinese market.
Flexibility at Christie’s
and Sotheby’s
The two companies demonstrated considerable
agility to avoid subjecting sellers,
or the artists’ markets, to a lack of
interest in certain lots. In some cases they
lowered their reserve prices, in others, lots
were withdrawn at the last minute from
the May sales to counter the risk of unsold
items or disappointing results. In May,
Sotheby’s Now sale finally took place without
its flagship lot, a painting by Yoshitomo
Nara announced on the cover of the
catalog and estimated between $12 and
$18 million.
As of the Spring sales, the major auction
houses showed prudence, anticipation and
TOP 7 AUCTION HOUSES BY FINE ART AND NFT AUCTION TURNOVER (2023)
AUCTION
HOUSE
Sotheby’s
Christie’s
Phillips
China Guardian
Poly Auction
Bonhams
Beijing Rongbao
SALES
PROCEEDS
$3.8 billion
$3.5 billion
$573 million
$539 million
$517.7 million
$219.3 million
$216 million
LOTS
SOLD
15,101
13,353
6,586
8,490
6,512
13,544
3,005
©artprice.com/ARAA
31
patience which allowed them to navigate
a transition phase with contradictory signals
without too much damage. It wasn’t
until November that Christie’s and Sotheby’s
hosted their best sessions of the year
($640.8 million for Christie’s 20th
Century
Art Evening Sale and $406.4 million for
Sotheby’s Landau Collection sale).
Phillips posts remarkable
sold-through rates
Phillips remained the third biggest art
auction vendor in the world with total
proceeds for 2023 of $573 million. But,
after an exceptional year 2022 in which
it hammered its best-ever result ($85 million
for a painting by Jean-Michel Basquiat),
its 2023 art auction turnover total
shrank by 21%. For several years now, the
company has managed to offer important
works by major artists. In 2023, its best result
came from a Gerhard Richter painting
that fetched $34.8 million (Abstraktes
Bild (636), 1987). This painting was part
of a November sale that generated the
second highest result in Phillips’ history:
$155 million (up +11% compared with
November 2022). In addition, Phillips
has further expanded its customer base –
around half of buyers in 2023 were firsttime
buyers, including a third of millennial
and generation Z collectors – and it
announced sold-through rates above 90%
for its 20th
Century and Contemporary
Art sales.
Bonhams sells more works
than Christie’s worldwide
The fourth Western art auction vendor
in the world by turnover, Bonhams
appears not to have suffered in any way
from the vagaries of the market and it
even progressed slightly compared with
2022, posting an annual total of $219 million.
To that sum we must add $54 million
following the recent acquisition of the
auction companies Bukowskis, Skinner,
Bruun Rasmussen and Cornette de SaintCyr.
These operators form a vast network
of auction rooms which strengthens Bonhams’
activity in the growing affordable
and mid-market segments (prices below
1 million dollars). With more than 19,000
works sold via its global network, Bonhams
was also the most dynamic company
in terms of transaction volumes.
The top Chinese
auctioneers
China Guardian and Poly Auction, the
two most powerful auction companies in
China, totaled $1.2 billion from 15,000
lots sold in total, including eight for more
than $10 million. The highest result of the
year was $40.5 million for Inkstone washing
by Wang Meng, a major artist active in
the 14th
century and whose work was sold
at the end of November at China Guardian.
The most remarkable results are not
only the prerogative of these two leading
companies since Yongle managed to sell
a drawing by Cui Ruzhuo for $33 million
(Rafting In Wind And Rain). Yongle ultimately
sells few works compared to its
competitors (including Beijing Rongbao
and Xiling), but it presents Chinese artists
closely followed by the country’s collectors
(both for Classic and Contemporary
works) while also offering Western works,
particularly since its alliance with Phillips
in 2022.
32

WANG MENG (1308-1385)
Inkstone washing - $40.5 million
China Guardian Auctions, Beijing, 30 November 2023
Questions & Answers
Artron Research
Academy of Arts
Overview of the Chinese
art market in 2023
34
Fine Art auctions got back on a
growth trajectory in the Chinese
mainland. What were the main
drivers of this recovery?
The recovery of fine art auctions in the
Chinese mainland in 2023 was driven by
several factors.
First of all, China’s economy maintained
stable growth in 2023, which was good
news for the art auction market as well.
In addition, people’s awareness of cultural
and artwork consumption continued
to grow, and they were more inclined to
spend money on cultural goods to meet
their aesthetic needs, pursue cultural connotations,
and improve their quality of
life by including art in their lifestyle.
Secondly, political support for culture
and the art market provided a favorable
environment for the recovery of fine art
auctions. In recent years, the Chinese
government has launched a series of policies
in the cultural sector to encourage
the art industry and increase spending on
cultural goods.
Further, the development of the Greater
Bay Area played a big part: The Greater
Bay Area, including Hong Kong and
Macao, is one of the new drivers of economic
growth in the Chinese mainland.
As the Greater Bay Area develops, its
arts and culture market has also been
expanding. At the same time, art capital
from places like Shanghai and Beijing is
also testing the waters and exploring the
Bay Area market.
Finally, the Chinese art market continued
to see a growing pool of collectors and
investors, and as the market continued to
grow, more and more collectors and investors
entered the market, and their demand
for high-end art increased, further
fuelling the recovery of fine art auctions.
What were the highlights of the
Chinese art market in 2023? Are the
major auctions scheduled in relation
to other events (e.g. art fairs)?
The auction calendar is not directly related
to the holding of Art Fairs and is
mainly determined according to its own
collection and sales status.
Primarily, the highlight of the Chinese
art market in 2023 was that the contemporary
art market received high attention
and collectors were more enthusiastic
about participating. The sales of contemporary
artworks were particularly
impressive. As China’s economy develops
and the concept of art collecting
becomes increasingly popular, more
collectors have turned their attention
to contemporary artworks. Christie’s
Hong Kong launched the Post-Millennium
Evening Sale, Sotheby’s Hong Kong
the Contemporary Art Evening Sale,
China Guardian the Impressionist and
Modern Art Evening Sale, Beijing Poly
the Chinese New Painting Evening Sale,
etc., and many post-1990s artists such as
Sun Yidian, Zhang Zipiao, and Ji Xin
have achieved brilliant results.
Also, auction houses were bold in terms
of innovating their services, and more
auctions adopted new service models such
as online auctions. These models not only
provide a more convenient way to bid but
also expand the coverage of the market
and attract more young collectors to participate.
The rise of online auctions makes
the business of auction houses no longer
subject to geographical restrictions, further
enhancing the transaction rate and
providing participants with a better service
experience.
Furthermore, the Chinese art auction
market in 2023 saw a decline in the number
of lots in the highest price ranges. The
transaction rate of lots in the middle price
range increased, exceeding expectations
and boosting the market. The middleand
low-end auction market became an
active area for transactions, indicating
that collectors have become more cautious
when purchasing art.
35
Zhang Daqian and Qi Baishi are
once again among the top ten in
terms of total global auction sales.
What do you think about their status
in art history?
Zhang Daqian and Qi Baishi are two
of the greatest masters in the history of
Chinese art, and their works are highly
regarded not only in China but also in the
international art market.
Zhang Daqian was one of the most representative
Chinese painters in the 20th
century - his works have a distinctive
style, and are dynamic and ethereal. His
landscapes, figures, and bird-and-flower
paintings are all unique, especially his
splashed-ink works, which contain rich
cultural connotations. They illustrate not
only the pursuit of natural beauty, but
also the reflection and expression of Chinese
cultural tradition and history. He applied
the techniques of Western abstract
expressionism and combined them with
the splashed-ink technique of traditional
Chinese painting to create brand-new
visual effects. He held many exhibitions
of his paintings overseas, contributing to
the proliferation and promotion of Chinese
culture. According to data from
the Artron Research Academy of Arts
(ARAA), in 2023, a total of 3,531 works
by Zhang Daqian were put up for auction
in the records of the 100 sample companies
of Artron, and 998 of them were sold,
totaling 377 million US dollars.
Qi Baishi is one of the most important
figures of Chinese flower-and-bird paintings
in the 20th
century. His works use
bright colors, concise and powerful lines,
and clever compositions, and are full of
vitality and academic precision. Qi Baishi
was famous for his comprehensive painting
skills, including fine brushwork in his
landscape paintings (Gongbi1
and Xieyi2
)
and figure paintings, etc., with his flower-and-bird
paintings being particularly
1
Traditional Chinese painting method characterized
by meticulous brush technique and detailed
descriptions. (TN)
2
This style of painting uses numerous calligraphy
techniques which favor the spontaneity of the
line. (TN)
outstanding. He also achieved quite distinctive
accomplishments in seal carving
and calligraphy. His seal carving art is
one of the most important in the history
of Chinese seal carving. In addition, Qi
Baishi also made great achievements in
calligraphy, and his calligraphy works are
deeply loved and admired. He was best at
Semi-cursive script and Seal script (script
styles in Chinese calligraphy), of which
his Semi-cursive script is characterized
by grandeur and vividness, and his Seal
script has a precise and rigorous structure.
According to data, in 2023, ARAA
recorded a total of 2,676 auctioned works
for Qi Baishi, 962 of which were sold,
earning 248 million US dollars.
These two artists not only made outstanding
contributions to the development
of Chinese painting, but also made
important contributions to the development
of art history. Their works have
been widely collected and exhibited, becoming
treasures of Chinese art.
Three works of Sara Hughes (1971)
were sold in Beijing and Shanghai
for a total price of 1.4 million US
dollars in 2023. Are there any other
works of Western artists that are
particularly sought after by Chinese
collectors?
In recent years, auction houses have
shown a strong market-driven trend in
their selection of lots to meet the needs
of a new generation of customers and
the younger aesthetic standards that are
being injected into the market. Most of
the record-breaking post-1990s artists
in 2023 were newcomers to the market.
Some of them put their works up for auction
for the first time, and some provided
relatively few works. It can be seen that
auction houses have been continuously
strengthening their efforts to explore post-
1990s artists in recent years.
Among the top 10 foreign artists on the
record-breaking list of transactions, 9
of them sold their works in Hong Kong
salesrooms, including Sotheby’s
Hong Kong, Christie’s Hong Kong, Phillips
Hong Kong, and Poly Hong Kong.
Among them, Japanese artists made up
36
the highest number, with a total of three
on the list. In addition, there were also
artists from the UK, France, the US,
and Poland.
In addition to Sara Hughes, there were
also six works by Lucy Bull, with an annual
total transaction price of 5,357,700
US dollars. Her work “Flash Chamber”
created in 2020 had the highest transaction
value of the annual post-1990s artists’
works. After 21 rounds of bidding,
the work was finally sold for 1,918,900
US dollars. Jadé Fadojutimi’s works were
sold for a total price of 3,228,700 US
dollars in 2023, and her works broke records
constantly in 2023. Michaela Yearwood-Dan’s
works grossed 896,200 US
dollars at the 2023 Chinese art auction
market, with a total of three works being
auctioned, all of which sold. She featured
plants and poetry in her works and explored
many diverse themes.
Furthermore, the works of Diane Dalpra,
Emi Kuraya, a representative of the
new-generation of artists in Japan, the
British artist Felix Treadwell, who was
once rated as a “young artist worthy of attention”
by a British magazine, Japanese
artist Ryoko Kaneta, and Oh de Laval, a
representative of the new-generation post-
1990s female artists, were all favoured by
Chinese collectors.
This year, the market for Chinese
ultra-contemporary artists (born
in the 1980s) was particularly active.
Can you introduce the works
of Chen Fei (1983) and his performance
at the 2023 auction?
Chen Fei has gained a high level of popularity
and influence in the contemporary
art world of China thanks to his works
featuring unique styles and innovative
media. Chen Fei’s works cover multiple
fields such as painting, sculpture, installation,
and architecture, and show strong
colors combinations and contemporary
regional characteristics - at the same time
combining traditional Chinese art with
modern aesthetic concepts.
At the 2023 salesrooms, Chen Fei’s works
demonstrated considerable value and
potential. His works received high attention
from collectors and investors, and set
high transaction records multiple times.
In 2023, Chen Fei had a total of 19 works
put up for auction, with 14 of them sold,
accounting for 73.68%, and a total transaction
amount of 5,028,900 US dollars.
Among them, “Stars Pile Up All Over the
Sky (Diptych)” became the highest-priced
work, and was sold at the China Guardian
Auctions for 1,218,800 US dollars.
37
GEOGRAPHIC
DEVELOPMENTS
IN THE MARKET
The Art Market is today globalized with
live sales that allow auction houses to
reach collectors from all over the world
at the same event. Although – technically
speaking – the whole world can participate
in such sales, the global map of the
art market is constantly shifting, sometimes
to the point of reversing certain balances
of power.
London increasingly
squeezed
In London, where 96% of the UK’s art
auction turnover is hammered, the main
players in the market – Christie’s, Sotheby’s
and Phillips – have seen their results
decline in recent years. The contraction
versus 2022 (-16%) is not particularly worrying
in itself as it is cyclical and common
to several major market places, but if we
look back further we see a less positive
picture.
Over five years, London’s art auction
turnover has dropped 35% and if we
compare it to 2008 (its highest level at
$3.4 billion) it has dropped by approximately
50%. Meanwhile, the volume
of art auction turnover has been gradually
rising in Paris (since Brexit) and in
Hong Kong it has tripled in fifteen years.
London’s loss of momentum stems from
the fact that it is no longer only in competition
with New York for the dispersal
of very fine works; it is also increasingly
competing with Paris and Hong Kong.
Asian collectors, particularly Chinese,
play an important role in the sale of the
most expensive works. Sotheby’s reports,
for example, that 32% of collectors who
have placed bids on works of art exceeding
$1 million over the past five years
are Asian, a share almost equal to that
of American collectors and slightly higher
than that of Europeans. For example,
the most expensive work sold in London
in 2023, Klimt’s Lady with a Fan, was acquired
by Patti Wong for $108.39 million
on behalf of a Hong Kong collector.
While London remains an essential
market place for the top quality works,
particularly Modern and 20th
Century
art, the main auction houses are investing
heavily elsewhere, thereby modifying
the landscape of the global art market,
particularly in Asia.
Hong Kong’s confirms
its power of attraction
The second Chinese city after Beijing
in terms of art auction turnover,
Hong Kong’s auction rooms hammered
over $1.5 billion in 2023. After the lifting
of Covid restrictions, a renewed energy
was reflected in the city’s spring sales and
its turnover rose sharply by 33.7% compared
with 2022. This progression was
driven by superb works by artists of Chinese
origin like Zhang Daqian and San
Yu as well as by Western masterpieces by
Amedeo Modigliani, Pablo Picasso and a
number of Ultra-contemporaries.
Several sales sessions brought together
particularly desirable works, notably
Christie’s selections for 20th
and 21st
Century Art in May and November.
