The global contemporary art market occupies an important market share in the art world with its unique value and vitality. This field has become a hot topic in the art market, further promoting the update and iteration of the artist list.

2023Global contemporary art market turnover totaled US$1.82 billion, the auction volume and total transaction volume respectively decreased compared with 2022.10% and 7%, although the market as a whole shows a shrinking trend, specific regions and artist groups show differentiated market vitality.Artists born in the 1950s and 1960s will account for 56% of total sales in 2023, remains the mainstay of the contemporary art market. Chinese artists born in the 1970s and 1980s continue to increase their share and influence in the global market.

The "2023 Global Contemporary Art Market Report" demonstrates the evolution of market trends and artist status by analyzing the changes in the TOP10 artists in the five years 2019-2023 and the changes in the list of the global TOP100 artists in 2022-2023, further enhancing the understanding of the dynamics of the contemporary art market.

Note: Global contemporary artists include artists born in 1945 and after.

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The most expensive contemporary art in 2023

1. Global contemporary art market in 2023
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1. Overview of transactions in the world’s four major auction cities

The top four cities in terms of contemporary art market share in 2023 are:New York, Hong Kong, London, Beijing, New York accounted for 42% of the total transaction volume, Hong Kong accounted for 23% of the total transaction volume, London accounted for 21% of the total transaction volume, Beijing accounted for 9% of the total transaction volume, and the remaining cities such as Paris, Tokyo, and Shanghai accounted for 5%.

Affected by many factors such as the epidemic, many auction houses in Beijing have postponed the 2022 autumn auctions to early 2023. There have been three auction seasons in one year (2022 autumn auctions, 2023 spring auctions and autumn auctions). Therefore, the number of auctions and total transaction volume have increased. More significant.

• Total transaction volume in New York was US$770 million, 3854 pieces were auctioned
  Compared with the same period in 2022, the transaction volume decreased by 3% and the number of auctions decreased by 1%.
• Total transaction volume in Hong Kong is US$360 million, 1,725 ​​pieces were auctioned
  Compared with the same period in 2022, the transaction volume will decrease by 20%, and the number of auctions will decrease by 17%.
• Total transaction volume in London USD 350 million, 3657 pieces were auctioned
  Compared with the same period in 2022, the transaction volume will decrease by 10%, and the number of auctions will decrease by 7%.
• Total transaction volume in Beijing is 220 million yuan, 2024 pieces were auctioned
  The transaction volume increased by 29% compared with the same period in 2022.The number of auctions increased by 100%
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The most expensive auction items for artists born in the 1970s in 2023

The most expensive auction items for artists born in the 1980s in 2023

2. Transaction overview of artists of different ages

In the contemporary art market in 2023, artists born after 5060 will still be the mainstay of the contemporary art market. 2023,A total of 4,135 artists are transacting in the art market, among which artists born in the 40s accounted for 10% of the total sales.Artists born in the 1950s and 1960s accounted for 57% of total sales, artists born in the 70s, 80s and 90s accounted for 33%.
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• There were 2,157 auctions for artists born in the 1940s, with a total transaction volume of US$180 million.
  Compared with 2022, the auction volume will decrease by 10% and the transaction volume will increase by 20%.
• There were 4,462 auctions of artists born in the 1950s, with a total transaction volume of US$460 million.
  Compared with 2022, the transaction volume will decrease by 7% and the transaction volume will decrease by 2%.
• There were 4,276 auctions of artists born in the 1960s, with a total transaction volume of US$600 million.
  Compared with 2022, the auction volume will decrease by 8% and the transaction volume will remain the same.
• 3,567 works of artists born in the 1970s were auctioned, with a total transaction volume of US$330 million.
  Compared with 2022, the auction volume will decrease by 7% and the transaction volume will decrease by 11%.
• There were 3,064 auctions of artists born in the 1980s, with a total transaction volume of US$210 million.
  Compared with 2022, the auction volume will increase by 4% and the transaction volume will decrease by 30%.
• There were 1,121 auctions for artists born in the 1990s, with a total transaction volume of US$62.56 million.
  Compared with 2022, the auction volume will increase by 24% and the transaction volume will decrease by 26%.

The most expensive auction items for artists born in the 1990s in 2023

2. 2023 Global Contemporary Art

Transaction overview of TOP100 artists
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2023,The total transaction volume of TOP100 contemporary artists is US$1.38 billion, accounting for 78% of the total transaction volume of global contemporary artists in 2023., compared with the same period in 2022, the total transaction volume of the TOP100 contemporary artists decreased by 9%.

