全球拍賣市場前景及投資研究報告-培訓課件外文版2024.6佳士得

INDUSTRIES

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MARKETSAuctionmarketworldwideCHAPTER

01OverviewSalesvalueatpublicauctionsofartandantiquesworldwidefrom2011to2023(inbillionU.S.dollars)Salesvalueatpublicauctionsofartandantiquesworldwide2011-20233532.732.429.929.929.33025201510528.427.627.126.825.425.122.517.9020112012201320142015201620172018201920202021202220234Description:Thesalesvalueatpublicauctionsofartandantiquesworldwidedeclinedby6.3percentin2023overthepreviousyear.Overall,thetotalvalueoftransactionsatglobalpublicauctionsamountedto25.1billionU.S.dollarsin2023,decreasingby1.7billionU.S.dollarsfrom2022.ReadmoreNote(s):Worldwide;2011to2023;figuresexcludeprivatesalesbyauctionhousesSource(s):ArtBasel;ArtsEconomics;UBS;Varioussources(Artory,ARAA(ArtronResearchAcademyofArt),ATG(AuctionTechnologyGroup))Distributionofpublicauctionsalesworldwidein2023,bycountryPublicauctionmarketshareworldwide2023,bycountrySpain1%Other6%Italy1%Austria1%Germany3%Switzerland4%China31%France9%UnitedKingdom12%UnitedStates31%5Description:ChinaandtheUnitedStatesweretheleadingmarketsforpublicauctionsalesworldwidein2023,eachaccountingfor31percentoftheglobalsalesvalue.Thatyear,theUnitedKingdomfollowedbehind,representing12percentofthemarket.

ReadmoreNote(s):Worldwide;2023;figuresexcludeprivatesalesbyauctionhousesSource(s):ArtBasel;ArtsEconomics;UBS;Varioussources(Artory,ARAA(ArtronResearchAcademyofArt),ATG(AuctionTechnologyGroup))SalesvalueatpublicauctionsofartandantiquesintheUnitedStatesfrom2010to2023(inbillionU.S.dollars)SalesvalueatpublicauctionsofartandantiquesintheU.S.2010-20231411.81210811.41110109.998.58.58.17.87.57.165420201020112012201320142015201620172018201920202021202220236Description:ThesalesvaluefrompublicauctionsofartandantiquesintheUnitedStatesdeclinedby22percentin2023overthepreviousyear.Overall,salesatpublicartauctionsintheU.S.amountedtoapproximately7.8billionU.S.dollarsin2023,decreasingfrom10billionU.S.dollarsin2022.ReadmoreNote(s):UnitedStates;2010to2023;figuresexcludeprivatesalesbyauctionhousesSource(s):ArtBasel;ArtsEconomics;UBSLeadingchannelsusedbyhighnetworth(HNW)artcollectorstopurchaseartandantiquesworldwidein1sthalf2023LeadingchannelsusedbyHNWartcollectorstopurchaseartworldwideH1202390%79%80%70%60%50%40%30%20%10%0%74%58%43%33%31%30%29%21%DealersAuctionsArtfairsArtistsplatformOnlinethird-partyplatformsInstagramPrivateAdvisor7Description:A2023surveyidentifiedthemostpopularchannelsusedbyhighnetworth(HNW)artcollectorsworldwidetopurchaseartandantiquesinthefirstsixmonthsofthatyear.Accordingtothestudy,dealerswerethemostconventionalapproachforHNWcollectorstobuyart,indicatedby79percentofthesample.While74percentofsurveyedcollectorsboughtartviaauctions,58percentdidsoatartfairs.ReadmoreNote(s):Worldwide;H12023;2,828respondents;20yearsandolderSource(s):ArtBasel;ArtsEconomics;Dynata;UBSCHAPTER

