Welcome to 2022! I’ll keep it short and sweet on this first day of the New Year with a quick round-up of highlights from this past art-filled year and predictions of what’s to come.
🌊 Deep Dive: What Happened in 2021?
So many things happened this year as the art world settled into its second year of hybrid online and offline presence — from NFT breakout art stars to serious momentum for young contemporary artists at auction, to the return of the art fair, the art world has made a swift return to a stronger-than-ever new normal.
While a lot of the in-person events were shuffled in one way or another in 2021, I am super excited about all the progress that has been made in making art more accessible online. Discovering amazing artworks and learning about artists is truly easier than ever. (Looking to the next year, I am also SUPER excited to share how Peggy will play a role in the new online art world in the next few months!)
In keeping up with the theme of overlapping the traditional art world and the innovations in the digital realm that have made a major impact on culture in 2021 — I can’t help but reflect on a favorite (personal) project of mine this year, the Petra Cortright NFTs commissioned for Slate Asset Management’s One Delisle. This project really pushed the boundaries of what art patronage can be in real estate and how the NFT medium can apply to museum-worthy art.
All of this innovation and change has me really looking forward to continuing to share my observations and insights to all that the next year and beyond will bring!
🔥 Trending
Record-Breaking Sales
Most Expensive Works at Auction
The most expensive work on the auction block this year was by none other than Pablo Picasso, whose portrait of his long-time muse titled Femme assise près d’une fenêtre (Marie-Thérèse), 1932, sold for $103.4 million in May. An iconic skull painting by Jean-Michel Basquiat occupied the second spot selling for $93.1 million, followed by a $92.1 million portrait by Old Master painter Sandro Botticelli, which surpassed his previous auction record by a more than 9x increase.
All three of these lots were sold for more than the most expensive work of 2020, a Francis Bacon that hammered for $84.5 million.
Most Expensive NFT Sales
According to NFT Now, Beeple occupies the top two slots for the most expensive NFTs sold in 2021. It is also significant that five different Cryptopunks by Larva Labs occupy half of the top 10 slots.
On a personal note, I found it interesting to note the top 3 lots on this list were sold in collaboration through traditional auction by either Christie’s or Sotheby’s.
A sale to highlight that is missing from the above top 10, due to the crowdfunded nature of the purchase, is Pak’s The Merge, which sold on December 2nd, 2021 for $91.8 million. The work was paid collectively by almost 30,000 individuals who brought funds together to buy the work.
Over-Arching Themes
Figurative subjects: in terms of paintings made after 2010 and sold at auction this year — figuration represents 87% of the auction market, while purely abstract works only represented 13%.
Banksy mania: originally painted in 2006, Banksy’s Love is in the Bin, went up for auction in 2018 and self-distrusted immediately after the auction gavel signaled sale for 1.3 million. The work reappeared at auction this year selling for 17x the previous price, hammering with a new owner for $25.4 million. Since the 2018 sale Banksys market, in general, has been on a steep incline with 320 works by the artist being sold at auction in 2021, (an impressive 179% increase in lots since 2020).
From NFTs to physical works; a personal favorite trend has been the growing number of collectors, initially inspired by NFTs, that have expanded into purchasing physical works. One major example is Justin Sun, who was the runner-up on Beeple’s $69 million work, First 5000 Days. Sun went on to buy a Picasso and a Warhol. Looking forward to many more instances of cross-pollination between digital and physical works.
💸 Advisory Picks
Highlight Exhibitions
While the number of exhibitions I was able to see this year remained down from previous years, putting a spotlight on a few exhibitions I saw and loved.
Runner up: Return to Art Fairs
After a hiatus in 2020, the art fair circuit returned in full force from Art Toronto to Art Basel in Miami, lots of amazing artworks returned to the booths and were met with strong sales.
Looking to the Future
Throughout 2022 I’ll be paying special attention to the use of materials beyond painting - such as the textile works by Miranda Fengyuan Zhang who had a show with Candice Madey this past summer, or the surreal ceramic frames of Stephanie Temma Hier whose work appeared in an amazing previously mentioned show at Kasmin Gallery as well as one with Bradley Ertaskiran.
I will also be keeping my eye on some contemporary Canadian talent — there are so many amazing young artists working in Canada right now popping up at galleries all over the world and I cannot wait to watch what happens.
👋 Parting Words…
Wishing everyone a safe and happy kick-off to 2022. Looking forward to what this next year brings for art, culture, and beyond!
Until next time…
XX, B