Last year, many high-profile art sales made headlines: Andy Warhol’s iconic Marilyn Monroe portrait, for example, brought in $195 million, becoming the most expensive 20th-century painting ever sold at auction.

That momentum, however, existed mainly in the high end of the art market, according to a new report. In the lower tiers, the picture was more complicated.

“People thought it would be back to normal in 2022, but the market is markedly different,” economist Clare McAndrew tells the New York Times’ Scott Reyburn. “The high end has rocketed away. It has squeezed the bottom end.”

McAndrew writes the annual Art Basel and UBS Global Art Market Report, which analyzes sales made through auction houses and private dealers. While auction sales are largely public, the report’s information about dealer sales comes from a survey, which had roughly 1,300 respondents this year.

When the pandemic hit, the report found that global art sales dropped to record lows in 2020. The market recovered in 2021—and in 2022, per the latest report, it continued to grow, with sales reaching $67.8 billion.

But last year’s growth is far from straightforward. Even as the art market recovered, its largest players were the main drivers of growth, while lower tiers struggled. 

When it comes to auctions, for example, sales greater than $10 million increased, while sales at lower price points decreased. Christie’s, Sotheby’s and Phillips—all top-tier auction houses—saw record revenues, while 40 percent of mid-tier auction houses reported that they