The Global Art Auction Market Smashed All Previous Records Last Year

qi baishiBaishi Qi’s record-setting painting

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The final dollar tally for global total art revenue at auction last year completely destroyed the 2010 record.A whopping $11.5 billion was spent on art in 2011, significantly exceeding the $10 billion mark set the previous year. That’s a 21 per cent increase from 2010, according to the French research company Artprice.

The final total was propelled by the “Eagle Standing on Pine Tree; Four-Character Couplet in Seal Script” by Baishi Qi, which sold for $57.2 million in Beijing in May and was the most expensive painting sold at auction last year.

A total of 1,688 pieces were sold above the $1 million threshold, Artprice reported.

The best total sale came on Nov. 9 at Sotheby’s in New York, when the Contemporary and Post-War sale totaled $271.8 million.

DON’T MISS: The Most Expensive Artwork Sold in 2011 >

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