Fine art can provoke or inspire, but at its essence it’s also a luxury good: an expensive object that confers status. Little wonder then, like almost every other luxury sector, the art market had a spectacular 2021.
Art and collectible transactions at Christie’s totaled $7.1 billion, its highest sum in five years, and $7.3 billion at Sotheby’s, its highest ever. Galleries large and small reported selling out new inventory. Even art fairs, hobbled by collectors’ reticence to participate in large gatherings, managed to produce respectable sales.