02LeadingauctionhousesLeadingauctionhousesworldwidein2023,bysalesvalue(inbillionU.S.dollars)Leadingauctionhousesworldwide2023,bysalesvalueSalesvalueinbillionU.S.dollars0123456789Sotheby'sChristie's7.96.21.76HeritageAuctions1Bonhams1.4Phillips1PolyAuction0.990.88ChinaGuardianYongleAuctionCompanySungariInternationalAuction0.310.319Description:Sotheby'swastheauctionhouserecordingthehighestsalesvalueworldwidein2023.Thatyear,thecompany'stotalsalesfrompublicandprivatechannelsamountedtoroughly7.9billionU.S.dollars.Christie'shadthesecond-highestsalesvaluethatyear,ataround6.2billionU.S.dollars.HeritageAuctions,Bonhams,andPhillipsfollowedintherankingin2023.ReadmoreNote(s):Worldwide;2023Source(s):ArtBasel;ArtsEconomics;UBS;Varioussources(Artory,Artron,ChineseAuctioneersAssociation(CAA))Fineartauctionrevenueofselectedleadingauctionhousesworldwidein2023(inmillionU.S.dollars)Fineartauctionrevenueofselectedleadingauctionhouses2023RevenueinmillionU.S.dollars1,500

2,00005001,0002,5003,0003,5004,0003,800Sotheby'sChristie's3,500Phillips573ChinaGuardianPolyAuctionBonhams539517.7219.3216BeijingRongbao10Description:Sotheby'swastheauctionhousewiththehighestrevenueatfineartauctionsworldwidein2023,generatingroughly3.8billionU.S.dollars.Thatyear,Christie'sreportedthesecond-highestfigure,withfineartauctionrevenuetotaling3.5billionU.S.dollars.ReadmoreNote(s):Worldwide;2023Source(s):Artprice;ArtronNumberoffineartlotssoldatselectedleadingauctionhousesworldwidein2023Numberoffineartlotssoldatleadingauctionhousesworldwide2023Numberoffineartlotssold6,000

8,00002,0004,00010,00012,00014,00016,00015,101Sotheby`sChristie`s13,353Phillips6,5866,512ChinaGuardianPolyAuctionBonhams8,49013,544BeijingRongbao3,00511/statistics/575192/fine-art-lots-sold-at-the-leading-auction-houses-worldwideIn2023,auctionhousesSotheby'sandChristie'ssoldover15thousandand13thousandfineartlotsworldwide,respectively.Thatyear,Sotheby'sandChristie'sreportedthehighestfineartauctionrevenueofleadingauctionhousesworldwide.

ReadmoreNote(s):Worldwide;2023;theselectedauctionhousesarerankedbasedonthehighestrevenuein2023Source(s):Artprice;ArtronTotalsalesofChristie'sworldwidefrom2006to2023(inbillionU.S.dollars)GlobalsalesofChristie's2006-20239878.48.417.47.137.176.66.36.276.225.85.765432105.45.154.674.43.320062007200820092010201120122013201420152016201720182019202020212022202312Description:GlobalsalesofauctionhouseChristie'sdeclinedbyroughly26percentin2023comparedtothepreviousyear.Afterpeakingatover8.4billionU.S.dollarsin2022,thecompany'sauctionandprivatesalesgeneratedapproximately6.2billionU.S.dollarscombinedin2023.?Meanwhile,Christie'sonlinesalesincreasedoverthesameperiod.ReadmoreNote(s):Worldwide;2006to2023;figuresincludeauctionsalesandprivatesalesSource(s):Christie'sTotalsalesofSotheby'sworldwidefrom2004to2023(inbillionU.S.dollars)GlobalsalesofSotheby's2004-2023987687.97.36.075.955.395.255.134.9954.914.735432104.574.474.234.253.752.752.692.282004

