Global Art Auction Sales Hit a Record $6.5 Billion in 2021 - Barron's | Canada News Media
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Global Art Auction Sales Hit a Record $6.5 Billion in 2021 – Barron's

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Global art auction sales reached a record US$6.5 billion in 2021.


Alive Coverage/Sotheby’s

Auction sales of fine art have totaled US$6.5 billion in 2021, surpassing the previous peak in 2018, according to a report from ArtTactic, a London-based art market research firm, on Wednesday.

The figure was up 21.7% from 2019 and 74% from 2020, when art markets were interrupted by the Covid-19 pandemic, according to the annual art market review, in which ArtTactic tracks sales by
Christies
’, Sotheby’s, and
Phillips
auction houses.

The fastest-growing category was what ArtTactic called Young Contemporary art, which includes works by artists under 45 such as
Adrian Ghenie,

Matthew Wong,
and Nicolas Party, as well as digital artists such as
Mike Winkelmann,
professionally known as Beeple, whose Everydays: The First 5000 Days NFT sold for over US$69 million in March at Christie’s.

Auction sales of this category soared to a record high US$395 million, up 201% from 2020. Hong Kong accounted for US$142 million, further establishing itself as the auction hub for a generation of younger artists, according to the report.

The art market “is experiencing a generational shift towards younger collectors, many emerging from Asia, and who are increasingly backed by wealth derived from the booming tech and crypto markets,”
Anders Petterson,
founder of ArtTactic, said in the report. “Their motivations, tastes and behaviors are now driving the market for young artists.”

However, Post-War and Contemporary art remained the predominant collecting categories in 2021, accounting for a combined 53.8% of market share with a record US$3.53 billion in sales, the report said.

Auction sales of Old Masters realized U$279 million in 2021, up 32.1% from 2020 and up 16.4% from 2019. Impressionist art auction sales amounted to US$963 million, up from US$278 million last year. 

After a three-year decline, Modern art rebounded with a total of US$1.28 billion in auction sales.Two single-owner collections, The Macklowe Collection and the MGM Collection, accounted for 17.4% of total auction sales of Modern art this year. Both collections were auctioned through Sotheby’s during the second half of 2021. 

Sotheby’s top lot in 2021 was Sandro Botticelli’s ‘Young Man Holding a Roundel’, which sold for US$92.2 million.


Courtesy of Sotheby’s

Sotheby’s Consolidated Sales Amounted to US$7.3 Billion Year to Date

Boosted by these two collections, as well as strong performance across other categories, Sotheby’s auction sales, including fine art and luxury collectibles, reached US$6 billion, the auction house said Wednesday.

The auction sales were up 26% from the comparable 2019 and up 71% from 2020.

“Our unparalleled expertise and innovation mindset led to extraordinary results across categories and regions and set new benchmarks for selling art and luxury,”
Charles F. Stewart,
Sotheby’s CEO, said in a news release.

Including private sales channels, Sotheby’s consolidated sales totaled US$7.3 billion year to date, the highest in its 277-year history. The company still has 20 auctions scheduled before the end of the year.

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Calvin Lucyshyn: Vancouver Island Art Dealer Faces Fraud Charges After Police Seize Millions in Artwork

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In a case that has sent shockwaves through the Vancouver Island art community, a local art dealer has been charged with one count of fraud over $5,000. Calvin Lucyshyn, the former operator of the now-closed Winchester Galleries in Oak Bay, faces the charge after police seized hundreds of artworks, valued in the tens of millions of dollars, from various storage sites in the Greater Victoria area.

Alleged Fraud Scheme

Police allege that Lucyshyn had been taking valuable art from members of the public under the guise of appraising or consigning the pieces for sale, only to cut off all communication with the owners. This investigation began in April 2022, when police received a complaint from an individual who had provided four paintings to Lucyshyn, including three works by renowned British Columbia artist Emily Carr, and had not received any updates on their sale.

Further investigation by the Saanich Police Department revealed that this was not an isolated incident. Detectives found other alleged victims who had similar experiences with Winchester Galleries, leading police to execute search warrants at three separate storage locations across Greater Victoria.

Massive Seizure of Artworks

In what has become one of the largest art fraud investigations in recent Canadian history, authorities seized approximately 1,100 pieces of art, including more than 600 pieces from a storage site in Saanich, over 300 in Langford, and more than 100 in Oak Bay. Some of the more valuable pieces, according to police, were estimated to be worth $85,000 each.

Lucyshyn was arrested on April 21, 2022, but was later released from custody. In May 2024, a fraud charge was formally laid against him.