One of the jewels of these sales was San
Yu’s Femme nue sur un tapis (Nude on Tapestry)
which fetched $24 million, one of
the artist’s top-ten auction results. On 28
November, Christie’s hosted a small live
auction titled Post-Millennium in collaboration
with Taiwanese pop star Jay Chou
that raised $15.2 million, a third of which
($5.5 million) came from a painting by
Adrian Ghenie (b. 1977) titled Lidless Eye
inspired by Van Gogh’s iconic Self-portrait.
Very popular among Asian buyers,
the Romanian artist owes his personal
auction record to a Christie’s Hong Kong
sale in 2022 when his Pie Fight Interior 12
(2014) fetched $10.3 million.
The sale commemorating Sotheby’s 50th
anniversary in Asia totaled $85 million,
38

AMEDEO MODIGLIANI (1884-1920)
Paulette Jourdain (1919) - $34.8 million
Sotheby's, Hong Kong, 5 October 2023
39
including $32 million for Pink Lotuses on
Gold Screen by Zhang Daqian. It was the
artist’s third-best auction result; his best
and second-best were also hammered at
Sotheby’s. A superb work by Joan Miró
set a new record for the artist in Asia
after a bidding battle of nearly 20 minutes
and a work by Yayoi Kusama set a
new record in sculpture for the artist at
$7.9 million (Pumpkin (L), 2014). Other
remarkable results were hammered for
works by women artists, Louise Bonnet,
Lucy Bull, Loie Hollowell and Lynne
Drexler, substantially above their estimates.
The other highlight of Sotheby’s
Asia was the dispersal of the collection
belonging to the billionaire founders
of the Long Museum in Shanghai, Liu
Yiqian and Wang Wei. The session set
an auction record for Modigliani in Asia
(even if the superb Portrait of Paulette Jourdain
was expected to fetch a few million
dollars more) and generated the best-ever
sales total for a private collection sold
in Asia at $69.5 million.
In 2023, Sotheby’s was the top performing
art auctioneer in Hong Kong
with $531 million (14% of its global fine
art turnover) while Christie’s hammered
$408 million (11% of its global fine art
turnover) in the city. If we add Phillips’s
fast-growing Hong Kong activity, the
cumulative result of the three auction
companies exceeded one billion dollars
and accounted for 67.5% of Hong Kong’s
art auction market in 2023, substantially
ahead of the main Chinese players, China
Guardian and Poly International.
The third non-Chinese auction house
in Hong Kong, Phillips is entering a new
era. Having inaugurated its Asian headquarters
in Hong Kong in the spring, it
is becoming a more serious competitor in
the region. The company hosted its first
auction on the Asian market in 2015 before
establishing itself in Shanghai in 2018
and then establishing a strategic cooperation
with the Chinese auction house Yongle
in 2022, in order to pool their resources
and develop their markets. At the end
of March, Phillips hosted its inaugural art
sale of 20th
Century and Contemporary
Art in its new Hong Kong headquarters,
taking a total of $45 million, an increase
of 65% compared with the previous year.
GEOGRAPHIC DISTRIBUTION OF FINE ART + NFT AUCTION TURNOVER
HAMMERED BY SOTHEBY’S, CHRISTIE’S AND PHILLIPS (2023)
Dubai
Zurich
Amsterdam
Singapore
Cologne
Shanghai
Milan
Paris
Hong Kong
London
New York
$500 million $1 billion $1.5 billion $2 billion $2.5 billion
Sotheby’s Christie’s Phillips
©artprice.com
40

AMRITA SHER-GIL (1913-1941)
The Story teller (1937) - $7.4 million
Saffronart, Bombay, 16 September 2023
41
In March, Phillips opened its new
Asian headquarters in a beautiful
building in Hong Kong.
In 2023, Phillips generated 17.4%
($100 million) of its global art auction turnover
in Hong Kong and its overall performance
in the city was 6% better than
the previous year. The upside potential
would appear to be substantial as the company
is banking on the growing number
of young collectors (from mainland China
or Hong Kong itself) who are strongly
interested in Contemporary Art, the segment
where Phillips is most specialized.
India:
the surprise of the year
The Indian art market has shown relatively
discreet growth on an international
scale, with the acceleration in its art
auction turnover being mainly driven by
the major Indian signatures of the 20th
century like Vasudeo S. Gaitonde, Sayed
Haider Raza and Tyeb Mehta. In 2023,
works by all these artists generated results
above the million-dollar threshold.
However, it is a female artist, India’s ‘national
treasure’ Amrita Sher-Gil – whose
career was short, but dense (she died at
the age of 28) – who elicited India’s best
result of the year for her The Story teller
(1937). Sold for $7.4 million, the painting
dethroned a previous auction record
hammered in New York in 2015, generating
the best art auction result ever hammered
in India.
The vitality of the Indian market was also
surprising in other respects, notably for its
exceptional sold-through rate above 95%
when the global average (China included)
was 62%. The supply was tight (less than
2,200 lots offered in 2023) but perfectly
adjusted to a competitive demand, and
it gave India seventh place in our global
ranking of countries by their art auction
turnover. The $152 million hammered
over the year represented a sharp increase
of 76% versus 2022, which was already a
record year.
Artist
Sales
proceeds
Lots
sold
Unsold
lots
Maximum
price
1 Sayed Haider RAZA $15,171,560 49 0 $6,258,645
2 Raja RAVI VARMA $14,642,680 8 0 $5,286,826
3 Francis Newton SOUZA $11,536,120 70 5 $4,172,430
4 Vasudeo S. GAITONDE $8,550,860 9 1 $5,745,600
5 Tyeb MEHTA $8,506,250 7 1 $3,573,912
6 Maqbool Fida HUSAIN $7,947,630 76 9 $870,749
7 Amrita SHER-GIL $7,872,830 10 0 $7,432,686
8 Akbar PADAMSEE $6,745,790 19 0 $3,107,002
9 Ram KUMAR $4,611,320 74 1 $595,650
10 Manjit BAWA $3,591,990 9 0 $3,011,086
TOP 10 ARTISTS BY AUCTION TURNOVER IN INDIA (2023)
©artprice.com
The artists and works
that marked the year
43
THE RELATIVE
MARKET WEIGHT
OF THE DIFFERENT
CREATIVE PERIODS
In 2023, an exceptional quantity of artworks
changed hands in all segments of
the market (notably Old Master Art, 19
Century Art, Modern Art, Post-War Art,
Contemporary Art). This excellent transaction
dynamic suggests that supply was
well balanced with strong demand.
On the other hand, sales revenues were
down because the market presented fewer
major works than last year. Only the Old
Masters segment progressed versus 2022
with an annual result up 18% versus the
previous year, notably thanks to the sale
of works by Goya and Rembrandt and
two paintings by Rubens, which gave Sotheby’s
the world leader position on Old
Masters last year.
Old Masters
(artists born before 1760)
The world’s best result in the Old Masters
segment this year was hammered
for an ink drawing made more than 600
years ago by Wang Meng. It was not a record
for this artist (a larger work having
reached $62.1 million in 2011 in Beijing),
but it marked the strong return of top
quality works on the Chinese market.
In the West, Rubens was the dominant
signature with his Salome Presented With
the Head of John the Baptist (1609) from the
Fisch Davidson Collection, and his Portrait
of a Man as the God Mars (c.1620). The
former had not appeared at auction since
30 January 1998 when it sold for $5.5 million
(Sotheby’s NY). Fetching $26.9 million
on 26 January 2023, its value grew
more than $21 million in a quarter of a
century. The latter work also substantially
re-valued: acquired for $6.8 million at Sotheby’s
in 2002, it fetched $26.2 million
last year. These two results – plus seven
others – allowed the master of Flemish
baroque art to post an annual turnover of
$62 million, Rubens’ third best-ever annual
total.
GEOGRAPHICAL DISTRIBUTION OF FINE ART
AND NFT AUCTION TURNOVER BY CREATIVE PERIOD (2023)
20%
40%
60%
80%
100%
United States
United Kingdom
Hong Kong
France
Germany
India
Belgium
Old masters 19th century Modern art Post-War art Contemporary art
©artprice.com
44
Artist Artwork Price Date
Auction
House
1 WANG Meng Inkstone washing $40,562,800 30 Nov. 2023
China
Guardian
Beijing
2
Peter Paul
RUBENS
Salome presented with the head
of Saint John the Baptist
$26,926,000 26 Jan. 2023
Sotheby's
New York
3
Peter Paul
RUBENS
Portrait of a Man as Mars
(c.1620)
$26,187,000 16 May 2023
Sotheby's
New York
4
ZHAO
Mengfu
Calligraphy in regular script
(1302/1322)
$25,070,780 5 July 2023
Poly
Beijing
5
Francisco
GOYA
Portrait of Doña María Vicenta
Barruso Valdés (1805)
$16,420,000 25 Jan. 2023
Christie's
New York
6
Michiel
SWEERTS
The Artist’s Studio
with a Seamstress
$16,056,160 6 July 2023
Christie's
London
7
REMBRANDT
VAN RIJN
Portrait of Jan Willemsz. van
der Pluym (c.1565-1644), bustlength/Portrait
of Jaapgen Carels
(1565-1640), bust-length
$14,299,720 6 July 2023
Christie's
London
8
REMBRANDT
VAN RIJN
The Adoration of the Kings $13,793,700 6 Dec. 2023
Sotheby's
London
9
Giovanni
Antonio
CANAL
Venice: The Mouth of the Grand
Canal from the East/The Molo,
with the Piazzetta and the Doge’s
Palace, from the Bacino
$12,274,110 7 Dec. 2023
Christie's
London
10
Agnolo
BRONZINO
Portrait of a young man with a
quill and a sheet of paper, possibly
a self-portrait of the artist
$10,665,500 26 Jan. 2023
Sotheby's
New York
TOP 10 RESULTS FOR OLD MASTER WORKS SOLD AT AUCTION IN 2023
©artprice.com
45
After the two Rubens works, the year’s
third best result in the OM segment was
hammered for a work by the Chinese artist
ZHAO Mengfu, a great scholar of the
Yuan dynasty, whose calligraphies are
veritable treasures for Chinese collectors.
The one offered in July by Poly International
in Beijing, Calligraphy in regular script
(1302/1322), fetched $25 million, in line
with sums paid for the artist’s very best
works. One of the surprises of the year
was the appearance of Michiel Sweets
among the segments top results. This
Flemish artist, who was largely forgotten
after his death, is currently being reconsidered
as one of the most creative artists
of the 17th
century. In 2023, his new auction
record at $16 million (four times its
high estimate), put him ahead of his contemporary
Rembrandt.
19th
Century Art
(artists born between
1760 and 1860)
In 2023, it was unlikely that 19th
Century
Art would be as fully represented at auction
as it was in 2022 when the segment
generated over two billion dollars for the
first time largely thanks to the dispersal
of the Paul G. Allen collection. In 2022,
that sale generated the majority of the
segment’s remarkable auction results,
notably with George Seurat’s Les Poseuses
at $149.24 million, Paul Cézanne’s La
Montagne Sainte-Victoire at $137.79 million,
Vincent Van Gogh’s Verger avec cyprès at
$117 million, Paul Gauguin’s Maternity II
at $105.7 million, Claude Monet’s Waterloo
Bridge, soleil voilé at $64.5 million and
Artist Artwork Price Date
Auction
House
1 Claude MONET
Le bassin aux nymphéas
(c.1917/19)
$74,010,000 9 Nov. 2023
Christie's
New York
2
LE DOUANIER
ROUSSEAU
Les Flamants (1910) $43,535,000 11 May 2023
Christie's
New York
3 Paul CÉZANNE
Fruits et pot de gingembre
(1890/93)
$38,935,000 9 Nov. 2023
Christie's
New York
4 Claude MONET
Peupliers au bord de l’Epte,
temps couvert (1891)
$30,783,000 13 Nov. 2023
Sotheby's
New York
5 Claude MONET Le Moulin de Limetz (1888) $25,612,500 13 Nov. 2023
Sotheby's
New York
6
Vincent
VAN GOGH
Jardin devant le Mas Debray
(1887)
$23,314,500 16 May 2023
Sotheby's
New York
7
Pierre-Auguste
RENOIR
Square de la Trinité
(1878-1879)
$11,910,000 11 May 2023
Christie's
New York
8 Claude MONET Au Cap Martin (1884) $11,479,800 16 May 2023
Sotheby's
New York
9 Paul GAUGUIN
Nature morte avec pivoines
de chine et mandoline (1885)
$10,445,700 16 May 2023
Sotheby's
New York
10 Paul CÉZANNE
Quatre pommes
et un couteau (c.1885)
$10,415,000 9 Nov. 2023
Christie's
New York
TOP 10 RESULTS IN 19TH
CENTURY ART (2023)
©artprice.com
46

PETER PAUL RUBENS (1577-1640)
Salome Presented With the Head of John the Baptist (1609) - $26.9 million
Sotheby's New York, 26 January 2023
47
Édouard Manet’s The Grand Canal in Venice
at $51.9 million. Without a collection of
this caliber in 2023, it wasn’t surprising
that the 19th
Century Art segment only
generated half its previous year’s result,
with its share of global art auction turnover
shrinking from 14% to 8%, to the
benefit, notably, of Modern Art, which
remained 2023’s most dynamic market
segment.
New York hammered the year’s ten best
results for 19th
Century Art, all for famous
French artists. As usual, Claude
Monet dominated this market with four
works selling above $10 million, including
Le Bassin aux nymphéas (c.1917/19) which,
at $74 million, was the third highest art
auction result of the year 2023. This large
canvas, one of the most beautiful in Monet’s
Water Lilies series, was kept in the
same family collection for fifty years.
The segment’s second best result of the
year was hammered for a work by Le
Douanier Rousseau titled Les Flamants
(1910), a painting that sold at double its low
estimate for a breathtaking $43.5 million.
At ten times the artist’s previous record,
this was a new auction record for the selftaught
painter who was misunderstood by
his contemporaries, but admired by the
‘avant-garde’ artists of the 20th
century.
The third best result in the 19th
Century
segment came from Paul Cézanne’s Fruits
et pot de gingembre (1890/93) which fetched
$38.9 million. The buyer of this important
painting seems to have got a very
good deal since the work was estimated
by Christie’s at up to $55 million.
Modern Art (artists born
between 1860 and 1920)
Accounting for 41% of the value of the
global art auction market, the Modern period
is the most prosperous segment. It is
the basis of the American market (40% of
US turnover), the UK market (39%), but
also several European countries, including
France (48%) and Germany (46%)
and it accounts for 35% of Hong Kong’s
art auction turnover. Even in the absence
of exceptional private collection sales, this
segment held up well in 2023 generating
several new records. Gustav Klimt (new
record), Picasso (second best-ever result),
Kandinsky (new record), Magritte, Bacon,
Rothko and Modigliani… they all
attracted the best results of the Modern
Art period (and indeed of the entire art
auction market) ranging from $34 million
to $139 million.
Post-War Art (artists born
between 1920 and 1945)
The second most lucrative period after
Modern Art was Post-War Art, which accounted
for a quarter of global art auction
revenue from a quarter its transactions.
