2023 was a year of recalibration in the art world, driven mainly by supply. According to data collected by the specialized publication Artnews, in 2023 Pablo Picasso was the artist who accumulated the highest sales at auction, with US$595.7 million, displacing Andy Warhol, who topped the list in 2022 but in 2023 recorded sales of US$191 million, US$391 million less than the previous year.

How to understand these variations? In this segment of the market, the auctioning of a particular work can completely change the ranking. In the case of Warhol, for example, his arrival at No. 1 was explained by the sale of Shot Sage Blue Marilynwhich fetched US$195 million. In the case of Picasso in 2023, his work Femme à la montre at US$139.4 million, was the most expensive on the market. There was a special atmosphere around Picasso: 2023 marked the 50th anniversary of his death and many exhibitions of his work were held around the world.

The forces driving supply are varied. According to Artnews, these include the presence in the market of large estates that are put up for sale after the death of collectors, as well as broader economic and political factors, such as rising interest rates, exchange rate fluctuations and presidential elections.

A trend observed in 2023 has been the rise of women's works, traditionally undervalued in the art market.. This, says Artnews, is partly due to the decision of some institutional collectors seeking to correct some chapters in art history. The work of expressionist painter Joan Mitchell, for example, reached US$130 million and ranked 12th among the best-selling artists. The sale of her work Untitled for US$29 million set a record for her paintings.