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202313Description:GlobalsalesofauctionhouseSotheby'sdeclinedslightlyin2023comparedtothepreviousyear.AfterpeakingateightbillionU.S.dollarsin2022,thehighestfigureeverreportedbythecompanytodate,Sotheby'stotalsalesreached7.9billionU.S.dollarsin2023.Meanwhile,globalsalesofChristie'samountedtooversixbillionU.S.dollarsthatyear.ReadmoreNote(s):Worldwide;2004to2023;figuresincludeauctionsalesandprivatesalesSource(s):ArtBasel;ArtsEconomics;Sotheby's;UBSTotalsalesofPhillipsauctionhouseworldwidefrom2016to2023(inmillionU.S.dollars)GlobalsalesofPhillipsauctionhouse2016-20231,4001,2001,0008001,3001,2001,000916908760.4708.8567.260040020002016201720182019202020212022202314Description:GlobalsalesofauctionhousePhillipsdeclinedbyapproximately23percentin2023overthepreviousyear.Overall,Phillips'auctionandprivatesalesgeneratedaroundonebillionU.S.dollarsin2023,denotinganannualdecreaseofaround300millioneuros.Meanwhile,?globalsalesofChristie'samountedtooversixbillionU.S.dollarsthatyear.ReadmoreNote(s):Worldwide;2016to2023;figuresincludeauctionsalesandprivatesalesSource(s):Phillips;Varioussources(ArtBasel,UBS,ArtsEconomics,Artnet)CombinedauctionsalesofChristie's,Sotheby's,andPhillipsworldwidein2022and2023,bycategory(inmillionU.S.dollars)Totalsalesofselectedleadingauctionhousesworldwide2022-2023,bycategoryCombinedauctionsalesinmillionU.S.dollars20231,500202205001,0002,0002,5003,0003,5004,0004,5005,0003,607Post-War&ContemporaryArtImpressionist&ModernArtJewels&Watches4,4764,5332,9031,7821,616770661Chinese&AsianArt505Design,DecorativeArts&FurnitureOldMasterPaintings&DrawingsWine852467543205231144Books&ManuscriptsIslamic,Indian&MiddleEasternArtPrints&Editions941308610387538556Other115Description:GlobalauctionsalesofChristie's,Sotheby's,andPhillipsdecreasedin2023comparedtothepreviousyear.Overall,Post-WarandContemporaryArtreportedthehighestfigure,withlotsfromthiscategoryfetchingaround3.6billionU.S.dollarsin2023.Thatyear,?combinedsalesofChristie's,Sotheby's,andPhillipsworldwideexceeded11billionU.S.dollars.ReadmoreNote(s):Worldwide;2022and2023;includingbuyer'spremiumSource(s):ArtTacticCombinedauctionsalesofChristie's,Sotheby's,andPhillipsworldwidein2022and2023,bylocation(inmillionU.S.dollars)Totalsalesofselectedleadingauctionhousesworldwide2022-2023,bylocation202220239,0008,0007,0006,0005,0004,0003,0002,0001,00007,8245,6802,2472,0951,9501,895949888681682NewYorkHongKongLondonParisOther16Description:CombinedauctionsalesofChristie's,Sotheby's,andPhillipsworldwidedeclinedacrossalltheleadingmarketsin2023comparedtothepreviousyear.Overall,NewYorkreportedthehighestfigurein2023,aheadofHongKongandLondon,withsalesamountingtoroughly5.7billionU.S.dollars.Thatyear,?combinedglobalsalesofChristie's,Sotheby's,andPhillipsdecreasedbynearly19percentcomparedto2022.

ReadmoreNote(s):Worldwide;2022and2023;includingbuyer'spremiumSource(s):ArtTacticTotalsalesofHeritageAuctionsworldwidefrom2017to2023(inmillionU.S.dollars)GlobalsalesofHeritageAuctions2017-20232,0001,8001,6001,4001,2001,7601,4501,4001,0008158008738268256004002000201720182019202020212022202317Description:TotalsalesofU.S.-basedauctionhouseHeritageAuctionsexperienceda21percentannualincreasein2023.Thatyear,HeritageAuctions'totalsalesamountedto1.76billionU.S.dollars,thehighestfigurereportedbythecompanytodate.