The year 2022 was excellent for this period,
generating $3.8 billion for the first
time, including the $195 million result for
Andy Warhol’s iconic Shot sage blue Marilyn
from the Thomas and Doris Ammann
Collection. A pillar of this creative period,
in 2022 Warhol was the world’s top-selling
artist with a record annual turnover
of $590 million. In 2023 this total was reduced
by 66%, taking $392 million away
from the segment’s total turnover. Add to
this the slowdown in the annual turnover
totals of David Hockney, Cy Twombly
and Lucian Freud, and the shortfall becomes
$553 million compared with 2022.
But whereas certain pillars of the market
contracted, others moved onto higher
price levels. The most notable result in
this segment was Richard Diebenkorn’s
new auction record at $46.4 million (adding
$20 million to his previous record
hammered in 2021 for a painting from
his Ocean Park series). The painting that set
his latest record is a tribute to Henri Matisse,
titled Recollections of a visit to Leningrad
(1965) and it reached a price commensurate
with that of large 1955 painting by
Mark Rothko sold the same day, Untitled
(Yellow, Orange, Yellow, Light Orange).
48

LE DOUANIER ROUSSEAU (1844-1910)
The Flamingos (1910) - $43.5 million
Christie's, New York, 11 May 2023
49
Contemporary Art (artists
born after 1945)
In 2023, the overall volume of art auction
turnover from Contemporary Art was
stable compared with the previous year,
generating more than $2.2 billion and accounting
for 17% of the global market. In
geographical terms, North America was
the leading market for Contemporary
art with more than 30,000 lots sold compared
with 18,000 in the UK and 11,000
in France. Contemporary Art was also a
key segment in Hong Kong accounting
for 32% of total art auction turnover, and
in Belgium with 22% of the total turnover
and 35% of lots sold in the country.
In 2023, Basquiat remained the Contemporary
segment’s leading artist with an
even better performance than the previous
year, up 7% to $238 million. He was
also the second top-selling artist in the
world after Picasso. His works accounted
for the three best results in the Contemporary
segment this year, including one
at $67.1 million for The Great Show (The
Nile)(1983), the price of which increased
thirteenfold after eighteen years of ownership.
Another work, Self-Portrait as a
Heel (Part Two) (1982) also generated a
multi-million dollar value accretion when
it fetched $42 million at Sotheby’s in November
compared with an acquisition
price of $772,500 in 1999 at Christie’s.
The other 18 Contemporary artists who
featured among the global Top 100 (in
terms of annual auction turnover) did not
all benefit from the same energy. While
the annual totals of Mark Tansey and
Mark Bradford were multiplied by three
and those of Zhou Chunya and Richard
Prince by two, those of Banksy and
Damien Hirst shrank sharply (-47% and
-37% respectively). The works of some
Contemporary Blue Chip artists even
lost value, like Jeff Koons’ sculpture Jim
Beam - J.B. Turner Train (1986), a large polished
steel train whose price has halved
in almost a decade. Sold for $33.7 million
at Christie’s in 2014, the work peaked at
$16.9 million in 2023. Works by Christopher
Wool also fell short of expectations,
notably Untitled (Please) (1988), which sold
for $8.37 million at Sotheby’s compared
with more than double ($17.1 million) in
2017 at Christie’s.
BREAKDOWN BY CREATIVE PERIOD OF GLOBAL FINE ART
AND NFT SALES TURNOVER (2023)
Old masters
9%
19th
century
8%
Modern art
41%
Post-War art
25%
Contemporary art
17%
©artprice.com
50
NFTs
The year 2023 marked the anchoring
of NFTs in major museums around the
world, starting with the LACMA, the
MoMA and the Pompidou Center, which
exhibited its first collection of NFTs in
May. The auction houses have also further
developed their strategies in this segment:
in July, Christie’s carried out an entirely
on-chain partnership with the Italian
fashion house Gucci (and digital artists
like Claire Silver, Tyler Hobbs, Emily Xie
and Zach Lieberman) while Sotheby’s
opened its first generative art platform
with 500 works from the latest series of
NFTs by Véra Molnar, a great pioneer of
digital art who died last December, shortly
before her centenary.
This year, the 32 sales sessions offering
NFTs posted an overall success rate of
87% and generated several new records.
Generative art elicited the seven highest
bids in the segment for creations by Tyler
Hobbs and Dmitri Cherniak, including
the Ringers #879 (The Goose) (2021) which
reached $6.2 million. Among the other
remarkable works in 2023, five digital creations
created by Keith Haring were put
on sale as NFTs by his eponymous foundation
and each found a buyer at prices
ranging from $250,000 to $350,000 at
Christie’s in September.
Sotheby’s stood out as the most active
auction operator in this market, regularly
organizing sales dedicated to
this medium while including NFTs in
general sessions as well. Its strong commitment
to this innovative market segment
allowed it to hammer 82% of the
$22.7 million generated by NFTs at auction
last year. In 2023, the global turnover
on this segment was also up 65%
compared with 2022, but it is clear that
buying was much less speculative than
in previous years, allowing digital art to
settle peacefully in the international cultural
and economic environment.
Artist
Sales
proceeds
Lots
sold
Unsold
lots
Maximum
price
1 Dmitri CHERNIAK $7,880,900 14 0 $6,215,100
2 Tyler HOBBS $4,919,950 15 2 $1,016,000
3 LARVA LABS $1,811,680 9 0 $571,500
4 Keith HARING $1,587,600 5 0 $352,800
5 SNOWFRO $743,530 3 0 $635,000
6 Kjetil GOLID $453,390 7 0 $330,200
7 Refik ANADOL $386,800 4 0 $138,140
8 SHROOMTOSHI $342,900 2 0 $241,300
9 0XDEAFBEEF $325,120 3 0 $241,300
10 DES LUCRÉCE $289,600 10 0 $35,280
TOP 10 ARTISTS BY NFT AUCTION TURNOVER (2023)
©artprice.com
51
WHICH ARTISTS
GENERATED
THE HIGHEST
TRANSACTION
VOLUMES
The three artists whose works generated
the greatest number of annual transactions
are Pablo Picasso, Salvador
Dali, Andy Warhol. Together they accounted
for over 8,400 lots sold in 2023.
All three artists produced large volumes
of ‘multiple’ works.
The winning trio
Picasso’s market is the densest of all with
more than 3,500 lots sold over the year,
half of which were prints, and most of
which changed hands for less than $5,000.
The artist also has the broadest geographical
footprint: although half of the transactions
take place in North America, his
works are popular all over Europe, Asia
(primarily China and Japan) and South
Africa.
He is followed by Salvador Dali with
nearly 3,000 lots sold last year under
his signature, an absolute record for this
artist whose transaction volume has doubled
in ten years. The Americans are
his primary clients, absorbing half of his
works, with a sales success rate of 86%.
But this formidable sales ratio is not just
based on major works. The vast majority
of American transactions (60%) concern
prints, i.e. multiples, which Dali produced
in large quantities (and with quite inconsistent
quality).
Andy Warhol also engaged in ‘mass
production’, which he ‘legitimized’ as a
creative process. In 2023, his prints represented
72% of his 1,900 auction transactions
throughout the year. They are
mainly sold in Europe and collectors from
France, Germany, Italy and Belgium are
GEOGRAPHICAL DISTRIBUTION OF WORKS BY PABLO PICASSO
SOLD AT AUCTION (2023)
Others
China
South Africa
Romania
Denmark
Poland
Monaco
Canada
Ireland
Belgium
Spain
Italy
Sweden
Australia
Austria
Japan
Switzerland
Germany
United Kingdom
France
United States
200 400 600 800 1000 1200 1400 1600
©artprice.com
52
GEOGRAPHICAL DISTRIBUTION OF WORKS BY SALVADOR DALI
SOLD AT AUCTION (2023)
Others
Australia
Poland
Spain
Belgium
Switzerland
Italy
United Kingdom
Germany
France
United States
200 400 600 800 1000 1200 1400
©artprice.com
GEOGRAPHICAL DISTRIBUTION OF WORKS BY ANDY WARHOL
SOLD AT AUCTION (2023)
Others
Canada
Austria
Japan
Belgium
Switzerland
France
Germany
United Kingdom
Italy
United States
100 200 300 400 500 600 700 800 900 1000
©artprice.com
53
so fond of his screen prints that the number
of transactions recorded in Europe on
these works is surprisingly higher than in
America.
These three artists with plethoric productions
and totally globalized markets
have enjoyed a maximum level of demand,
especially since the boom in online
sales observed during the Covid-19 pandemic
which contributed considerably
to broadening the population of print
buyers, further boosting the market for
the most productive artists in the field of
multiples.
The most sought-after
artists by country
American collectors actively seek works
by major European artists. In fact, Picasso,
Dali, Chagall and Miró generate
more annual transactions (3,600) than
the top-selling American artists, namely
Warhol, Calder, Lichtenstein, Peter Max
and LeRoy Neiman, even though there
has been no decline in the demand for
works by these five American top-selling
artists, all of whom recorded new record
transaction volumes this year (with the
exception of Warhol, for whom 2023 was
only his second-best year after a historic
peak in 2022).
The French art market is rich in Picasso
works. In 2023, nearly 600 were acquired
at French auctions generating $20 million
(or 2.4% of the country’s 2023 art
auction revenue). Bernard Buffet, whose
works generated nearly $10 million, was
the second best-selling artist in France
and, last year, sales of his works reached
a new high. Buffet was highly appreciated
by collectors in the 1980s, before falling
somewhat out of fashion. However, in
recent years his works have returned to
fetching 7-digit auction results in Paris,
New York and Hong Kong. Max Agostini
owes his position as the third most traded
artist in France to the dispersal of the holdings
of the Martin Caille Matignon Gallery
(Paris), which had 550 of his works.
The sale followed a judicial liquidation
after the death of the gallery’s founder,
Janet Greenberg, who had signed a world
exclusivity contract with Max Agostini.
With the exception of works by Picas-
©artprice.com
TOP 10 ARTISTS BY LOTS SOLD IN THE UNITED STATES (2023)
Artist
Sales
proceeds
Lots
sold
Unsold
lots
Maximum
price
1 Salvador DALI $6,618,450 1,203 187 $2,238,000
2 Pablo PICASSO $456,259,470 1,115 158 $139,363,500
3 Andy WARHOL $139,517,120 722 157 $25,940,000
4 Marc CHAGALL $38,846,830 694 187 $15,616,200
5 Joan MIRO $11,651,670 661 131 $1,734,000
6 ERTÉ $605,140 579 159 $9,440
7 Alexander CALDER $51,995,260 503 96 $5,555,500
8 Roy LICHTENSTEIN $52,445,060 455 75 $15,360,000
9 Peter MAX $813,110 447 118 $62,500
10 LeRoy NEIMAN $961,290 371 49 $97,660
54
TOP 10 ARTISTS BY LOTS SOLD IN FRANCE (2023)
Artist
Sales
proceeds
Lots
sold
Unsold
lots Maximum price
1 Pablo PICASSO $21,097,380 578 162 $2,503,260
2 Bernard BUFFET $9,958,490 562 138 $591,570
3 Max AGOSTINI $613,610 534 11 $15,960
4 Haruhiko SUNAGAWA $216,060 389 15 $4,300
5 Shepard FAIREY $640,910 346 202 $48,960
6 Salvador DALI $2,527,870 345 114 $938,400
7 Robert SAINT-CRICQ $37,700 340 42 $1,090
8 JABER $103,520 331 18 $3,060
9 d'après Pablo PICASSO $394,730 270 109 $19,430
10 Robert DOISNEAU $170,900 267 50 $9,270
©artprice.com©artprice.comTOP 10 ARTISTS BY LOTS SOLD IN THE UK (2023)
Artist
Sales
proceeds
Lots
sold
Unsold
lots
Maximum
price
1 Pablo PICASSO $82,072,750 596 96 $21,748,480
2 David HOCKNEY $23,399,900 540 81 $5,278,510
3 David SHRIGLEY $925,000 412 228 $29,020
4 Damien HIRST $14,884,230 374 218 $1,810,930
5 Harry OUSEY $30,380 372 218 $740
6 BANKSY $19,714,430 326 163 $3,289,290
7 Laurence Stephen LOWRY $11,005,300 290 83 $1,661,420
8 Ewart JOHNS $25,880 279 39 $830
9 John PIPER $814,510 253 73 $92,010
10 Tracey EMIN $3,471,860 228 61 $1,648,170
so, who was the most frequently bought
and sold artist in the UK in 2023, British
buyers invested first and foremost
in works by their compatriots, generally,
English artists active in the 20th
and 21th
centuries. Two of them, Harry Ousey
and Ewart Johns, had unusually high
transaction numbers in 2023 following
the dispersal, at low prices, of the contents
of their workshops. Conversely, the regulars
in this ranking are the unavoidable
signatures like Banksy, Damien Hirst
and David Hockney. The latter posted
a record number of transactions (540)
during 2023, as did Tracey Emin (228),
who adorned the new doors of the National
Portrait Gallery in London in June by
honoring an order for 45 portraits.
55
SECOND BEST
PERFORMANCE BY
FEMALE ARTISTS
Although women are still largely in the
minority among the most valued artists,
the gap is shrinking compared to
their virtual invisibility just ten years
ago. At that time, Joan Mitchell was the
only woman in the global Top 50 and
her annual turnover at that time was
just over a third of what it was last year.
In 2023, five women reached the global
Top 50 with strong turnover figures
and, in some cases, new auction records.
They are Yayoi Kusama ($189.7 million),
Joan Mitchell ($112.6 million), Georgia
O’Keeffe ($56.2 million), Louise Bourgeois
($50.2 million) and Cecily Brown
($46.6 million).
The greatest female artists of the 20th
century
are therefore gradually approaching
the place they deserve on the art market.
This movement has been largely driven
by a determined effort among key art
market players (including museums) to
reduce the gender disequilibrium, particularly
regarding the pecuniary values of
art created by women. This has involved
the inclusion of a growing number of their
works in sales catalogs and a substantial
gain in the visibility of works by female
artists. In fact, the progress has been relatively
rapid, since the number of transactions
involving artworks by women has
doubled in five years and tripled in ten
years. This past year, artworks by women
artists reached a new peak in the history
of the art auction market, and it’s a dynamic
that is unlikely to run out of steam
any time soon.
The number of transactions on
artworks by women artists is
higher than ever.
The increase in demand has been evident
in all price segments, including the most
prestigious: in 2023, the number of 7-digit
results (in USD) for works by women was
206 compared with 80 in 2013, which
represents a growth rate of +157% over
the decade. We should also point out
EVOLUTION OF AUCTION TURNOVER FOR WOMEN ARTISTS SINCE 2000
$1.4 billion
$1.2 billion
$1 billion
$800 million
$600 million
$400 million
$200 million
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
©artprice.com
56

LAVINIA FONTANA (1552-1614)
Portrait of Antonietta Gonsalvus (detail) - $1.34 million
Rouillac, Vendôme, 04 June 023
57
that this rise in million-plus transactions
only concerned women since, over the
same period, results in this price bracket
contracted for male artists (-24%).
