Ultracontemporary Art Market: Trends, Records, and Risks for Young Artists

The art market in 2022 was heavily influenced by the ultracontemporary movement, with Sotheby's, Christie's, and Phillips conducting auctions for artists under 40 years old. This surge in interest followed the NFT boom of 2021, resulting in a high demand for works from artists predominantly born in the 1990s. Significant sales included Flora Yukhnovich's Boucher's Flesh (2017) and Nobody Puts Baby in the Corner (2018) at Sotheby's, fetching nearly €5 million; Anna Weyant's Summertime at Christie's for $1.5 million; María Berrío's The Riders II at Phillips for £809,000; and Christina Quarles' Bits n' Pieces at Sotheby's for over $1.5 million. The strongest demand is noted in Asia, especially Hong Kong, raising concerns about a potential 'disposable' market trend that may continue into 2023 as Phillips and Christie's expand in the region.