Young, Emerging Artists Drive Art Market Skyward
What’s evident from recent big sales of contemporary art is that booming equity markets and low interest rates are driving collectors to spend, and they seem to be most interested in works by younger and more diverse artists.
In London earlier this month, nine of the 10 top-performing artworks—that is, pieces that surged past their estimate ranges by the largest amounts—were by artists younger than 45, the London art market analysis firm ArtTactic found in analyzing the results of evening post-war and contemporary art sales at Sotheby’s, Christie’s, and
Phillips.
And out of 13 auction records achieved by artists at the evening auctions last week, nine were from this “young, on-the-rise” group, ArtTactic said in its analysis.
Among them was Flora Yukhnovich, a London-based painter born in 1990, whose I’ll Have What She’s Having, 2020, realized £1.85 million (US$2.54 million), a record auction price (without fees) for the artist, according to ArtTactic. The result was multiples of the pre-sale estimate range between £60,000 and £80,000.
This group of artists were a “crucial component” to the sales, accounting for 23% of total value, up from 12% last year, the firm said. Their importance was most evident at Phillips—which has a focus on contemporary art and design—with 30% of the total sales value generated by younger artists at their evening sale on Oct. 15, ArtTactic said.
“There is still a lot of energy and interest around that sector of the market—emerging artists and artists of color whose work is driven by identity and personal narrative,” says Drew
Watson,
art services specialist at Bank of America Private Bank.
Overall, the art market has been supported by a consistent bull run in stock markets, providing more discretionary income, for those wealthy enough to own stocks, to spend on art. Low interest rates help, too, as investors aren’t distracted by income-producing securities, and art, which doesn’t provide an income stream, has the potential to appreciate, Watson says.
Total sales of at £130 million (US$179 million) at the three evening contemporary auctions in London were 7.5% higher than results in 2019—pre-pandemic—and up 27% from a year ago, according to ArtTactic.
The London auctions were the same week as Frieze London and Frieze Masters, which reported “swift sales and major placements,” with many participating galleries, including
Stephen Friedman
and
Gagosian,
reporting they had sold out their booths.
While many of these sales were of works by artists older than 45, works by women and artists of color seemed to dominate interest.
Stephen Friedman sold
Austin
-based artist
Deborah Roberts
’ figurative collages that the gallery says “depict the complexity of black subjecthood and explore themes of race, identity, and gender politics,” for prices ranging from US$125,000 to US$150,000. Gagosian, meanwhile, sold Los Angeles-based painter Jennifer…