Indeed, driven by the feminization of
sales catalogs and the price inflation on
artworks by women, 2023 was the third
year that global annual auction turnover
on art created by women reached above
the $1 billion threshold. At $1.3 billion,
2023 was the second best performance after
that of 2022 ($1.32 billion) – indicating
that the market for female artists is resilient
despite the slowdown in the overall
market and that it still has plenty of upside
potential. One of the most striking phenomena
was the sharp acceleration observed
just after the Covid-19 crisis: between
2020 and 2021, the annual global art auction
turnover on art by women made an
extraordinary progression of 66%.
History’s female painters
revalued
The auction houses, like the museums,
have also revalued female artists from
the past in a desire to ‘repair historical
oversights’. In 2019, the Ghent Museum
of Fine Arts hosted a major exhibition
dedicated to “Ladies of the Baroque. Women
Painters in Italy during the 16th
Century and
17th
Centuries” which almost certainly had
an impact on the prices of works by Artemisia
Gentileschi (a major artist from
that era). In 2019 Artcurial managed to
sell her depiction of Lucretia on the verge
of suicide in a caravaggesque chiaroscuro
style for $5.2 million. In 2023, an allegorical
sculpture by Artemisia fetched
$2.36 million against Christie’s high estimate
of just $500,000.
NUMBER OF MILLION-PLUS RESULTS BY GENDER IN 2023 VS 2013
1,770
1,344
80
206
500
1,000
1,500
2 000
2013 2023
WomenMen
©artprice.com
58
Also in 2023, a work by a contemporary
of Gentileschi, the Bolognese artist Lavinia
Fontana, crossed the million-dollar
threshold for the first time thanks to the
discovery of a painting that was previously
unknown to art historians. The painting
is a portrait of a “bearded girl” representing
the young Antonietta Gonsalvus
who suffered from a genetic disease called
hypertrichosis. This masterpiece of the
Italian Renaissance sold for $1.3 million
although it was estimated ten times less in
a sale organized by Aymeric Rouillac in
the small French town of Vendôme. This
was just one of the wonderful surprises
that the exploration of France’s provincial
auction operators can generate. Both
Gentileschi and Fontana are among the
rare women of the Italian Renaissance to
have had careers as painters and they enjoyed
real artistic reputations during their
lifetimes. Long left in the shadows of history,
they are today being rehabilitated by
museums and market players.
On 15 June at Christie’s in Paris, National
Gallery of Art in Washington acquired
a superb still life by the 18th
century
French painter, Anne Vallayer-Coster,
one of the rare women admitted to the
Royal Academy of Painting and Sculpture.
The NGA, which has clearly focused
its recent acquisitions on paintings
by female painters, paid $2.8 million for
this splendid depiction of a magnificent
bouquet of flowers, a record price which
places the artist among the major signatures
of her time.
20th
Century works
revalued by several
million dollars
Works by key female artists from the
second half of the 20th
century have
also been revalued, like Louise Bourgeois’
Spider which fetched $32.8 million
in Hong Kong in May 2023, adding
two million dollars to the price paid five
years ago in New York. Another bronze
sculpture, The Family of Man: Ancestor II
(1970), raised Barbara Hepworth’s auction
record to $11.5 million, whereas this
same work remained unsold in 2014 with
a price estimated $10 million less. Similarly,
Georgia O’Keeffe’s sensual Black
Iris VI, painted in 1936, sold last year for
$21.1 million compared with $1.1 million
in 1998 ($20 million less!). We
should also mention Jenny Saville, whose
painting Shift, sold for $10.9 million in
November 2023, adding two million
dollars since its last sale in 2016. Indeed,
examples of this type are legion. They
reflect profound changes in the mindsets
of the auction houses, which more firmly
support female creativity in a historically
male-dominated sector, but also among
collectors, some of whom have made the
purchase of works created by women a
strategic priority.
Barbara Hepworth crossed the
$10  million threshold for the
first time, while Louise Bourgeois
achieved a new record for a
sculpture sold at auction in Asia,
at $32.8 million.
Yayoi Kusama
beats Gustav Klimt
In 2023, Yayoi Kusama’s extravagant
genius established her as the most successful
female artist in the world, and
works generated nearly $190 million in
annual income giving her eighth place
in the global Top 10, between René
Magritte and Gustav Klimt. This is the
highest she has ever ranked after reaching
10th
position in 2021. Her success
reflects a very organized and diversified
market, made up of both prestigious
works and a large quantity of pieces in
limited editions allowing all categories of
collectors access to her work. An artist
with an impressive production force,
Yayoi Kusuma creates works as she disperses
the obsessive pattern of her polka
dots, and this creative abundance feeds
her growing auction market. She stands
out as the female artist who has sold the
most works in her lifetime with nearly
59
9,400 lots sold since her auction debut,
including more than 800 this year.
Joan Mitchell generates
over $100 million
A central figure in the second generation
of Abstract Expressionists, Joan
Mitchell has had a historic year 2023
($112.6 million) punctuated by two new
auction records at more than $27 million
each. Since 2018, her work has been
promoted by David Zwirner, a powerful
gallery at the global level that has successfully
raised Mitchell’s visibility around
the world. Since the Zwirner gallery has
taken control of her estate, no less than 13
out of 14 lots have exceeded $10 million
at auction. The price of some of her large
diptychs has increased five or six times
since the beginning of the 2010s. The
artist now holds 12th
place in the world,
ahead of Mark Rothko and Cy Twombly.
Julie Mehretu – most
expensive artist of African
origin
Julie Mehretu’s complex and intricate
paintings, a unique form abstraction in
touch with the issues of our time, have
been acquired by the largest museum colArtist
Artwork Price Date
Maximum
price
1
Louise
BOURGEOIS
Spider (1996) $32,804,500 18 May 2023
Sotheby's
New York
2 Joan MITCHELL Untitled (c.1959) $29,160,000 9 Nov. 2023
Christie's
New York
3 Agnes MARTIN Grey Stone II (1961) $18,718,500 8 Nov. 2023
Sotheby's
New York
4
Barbara
HEPWORTH
The Family of Man:
Ancestor II (1970)
$11,565,000 9 Nov. 2023
Christie's
New York
5 Julie MEHRETU
Walkers With the Dawn
and Morning (2008)
$10,737,500 15 Nov. 2023
Sotheby's
New York
6 Amrita SHER-GIL The story teller (1937) $7,432,690 16 Sept. 2023
Saffronart
Mumbai
7 Claude LALANNE
Très grand choupatte,
pièce unique (2008)
$5,276,400 30 Oct. 2023
Sotheby's
Paris
8
Alma Woodsey
THOMAS
A Fantastic Sunset (1970) $3,922,000 17 May 2023
Christie's
New York
9 Paula REGO
Dancing Ostriches from
Walt Disney's Fantasia
(1995)
$3,720,180 13 Oct. 2023
Christie's
London
10
Lynette
YIADOM-BOAKYE
Six Birds in the Bush (2015) $3,602,760 12 Oct. 2023
Sotheby's
London
TOP 10 AUCTION RECORDS FOR FEMALE ARTISTS (2023)
©artprice.com
60
lections and the most important private
collections, including those of the French
collector, François Pinault and the Americans
Eli and Edythe Broad. At 52, the
artist of Ethiopian origin climbed into
2023’s 100 top-selling artists with an exceptional
result and two absolute records.
In October 2023, one of her works fetched
$9.32 million at Sotheby’s Hong Kong,
reaching a peak for an artist of African
origin. A monumental diptych measuring
almost five meters (Untitled, 2011), the
work had already been sold at auction in
2015, when it reached $2.85 million. In
eight years, therefore, its price increased
by 227%, which is approximately the
same revaluation as her overall price
index. The record was short-lived, as it
was surpassed on 15 November by a large
drawing that sold for $10.7 million during
Sotheby’s Now Evening Auction. Indeed,
works by female artists generated 45% of
the value of Sotheby’s Contemporary session…
almost gender parity!
Paula Rego - record year
one year after her death
The death of the great Portuguese painter
Paula Rego in June 2022 considerably
agitated her auction market with transactions
up 39% this year and bidding
competition stronger than ever. In 2023
her annual auction turnover reached
$4.8 million, a new record in her market
history. In October, Christie’s London
set the artist’s new auction record at
$3.8 million (more than double the previous
record) for a diptych entitled Dancing
Ostriches from Walt Disney’s ‘Fantasia’
(1995), a large pastel work that was part of
the famous Saatchi Collection.
Claude Lalanne - France’s
top-selling female artist
In 2023, Claude Lalanne’s prices moved
into another dimension in the same year
that her accomplice, François-Xavier
Lalanne, became the top-selling artist on
the French art market. Claude’s new auction
record now stands at $5.27 million,
five times the low estimate after a bidding
war that took place on 30 October
at Sotheby’s France. The sculpture that
was the object of the bidding (Très grand
choupatte) is a unique piece created in
2008 for Pauline Karpidas, whose works
Sotheby’s was selling in Paris. The result
gave Claude Lalanne the best result for
a female artist in France in 2023, while
her annual turnover of $5.5 million put
her ahead of illustrious male artists like
Pierre Bonnard, Auguste Rodin and
Paul Gauguin.
Enthusiastic bidding for
emerging female artists
In 2023, we also saw very competitive
bidding for younger women artists. One
example was Christie’s well-attended
New York sale on 7 November where
enthusiastic bidding for works by younger
women contrasted with lukewarm
bidding for Blue Chip artists like Andy
Warhol, Keith Haring, Cy Twombly and
even Jeff Koons.
There was particularly lively and competitive
bidding for the works of artists like
Stefanie Heinze, aged 36, whose painting
Le Troisième rendez-vous (2020) tripled
its estimate to $239,400 on 7 November.
Jenna Gribbon’s (b.1978) lesbian female
nude, Regarding Me Regarding You and Me
(2020), raised the artist’s personal record
to just under $500,000 against a high
estimate of $150,000. In the same sale,
a work (Carnal Field (2022)) by Sanya
Kantarovsky (b.1982), a Russian painter
living in New York, again exceeded
$200,000, against a high estimate half
that price. The American artist Ilana
Savdie (b.1989) achieved a new record at
$201,600 after her exhibition at the Whitney
Museum of American Art. Lastly, a
work titled Fanta Car interior by Issy Wood
(b.1993) fetched $277,200, more than
double its high estimate, while Jadé Fadojutimi’s
(b.1993) A Thistle Throb (2021) sold
for nearly $1.7 million, a short-lived new
record for the British artist of Nigerian
descent because another of her works rea-
61
ched nearly $2 million the following week
at Sotheby’s.
Jadé Fadojutimi and Michaela
Yearwood-Dan are the two most
prominent young abstract artists
on the current British scene.
Jadé Fadojutimi’s work has been attracting
bidders since 2020 when her auction
debut sold for $52,000, or 13 times its
high estimate. Two months later, Phillips
sold a larger painting for $378,000,
and her prices rose very quickly in 2021,
exceeding a million dollars. In 2022, she
became the youngest artist in the permanent
collection of the Tate Modern and
she participated in the prestigious Venice
Biennale, two factors that considerably
boosted demand for her work, and their
prices. Another major factor has been her
admission to the powerful Gagosian gallery
alongside artists like Damien Hirst
and Takashi Murakami. Her three best
auction results, all 7-digit, date from 2023
and were shared between Phillips, Sotheby’s
and Christie’s New York.
Another young British abstract painter to
have enjoyed a super-fast price ascension
is Michaela Yearwood-Dan. Unknown to
the auction market before 2022, she was
among the world’s 500 top-selling artists
in 2023. At the end of February, one of
her paintings, Love me nots (2021), reached
$884,000 at Christie’s, multiplying its
high estimate of $72,000 by more than
ten times. Although this auction record
was hammered in London, where the
artist lives and works, the prices of her
paintings have soared just as much in
New York and Hong Kong. Christie’s, Sotheby’s
and Phillips have all participated
in the phenomenal success of this powerful
artist, who has not yet celebrated her
30th
birthday.
Prices are also rising for the American
artist Loie Hollowell, whose paintings of
flexible and geometric shapes with corporeal/sensual
echoes have prompted
comparisons with the work of Georgia
O’Keeffe. Her popularity rocketed after
she joined the Pace gallery in 2017. Starting
with an auction debut at $68,750
in May 2018, the artist crossed the million-dollar
threshold for the first time in
2021. In 2023, her auction record rose
to $2.29 million for Standing in Red (2019)
during Sotheby’s 50th
anniversary sale in
Asia. However she has publicly expressed
frustration with her new record as she
considers it an affront that collectors she
met when they bought her works in galleries
quickly resell her works on the secondary
market for large profits. It way
well be partly for this reason that she has
produced a collection of NFTs giving her
greater control: in the event of resale, Loie
Hollowell will automatically receive a
commission payment thanks to the smart
contract. This type of arrangement is, in
principal, fairer to the artist.