ReadmoreNote(s):Worldwide;2017to2023Source(s):HeritageAuctionsCHAPTER

03Onlineand

auctionsCombinednumberofonline-onlyauctionsheldbyChristie's,Sotheby's,andPhillipsworldwidefrom2019to2023Numberofonline-onlyauctionsbyChristie's,Sotheby's,andPhillips2019-202370064460050040030020010005534814642192019202020212022202319Description:Thecombinednumberofonline-onlyauctionsorganizedbyChristie's,Sotheby's,andPhillipsworldwidedeclinedin2023comparedtothepreviousyear.Afterincreasingsharplyin2020withtheonsetofthecoronavirus(COVID-19)pandemic,thecombinednumberofonline-onlyauctionsheldbythethreecompaniesexperiencedadecreasingtrendinthefollowingyears.Thatsaid,itremainedsignificantlyhigherthanthepre-pandemicfigures,totaling464in2023.ReadmoreNote(s):Worldwide;2019to2023Source(s):Varioussources(Deloitte,ArtTactic,ArtsEconomics)Combinedonline-onlyauctionsalesofChristie's,Sotheby's,andPhillipsworldwidefrom2019to2023(inmillionU.S.dollars)Globalonline-onlyauctionsalesofChristie's,Sotheby's,andPhillips2019-20231,6001,4001,4001,2001,00080060040020001,0499108901682019202020212022202320Description:Theaggregatedonline-onlyauctionsalesofChristie's,Sotheby's,andPhillipsdeclinedslightlyin2023comparedtothepreviousyear.Afterincreasingsharplyin2020withtheonsetofthecoronavirus(COVID-19)pandemic,thecombinedonline-onlysalesvalueofthethreeauctionhousespeakedat1.4billionU.S.dollarsin2021.Itthenexperiencedadecreasingtrendinthefollowingtwoyears,reaching890millionU.S.dollarsin2023butremainingsignificantlyhigherthanthefigurereported[...]ReadmoreNote(s):Worldwide;2019to2023Source(s):Varioussources(Deloitte,ArtTactic,ArtsEconomics)OnlineauctionsalesofChristie'sworldwidefrom2019to2023(inmillionU.S.dollars)OnlinesalesofChristie'sworldwide2019-202350045040035030025020015044536936331186.110050020191202020212022202321Description:OnlineauctionsalesofChristie'sgrewbyroughly1.7percentin2023overthepreviousyear.Afterexperiencingasharpincreaseinthefirsttwoyearsofthecoronavirus(COVID-19)pandemic,peakingat445millionU.S.dollarsin2021,thecompany'sonline-onlysalesamountedto369millionU.S.dollarsin2023.Thiswasthesecond-highestresultreportedbytheauctionhouseovertheperiodconsidered.Meanwhile,?totalsalesofChristie'sworldwideexperienceda26percentannualdeclinein[...]

ReadmoreNote(s):Worldwide;2019to2023Source(s):Christie'sOnlineauctionsalesofSotheby'sworldwidefrom2019to2023(inmillionU.S.dollars)OnlinesalesofSotheby'sworldwide2019-20239008007006005004003008005755184872007610002019202020212022202322Description:OnlineauctionsalesofSotheby'sdeclinedin2023overthepreviousyear.Afterrisingsharplyinthefirsttwoyearsofthecoronavirus(COVID-19)pandemic,peakingat800millionU.S.dollarsin2021,theauctionhouse'sonlinesalesgeneratedaround487millionU.S.dollarsin2023.Thatyear,?totalsalesofSotheby'samountedtojustundereightbillionU.S.dollars,thesecond-highestfigureeverreportedbythecompany.ReadmoreNote(s):Worldwide;2019to2023Source(s):Varioussources(Sotheby's,Hiscox,AntiquesTradeGazette,ArtBasel,UBS,ArtsEconomics)TotalonlineauctionsalesofHeritageAuctionsworldwidefrom2017to2022(inmillionU.S.dollars)OnlinesalesofHeritageAuctionsworldwide2017-20221,2001,0008001,070903600532488483438400200020172018201920202021202223Description:OnlinesalesofU.S.-basedmulti-nationalauctionhouseHeritageAuctionsincreasedbyroughly18percentin2022overthepreviousyear.Overall,HeritageAuctions'onlinesalespeakedatapproximately1.07billionU.S.dollarsin2022,risingfrom903millionU.S.dollarsin2021.ReadmoreNote(s):Worldwide;2017to2022Source(s):Varioussources(HeritageAuctions,ArtBasel,UBS,ArtsEconomics,Hiscox,ArtTactic)SalesdistributionofHeritageAuctionsworldwidefrom2017to2022,byonlineandofflinesalesShareofHeritageAuctionssalesmadeonlinevs.offline2017-2022OnlineOffline120%100%26%35%80%60%40%20%0%41%41%39%46%74%65%61%59%59%54%20172018201920202021202224Description:In2022,theU.S.-basedmulti-nationalauctionhouseHeritageAuctionsrecordedapproximately74percentofsalesviaonlinechannels,denotinganincreaseofninepercentagepointsoverthepreviousyear.Overall,onlinesalesofHeritageAuctionspeakedatroughly1.1billionU.S.dollarsin2022.ReadmoreNote(s):Worldwide;2017to2022Source(s):Varioussources(HeritageAuctions,ArtBasel,UBS,ArtsEconomics,Hiscox,ArtTactic)Keyfiguresonpublicauctionsofart-relatedNFTsworldwidefrom2021to2023Keyinformationonpublicauctionsofart-relatedNFTsworldwide2021-20232021232.7284202213.93731202322.732auctionrevenue(inmillionU.S.dollars)NumberoftransactionsNumberoftransactionsreachingmorethanonemillionU.S.dollars25225Description:Whilethenumberofart-relatedtransactionsatpublicauctionsworldwidedecreasedsharplyin2023overthepreviousyear,theauctionrevenueinthissegmentexperiencedanannualincrease.Overall,32salesofart-relatednon-fungibletokensgeneratedjustunder23millionU.S.dollarsin2023.Eventhoughtheauctionrevenuerosebyover60percentcomparedtothepreviousyear,itremainedsignificantlybelowthefigurereportedin2021.

