Auctioneer Oliver Barker holding court over Sotheby s global e-auctions. Courtesy of Sotheby s.
The art trade is defined by far more than its uppermost echelon. But in an unprecedented year when virtually ever major auction went… well, virtual, top prices serve as a valuable benchmark and an indication that the world’s wealthiest did not view 2020 as a roadblock to spending big money on art.
If we’re judging by auction prices alone, though, the market was still considerably less frothy at the high end this year than in 2019. Last year, nine of the 10 priciest lots brought over $50 million each (and the 10th, a David Hockney painting, fell short by a hair). This time around, as flexible and jittery consignors alike opted to hold back their best material, only two lots exceeded $50 million.