©artprice.com1987-2024/ARAA
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*New personal record for the artist
Rank
Artist Artwork Price Date Auction House
Record*
1 PabloPICASSO(1881-1973) Femmeàlamontre(1932) $139,363,500 8Nov.2023 Sotheby'sNewYork
2 GustavKLIMT(1862-1918) DamemitFächer[...](1917-1918) $108,743,230 27June2023 Sotheby'sLondon X
3 ClaudeMONET(1840-1926) Lebassinauxnymphéas(c.1917/19) $74,010,000 9Nov.2023 Christie'sNewYork
4 Jean-MichelBASQUIAT(1960-1988) ElGranEspectaculo(TheNile)(1983) $67,110,000 15May2023 Christie'sNewYork
5 GustavKLIMT(1862-1918) InselimAttersee[...](c.1901/02) $53,188,500 16May2023 Sotheby'sNewYork
6 FrancisBACON(1909-1992) FigureinMovement(1976) $52,160,000 9Nov.2023 Christie'sNewYork
7 RichardDIEBENKORN(1922-1993) RecollectionsofaVisittoLeningrad(1965) $46,410,000 9Nov.2023 Christie'sNewYork X
8 MarkROTHKO(1903-1970) Untitled(Yellow,Orange[...])(1955) $46,410,000 9Nov.2023 Christie'sNewYork
9 WassilyKANDINSKY(1866-1944) MurnaumitKircheII[...](1910) $44,721,120 1March2023 Sotheby'sLondon X
10 LEDOUANIERROUSSEAU(1844-1910) LesFlamants(1910) $43,535,000 11May2023 Christie'sNewYork X
11 PabloPICASSO(1881-1973) Femmeendormie(1934) $42,960,000 9Nov.2023 Christie'sNewYork
12 RenéMAGRITTE(1898-1967) L'Empiredeslumières(1951) $42,273,000 16May2023 Sotheby'sNewYork
13 Jean-MichelBASQUIAT(1960-1988) Self-PortraitasaHeel(PartTwo)(1982) $42,000,000 15Nov.2023 Sotheby'sNewYork
14 PabloPICASSO(1881-1973) Naturemorteàlafenêtre(1932) $41,810,000 11May2023 Christie'sNewYork
15 JasperJOHNS(1930) Flags(1986) $41,000,000 8Nov.2023 Sotheby'sNewYork
16 WANGMeng(1308-1385) Inkstonewashing $40,562,800 30Nov.2023 ChinaGuardianBeijing
17 EdRUSCHA(1937) SecuringtheLastLetter(Boss)(1964) $39,400,500 8Nov.2023 Sotheby'sNewYork
18 PaulCÉZANNE(1839-1906) Fruitsetpotdegingembre(1890/93) $38,935,000 9Nov.2023 Christie'sNewYork
19 RenéMAGRITTE(1898-1967) L’empiredeslumières(1949) $34,910,000 9Nov.2023 Christie'sNewYork
20 AmedeoMODIGLIANI(1884-1920) PauletteJourdain(c.1919) $34,849,700 5Oct.2023 Sotheby'sHongKong
21 GerhardRICHTER(1932) AbstraktesBild(636)(1987) $34,800,000 14Nov.2023 PhillipsNewYork
22 FrancisBACON(1909-1992) Self-Portrait(1969) $34,622,500 11May2023 Christie'sNewYork
23 CUIRuzhuo(1944) RaftingInWindAndRain(2019) $33,064,110 24Feb.2023 BeijingYongleBeijing
24 LouiseBOURGEOIS(1911-2010) Spider(1996) $32,804,500 18May2023 Sotheby'sNewYork X
25 ZHANGDaqian(1899-1983) PinkLotusesonGoldScreen(1973) $32,057,500 5Apr.2023 Sotheby'sHongKong
26 GerhardRICHTER(1932) AbstraktesBild(1997) $31,932,000 15Nov.2023 Sotheby'sNewYork
27 WillemDEKOONING(1904-1997) Orestes(1947) $30,885,000 11May2023 Christie'sNewYork
28 ClaudeMONET(1840-1926) Peupliersauborddel’Epte[...](1891) $30,783,000 13Nov.2023 Sotheby'sNewYork
29 JoanMITCHELL(1925-1992) Untitled(c.1959) $29,160,000 9Nov.2023 Christie'sNewYork X
30 GerhardRICHTER(1932) AbstraktesBild(1986) $29,070,020 1March2023 Sotheby'sLondon
31 Jean-MichelBASQUIAT(1960-1988) Now'stheTime(1985) $28,634,000 18May2023 Sotheby'sNewYork
32 AlbertoGIACOMETTI(1901-1966) FemmeLeoni(1947) $28,485,000 16May2023 Sotheby'sNewYork
33 JoanMITCHELL(1925-1992) Sunflowers(1990/91) $27,910,500 15Nov.2023 Sotheby'sNewYork
34 PeterPaulRUBENS(1577-1640) Salomepresentedwiththehead[...] $26,926,000 26Jan.2023 Sotheby'sNewYork
35 CyTWOMBLY(1928-2011) Untitled(1968) $26,761,500 8Nov.2023 Sotheby'sNewYork
36 PeterPaulRUBENS(1577-1640) PortraitofaManasMars(c.1620) $26,187,000 16May2023 Sotheby'sNewYork
37 AndyWARHOL(1928-1987) SixteenJackies(1964) $25,940,000 9Nov.2023 Christie'sNewYork
38 ClaudeMONET(1840-1926) LeMoulindeLimetz(1888) $25,612,500 13Nov.2023 Sotheby'sNewYork
39 ZHANGDaqian(1899-1983) AutumnMountainsinTwilight(1967) $25,526,010 9Dec.2023 Sotheby'sHongKong
40 ZHAOMengfu(1254-1322) Calligraphyinregularscript(1302/1322) $25,070,780 5July2023 PolyBeijing
41 PabloPICASSO(1881-1973) L'Arlésienne(LeeMiller)(1937) $24,560,000 11May2023 Christie'sNewYork
42 SANYu(1895/1901-1966) Femmenuesuruntapis[...](1929) $24,031,220 28Nov.2023 Christie'sHongKong
43 MarkROTHKO(1903-1970) Untitled(1968) $23,889,000 13Nov.2023 Sotheby'sNewYork
44 PabloPICASSO(1881-1973) Compotieretguitare(1932) $23,463,500 13Nov.2023 Sotheby'sNewYork
45 ArshileGORKY(1904-1948) CharredBelovedI(1946) $23,410,000 9Nov.2023 Christie'sNewYork X
46 VincentVANGOGH(1853-1890) JardindevantleMasDebray(1887) $23,314,500 16May2023 Sotheby'sNewYork
47 EdRUSCHA(1937) BurningGasStation(1966-1969) $22,260,000 11May2023 Christie'sNewYork
48 MarkROTHKO(1903-1970) Untitled(1958) $22,165,500 8Nov.2023 Sotheby'sNewYork
49 JoanMIRO(1893-1983) Peinture(Femmes,lune,étoiles)(1949) $21,967,900 20Oct.2023 Christie'sParis
50 GerhardRICHTER(1932) 4096Farben(1974) $21,839,000 18May2023 Sotheby'sNewYork
TOP 100 FINE ART AND NFT WORKS SOLD AT AUCTION IN 2023
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63
*New personal record for the artist
Rank
Artist Artwork Price Date Auction House
Record*
51 PabloPICASSO(1881-1973) Filletteaubateau,Maya(1938) $21,748,480 1March2023 Sotheby'sLondon
52 PabloPICASSO(1881-1973) Femmenuecouchée[...](1964) $21,240,000 16May2023 Sotheby'sNewYork
53 GeorgiaO'KEEFFE(1887-1986) BlackIrisVI(1936) $21,110,000 11May2023 Christie'sNewYork
54 LucioFONTANA(1899-1968) Concettospaziale,LafinediDio(1963) $20,556,900 15Nov.2023 Sotheby'sNewYork
55 LucianFREUD(1922-2011) IbReading(1997) $20,456,620 1March2023 Sotheby'sLondon
56 PabloPICASSO(1881-1973) Femmedansunrocking-chair[...](1956) $20,441,210 28Feb.2023 Christie'sLondon
57 EdvardMUNCH(1863-1944) Danspåstranden[...](1906/07) $20,367,050 1March2023 Sotheby'sLondon
58 CyTWOMBLY(1928-2011) Untitled[Bolsena](1969) $19,960,000 11May2023 Christie'sNewYork
59 CyTWOMBLY(1928-2011) Untitled(Bacchus1stVersionII)(2004) $19,960,000 7Nov.2023 Christie'sNewYork
60 François-XavierLALANNE(1927-2008) RhinocrétaireI(1964) $19,411,150 20Oct.2023 Christie'sParis X
61 DavidHOCKNEY(1937) EarlyBlossom,Woldgate(2009) $19,385,000 11May2023 Christie'sNewYork
62 RenéMAGRITTE(1898-1967) LeDomained’Arnheim(1949) $18,948,300 16May2023 Sotheby'sNewYork
63 AgnesMARTIN(1912-2004) GreyStoneII(1961) $18,718,500 8Nov.2023 Sotheby'sNewYork X
64 FrankSTELLA(1936) HondurasLotteryCo.(1962) $18,718,500 15Nov.2023 Sotheby'sNewYork
65 AndyWARHOL(1928-1987) Self-Portrait(1986) $18,144,000 8Nov.2023 Sotheby'sNewYork
66 FernandLÉGER(1881-1955) Le14juillet(c.1912-1913) $17,625,000 14Nov.2023 PhillipsNewYork
67 FranciscoGOYA(1746-1828) PortraitofDoñaM.V.B.Valdés[...](1805) $16,420,000 25Jan.2023 Christie'sNewYork X
68 MichielSWEERTS(1618/24-1664) TheArtist’sStudiowithaSeamstress $16,056,160 6July2023 Christie'sLondon X
69 PabloPICASSO(1881-1973) Femmeauchapeaujaune[...](1939) $15,846,000 16May2023 Sotheby'sNewYork
70 MarcCHAGALL(1887-1985) Au-dessusdelaville(1924) $15,616,200 13Nov.2023 Sotheby'sNewYork
71 RoyLICHTENSTEIN(1923-1997) RouenCathedral,SetIV(1969) $15,360,000 11May2023 Christie'sNewYork
72 TamaraDELEMPICKA(1898-1980) Filletteenrose(c.1928/30) $14,785,000 9Nov.2023 Christie'sNewYork
73 PabloPICASSO(1881-1973) Femmeencorset[...](c.1914-1918) $14,762,500 14Nov.2023 PhillipsNewYork
74 MortonWayneTHIEBAUD(1920-2021) CandyCounter(1969) $14,697,000 18May2023 Sotheby'sNewYork
75 BALTHUS(1908-2001) LaPatience(1943-1948) $14,697,000 13Nov.2023 Sotheby'sNewYork
76 DavidHOCKNEY(1937) TheGate(2000) $14,670,000 11May2023 Christie'sNewYork
77 REMBRANDTVANRIJN(1606-1669) PortraitofJanWillemsz.[...](c.1565-1644) $14,299,720 6July2023 Christie'sLondon
78 REMBRANDTVANRIJN(1606-1669) TheAdorationoftheKings $13,793,700 6Dec.2023 Sotheby'sLondon
79 PabloPICASSO(1881-1973) Nucouché(1968) $13,635,000 9Nov.2023 Christie'sNewYork
80 PabloPICASSO(1881-1973) Bustedefemme(1909) $13,622,500 13Nov.2023 Sotheby'sNewYork
81 RenéMAGRITTE(1898-1967) L’îleautrésor(1945) $13,347,500 9Nov.2023 Christie'sNewYork
82 KeesVANDONGEN(1877-1968) LaQuiétude(1918) $13,078,290 13Oct.2023 Christie'sLondon
83 GeorgiaO'KEEFFE(1887-1986) WhiteCalicoRose(1930) $13,060,000 11May2023 Christie'sNewYork
84 EdRUSCHA(1937) Mint(Green)(1968) $12,973,500 8Nov.2023 Sotheby'sNewYork
85 FUBaoshi(1904-1965) ScenerieofYuntaiMountain(1942) $12,875,220 12June2023 ChinaGuardianBeijing
86 YoshitomoNARA(1959) IntheMilkyLake(2012) $12,809,700 5Apr.2023 Sotheby'sHongKong
87 ZHANGDaqian(1899-1983) Mountainandpavillion $12,752,490 4July2023 PolyBeijing
88 LongQIAN&TingbiaoJIN(XVIII) Portraitsoffiftymeritorious[...](1760) $12,694,070 5July2023 PolyBeijing X
89 Jean-MichelBASQUIAT(1960-1988) FutureSciencesVersustheMan(1982) $12,659,540 13Oct.2023 Christie'sLondon
90 AlbertoGIACOMETTI(1901-1966) FemmedeVeniseVIII(1973) $12,650,000 13Nov.2023 Sotheby'sNewYork
91 IsamuNOGUCHI(1904-1988) TheFamily(1956/57) $12,284,100 16May2023 Sotheby'sNewYork X
92 GiovanniAntonioCANAL(1697-1768) Venice:TheMouthoftheGrandCanal[...] $12,274,110 7Dec.2023 Christie'sLondon
93 LucianFREUD(1922-2011) NightInterior(1968-1970) $12,220,610 27June2023 Sotheby'sLondon
94 Pierre-AugusteRENOIR(1841-1919) SquaredelaTrinité(1878-1879) $11,910,000 11May2023 Christie'sNewYork
95 Jean-MichelBASQUIAT(1960-1988) Untitled(1981) $11,910,000 7Nov.2023 Christie'sNewYork
96 PabloPICASSO(1881-1973) Femmedansunfauteuil(1948) $11,858,290 5Apr.2023 Sotheby'sHongKong
97 RenéMAGRITTE(1898-1967) Lavalsehésitation(1955) $11,838,420 19Oct.2023 Sotheby'sParis
98 CyTWOMBLY(1928-2011) Untitled(1962) $11,824,500 16May2023 Sotheby'sNewYork
99 MarkTANSEY(1949) TriumphOverMasteryII(1987) $11,824,500 8Nov.2023 Sotheby'sNewYork X
100 BarbaraHEPWORTH(1903-1975) TheFamilyofMan:AncestorII(1970) $11,565,000 9Nov.2023 Christie'sNewYork X
©artprice.com1987-2024/ARAA
64
*New personal record for the artist
Rank
Artist Country Sales proceeds Lots sold Best Sale
Record*
1 Pablo PICASSO (1881-1973) Spain $596,984,580 3,510 $139,363,500
2 Jean-Michel BASQUIAT (1960-1988) UnitedStates $238,161,820 105 $67,110,000
3 ZHANG Daqian (1899-1983) China $230,560,160 586 $32,057,500
4 Gerhard RICHTER (b. 1932) Germany $214,408,670 303 $34,800,000
5 Andy WARHOL (1928-1987) UnitedStates $198,843,850 1,937 $25,940,000
6 Claude MONET (1840-1926) France $197,221,610 31 $74,010,000
7 René MAGRITTE (1898-1967) Belgium $192,865,040 182 $42,273,000
8 Yayoi KUSAMA (b. 1929) Japan $189,713,150 812 $10,019,690
9 Gustav KLIMT (1862-1918) Austria $169,141,550 104 $108,743,230 X
10 QI Baishi (1864-1957) China $157,866,100 636 $7,725,130
11 Ed RUSCHA (b. 1937) UnitedStates $114,335,130 236 $39,400,500
12 Joan MITCHELL (1925-1992) UnitedStates $112,631,950 54 $29,160,000 X
13 WU Guanzhong (1919-2010) China $107,662,400 177 $10,943,930
14 Mark ROTHKO (1903-1970) Latvia $107,523,870 11 $46,410,000
15 Cy TWOMBLY (1928-2011) UnitedStates $102,062,190 99 $26,761,500
16 Francis BACON (1909-1992) Ireland $100,196,180 96 $52,160,000
