Artists with Highest Value Appreciation Over 35 Years

A study published by Milano Finanza for its 35th anniversary analyzed the art market from the early 1980s to 2021, revealing the artists whose works appreciated most in value. Jean-Michel Basquiat leads with an average value increase from €30,000 in 1986 to €13 million in 2021, a gain of over 43,000%. In 2021 alone, 12 of his works sold for over $10 million at auction. Jeff Koons ranks second, with a 25,614% rise from €35,000 to €9 million. Gerhard Richter is third, with values climbing from €70,000 to €16 million. Andy Warhol placed fourth (€40,000 to €6 million), David Hockney sixth (€50,000 to €3.5 million, +6,900%), and Cy Twombly tenth (€90,000 to €4 million). Among Italian artists, Piero Manzoni ranks fifth overall with an 89,650% increase from €40,000 to €3.5 million. Michelangelo Pistoletto and Alighiero Boetti both saw a 6,566% rise, reaching €2 million and €800,000 respectively. Lucio Fontana appreciated 5,900%, from €50,000 to €3 million. The research highlights the resilience and growth of the art market post-pandemic, especially at the top tier.