You might have missed it with everything else going on in the world, but 2018 was a pretty exciting year for the art market. Many major artists set new price records for their work, a lot of which were sold off from the collection of Peggy and David Rockefeller – which went for a record of its own, at $832.6 million, the most any estate has ever gotten. This year marked a significant shift in the art world, showcasing the growing demand and appreciation for fine art as a valuable investment.
The art auctions of 2018 not only highlighted the extraordinary talents of renowned artists but also revealed the willingness of collectors to invest substantial sums in acquiring such masterpieces. From the iconic works of Pablo Picasso to the striking pieces by contemporary artists like Jean-Michel Basquiat, the auction houses were filled with excitement and competition. This article will delve into the top 20 highest-valued works of art sold at auction in 2018, offering insights into the artists' backgrounds and the significance of their pieces in the market.
As we explore these record-breaking sales, it becomes clear that art is more than just a decorative item; it is an investment that can yield significant returns. The trends observed in 2018 suggest a bright future for art sales, with collectors and investors increasingly recognizing the value of art in their portfolios. Join us as we take a closer look at the standout sales and the artists who made waves in the art market!
Table of Contents
- Highest Valued Works of Art Sold in 2018
- Notable Artists and Their Pieces
- Impact of Record Sales on the Art Market
- Record-Breaking Sales Beyond the Top 20
- Final Thoughts on the Art Market in 2018
Highest Valued Works of Art Sold in 2018
In 2018, the art world witnessed astonishing auction prices that reflected the immense value and desirability of certain pieces. Among the top sales, one can find masterpieces that not only captivated art enthusiasts but also sparked bidding wars among collectors. The following are some of the highest-valued works of art sold at auction:
- Pablo Picasso, Le Repos, 1932: $36.9 Million
- Andy Warhol, Double Elvis [Ferus Type], 1963: $37 Million
- Vincent van Gogh, Vue de l'asile et de la Chapelle Saint-Paul de Mausole (Saint-Rémy), 1889: $39.7 Million
- Pan Tianshou, View from the Peak, 1963: $41.4 Million
- Jean-Michel Basquiat, Flexible, 1984: $45.3 Million
- Francis Bacon, Study for Portrait, 1977: $49.8 Million
- Jackson Pollock, Composition with Red Strokes, 1950: $55.4 Million
- Pablo Picasso, La Dormeuse, 1932: $57.9 Million
- Su Shi, Wood and Rock, 1071–1101: $59.3 Million
- Zao Wou-Ki, Juin-Octobre 1985, 1985: $65.2 Million
- Pablo Picasso, Femme au béret et à la robe quadrillée (Marie-Thérèse Walter), 1937: $69.4 Million
- Willem de Kooning, Woman as Landscape, ca. 1954–55: $68.9 Million
- Constantin Brâncuși, La jeune fille sophistiquée (Portrait de Nancy Cunard), 1932: $71.2 Million
- Henri Matisse, Odalisque couchée aux magnolias, 1923: $80.8 Million
- Claude Monet, Nymphéas en fleur, ca. 1914–17: $84.7 Million
- Kasimir Malevich, Suprematist Composition, 1916: $85.8 Million
- Edward Hopper, Chop Suey, 1929: $91.9 Million
- David Hockney, Portrait of an Artist (Pool with Two Figures), 1972: $90.3 Million
- Pablo Picasso, Fillette à la corbeille fleurie, 1905: $115 Million
- Amedeo Modigliani, Nu Couché (Sur Le Côté Gauche), 1917: $157.1 Million
Notable Artists and Their Pieces
The success of the 2018 art market can largely be attributed to the incredible talent of its featured artists. Each piece sold not only represents a significant financial transaction but also encapsulates the creativity and cultural significance of the artist's work. Let’s take a closer look at some of the notable artists who shaped the market this year:
- Pablo Picasso - With multiple works in the top sales, Picasso's influence remains strong. His pieces continue to be highly sought after by collectors.
- Andy Warhol - A pioneer of the Pop Art movement, Warhol's work captures the essence of contemporary culture, making it a favorite among bidders.
- Vincent van Gogh - Known for his emotional use of color and brushwork, van Gogh's paintings resonate deeply with audiences, enhancing their value.
- Jean-Michel Basquiat - A leading figure in the Neo-Expressionism movement, Basquiat's art is celebrated for its rawness and cultural commentary.
Impact of Record Sales on the Art Market
The record-breaking sales of 2018 have had a profound impact on the art market, influencing both pricing strategies and collector behaviors. As more auction houses report increasing sales, the value of art as an investment continues to rise. This trend suggests that art is increasingly seen as a viable alternative to traditional investments.
Moreover, the high-profile sales have attracted media attention, drawing in new collectors and investors who may not have previously considered art as an asset class. This influx of interest can lead to greater competition in future auctions, potentially driving prices even higher. The art market is evolving, and those who recognize its potential can reap significant rewards.
Record-Breaking Sales Beyond the Top 20
While the top 20 sales garnered much attention, several other notable transactions also broke records in 2018. For example, Sean Combs' purchase of Kerry James Marshall's 1997 painting Past Times for $21.1 million established Marshall as the most expensive living black artist, highlighting a shift in recognition for contemporary artists.
Additionally, Jenny Saville made headlines with a sale of one of her works for $12.4 million, making her the most expensive living female artist. These emerging artists are reshaping the landscape, proving that the art market is not only about established names but also about the rising stars of today.
Final Thoughts on the Art Market in 2018
2018 has been a landmark year for the art market, marked by record-breaking sales and a growing appreciation for the value of fine art. As collectors continue to invest in both established and emerging artists, the market is poised for further growth. The trends observed in 2018 suggest that art will remain a valuable asset for savvy investors.
As we look ahead, it's essential for collectors to stay informed about market dynamics and emerging artists. By understanding the evolving landscape, collectors can make informed decisions that will help them navigate future auctions and investments successfully. The excitement of the art market is palpable, and the potential for future growth is immense!