17 David HOCKNEY (b. 1937) UnitedKingdom $99,265,740 1,001 $19,385,000
18 Willem DE KOONING (1904-1997) TheNetherlands $98,064,510 112 $30,885,000
19 Lucio FONTANA (1899-1968) Argentina $88,601,640 234 $20,556,900
20 Yoshitomo NARA (b. 1959) Japan $87,795,160 399 $12,809,700
21 François-Xavier LALANNE (1927-2008) France $86,270,500 238 $19,411,150 X
22 FU Baoshi (1904-1965) China $84,413,070 100 $12,875,220
23 Marc CHAGALL (1887-1985) Belarus $83,979,750 1,698 $15,616,200
24 Paul CÉZANNE (1839-1906) France $81,503,390 67 $38,935,000
25 ZAO Wou-Ki (1921-2013) China $77,027,240 350 $6,223,000
26 Jasper JOHNS (b. 1930) UnitedStates $72,085,950 313 $41,000,000
27 Alberto GIACOMETTI (1901-1966) Swiss $68,079,310 151 $28,485,000
28 Wassily KANDINSKY (1866-1944) Russia $64,589,970 126 $44,721,120 X
29 Richard DIEBENKORN (1922-1993) UnitedStates $62,268,560 68 $46,410,000 X
30 Peter Paul RUBENS (1577-1640) Germany $62,227,170 9 $26,926,000
31 Alexander CALDER (1898-1976) UnitedStates $60,659,790 722 $5,555,500
32 Roy LICHTENSTEIN (1923-1997) UnitedStates $58,028,500 694 $15,360,000
33 Georgia O'KEEFFE (1887-1986) UnitedStates $56,208,590 19 $21,110,000
34 Joan MIRO (1893-1983) Spain $55,214,770 1,783 $21,967,900
35 Lucian FREUD (1922-2011) Germany $54,583,140 59 $20,456,620
36 Pierre-Auguste RENOIR (1841-1919) France $53,059,710 363 $11,910,000
37 Henri MATISSE (1869-1954) France $50,773,780 552 $9,035,000
38 Louise BOURGEOIS (1911-2010) France $50,234,800 80 $32,804,500 X
39 HUANG Binhong (1865-1955) China $49,660,470 237 $3,621,150
40 REMBRANDT VAN RIJN (1606-1669) TheNetherlands $49,237,160 889 $14,299,720
41 Cecily BROWN (1969) UnitedKingdom $46,602,990 27 $6,711,450
42 George CONDO (1957) UnitedStates $46,303,950 104 $3,652,800
43 Morton Wayne THIEBAUD (1920-2021) UnitedStates $46,194,990 95 $14,697,000
44 Amedeo MODIGLIANI (1884-1920) Italy $44,680,220 87 $34,849,700
45 LE DOUANIER ROUSSEAU (1844-1910) France $43,555,620 11 $43,535,000 X
46 LIU Ye (b. 1964) China $40,658,090 28 $7,972,260
47 WANG Meng (1308-1385) China $40,564,560 2 $40,562,800
48 WU Changshuo (1844-1927) China $40,458,040 396 $2,116,910
49 Fernando BOTERO (1932-2023) Colombia $38,914,580 146 $5,132,000 X
50 Vincent VAN GOGH (1853-1890) TheNetherlands $38,399,310 20 $23,314,500
TOP 500 ARTISTS BY AUCTION REVENUE IN 2023
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*New personal record for the artist
Rank
Artist Country Sales proceeds Lots sold Best Sale
Record*
51 Agnes MARTIN (1912-2004) Canada $37,238,870 54 $18,718,500 X
52 LI Keran (1907-1989) China $36,609,470 162 $3,337,120
53 Fernand LÉGER (1881-1955) France $35,272,450 254 $17,625,000
54 BANKSY (b. 1974) UnitedKingdom $35,234,030 770 $9,724,500
55 Barbara HEPWORTH (1903-1975) UnitedKingdom $35,149,140 74 $11,565,000 X
56 ZHAO Mengfu (1254-1322) China $34,549,500 4 $25,070,780
57 LIN Fengmian (1900-1991) China $34,200,410 153 $3,060,920
58 Jean DUBUFFET (1901-1985) France $33,874,360 218 $4,900,000
59 CUI Ruzhuo (b. 1944) China $33,761,070 26 $33,064,110
60 Philip GUSTON (1913-1980) Canada $33,085,070 36 $9,610,000
61 XU Beihong (1895-1953) China $32,604,490 163 $2,502,840
62 Keith HARING (1958-1990) UnitedStates $32,000,640 676 $3,206,000
63 SAN Yu (1895/1901-1966) China $31,377,460 76 $24,031,220
64 Richard PRINCE (b. 1949) UnitedStates $30,936,960 104 $4,890,000
65 Georg BASELITZ (1938) Germany $30,583,290 124 $7,320,000
66 Helen FRANKENTHALER (1928-2011) UnitedStates $30,571,130 120 $3,448,000
67 Damien HIRST (b. 1965) UnitedKingdom $30,112,120 866 $2,220,000
68 Edvard MUNCH (1863-1944) Norway $30,012,960 107 $20,367,050
69 CHU Teh-Chun (1920-2014) China $29,368,700 97 $2,519,000
70 Arshile GORKY (1904-1948) Armenia $28,483,440 10 $23,410,000 X
71 Jeff KOONS (b. 1955) UnitedStates $27,705,320 197 $7,770,150
72 Christopher WOOL (b. 1955) UnitedStates $27,467,630 55 $10,070,000
73 Donald JUDD (1928-1994) UnitedStates $27,233,390 96 $8,492,400
74 Egon SCHIELE (1890-1918) Austria $26,980,500 70 $10,990,000
75 Frank STELLA (b. 1936) UnitedStates $25,747,870 253 $18,718,500
76 Julie MEHRETU (b. 1970) Ethiopia $25,621,330 29 $10,737,500 X
77 Sayed Haider RAZA (1922-2016) India $25,390,440 124 $6,258,650 X
78 Nicolas PARTY (b. 1980) Swiss $25,231,920 41 $4,990,120
79 Pierre SOULAGES (1919-2022) France $25,076,530 218 $3,314,280
80 LU Yanshao (1909-1993) China $24,800,120 217 $2,547,320
81 ZHOU Chunya (b. 1955) China $24,673,420 57 $3,986,130
82 Paul SIGNAC (1863-1935) France $24,242,530 90 $10,135,570
83 WEN Zhengming (1470-1559) China $23,751,790 70 $5,553,650
84 HUANG Zhou (1925-1997) China $23,137,120 283 $4,176,440
85 Kees VAN DONGEN (1877-1968) TheNetherlands $22,882,040 103 $13,078,290
86 Mark BRADFORD (1961) UnitedStates $22,828,380 14 $4,285,000
87 PU Ru (1896-1963) China $21,193,360 556 $830,470
88 Tamara DE LEMPICKA (1898-1980) Poland $20,937,590 43 $14,785,000
89 Francisco GOYA (1746-1828) Spain $20,850,550 275 $16,420,000 X
90 Jenny SAVILLE (b. 1970) UnitedKingdom $20,466,430 7 $10,905,300
91 Matthew WONG (1984-2019) Canada $20,314,690 10 $6,662,110 X
92 Bernard BUFFET (1928-1999) France $20,280,660 1,138 $591,570
93 Kerry James MARSHALL (1955) UnitedStates $20,061,150 12 $10,275,500
94 Mark TANSEY (1949) UnitedStates $20,009,650 7 $11,824,500 X
95 Jean-Paul RIOPELLE (1923-2002) Canada $19,979,000 220 $4,161,150
96 Camille PISSARRO (1830-1903) France $19,795,750 117 $4,174,000
97 Alighiero BOETTI (1940-1994) Italy $19,491,050 170 $3,922,000
98 LE PHO (1907-2001) Vietnam $19,348,740 132 $2,369,450 X
99 Maqbool Fida HUSAIN (1915-2011) India $19,339,580 168 $2,782,500 X
100 CHEN Yifei (1946-2005) China $19,337,120 29 $4,015,250
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*New personal record for the artist
Rank
Artist Country Sales proceeds Lots sold Best Sale
Record*
101 Henry MOORE (1898-1986) UnitedKingdom $19,120,690 371 $5,627,840
102 Michiel SWEERTS (1618/24-1664) Flanders $18,688,300 4 $16,056,160 X
103 Josef ALBERS (1888-1976) Germany $18,627,840 319 $2,954,000
104 Takashi MURAKAMI (b. 1962) Japan $18,575,850 1,182 $2,831,880
105 Frantisek KUPKA (1871-1957) Czechia $18,260,790 67 $5,585,810
106 Giovanni Antonio CANAL (1697-1768) Italy $18,113,460 33 $12,274,110
107 HUANG Yuxing (b. 1975) China $18,064,290 66 $2,890,980
108 Brice MARDEN (1938-2023) UnitedStates $17,875,650 47 $9,840,000
109 Kazuo SHIRAGA (1924-2008) Japan $17,871,290 63 $5,132,000
110 Frank AUERBACH (b. 1931) Germany $17,663,210 14 $7,094,220 X
111 Francis Newton SOUZA (1924-2002) India $17,508,800 139 $4,172,430 X
112 Alex KATZ (b. 1927) UnitedStates $17,425,960 275 $2,470,000
113 ZHANG Jizhi (1186-1266) China $17,293,340 4 $9,656,410 X
114 Robert RAUSCHENBERG (1925-2008) UnitedStates $17,263,690 380 $4,900,000
115 Lee BONTECOU (1931-2022) UnitedStates $16,770,980 24 $8,690,000
116 Barkley L. HENDRICKS (1945-2017) UnitedStates $16,610,000 6 $8,377,500 X
117 Ufan LEE (b. 1936) SouthKorea $16,237,860 128 $1,502,000
118 Yves KLEIN (1928-1962) France $16,161,100 65 $2,988,690
119 Jonas WOOD (b. 1977) UnitedStates $16,118,590 99 $4,295,000
120 Félix VALLOTTON (1865-1925) Swiss $16,095,520 105 $4,454,510 X
121 Edgar DEGAS (1834-1917) France $16,082,830 113 $5,616,000
122 QI Gong (1912-2005) China $15,858,620 350 $510,100
123 Claude LALANNE (1925-2019) France $15,568,770 117 $5,276,400 X
124 DONG Qichang (1555-1636) China $15,375,310 73 $4,601,600
125 BALTHUS (1908-2001) France $15,358,330 26 $14,697,000
126 Pierre BONNARD (1867-1947) France $15,278,510 156 $3,448,000
127 Auguste RODIN (1840-1917) France $15,233,270 119 $2,985,850
128 Salvador DALI (1904-1989) Spain $15,083,960 2,981 $2,238,000
129 Raja RAVI VARMA (1848-1906) India $14,643,690 11 $5,286,830 X
130 Sean SCULLY (b. 1945) Ireland $14,529,790 116 $1,367,000
131 Edward HOPPER (1882-1967) UnitedStates $14,424,600 42 $7,228,500
132 Paul GAUGUIN (1848-1903) France $14,391,260 56 $10,445,700
133 ZENG Fanzhi (b. 1964) China $14,361,710 26 $3,146,860
134 PAN Tianshou (1897-1971) China $14,335,160 64 $3,363,560
135 Marlene DUMAS (b. 1953) SouthAfrica $14,285,200 66 $5,879,500
136 Alexej VON JAWLENSKY (1864-1941) Russia $14,267,830 37 $6,860,560
137 Lynne Mapp DREXLER (1928-1999) UnitedStates $14,223,730 72 $1,381,000
138 Diego GIACOMETTI (1902-1985) Swiss $14,041,500 30 $6,216,890
139 Seo-Bo PARK (1931-2023) SouthKorea $13,911,790 70 $2,606,970 X
140 Pieter II BRUEGHEL (c.1564-1637/38) Belgium $13,842,930 12 $2,940,000
141 Adrian GHENIE (b. 1977) Romania $13,825,710 16 $5,479,570
142 Isamu NOGUCHI (1904-1988) UnitedStates $13,646,310 24 $12,284,100 X
143 WU Dayu (1903-1988) China $13,500,360 30 $3,152,860
144 ZHANG Enli (b. 1965) China $13,500,060 45 $765,340
145 Lynn Russell CHADWICK (1914-2003) UnitedKingdom $13,256,420 114 $3,317,000
146 Francis PICABIA (1879-1953) France $12,889,140 75 $2,349,690
147 Georges BRAQUE (1882-1963) France $12,787,450 353 $8,465,000
148 FAN Zeng (b. 1938) China $12,785,900 180 $1,067,880
149 Long QIAN & Tingbiao JIN (XVIII) China $12,694,070 1 $12,694,070 X
150 SALVO (1947-2015) Italy $12,596,260 181 $1,115,020 X
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*New personal record for the artist
Rank
Artist Country Sales proceeds Lots sold Best Sale
Record*
151 Blinky PALERMO (1943-1977) Germany $12,480,450 40 $6,309,300 X
152 KAWS (b. 1974) UnitedStates $12,275,290 803 $1,875,000
153 Giorgio MORANDI (1890-1964) Italy $12,260,370 54 $2,374,240
154 Jadé FADOJUTIMI (1993) UnitedKingdom $12,203,780 26 $1,935,500 X
155 Robert H. COLESCOTT (1925-2009) UnitedStates $12,193,900 12 $4,500,380
156 Mark GROTJAHN (b. 1968) UnitedStates $12,183,450 18 $4,295,000
157 WANG Hui (1632-1717) China $12,180,280 32 $3,057,860
158 Trung Thu MAI (1906-1980) Vietnam $12,090,020 98 $728,030
159 Günther FÖRG (1952-2013) Germany $12,030,400 172 $1,001,900
160 Sam FRANCIS (1923-1994) UnitedStates $11,907,350 423 $819,000
161 WANG Yuanqi (1642-1715) China $11,838,320 23 $3,446,720
162 Ayako ROKKAKU (b. 1982) Japan $11,693,270 177 $791,620
163 HOKUSAI (1760-1849) Japan $11,584,370 227 $2,760,000 X
164 AILI Jia (b. 1979) China $11,572,760 15 $4,769,000 X
165 HUANG Yongyu (1924-2023) China $11,512,260 193 $826,600
166 Hermann Max PECHSTEIN (1881-1955) Germany $11,445,850 134 $3,303,840
167 Tsuguharu FOUJITA (1886-1968) Japan $11,289,140 417 $727,190
168 XIE Zhiliu (1910-1997) China $11,102,190 208 $1,841,950
169 Laurence Stephen LOWRY (1887-1976) UnitedKingdom $11,043,880 308 $1,661,420
170 YUN Shouping (1633-1690) China $10,947,100 30 $7,300,630
171 WANG Xuetao (1903-1982) China $10,942,290 333 $721,060
172 Serge POLIAKOFF (1900-1969) Russia $10,769,550 187 $914,700
173 Agnolo BRONZINO (1503-1572) Italy $10,665,500 1 $10,665,500 X
174 Antony GORMLEY (b. 1950) UnitedKingdom $10,616,310 75 $1,139,930