Artwork Returned, but Some Remain Unclaimed

In a statement released on Monday, the Saanich Police Department confirmed that 1,050 of the seized artworks have been returned to their rightful owners. However, several pieces remain unclaimed, and police continue their efforts to track down the owners of these works.

Court Proceedings Ongoing

The criminal charge against Lucyshyn has not yet been tested in court, and he has publicly stated his intention to defend himself against any pending allegations. His next court appearance is scheduled for September 10, 2024.

Impact on the Local Art Community

The news of Lucyshyn’s alleged fraud has deeply affected Vancouver Island’s art community, particularly collectors, galleries, and artists who may have been impacted by the gallery’s operations. With high-value pieces from artists like Emily Carr involved, the case underscores the vulnerabilities that can exist in art transactions.

For many art collectors, the investigation has raised concerns about the potential for fraud in the art world, particularly when it comes to dealing with private galleries and dealers. The seizure of such a vast collection of artworks has also led to questions about the management and oversight of valuable art pieces, as well as the importance of transparency and trust in the industry.

As the case continues to unfold in court, it will likely serve as a cautionary tale for collectors and galleries alike, highlighting the need for due diligence in the sale and appraisal of high-value artworks.

While much of the seized artwork has been returned, the full scale of the alleged fraud is still being unraveled. Lucyshyn’s upcoming court appearances will be closely watched, not only by the legal community but also by the wider art world, as it navigates the fallout from one of Canada’s most significant art fraud cases in recent memory.

Art collectors and individuals who believe they may have been affected by this case are encouraged to contact the Saanich Police Department to inquire about any unclaimed pieces. Additionally, the case serves as a reminder for anyone involved in high-value art transactions to work with reputable dealers and to keep thorough documentation of all transactions.

As with any investment, whether in art or other ventures, it is crucial to be cautious and informed. Art fraud can devastate personal collections and finances, but by taking steps to verify authenticity, provenance, and the reputation of dealers, collectors can help safeguard their valuable pieces.

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Ukrainian sells art in Essex while stuck in a warzone – BBC.com

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Ukrainian sells art in Essex while stuck in a warzone  BBC.com



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Somerset House Fire: Courtauld Gallery Reopens, Rest of Landmark Closed

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The Courtauld Gallery at Somerset House has reopened its doors to the public after a fire swept through the historic building in central London. While the gallery has resumed operations, the rest of the iconic site remains closed “until further notice.”

On Saturday, approximately 125 firefighters were called to the scene to battle the blaze, which sent smoke billowing across the city. Fortunately, the fire occurred in a part of the building not housing valuable artworks, and no injuries were reported. Authorities are still investigating the cause of the fire.

Despite the disruption, art lovers queued outside the gallery before it reopened at 10:00 BST on Sunday. One visitor expressed his relief, saying, “I was sad to see the fire, but I’m relieved the art is safe.”

The Clark family, visiting London from Washington state, USA, had a unique perspective on the incident. While sightseeing on the London Eye, they watched as firefighters tackled the flames. Paul Clark, accompanied by his wife Jiorgia and their four children, shared their concern for the safety of the artwork inside Somerset House. “It was sad to see,” Mr. Clark told the BBC. As a fan of Vincent Van Gogh, he was particularly relieved to learn that the painter’s famous Self-Portrait with Bandaged Ear had not been affected by the fire.

Blaze in the West Wing

The fire broke out around midday on Saturday in the west wing of Somerset House, a section of the building primarily used for offices and storage. Jonathan Reekie, director of Somerset House Trust, assured the public that “no valuable artefacts or artworks” were located in that part of the building. By Sunday, fire engines were still stationed outside as investigations into the fire’s origin continued.

About Somerset House

Located on the Strand in central London, Somerset House is a prominent arts venue with a rich history dating back to the Georgian era. Built on the site of a former Tudor palace, the complex is known for its iconic courtyard and is home to the Courtauld Gallery. The gallery houses a prestigious collection from the Samuel Courtauld Trust, showcasing masterpieces from the Middle Ages to the 20th century. Among the notable works are pieces by impressionist legends such as Edouard Manet, Claude Monet, Paul Cézanne, and Vincent Van Gogh.

Somerset House regularly hosts cultural exhibitions and public events, including its popular winter ice skating sessions in the courtyard. However, for now, the venue remains partially closed as authorities ensure the safety of the site following the fire.

Art lovers and the Somerset House community can take solace in knowing that the invaluable collection remains unharmed, and the Courtauld Gallery continues to welcome visitors, offering a reprieve amid the disruption.

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