In 2020, only two artworks among the ten most expensive pieces sold at auction surpassed the $50 million mark. The subsequent year, fueled in part by the sale of artworks from the divorced couple Harry and Linda Macklowe, witnessed each of the top ten lots exceeding $50 million. The bar was elevated further in 2022, with the least expensive piece in the top ten, a work by René Magritte, fetching $79.8 million.
However, a shift occurred in 2023 as the prices of the most expensive auctioned artworks experienced a significant downturn from the preceding year. This is exemplified by the tenth-most expensive work of this year, Henri Rousseau's Les Flamants (1910), which sold for $43.5 million in May, setting a new auction record for the artist. Comparatively, this amount is slightly more than half the price of the Magritte sold in 2022.
Indications of a market downturn are apparent in other aspects as well. In 2023, four of the artworks that secured positions among the year's top ten prices sold for less than $50 million, a notable reduction from the previous year. Examining the most expensive work sold at auction this year further emphasizes the trend. The highest-priced work, a Picasso painting, fetched $139 million, marking a 29 percent drop from the highest-priced work in the previous year—an Andy Warhol painting of Marilyn Monroe, which sold for $195 million.
The overall figures for the top ten lots also reflect a similar decline, totaling $660 million in 2023 compared to $1.1 billion in 2022.
Now, let's delve into a closer look at some of the most valuable lots sold at auction in 2023:
10. Henri Rousseau, Les Flamants, 1910 - Sold for: $43.5 million
This painting achieved a new record for Rousseau in May 2023 during Christie’s 20th-century evening sale, surpassing the artist's previous record set three decades ago.
9. Wassily Kandsinky's Murnau With Church II, 1910 - Sold for: $44.8 million
In March, this early abstract painting by Kandinsky, restituted to its original German-Jewish owners, sold at Sotheby’s London.
8. Mark Rothko, Untitled (Yellow, Orange, Yellow, Light Orange), 1955 - Sold for: $46.4 million
Auctioned by Christie’s during the November New York sales, Rothko’s painting exceeded its estimate, standing out as one of the top sellers.
7. Richard Diebenkorn, Recollections of a Visit to Leningrad, 1965 - Sold for: $46.4 million
Achieving a record for Diebenkorn in November during a Sotheby’s evening sale, this painting has been associated with his renowned "Ocean Park" series.
6. Francis Bacon, Figure in Movement, 1976 - Sold for: $52 million
After being privately held for five decades, this painting by Bacon returned to public view in November during a Christie’s New York evening sale.
5. Gustav Klimt, Insel im Attersee, circa 1901–02 - Sold for: $53 million
Once owned by art collector Otto Kallir, this painting, depicting a body of water in Austria, went for $53 million during a Sotheby’s evening sale in May.
4. Jean-Michel Basquiat, El Gran Espectaculo (The History of Black People), 1983 - Sold for: $67 million
The highest price at a Christie’s contemporary evening sale in May was achieved by this Basquiat triptych, originating from the collection of Valentino Garavani.
3. Claude Monet, Le bassin aux nymphéas, 1919 - Sold for: $74 million
Exceeding its estimate, Monet’s Le bassin aux nympheas went under the hammer at Christie’s in New York in November, generating $74 million with fees.
2. Gustav Klimt, Dame mit Fächer (Lady with a Fan), 1917 - Sold for: $80 million
Thought to be the last portrait painted by Klimt, this artwork surpassed expectations by hammering at £74 million ($94.3 million) at Sotheby’s London.
1. Pablo Picasso, Femme à la montre, 1932 - Sold for: $139 million
Created in 1932, this Picasso painting from the collection of Emily Fisher Landau achieved the second-highest price for Picasso at auction, underscoring a shift in the market dynamics.
The fluctuating prices and notable drop in overall figures in 2023 reflect a changing landscape in the art market compared to the buoyant trends of previous years.