175 Rashid JOHNSON (b. 1977) UnitedStates $10,524,470 32 $1,744,000
176 CHEN Chun (1483-1544) China $10,468,060 22 $4,839,610
177 Jackson POLLOCK (1912-1956) UnitedStates $10,449,450 19 $6,705,000
178 QIAN LONG Emperor (1711-1799) China $10,333,370 36 $2,370,900
179 Piet MONDRIAAN (1872-1944) TheNetherlands $10,331,720 23 $9,166,500
180 Tom WESSELMANN (1931-2004) UnitedStates $10,321,960 220 $1,197,000
181 Hans COPER (1920-1981) Germany $10,249,470 83 $784,900
182 Peter DOIG (b. 1959) UnitedKingdom $10,180,740 58 $7,355,400
183 HONG Yi (1880-1942) China $10,159,730 64 $952,950
184 Jean-Honoré FRAGONARD (1732-1806) France $10,106,450 15 $6,216,800
185 GUAN Liang (1900-1986) China $10,094,150 215 $467,200
186 MASTER OF THE BARONCELLI PORTRAITS (act.1490) Flanders $10,037,750 1 $10,037,750 X
187 Joseph William TURNER (1775-1851) UnitedKingdom $10,030,560 23 $4,620,000
188 Caroline WALKER (b. 1982) UnitedKingdom $10,001,770 56 $1,106,090 X
189 Max ERNST (1891-1976) Germany $9,984,870 256 $2,374,240
190 Emil NOLDE (1867-1956) Germany $9,905,900 112 $1,781,910
191 Ernie BARNES (1938-2009) UnitedStates $9,884,750 56 $1,170,000
192 Vilhelm HAMMERSHOI (1864-1916) Denmark $9,807,700 7 $9,124,350 X
193 Elizabeth PEYTON (b. 1965) UnitedStates $9,770,360 34 $2,238,000
194 Robert MOTHERWELL (1915-1991) UnitedStates $9,730,730 313 $4,658,000
195 Andrew WYETH (1917-2009) UnitedStates $9,669,730 110 $4,769,000
196 ZHANG Xiaogang (b. 1958) China $9,620,050 34 $2,569,760
197 Anish KAPOOR (b. 1954) India $9,563,010 55 $1,001,960
198 CHEN Jiru (1558-1639) China $9,502,470 21 $8,248,740 X
199 Robert RYMAN (1930-2019) UnitedStates $9,491,030 16 $3,811,000
200 QIU Ying (c.1494-1551/52) China $9,351,720 10 $4,088,140
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Rank
Artist Country Sales proceeds Lots sold Best Sale
Record*
201 Lee KRASNER (1908-1984) UnitedStates $9,344,780 13 $4,285,000
202 Lynette YIADOM-BOAKYE (b. 1977) UnitedKingdom $9,253,170 12 $3,602,760 X
203 TOYEN (1902-1980) CzechRepublic $9,089,470 40 $2,988,690
204 Alice NEEL (1900-1984) UnitedStates $9,083,300 44 $2,591,000
205 ZHU Da (1626-1705) China $9,047,780 26 $3,145,210
206 Lawrence ALMA-TADEMA (1836-1912) TheNetherlands $8,971,670 14 $7,068,000
207 WANG Duo (1592-1652) China $8,953,560 31 $1,496,740
208 Gustave CAILLEBOTTE (1848-1894) France $8,865,510 7 $2,838,990
209 TANG Yin (1470-1523) China $8,808,060 13 $7,407,990
210 Magdalena ABAKANOWICZ (1930-2017) Poland $8,794,940 93 $2,395,230
211 Frida KAHLO (1907-1954) Mexico $8,738,160 3 $8,230,000
212 Robert DELAUNAY (1885-1941) France $8,693,870 9 $8,624,940 X
213 Wojciech FANGOR (1922-2015) Poland $8,688,880 32 $1,886,090
214 El ANATSUI (b. 1944) Ghana $8,667,690 19 $2,228,000 X
215 Mario SCHIFANO (1934-1998) Libya $8,589,130 559 $800,370
216 Vasudeo S. GAITONDE (1924-2001) India $8,561,480 10 $5,745,600
217 Hans HARTUNG (1904-1989) Germany $8,553,250 312 $1,008,870
218 Nicolas DE STAËL (1914-1955) Russia $8,534,660 28 $2,457,910
219 Loie HOLLOWELL (b. 1983) UnitedStates $8,517,700 20 $2,292,380 X
220 Tyeb MEHTA (1925-2009) India $8,516,330 9 $3,573,910
221 OUYANG Chun (b. 1974) China $8,410,930 62 $842,810
222 Paul KLEE (1879-1940) Swiss $8,391,170 123 $3,196,000
223 Albert OEHLEN (b. 1954) Germany $8,389,280 39 $1,575,570
224 Alma THOMAS (1891-1978) UnitedStates $8,283,650 13 $3,922,000 X
225 Max LIEBERMANN (1847-1935) Germany $8,283,180 169 $1,872,330
226 Ad REINHARDT (1913-1967) UnitedStates $8,247,440 22 $3,569,000 X
227 Simone LEIGH (1968) UnitedStates $8,227,800 10 $3,085,000 X
228 Marsden HARTLEY (1877-1943) UnitedStates $8,183,610 17 $3,750,500
229 XU Beihong & Qi Baishi (XIX-XX) China $8,172,640 1 $8,172,640 X
230 Sam GILLIAM (1933-2022) UnitedStates $8,163,850 87 $1,239,980
231 YU Fei'an (1888-1959) China $8,134,790 70 $1,268,360
232 Alfred SISLEY (1839-1899) France $8,105,830 19 $2,300,000
233 Domenikos EL GRECO (1541-1614) Greece $8,006,340 2 $8,005,800
234 Georges MATHIEU (1921-2012) France $7,950,550 115 $2,049,980
235 Javier CALLEJA (b. 1971) Spain $7,939,290 126 $1,283,430
236 ZHU Dunru (1081-1159) China $7,935,800 1 $7,935,800
237 Manjit BAWA (1941-2008) India $7,897,820 14 $3,011,090 X
238 Dmitri CHERNIAK (b. 1988) Canada $7,880,900 14 $6,215,100 X
239 Amrita SHER-GIL (1913-1941) Hungary $7,872,830 10 $7,432,690 X
240 Sol LEWITT (1928-2007) UnitedStates $7,861,190 293 $1,633,000 X
241 Iwamoto MASAKAZU (b. 1969) Japan $7,793,030 71 $904,950
242 Richard ORLINSKI (b. 1966) France $7,775,910 196 $1,548,360 X
243 Lyonel FEININGER (1871-1956) UnitedStates $7,745,820 174 $2,579,200
244 Maurice DE VLAMINCK (1876-1958) France $7,581,080 172 $992,480
245 Akbar PADAMSEE (1928-2020) India $7,553,540 26 $3,107,000 X
246 Sidney Robert NOLAN (1917-1992) Australia $7,522,680 712 $1,737,130
247 Rufino TAMAYO (1899-1991) Mexican $7,517,880 289 $1,623,000
248 Shara HUGHES (b. 1981) UnitedStates $7,486,690 36 $762,370
249 LIU Haisu (1896-1994) China $7,387,510 109 $1,334,850
250 Lucy BULL (b. 1990) UnitedStates $7,372,940 16 $1,757,140 X
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*New personal record for the artist
Rank
Artist Country Sales proceeds Lots sold Best Sale
Record*
251 Scott KAHN (b. 1946) UnitedStates $7,283,920 38 $1,183,490
252 Gerrit DOW (1613-1675) TheNetherlands $7,092,230 3 $7,068,000 X
253 Eugène BOUDIN (1824-1898) France $7,091,690 94 $384,510
254 SHI Lu (1919-1982) China $7,090,440 30 $1,480,650
255 Günther UECKER (b. 1930) Germany $7,076,750 340 $1,024,560
256 André DERAIN (1880-1954) France $6,966,520 166 $3,085,000
257 John Angus CHAMBERLAIN (1927-2011) UnitedStates $6,937,970 43 $1,645,230
258 Franz KLINE (1910-1962) UnitedStates $6,898,670 18 $3,590,000
259 Anselm KIEFER (b. 1945) Germany $6,879,100 23 $1,284,330
260 Remedios Lizarraga VARO (1908-1963) Spain $6,877,810 13 $4,697,650
261 Oscar DOMINGUEZ (1906-1957) Spain $6,873,630 34 $5,568,930 X
262 Frederick Ronald WILLIAMS (1927-1982) Australia $6,870,750 51 $2,065,400
263 GONG Xian (1618-1689) China $6,811,880 10 $5,077,390
264 Ernst Ludwig KIRCHNER (1880-1938) Germany $6,789,610 195 $1,157,940
265 CHRISTO (1935-2020) Bulgaria $6,789,380 625 $320,150
266 CHEN Georgette (1907-1993) China $6,772,360 6 $1,823,990 X
267 Domenico BECCAFUMI (1486-1551) Italy $6,753,780 2 $6,488,990 X
268 Sigmar POLKE (1941-2010) Poland $6,725,840 131 $1,535,320
269 Albrecht DÜRER (1471-1528) Germany $6,696,300 619 $734,080
270 HE Haixia (1908-1998) China $6,678,190 88 $1,466,540
271 Ellsworth KELLY (1923-2015) UnitedStates $6,631,930 222 $2,238,000
272 ZHAO Zhiqian (1829-1884) China $6,537,930 40 $2,164,130
273 Giorgio DE CHIRICO (1888-1978) Greece $6,527,640 257 $654,520
274 Victor VASARELY (1906-1997) Hungary $6,517,580 1,063 $340,110
275 WANG Chong (1494-1533) China $6,508,610 12 $5,394,980 X
276 CHEN Peiqiu (1922-2020) China $6,484,280 78 $2,562,720 X
277 Wifredo LAM (1902-1982) Cuba $6,414,120 191 $1,512,000
278 MAN RAY (1890-1976) UnitedStates $6,402,560 367 $1,623,000
279 Ruth ASAWA (1926-2013) UnitedStates $6,391,010 14 $2,470,000
280 FRA ANGELICO (c.1395-1455) Italy $6,368,310 2 $6,365,190 X
281 Moïse KISLING (1891-1953) Poland $6,345,620 122 $600,800
282 Ivan AIVAZOVSKY (1817-1900) Russia $6,329,840 23 $1,157,250
283 Fitz Henry LANE (1804-1865) UnitedStates $6,327,410 4 $6,079,500 X
284 LI Kuchan (1899-1983) China $6,318,390 202 $767,540
285 Ram KUMAR (1924-2018) India $6,285,270 98 $595,650
286 Rudolf STINGEL (b. 1956) Italy $6,274,370 15 $1,740,000
287 Henri DE TOULOUSE-LAUTREC (1864-1901) France $6,141,240 332 $2,712,000
288 Raoul DUFY (1877-1953) France $6,130,470 286 $1,113,500
289 DONG Bangda (1699-1769) China $6,099,910 14 $4,989,830
290 David HAMMONS (b. 1943) UnitedStates $6,059,660 15 $2,188,000
291 Avery SINGER (b. 1987) UnitedStates $6,008,690 5 $4,063,450
292 Winslow HOMER (1836-1910) UnitedStates $6,004,790 32 $4,295,000
293 Max BECKMANN (1884-1950) Germany $5,991,080 150 $1,986,000
294 WU Hufan (1894-1968) China $5,980,460 126 $954,530
295 Emily M. CARR (1871-1945) Canada $5,948,430 30 $1,437,980
296 Stanley WHITNEY (b. 1946) UnitedStates $5,946,890 31 $1,294,260
297 Robert INDIANA (1928-2018) UnitedStates $5,932,220 480 $957,600
298 CHEN Fei (b. 1983) China $5,930,250 17 $1,211,780 X
299 ZHANG Ruitu (1570-1641) China $5,890,140 21 $1,997,660
300 Anita MAGSAYSAY-HO (1914-2012) Philippines $5,867,380 31 $1,564,510
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Rank
Artist Country Sales proceeds Lots sold Best Sale
Record*
301 XIANG Shengmo (1597-1658) China $5,865,370 10 $4,770,160 X
302 Jan I BRUEGHEL (1568-1625) Flanders $5,863,290 10 $1,980,000
303 Cao Dam VU (1908-2000) Vietnam $5,859,270 69 $889,820
304 STURTEVANT (1930-2014) UnitedStates $5,827,740 18 $2,419,500
305 HE Jiaying (b. 1957) China $5,792,870 48 $443,920
306 Ben NICHOLSON (1894-1982) UnitedKingdom $5,784,490 76 $1,665,900
307 Ernst Wilhelm NAY (1902-1968) Germany $5,746,800 81 $1,742,280
308 JIN Shangyi (b. 1934) China $5,740,230 7 $2,996,500
309 Henry TAYLOR (b. 1958) UnitedStates $5,680,180 14 $2,480,000 X
310 Alberto BURRI (1915-1995) Italy $5,679,840 55 $3,722,910
311 Piero DORAZIO (1927-2005) Italy $5,655,610 458 $362,070
312 Antonio CANOVA (1757-1822) Italy $5,630,340 4 $4,517,110
313 Joseph SIMA (1891-1971) Czechia $5,623,880 55 $862,390
314 WANG Xingwei (b. 1969) China $5,601,030 17 $1,317,000
315 Izumi KATO (b. 1969) Japan $5,522,160 56 $728,040
316 MEI Qing (1623-1697) China $5,496,480 9 $2,502,840
317 LU Zhi (1496-1576) China $5,492,430 5 $5,465,470 X
318 Karl SCHMIDT-ROTTLUFF (1884-1976) Germany $5,482,040 233 $819,010
319 Karel APPEL (1921-2006) TheNetherlands $5,453,740 415 $343,930
320 Gustave LOISEAU (1865-1935) France $5,413,210 50 $394,320
321 Etel ADNAN (1925-2021) Lebanon $5,391,050 80 $397,630
322 Irma STERN (1894-1966) SouthAfrica $5,342,730 41 $1,228,010
323 Maurice UTRILLO (1883-1955) France $5,338,720 118 $375,860
324 Cindy SHERMAN (b. 1954) UnitedStates $5,302,490 80 $971,360
325 HUANG Daozhou (1585-1646) China $5,284,000 9 $3,765,810
326 HUANG Jiannan (b. 1952) China $5,253,430 7 $1,933,780
327 Miriam CAHN (b. 1949) Swiss $5,243,590 44 $702,370 X
328 YAN Wenliang (1893-1988) China $5,232,840 16 $3,111,220
329 Marie Mela MUTER (1876-1967) Poland $5,155,820 72 $386,560
330 JIANG Zhaohe (1904-1986) China $5,146,350 22 $3,569,200
331 Brett WHITELEY (1939-1992) Australia $5,138,210 103 $1,421,280
332 SHEN Zhou (1427-1509) China $5,135,630 22 $998,830
333 Otto MUELLER (1874-1930) Poland $5,120,780 57 $1,285,140
334 CHENG Shifa (1921-2007) China $5,119,980 222 $264,280
335 Morris LOUIS (1912-1962) UnitedStates $5,091,500 4 $2,954,000
336 WANG Shimin (1592-1680) China $5,075,960 8 $3,244,730
337 Pietro LORENZETTI (1276/80-1348) Italy $5,060,830 2 $3,273,080
