Young Artists Dominate Auction Market as Demand Surges
During the latter half of 2021, the secondary market experienced a transformation due to the rising interest in emerging artists. At Phillips London in October, Serge Attukwei Cottey's piece soared from £30,000 to £340,200, Flora Yukhnovich's Tondo increased from £40,000 to £529,200, and Jadé Fadojutimi's Myths of pleasures achieved £1,172,200. On October 14 at Sotheby's London, Yukhnovich's I'll Have What She's Having sold for £2,253,500. The following day at Christie's London, Emily Mae Smith's Paint While Screaming reached £119,000. Leading the bidding, Hong Kong saw Smith's Broom Life sell for HK$12,350,000 in June. This trend is fueled by younger collectors, FOMO, and engagement with contemporary issues, with future auctions likely to reflect this momentum.
Key facts
- Jadé Fadojutimi's Myths of pleasures sold for £1,172,200 at Phillips London, exceeding Max Ernst's Pyramid Lake at £627,000.
- Flora Yukhnovich's I'll Have What She's Having fetched £2,253,500 at Sotheby's London, 37.5 times its £60,000 estimate.
- At Christie's London, Emily Mae Smith's Paint While Screaming rose from £20,000 to £119,000, and Hilary Pecis's Kaba on a Chair reached £225,000.
- Hong Kong is the leading market for young artists: Amoako Boafo's Baba Diop sold for HK$8,890,000 at Christie's Hong Kong in December 2020.
- Emily Mae Smith's Broom Life set a record at Phillips Hong Kong in June 2021, selling for HK$12,350,000.
- New collectors under 50, influenced by pandemic-driven independent research, are driving demand for emerging artists.
- FOMO and limited supply of works by young artists are key economic factors behind soaring prices.
- Charitable sales by artists like Rashid Johnson and Cecily Brown are boosting market interest in socially engaged art.
Entities
Artists
- Serge Attukwei Cottey
- Flora Yukhnovich
- Jadé Fadojutimi
- Max Ernst
- Emily Mae Smith
- Hilary Pecis
- David Hockney
- Amoako Boafo
- Salman Toor
- Loie Hollowell
- Lynette Yiadom-Boakye
- Rashid Johnson
- Cecily Brown
- Nicolas Party
- Antonio Mirabelli
Institutions
- Sotheby's
- Christie's
- Phillips
- Whitney Museum of American Art
- CORE (Community Organized Relief Effort)
- ClientEarth
- Artribune
Locations
- London
- United Kingdom
- Hong Kong
- China
- New York
- United States
- Ghana