ReadmoreNote(s):Worldwide;2021to2023Source(s):Artprice;ArtronLeadingartistsworldwidein2023,bydollars)auctionrevenue(in1,000U.S.Leadingartistsworldwide2023,byauctionrevenueAuctionrevenueinthousandU.S.dollars3,000

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5,00001,0002,0006,0007,0008,0007,8819,000DmitriCherniakTylerHobbsLarvaLabs4,9201,812KeithHaringSnowfro1,588744KjetilGolid453387RefikAnadolSHROOMTOSHI0XDEAFBEEFDesLucréce34332529026Description:DmitriCherniakwastheartistwhogeneratedthehighestrevenueatpublicauctionsworldwidein2023.Thatyear,Cherniak'snon-fungibletokensfetchedapproximately7.9millionU.S.dollarsatauction.TylerHobbsreportedthesecond-highestfigurein2023,with4.9millionU.S.dollarsinNote(s):Worldwide;2023auctionrevenue.ReadmoreSource(s):Artprice;ArtronCHAPTER

04AuctionhousewebsitesEstimatedtotalnumberofvisitstotheauctionhousewebsiteworldwidefromSeptember2021toMarch2024(inmillions)Totalvisitstoauctionhousewebsiteworldwide2021-20242.52.32.22.2

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Mar202120212021202120222022202220222022202220222022202220222022202220232023202320232023202320232023202320232023202320242024202428Description:ThenumberofvisitstothewebsiteincreasedslightlyinMarch2024comparedtothepreviousmonth.Asestimated,totalviewstothewebpageoftheauctionhouseChristie'stotaledtwomillioninMarch2024,risingbyaround100thousandvisitsfromMarch2023.ReadmoreNote(s):Worldwide;September2021to

March2024Source(s):SimilarWebShareofvisitstotheauctionhousewebsiteworldwideasofMarch2024,bycountryShareofvisitstoauctionhousewebsiteworldwide2024,bymarket40%35.81%33.81%35%30%25%20%15%10%5%15.1%9.33%3.1%Italy2.84%0%UnitedStatesUnitedKingdomFranceCanadaOthers29Description:AsofMarch2024,theUnitedStatesaccountedforthehighestshareofwebsitevisitsto.Asestimated,roughly34percentofthetotalviewstothewebpageofauctionhouseChristie'scamefromtheU.S.thatmonth.

ReadmoreNote(s):Worldwide;March2024Source(s):SimilarWebEstimatedtotalnumberofvisitstotheauctionhousewebsiteworldwidefromSeptember2021toMarch2024(inmillions)Totalvisitstoauctionhousewebsiteworldwide2021-20244.5444.03.53.02.52.01.51.00.50.03.73.73.73.63.63.43.43.33.33.33.33.1

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05FineartauctionsRevenueatpublicauctionsoffineartandNFTsworldwidein2023,bycountry(inmillionU.S.dollars)Revenueatfineartandauctionsworldwide2023,bycountryFineartauctionrevenueinmillionU.S.dollars6,000