• 11 artists born in the 1940s, with a total sales volume of US$130 million
• There are 42 artists born in the 1950s and 1960s, with a total transaction volume of US$860 million.
• 42 artists born in the 1970s and 1980s, with a total transaction volume of US$350 million
• Five artists born in the 1990s, with a total transaction volume of US$29.31 million

Among the TOP100 contemporary artists in 2023,There are 29 Chinese artists with a total transaction volume of US$250 million., the number of Chinese artists ranked in the TOP100 increased by 10 compared to the same period in 2022, and the total transaction volume decreased by 7% year-on-year.

• 13 Chinese artists are on the fixed list, Liu Ye, Zhou Chunya, Huang Yuxing, Chen Yifei, Zhang Enli, Zeng Fanzhi, Zhang Xiaogang, Ouyang Chun, Liu Wei, Huang Jiannan, Ding Yi, Fang Lijun, Leng Jun;
• There are 6 fewer Chinese artists,Shang Yang, Luo Zhongli, Liu Xiaodong, Li Huayi, Cheng Conglin, Ai Xuan;
• 16 new Chinese artists have been added,Jia Aili, He Jiaying, Wang Xingwei, Chen Fei, Chen Ke, Wang Guangle, Wang Yidong, Qin Qi, Li Zhen, Ma Ke, Qiu Xiaofei, Liang Yuanwei, Wei Jia, Hao Liang, He Duoling, Mao Yan.Among them, 10 are Chinese artists born in the 1970s and 1980s.

Jia Aili’s most expensive auction item in 2023

Chen Yifei’s most expensive auction item in 2023

Zeng Fanzhi’s most expensive auction item in 2023

3. Five years from 2019 to 2023

Global Contemporary Art Top 10 Artist Changes
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The market performance of the world's top contemporary artists can be used as one of the indicators of the overall trend of the art market. From 2019 to 2023, the auction volume of the top 10 contemporary artists in the world has been within 1,000-4,000 pieces.The most auctions in 2020, 3998 pieces, with a total transaction volume between US$490 million and US$1.2 billion.The highest total transaction volume in 2021, was US$1.16 billion.

The world's top contemporary artists are not only artists, but also witnesses and leaders of the times. Their quality products that have withstood the test are still the anchor of the market despite the economic downturn. Total sales volume of the world’s top 10 contemporary artists in 2023Accounting for 44% of the total sales of the top 100 global contemporary art artists in 2023. The top 10 global contemporary artists in 2023The auction volume is 1031 pieces, the lowest number of auctions in five years.Total transaction volume is nearly US$600 million, the second lowest price in five years.
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Changes in the list of the top 10 global contemporary artists from 2019 to 2023:

On the whole, the main list of the world's top 10 contemporary artists is relatively stable, with 80% being artists born after 1960s, 18% being artists born after 1980s, and 2% being artists born after 1940s. Among them, only Chinese artistsFour artists, Zeng Fanzhi, Zhou Chunya, Liu Ye and Zhang Xiaogang, can enter the TOP10 list, the total transaction volume is between US$20 million and US$60 million.

• Three artists have been on the list for five consecutive years: Jean-Michel Basquiat, Yoshitomo Nara, and George Condo. Among them,Basquiat has been ranked TOP1 for five consecutive years.
• Two artists have been on the list for four consecutive years, Banksy and Christopher Wool;
• Three artists have been on the list for three consecutive years.For Jeff Koons, Liu Ye and Zhou Chunya.

Compared with the TOP10 contemporary artists in 2022,

• Six artists are on the fixed list, Jean-Michel Basquiat, Yoshitomo Nara, Cecily Brown, George Condo, Jeff Koons, and Banksy.
• Two new Chinese artists, Liu Ye and Zhou Chunya, and a Western artist, Richard Prince, have been added.
• Three artists have been reduced: Adrian Gurney, Damien Hirst, and Mark Groyan.

4. 2023 Global Contemporary Art

Market analysis of TOP10 artists
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NO 1. Jean-Michel⸱Basquiat

Because Basquiat's career was relatively short, his works were limited in number, and each masterpiece attracted much attention. His personal legend, market scarcity and important position in art history have enabled him to maintain a high total transaction volume and widespread popularity in the art market.

In the 2023 auction, Basquiat has a total of 6 million-dollar lots, 14 million-dollar lots, and the rest are between less than one million US dollars and more than 1,000 US dollars.Five of the 6 million-dollar lots came from the New York auction house and one from the London auction house., Basquiat’s most expensive auction piece “Black History (Nile)” in New York was US$67.11 million, the most expensive auction piece in London was “Future Science Against Humanity” which was US$12.63 million, and the most expensive auction piece in Hong Kong was “Black” which was US$7.98 million.