338 JU Ming (1938-2023) Taiwan $5,043,840 48 $755,890
339 CHEONG Soo Pieng (1917-1983) China $5,015,630 24 $1,475,800 X
340 Rembrandt BUGATTI (1884-1916) Italy $4,977,460 20 $584,800
341 Roberto MATTA (1911-2002) Chile $4,972,940 393 $482,600
342 Martin KIPPENBERGER (1953-1997) Germany $4,965,100 63 $3,000,000
343 SHI Tao (1642-c.1707) China $4,957,220 17 $1,423,330
344 CHEN Ke (b. 1978) China $4,926,880 40 $1,252,500 X
345 Whan-Ki KIM (1913-1974) Korea $4,924,890 27 $1,413,730
346 Tyler HOBBS (b. 1987) UnitedStates $4,922,580 16 $1,016,000 X
347 Ewa JUSZKIEWICZ (b. 1984) Poland $4,906,250 24 $762,370
348 VALENTIN DE BOULOGNE (1594-1632) France $4,890,000 1 $4,890,000
349 Orazio GENTILESCHI (1563-1639) Italy $4,890,000 1 $4,890,000
350 LIN Sanzhi (1898-1989) China $4,882,710 180 $320,340
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*New personal record for the artist
Rank
Artist Country Sales proceeds Lots sold Best Sale
Record*
351 LENG Jun (b. 1963) China $4,854,620 22 $1,439,990
352 Paula REGO (1935-2022) Portugal $4,819,230 93 $3,720,180 X
353 Marino MARINI (1901-1980) Italy $4,817,560 266 $1,381,000
354 Fairfield PORTER (1907-1975) UnitedStates $4,805,150 37 $2,843,000 X
355 Lovis CORINTH (1858-1925) Germany $4,803,400 153 $983,570
356 Camille Jean-Baptiste COROT (1796-1875) France $4,797,660 77 $756,000
357 André BRASILIER (b. 1929) France $4,772,120 177 $388,280
358 Lucie RIE (1902-1995) Austria $4,766,280 160 $438,630 X
359 LIU Wei (b. 1965) China $4,745,690 29 $1,553,740
360 YU Youren (1879-1964) China $4,714,960 294 $317,030
361 Wade GUYTON (b. 1972) UnitedStates $4,702,490 16 $1,740,000
362 Roman OPALKA (1931-2011) France $4,695,130 38 $1,126,340
363 Konrad KLAPHECK (1935-2023) Germany $4,689,490 45 $2,654,710 X
364 CHEN Hongshou (1598-1652) China $4,679,350 23 $979,950
365 Paul DELVAUX (1897-1994) Belgium $4,676,620 130 $1,502,960
366 Richard ESTES (b. 1932) UnitedStates $4,657,730 75 $1,284,000 X
367 Bhupen KHAKHAR (1934-2003) India $4,616,510 16 $2,466,070
368 Kenneth NOLAND (1924-2010) UnitedStates $4,614,600 46 $1,134,000
369 Glenn LIGON (b. 1960) UnitedStates $4,588,090 22 $3,177,000
370 Paul SÉRUSIER (1864-1927) France $4,575,080 29 $1,391,000
371 Alfons WALDE (1891-1958) Austria $4,544,860 44 $488,310
372 Howard A. TERPNING (b. 1927) UnitedStates $4,523,960 52 $2,360,000 X
373 Hermann NITSCH (1938-2022) Austria $4,510,750 241 $170,560
374 Giovanni GIACOMETTI (1868-1933) Swiss $4,505,530 42 $1,303,400
375 Jagdish SWAMINATHAN (1928-1994) India $4,493,170 22 $904,030
376 AFFANDI (1907-1990) Indonesia $4,470,790 36 $548,830
377 Hans HOFMANN (1880-1966) Germany $4,459,820 34 $3,075,000
378 Simon HANTAÏ (1922-2008) Hungary $4,455,360 26 $1,020,320
379 Anne VALLAYER-COSTER (1744-1818) France $4,434,010 7 $2,824,500 X
380 Barbara KRUGER (b. 1945) UnitedStates $4,429,250 43 $1,068,830
381 Fernando ZOBEL DE AYALA (1924-1984) Philippines $4,409,070 80 $381,250
382 Fernando AMORSOLO (1892-1972) Philippines $4,396,610 56 $349,480
383 Diego VELÁZQUEZ & Pietro MARTIRE-NERI (XVII) $4,369,540 1 $4,369,540 X
384 Attribué à MASTER JOHN (XVI) UnitedKingdom $4,367,000 1 $4,367,000 X
385 Jaune Quick-to-See SMITH (b. 1940) UnitedStates $4,346,480 43 $571,500
386 Tracey EMIN (b. 1963) UnitedKingdom $4,270,880 252 $1,648,170
387 William Adolphe BOUGUEREAU (1825-1905) France $4,258,090 32 $882,000
388 Robert GOBER (b. 1954) UnitedStates $4,205,770 23 $3,448,000
389 Aristide MAILLOL (1861-1944) France $4,202,420 117 $2,912,420
390 Aboudia DIARRASSOUBA (b. 1983) IvoryCoast $4,191,280 68 $180,280
391 QIAN Songyan (1899-1985) China $4,172,370 83 $333,710
392 FANG Lijun (b. 1963) China $4,171,980 14 $2,867,530
393 Berthe MORISOT (1841-1895) France $4,157,300 41 $1,623,000
394 Milton Clark AVERY (1885-1965) UnitedStates $4,145,790 73 $1,986,000
395 Eva HESSE (1936-1970) Germany $4,137,160 6 $3,085,000
396 A.R. PENCK (1939-2017) Germany $4,131,280 284 $481,830
397 Paul MANSHIP (1885-1966) UnitedStates $4,101,410 24 $1,143,000
398 Robert COMBAS (b. 1957) France $4,100,670 197 $208,420
399 WANG Yidong (b. 1955) China $4,094,340 6 $1,351,530
400 REN Yi (1840-1896) China $4,092,830 75 $321,880
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Rank
Artist Country Sales proceeds Lots sold Best Sale
Record*
401 Fernandez ARMAN (1928-2005) France $4,079,260 600 $139,760
402 WANG Guangle (b. 1976) China $4,072,440 13 $592,340
403 Katharina GROSSE (b. 1961) Germany $4,031,940 48 $327,600
404 Richard AVEDON (1923-2004) UnitedStates $4,013,480 90 $444,500
405 Emil FILLA (1882-1953) Czechia $4,009,220 37 $849,570
406 John MARIN (1870-1953) UnitedStates $3,973,220 47 $1,925,500 X
407 LI Chen (b. 1963) Taiwan $3,972,090 19 $533,420
408 William Merritt CHASE (1849-1916) UnitedStates $3,968,140 18 $2,843,000
409 Gertrude ABERCROMBIE (1909-1977) UnitedStates $3,966,280 30 $352,800
410 Bridget RILEY (b. 1931) UnitedKingdom $3,963,020 97 $1,216,330
411 William KENTRIDGE (b. 1955) SouthAfrica $3,941,940 238 $279,400
412 Howard HODGKIN (1932-2017) UnitedKingdom $3,938,910 112 $940,080
413 SHANG Yang (b. 1942) China $3,936,970 16 $1,371,910
414 CÉSAR (1921-1998) France $3,936,580 247 $441,350
415 Bernardo CAVALLINO (1616/22-1654/56) Italy $3,922,000 1 $3,922,000 X
416 André MASSON (1896-1987) France $3,897,910 287 $1,212,530
417 Lawren Stewart H. HARRIS (1885-1970) Canada $3,882,250 26 $1,617,730
418 Kenny SCHARF (b. 1958) UnitedStates $3,879,720 76 $435,000
419 Young Kuk YOO (1916-2002) Korea $3,861,910 10 $973,460
420 SONG Wenzhi (1919-1999) China $3,841,440 115 $634,050
421 ZHENG Banqiao (1693-1765) China $3,831,470 30 $576,610
422 Yves TANGUY (1900-1955) France $3,818,250 26 $1,506,710
423 William HOGARTH (1697-1764) UnitedKingdom $3,806,220 75 $3,136,720 X
424 Jean Édouard VUILLARD (1868-1940) France $3,791,430 73 $1,512,000
425 Erich HECKEL (1883-1970) Germany $3,778,890 287 $751,340
426 Maximilien LUCE (1858-1941) France $3,763,860 168 $529,550
427 Per KIRKEBY (1938-2018) Denmark $3,759,260 73 $484,140
428 LAN Ying (1585-c.1664) China $3,753,810 31 $666,840
429 Tschang-Yeul KIM (1929-2021) NorthKorea $3,746,810 54 $643,310
430 Carla ACCARDI (1924-2014) Italy $3,727,580 152 $389,920 X
431 Jesús Rafael SOTO (1923-2005) Venezuela $3,720,050 119 $952,500
432 Pierre ALECHINSKY (b. 1927) Belgium $3,710,270 332 $343,930
433 HERGÉ (1907-1983) Belgium $3,705,560 117 $2,302,660
434 Charles BLACKMAN (1928-2018) Australia $3,684,270 222 $982,270
435 Georges DE LA TOUR (1593-1652) France $3,680,000 1 $3,680,000
436 Eduardo CHILLIDA (1924-2002) Spain $3,669,080 216 $1,948,900
437 GUAN Shanyue (1912-2000) China $3,667,690 70 $563,290
438 Hiroshi SUGIMOTO (b. 1948) Japan $3,655,900 135 $508,000
439 Anthonius VAN DYCK (1599-1641) Belgium $3,649,210 13 $3,075,000
440 ZHU Yunming (1460-1526) China $3,647,550 12 $3,145,210
441 QIN Qi (b. 1975) China $3,647,100 28 $546,070
442 Nicole EISENMAN (b. 1965) France $3,645,910 28 $2,430,000 X
443 Julian SCHNABEL (b. 1951) UnitedStates $3,644,570 42 $1,270,000
444 Hans ARP (1886-1966) France $3,607,820 151 $1,391,000
445 HAO Liang (b. 1983) China $3,603,370 3 $3,140,160 X
446 Newell Convers WYETH (1882-1945) UnitedStates $3,595,850 10 $2,450,000
447 James ROSENQUIST (1933-2017) UnitedStates $3,581,810 219 $954,190
448 Jacques Louis DAVID (1748-1825) France $3,528,490 7 $3,444,290
449 LIU Yong (1719/20-1804/05) China $3,520,660 72 $568,840
450 Toshiko TAKAEZU (1922-2011) UnitedStates $3,516,430 211 $541,800 X
©artprice.com1987-2024/ARAA
73
*New personal record for the artist
Rank
Artist Country Sales proceeds Lots sold Best Sale
Record*
451 Michaela YEARWOOD-DAN (b. 1994) UnitedKingdom $3,506,140 12 $884,350 X
452 Albert ANKER (1831-1910) Swiss $3,482,790 40 $1,275,360
453 Agnes PELTON (1881-1961) UnitedStates $3,465,490 4 $3,438,000 X
454 Vicente MANANSALA (1910-1981) Philippines $3,464,540 38 $1,050,380 X
455 Enrico CASTELLANI (1930-2017) Italy $3,464,360 52 $584,890
456 HE Duoling (b. 1948) China $3,437,910 18 $1,284,880
457 Salman TOOR (b. 1983) Pakistan $3,433,110 14 $558,800
458 Albert MARQUET (1875-1947) France $3,419,650 171 $362,850
459 LIANG Yuanwei (b. 1977) China $3,407,430 6 $1,901,210
460 Heinz MACK (b. 1931) Germany $3,393,220 129 $542,270
461 Hiroshige ANDO (1797-1858) Japan $3,392,290 715 $365,140
462 WEI Jia (b. 1975) China $3,355,040 25 $404,290
463 DING Yi (b. 1962) China $3,350,350 22 $417,590
464 Maurice DENIS (1870-1943) France $3,344,470 66 $733,670
465 JIANG Tingxi (1669-1732) China $3,341,960 22 $1,132,490
466 XU Yang (act.c.1751-c.1776) China $3,339,120 2 $3,302,270
467 Jean-Baptiste OUDRY (1686-1755) France $3,334,310 13 $2,700,000 X
468 Robert LONGO (b. 1953) UnitedStates $3,328,700 102 $587,210
469 Arnaldo POMODORO (b. 1926) Italy $3,309,810 171 $326,500
470 MA Ke (b. 1970) China $3,297,260 58 $216,910
471 Howardena Doreen PINDELL (b. 1943) UnitedStates $3,293,080 8 $1,633,000 X
472 John James AUDUBON (1785-1851) Haiti $3,260,530 241 $756,000
473 Jaume PLENSA (b. 1955) Spain $3,259,810 51 $482,600
474 SHENG Mou (c.1313-c.1362) China $3,256,760 2 $2,856,170
475 DONG Shouping (1904-1997) China $3,248,160 128 $713,450
476 Ganesh PYNE (1937-2013) India $3,237,570 43 $720,060 X
477 Ansel Easton ADAMS (1902-1984) UnitedStates $3,232,490 235 $381,000
478 Thomas Hart BENTON (1889-1975) UnitedStates $3,220,440 345 $1,623,000
479 Harry BERTOIA (1915-1978) Italy $3,206,830 149 $287,500
480 Bae LEE (b. 1956) SouthKorea $3,205,460 47 $154,970
481 KANG Youwei (1858-1927) China $3,199,010 71 $368,860
482 Franz MARC (1880-1916) Germany $3,196,740 30 $2,652,650
483 Winfred REMBERT (1945-2021) UnitedStates $3,192,790 33 $327,600 X
484 Leonora CARRINGTON (1917-2011) UnitedKingdom $3,189,600 19 $1,067,320
485 Hendra GUNAWAN (1918-1983) Indonesia $3,185,670 23 $775,670
486 Frederick LEIGHTON (1830-1896) UnitedKingdom $3,178,730 20 $1,623,000
487 QIU Xiaofei (b. 1977) China $3,178,300 13 $835,170 X
488 Arthur BOYD (1920-1999) Australia $3,168,870 118 $556,620
489 Louis FRATINO (b. 1993) UnitedStates $3,166,330 43 $336,450
490 GUERCINO (1591-1666) Italy $3,141,890 26 $1,865,000
491 Issy WOOD (b. 1993) UnitedStates $3,136,060 14 $511,490
492 WANG Yuan (1271-1368) China $3,125,460 1 $3,125,460
493 MAO Dun (1896-1981) China $3,117,290 8 $2,883,050
494 Artemisia GENTILESCHI (1593-c.1654) Italy $3,117,010 2 $2,361,010
495 Matazo KAYAMA (1927-2004) Japan $3,108,320 33 $1,390,790 X
496 Raymond PETTIBON (b. 1957) UnitedStates $3,108,150 88 $1,865,000
497 Maynard DIXON (1875-1946) UnitedStates $3,099,480 42 $2,130,000 X
498 José JOYA (1931-1995) Philippines $3,096,980 49 $1,078,240
499 Mohammed SAMI (b. 1984) Iraq $3,094,340 8 $952,500 X
500 Robert MANGOLD (b. 1937) UnitedStates $3,090,240 92 $478,800
74

Wan Jie and Thierry Ehrmann
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