Editor’s Note
The coverage of major auction results as headline news underscores the unique position of art as a high-value commodity. This article examines how leading auction houses, leveraging their financial scale and brand prestige, play a central role in establishing and amplifying the market value of artworks.
The fact that major media outlets cover the hammer prices from Sotheby’s and Christie’s main ‘Evening Sale’ auctions as news symbolically highlights the unique status of artworks as commodities traded in the market. The auctions conducted by auction houses, which play a central role in the art market based on immense financial power and strong brand value, reflect the characteristics of artworks whose value is difficult to price due to scarcity and play a significant role in increasing value through bidding.
– Founded in 1744
– Focuses on artworks with high art-historical value over market share
– Highest average hammer price among major auction houses
– 2023 revenue: $8 billion (approx. KRW 10.708 trillion)
– Record high price: Jackson Pollock’s ‘No. 5’ (1948) in 2006, hammer price $140 million (approx. KRW 187.4 billion)
– Founded in 1766
– A private company owned by François Pinault, founder of the Kering Group and a super-collector
– Focuses on the mid-to-high price market, experiments with various auction formats, highest number of lots sold among major auction houses
– 2023 revenue: $6.2 billion (approx. KRW 8.2897 trillion)
– Record high price: Leonardo da Vinci’s ‘Salvator Mundi’ (1490–1500) in 2017, hammer price $450 million (approx. KRW 6.023 trillion)
– Founded in 1796
– Launched ‘Dropshop’, an online platform for direct artist sales
– 2023 revenue: $840.7 million (approx. KRW 1.1252 trillion)
– Record high price: Jean-Michel Basquiat’s ‘Untitled’ (1982) in 2022, hammer price $85 million (approx. KRW 113.4 billion)
It is no exaggeration to say we are now in the ‘era of art fairs’. The statement by global art investment expert Philip Hoffman (CEO of the Fine Art Group) in his 2024 art market outlook that “there is a possibility that the numerous art fairs will disappear or be consolidated” testifies to the explosive growth and increase in art fairs in recent years. Art fairs, a kind of industry exhibition where galleries display and sell works over several days, are a way for galleries and art dealers, who are relatively disadvantaged in scale, to compete on an equal footing with major auction houses as ‘brands’ in the art market.
– Founded in Maastricht, Netherlands in 1988
– Expanded to New York in 2016
– Art fair slogan: ‘Exploring Exceptional Art and Design Across 7,000 Years’
– Focuses on archaeological artifacts, old masters, and antiques
– Renowned and authoritative for its rigorous vetting process of exhibited works before the fair opens
– Founded in Basel, Switzerland in 1970 – Expanded to Miami in 2002, Hong Kong in 2013, Paris in 2022
– The largest and most recognized international art fair, leading trends in the contemporary art market
– Hosts various events attended by luxury brands and celebrities throughout the city during the event period
– An art fair where ‘everyone sings and dances’ through parties, sports events, etc.
– Founded in London in 2003 by the art magazine 〈Frieze〉
– Expanded to New York in 2012, Los Angeles in 2019, Seoul in 2022
– Provides a platform for young artists and emerging galleries utilizing various media
– Popular among young collectors and enthusiasts with modern sensibilities
– The most spotlighted and aggressively expanding art fair recently