The most expensive auction items sold in 2023

NO 2. Yoshitomo Nara

The transaction volume in 2023 was US$85,878,646, with 263 auctions and a transaction rate of 79%.Compared with 2022, the number of auctions decreased by 7% and the total transaction volume decreased by 8%.

Yoshitomo Nara's works enjoy a high reputation worldwide, especially in the Asian market. Among the top 10 individual sales in 2023,There are 8 works from Hong Kong, 1 from Beijing, and 1 from New York.. The two tens of millions of auction items in 2023 both came from Hong Kong auctions. Among them, Yoshitomo Nara's 2023 TOP1 lot "Milky White Lake" was sold for US$12.81 million, and the TOP2 lot "Searching for Treasures" was sold for US$10.68 million.

Yoshitomo Nara’s 197 works were auctioned, covering a variety of media, including paintings, prints, works on paper and sculptures. In the 2023 auction, prints account for 31%, works on paper account for 19%, and paintings account for 16%. The high-priced auction items are mainly paintings, and small prints and works on paper have a wide range of collectors.

The most expensive auction items sold in 2023

NO 3. Cecily Brown

In 2023, the transaction volume was US$46,671,789, the number of auctions was 26, and the transaction rate was 96%.Compared with 2022, the number of auctions decreased by 19% and the total transaction volume increased by 42%.

As an outstanding female artist, Cecily Brown's works have won freedom and independence for feminist art, and she has gained her own place in the international art field. In the 2023 auction, Cecily Brown’s auctioned works are mainly paintings, and large-scale paintings tend to have higher prices. Among Cecily Brown’s top 10 personal sales in 2023,The 10 lots are all paintings,The lengths are all over 1 meter, and there are even 3 items over 2 meters in length.

It is worth noting that Cecily Brown set a new artist’s personal record and the second highest price in 2023."Free Games in May" was sold for US$6.71 million, setting a new personal record for the artist, and "Untitled (Beauty and Curse)" was sold for US$6.7 million, setting a new record for the artist's second highest price.She maintains a balance between abstract formal techniques and concrete content in her works to achieve a sense of order amid chaos. In powerful kinetic brushstrokes, the concrete structure is gradually revealed in broken abstract forms.

The most expensive auction items sold in 2023

NO 4. George Condo

In 2023, the transaction volume was US$44,424,888, the number of auctions was 98, and the transaction rate was 83%., compared with 2022, the number of auctions decreased by 7%, and the total transaction volume increased by 8%.

George Condo's works combine elements of expressionism and surrealism, with strong personal characteristics and visual impact. This style is very attractive in the international art world and can meet the aesthetics and needs of different collectors. In the 2023 auction, George Condo had a total of 16 million-dollar lots, including8 in New York, 4 in London, and 4 in Hong Kong.

In 2023, George Condo's most expensive auction piece "Colorful Female Composition" in London was sold for US$3.74 million, New York's most expensive auction piece "Giant Abstract Self-Portrait" was sold for US$3.43 million, and Hong Kong's most expensive auction item "Interior of the West Wing" was sold for US$2.83 million.

The most expensive auction items sold in 2023

NO 5.Liu Ye

2023The transaction volume was US$41,317,343, the number of auctions was 34, and the transaction rate was 91%., compared with the same period in 2022, the number of auctions increased by 21%, and the total transaction volume increased by 222%.

Liu Ye's works are deeply rooted in Chinese culture, but are not limited to tradition. He explores multiple themes such as modern society, history, and culture in his works, and has been exhibited internationally many times, attracting many international audiences. Attention of collectors and art lovers. In the 2023 auction, Liu Ye’s main transaction markets are Hong Kong and Beijing.Hong Kong accounted for 44% of the auction volume and Beijing accounted for 26%.The remaining works have been sold in London, Shanghai, Singapore and other cities.

In 2023, Liu Ye has a total of 13 million-dollar auctions, 10 auctions between less than 1 million and more than 100,000 US dollars, and 4 auctions under 100,000 US dollars. The types of works up for auction are mainly paintings, supplemented by prints.The main price range for paintings is between $1 million and $5 million, the main price range of printmaking works is within 20,000 US dollars.

Liu Ye's most expensive personal sold work in 2023 was "The Cotai Strip", which was sold at China Guardian for 57.5 million yuan, setting a new record for the artist's second highest price.

The most expensive auction items sold in 2023

NO 6. Richard Prince

In 2023, the transaction volume was US$31,197,676, the number of auctions was 108, and the transaction rate was 82%., compared with the same period in 2022, the number of auctions increased by 108%, and the total transaction volume increased by 165%.

