Blue-chip auction boom contrasts with sluggish market for young artists
The art market is experiencing a split: while blue-chip modern and classic contemporary pieces are achieving unprecedented prices, interest in emerging artists has declined. Christie's $450 million consignment from S.I. Newhouse featured record-breaking sales, including Jackson Pollock's Number 7A at $181 million and Constantin Brâncuși's Danaïde for $108 million. Additionally, Sotheby's fetched $85.7 million for Mark Rothko's Brown and Blacks in Reds. Works from the 20th century were valued at $30 million or higher. Christie's and Sotheby's each had one piece by an artist under 40, while Phillips showcased Anna Weyant's Dinner for $980,400. The ArtTactic Confidence Report highlights a disparity in confidence levels between the secondary (60) and primary markets (45). Gallery closures are largely due to high overhead, though some primary market activity continues, with new platforms emerging to encourage private sales.
Key facts
- Christie's $450m consignment from S.I. Newhouse estate included Pollock's Number 7A ($181m) and Brâncuși's Danaïde ($108m), both setting auction records.
- Sotheby's sold Rothko's Brown and Blacks in Reds for $85.7m from Robert Mnuchin's estate.
- At least 20 lots by 20th-century artists were estimated at $30m or more in New York auctions.
- Sotheby's The Now & Contemporary auction had only 2 works by artists under 40; Christie's had 1; Phillips had 1 (Anna Weyant's Dinner for $980,400).
- ArtTactic Confidence Report: secondary market confidence 60, primary market 45, down from 91 in Feb 2022.
- Collector Alain Servais cited storage costs and pricing gaps as eroding primary market confidence.
- Josh Lilley gallery sold out Nick Goss's show with works at £55,000-£65,000.
- LGD Hammer and Loïc Gouzer's Fair Warning auctions launched to boost private sales; Gouzer sold a Banksy for $18m at Tiffany & Co.
Entities
Artists
- Jackson Pollock
- Constantin Brâncuși
- Mark Rothko
- Pablo Picasso
- Piet Mondrian
- Cy Twombly
- Willem de Kooning
- Andy Warhol
- Roy Lichtenstein
- Jean-Michel Basquiat
- Gerhard Richter
- Anna Weyant
- Nick Goss
- Banksy
Institutions
- Sotheby's
- Christie's
- Phillips
- ArtTactic
- Stephen Friedman Gallery
- Josh Lilley gallery
- Lévy Gorvy Dayan
- LGD Hammer
- Fair Warning
- Tiffany & Co.
- Art Basel Hong Kong
- The Art Newspaper
Locations
- New York
- United States
- London
- United Kingdom
- Hong Kong
- China
- Brussels
- Belgium
- Manhattan
- Waterloo Place
- River Thames