--- title: Why 2022 could be a massive year for art - The Hustle description: The sale of Andy Warhol’s Marilyn Monroe kicked off what could be a massive year for art. image: https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/223309331-HS-News-Brief_2022-05-11T223627.051Z.webp --- # Why 2022 could be a massive year for art ![Rob Litterst](https://thehustle.co/wp-content/uploads/2023/01/Rob-Litterst-pic.png?width=48&height=48&name=Rob-Litterst-pic.png) [Rob Litterst](https://hs-sbup.thehustle.co/author/rob-litterst) [Rob Litterst Twitter profile ](https://twitter.com/robbylit) Published: May 12, 2022 Updated: October 11, 2023 The 2 most expensive pieces of American art to sell at auction were created by a pair of old Greenwich Village pals. ![Why 2022 could be a massive year for art](https://hs-sbup.thehustle.co/hs-fs/hubfs/The%20Hustle%20News/Assets/Images/223309331-HS-News-Brief_2022-05-11T223627.051Z.webp?width=595&height=400&name=223309331-HS-News-Brief_2022-05-11T223627.051Z.webp) In 2017, Jean-Michel Basquiat’s “Untitled” (1982) sold for **$110.5m**, setting the record for an American work. On Monday, Andy Warhol’s “Shot Sage Blue Marilyn” [shattered](https://www.nytimes.com/2022/05/09/arts/design/warhol-auction-marilyn-monroe.html#:~:text=In%20under%20four%20minutes%20of,work%20of%20art%20at%20auction.) Basquiat’s record, selling for **$195m, **per *The New York Times*. #### **The purchase…** … kicked off a 2-week auction marathon with an estimated **$2.6B** on the line. And expectations are high — Warhol’s record-breaking painting sold in 4 minutes, proving that, despite a terrible stretch for the stock market, there’s still an appetite for iconic paintings. After weathering a turbulent 2020, the art market bounced back with a massive recovery in 2021. A recent [report](https://news.artnet.com/market/art-market-trends-2022-2090938) from cultural economist Clare McAndrew attributes the rebound to several factors, including some new trends: - **Online sales,** which accounted for 20% of total sales in 2021 - **NFTs,** which pulled new buyers into the fold — 78% of Sotheby’s NFT bidders were new to the auction house, and 50%+ were under 40 This contributed to $65B in total sales for auction houses selling art and antiques — up 29% from 2020, and eclipsing 2019’s total as well. #### **But 2022 could be bigger** One reason? Art is often viewed as a [hedge](https://observer.com/2021/11/how-rising-inflation-rates-could-be-creating-an-art-world-buying-frenzy/) against inflation, which is near [40-year highs](https://www.theguardian.com/business/2022/may/11/us-inflation-consumer-price-index-figures). Another reason is an influx of pieces from some big-time names, including: - **Basquiat,** whose [billboard-sized](https://news.artnet.com/market/yusaku-maezawa-basquiat-2078087) “Untitled” is worth an estimated $70m - **Mark Rothko,** who has 2 paintings going on auction estimated at $145m combined - **Jackson Pollock,** whose “Number 31” has an asking price of $45m+ So, why are there so many heavy hitters on the market this spring? According to one expert, it’s pretty simple — looking at the market’s performance these last 2 years, sellers believe it’s a good time to sell. 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