Richard Prince's work often involves critiques of American pop culture, consumerism, gender roles and identity. Through the exploration of these themes, his works reflect the complexity and diversity of contemporary society and have a profound impact on contemporary art.

In 2023, Richard Prince auctioned a total of 68 items.New York accounted for 59% of the works auctioned, and London accounted for 28% of the works auctioned., the rest Paris, Hong Kong, Chicago and other places accounted for 13%. A total of 2023 births9 million-dollar auction items, his most expensive auction in 2023 was "Nurse Kathy" sold for US$4.89 million.

The most expensive auction items sold in 2023

NO 7. Christopher Wool

In 2023, the transaction volume was US$28,100,871, the number of auctions was 49, and the transaction rate was 65%., compared with the same period in 2022, the number of auctions increased by 26%, and the total transaction volume decreased by 3%.

Christopher Wool's influence in the art world cannot be ignored. His works opened up the boundaries of painting, explored new visual languages ​​and art forms, and had a profound influence on subsequent artists. His works often use concise and powerful brushstrokes to create impressive images, and often use text elements to explore the expression of language in visual art.

2023,The top 10 lots sold by Christopher Wool all came from New York auction houses, his most expensive auction piece, "Untitled", was sold at Christie's New York for US$10.07 million. It was also the artist's only auction worth US$10 million this year.

The most expensive auction items sold in 2023

NO 8. Jeff Koons

In 2023, the transaction volume was US$27,111,993, the number of auctions was 103, and the transaction rate was 69%., compared with the same period in 2022, the number of auctions decreased by 13%, and the total transaction volume decreased by 41%.

As one of the most influential artists of our time, Jeff Koons has been constantly challenging the inherent understanding of art since the 1980s. He combines rigorous concepts with highly sophisticated techniques to create highly personal and controversial works. The works reflect the unique consumerist aesthetics of today's society, which is highly saturated with commodities and information.

In 2023, Jeff Koons was born8 million-dollar lots, including 1 piece from the Hong Kong auction house and 7 pieces from the New York auction house. The most expensive individual auction item in 2023 was the heart-shaped sculpture masterpiece "Sacred Heart (Purple/Gold)", which was sold for US$77.67 million at Christie's Hong Kong.

The most expensive auction items sold in 2023

NO 9. Zhou Chunya

2023The transaction volume was US$27,044,759, the number of auctions was 77, and the transaction rate was 82%., compared with 2022, the number of auctions increased by 51%, and the total transaction volume increased by 146%.

From green dog, peach blossom, red man, Tibetan series to mountain rocks, each series of works has its own characteristics in form, theme and artistic conception, which together constitute Zhou Chunya's colorful artistic world. Its unique artistic style and cultural connotation attract Interested and sought after by many collectors at home and abroad. 2023,Zhou Chunya has a total of 9 million-dollar lots, 31 lots between 100,000 and 1 million US dollars, and 23 lots under 100,000 US dollars..

In 1992, Zhou Chunya started a series of practices based on the theme of Chinese garden rockery. Rockery is one of Zhou Chunya’s most important creative themes. It can also be regarded as the crystallization of Zhou Chunya’s long-term artistic thinking and cultural accumulation. The exquisite rockery series are on the auction block. Prices have also been high. Most expensive auction item of the year"Chinese Landscape" sold for US$3.99 million at China Guardian Beijing,It is worth mentioning that,Zhou Chunya’s top 7 items in his personal sales list are all from China Guardian.

The most expensive auction items sold in 2023

NO 10. Banksy

2023The transaction volume was US$26,770,296, the number of auctions was 215, and the transaction rate was 74%., compared with the same period in 2022, the number of auctions decreased by 25%, and the total transaction volume decreased by 51%.

Banksy is known for his unique street art style and profound sociopolitical commentary. His works often reflect social issues in a satirical and humorous way, and this direct and strong expression has resonated widely with the public.

In the 2023 auction,Banksy’s works at auction are mainly prints, accounting for 80%, the rest are paintings, works on paper, sculptures, etc. The top five items sold by individuals were all paintings. The individual painting "Bankschia: Boy and Dog Randomly Searched" was sold for US$9.72 million in New York;The main price range for prints is between $100,000 and $10,000, his most expensive print "Girl with Balloon" was sold in London for 270,000 yuan.

The most expensive auction items sold in 2023

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Top 100 Contemporary Artists by Global Sales Volume in 2023

Top 100 Contemporary Artists by Global Sales Volume in 2022

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