Michelangelo Drawing Sells for $21.9 Million at Christie’s Auction in Paris
A recently rediscovered drawing by acclaimed artist Michelangelo was sold for a whopping 20 million euros ($21.9 million) at the prestigious Christie’s auction house in Paris on May 18, 2022.
The auctioneer, Victoire Gineste, was the one who adjudicated the sale. The drawing, Michelangelo’s first known nude piece, attracted a lot of attention and fetched an impressive amount.
According to a report by the Art Basel & UBS Survey of Global Collecting 2023, the median expenditure on art and antiques by high-net-worth millennials in Asia was $59,785, while for Gen Zers it was $56,000 during the first half of 2023. This represented a decrease from the amounts spent in 2022, which were $61,820 and $65,000, respectively.
“Asia is a key driver of millennial buying at Christie’s globally,” said a spokesperson for the auction house. Mainland China emerged as the top contributing region by value for millennials, followed by Hong Kong and Singapore.
Collectors from China reportedly had the highest median expenditure of $241,000 in the first half of 2023, followed by Singapore at $38,000 and Taiwan at $31,000, indicating a strong appetite for art in the region.
Reports from top-tier international auction houses Sotheby’s and Phillips also indicated a surge in purchases by young Asian collectors in recent years.
The rise in popularity of art collecting among younger individuals is not just limited to Asia. In fact, millennials and Gen X accounted for almost a third of the global buyers at Phillips in 2022.
As the preferences of younger collectors continue to evolve, their demand for art is also changing. Last year, millennials spent the most on sculptures, installations, photography, film, and video art. On the other hand, Gen Zers favored digital art and prints.
The trend of online art sales has also been on the rise, with the size of the online art market expected to grow to $17.76 billion by 2030.
Major auction houses like Christie’s are making significant investments in digital spaces in order to attract younger buyers. The auction house is extending its digital reach through live-stream auctions and online bids on social media platforms like WeChat, with live streams hitting a record high of 60 million views in 2023.
The pandemic has brought about a notable shift to digital in the art world, with Christie’s reporting that 80% of the bids across auctions were placed online in the first half of 2023, compared to just 45% prior to the pandemic. This demonstrates the increasing comfort level that collectors now have with participating in online auctions.
With the art world undergoing significant changes due to shifting trends and technological advancements, it is clear that younger collectors, particularly in Asia, are playing an increasingly influential role in the global art market.