Art Market Trends: Evolving Preferences from Ultra-Contemporary to Old Masters
The art market is experiencing notable shifts in trends, with a transition from ultra-contemporary works to a renewed interest in old masters. These developments are explored in the Artnet Intelligence Report Mid-Year Review 2023, which offers valuable insights into the current state of the art world.
The ultra-contemporary art category, encompassing works by artists born after 1974, has seen a surge in value for artists like Matthew Wong, Jonas Wood, and Adrian Ghenie. Wong’s unsettling landscape piece, River at Dusk, fetched an impressive price of $6.7 million, representing a significant increase from its previous auction appearance. However, the ultra-contemporary category faces some challenges as the NFT bubble bursts and buyers become more cautious. Only the top four works in this category would have made the cut in the previous mid-year report.
Music continues to influence the contemporary art category, which includes artists born between 1945 and 1974. Paintings inspired by songs or album covers by artists like Charlie Parker, Pink Floyd, and John Hiatt have gained prominence. Notably, the estate of the late music executive Mo Ostin sold works by Jean-Michel Basquiat and Cecily Brown at Sotheby’s, reflecting a shifting tempo in the market. While familiar international artists still dominate, price expectations are changing.
Contrary to expectations, Pop artist Andy Warhol was conspicuously absent from this season’s evening sales. Auction executives expressed disappointment over the lackluster inventory, and collectors seemed to concur. The highest-selling lot in the past six months was Louise Bourgeois’s bronze spider sculpture, reaching an impressive price of $32.8 million. However, it would have only placed seventh in last year’s rankings, indicating the challenges in the postwar market for artists born between 1911 and 1944.
The secondary market for photography has experienced a softening in recent years, with prices decreasing for renowned artists like Andreas Gursky and Richard Prince. However, this perception should consider that much of the best inventory has shifted to higher-profile contemporary art and single-owner sales, rather than focusing solely on traditional photography auctions.
In the market segment encompassing artists born between 1821 and 1910, rarity and freshness are becoming crucial factors. Paintings that have never appeared at auction before, such as Wassily Kandinsky’s cityscape and Henri Rousseau’s lush river landscape, are garnering significant attention. While this category, known as Imp-Mod, is experiencing some correction following turbulence in the financial markets, discerning buyers are still willing to invest in these masterful artworks.
Old Masters paintings by women continue to attract enthusiasm, but limited inventory and export license requirements in European countries hinder sales volume and prices. Notably, no works by women made it to the top 10 lots this spring. Nevertheless, the Old Masters segment offers relative affordability compared to other sectors, making it an appealing option for collectors.
The art market is constantly evolving, and these trends showcase the changing preferences and dynamics within the industry. As buyers become more discerning and market conditions fluctuate, the art world adapts to new paradigms, ensuring a vibrant and diverse landscape of artistic expression.
Disclaimer: This article is based on the Artnet Intelligence Report Mid-Year Review 2023 and does not constitute financial advice. Please consult with a professional before making any investment decisions in the art market.