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10,00002,0004,00012,00014,00016,000UnitedStatesChina5,2004,900UnitedKingdomFrance1,800875Germany372197ItalyIndia152144125JapanSwitzerlandOthers1,135Total14,90035Description:TheUnitedStatesreportedthehighestrevenueatpublicauctionsoffineartandNFTsworldwidein2023.Thatyear,publicauctionsoffineart,excludingantiquesandfurnituresales,heldintheU.S.generatedroughly5.2billionU.S.dollars.ChinaandtheUnitedKingdomfollowedintheranking,with4.9billionand1.8billionU.S.dollarsinfineartpublicauctionrevenue,respectively.ReadmoreNote(s):Worldwide;2023Source(s):Artprice;ArtronDistributionoffineartauctionrevenueworldwidein2023,bysectorGlobalfineartauctionrevenuedistribution2023,bysectorOtherOldMasters5%EuropeanOldMasters4%ImpressionistandPost-Impressionist14%Post-War35%Modern24%Contemporary18%36Description:Post-WarandContemporaryartrecordedthehighestrevenueatfineartauctionsworldwidein2023.Thatyear,thesesectorscombinedgenerated53percentoftheglobalsalesvalueoffineartauctions.Meanwhile,theModernartsectoraccountedfor24percentoftotalrevenuein2023.ReadmoreNote(s):Worldwide;2023Source(s):ArtBasel;Artory;ArtsEconomics;UBSGeographicaldistributionofPost-WarandContemporaryartauctionrevenueworldwidein2023GlobaldistributionofPost-WarandContemporaryartauctionrevenue2023Other8%Italy1%Germany2%France6%UnitedKingdom13%UnitedStates46%China24%37Description:TheUnitedStatesaccountedforthehighestshareofPost-WarandContemporaryartauctionrevenueworldwidein2023.Thatyear,theU.S.alonegenerated47percentoftheglobalauctionsalesvalueinthisartsegment.Chinawasthesecondleadingmarketin2023,representing24percentofauctionsales.ReadmoreNote(s):Worldwide;2023Source(s):ArtBasel;Artory;ArtsEconomics;UBSPriceindexofartworkssoldatauctionworldwidefrom1978to2024AMRAllArtIndex:priceindexofartworkssoldatauctionworldwide1978-2024100,00090,00080,00070,00060,00050,00040,00030,00020,00010,000038Description:Thepriceindexofartworkssoldatauctionworldwideincreasedin2024overthepreviousyear.AsofJanuary1,2024,theAMRAllArtIndex-whichmeasurestheperformancesofartworkssoldattheleadingglobalauctionhouses-was87,486,risingfrom87,089inthesameperiodof2023.ReadmoreNote(s):Worldwide;1978to2024;1978=1,000Source(s):ArtMarketResearchCHAPTER

06LeadingartistsatfineartauctionsLeadingartistsworldwidein2023,byauctionrevenue(inmillionU.S.dollars)Leadingartistsworldwide2023,byauctionrevenueAuctionrevenueinmillionU.S.dollars200

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4000100500600700PabloPicassoJean-MichelBasquiatZhangDaqianGerhardRichterAndyWarhol596.98238.16230.56214.41198.84ClaudeMonetRenéMagritteYayoiKusamaGustavKlimt197.22192.87189.71169.14157.87QiBaishiEdRuschaJoanMitchellWuGuanzhong114.34112.63107.6640Description:PabloPicassowasthemostvaluableartistatauctionin2023.Thatyear,thecombinedrevenueofPicasso'sworkssoldatfineartauctionsworldwideamountedtoroughly597millionU.S.dollars.Jean-MichelBasquiatandZhangDaqianfollowedintherankingin2023,withtotalauctionrevenueofaround238millionand231millionU.S.dollars,respectively.ReadmoreNote(s):Worldwide;2023Source(s):Artprice;ArtronContemporaryartistswiththehighestauctionsalesworldwidebetweenJuly2022andJune2023,bygender(inmillionU.S.dollars)Globalcontemporaryartistswiththehighestauctionsales2022-2023,bygenderJean-MichelBasquiatCecilyBrownYoshitomoNaraAyakoRokkakuBanksy1JeffKoonsSharaHughesKeithHaringLoieHollowellCarolineWalker500450400350300250200150100500MaleFemale41Description:BetweenJuly2022andJune2023,thecombinedrevenueofthefivemalecontemporaryartistsrecordingthehighestauctionresultsamountedtoroughly454millionU.S.dollars.Revenuefrom