The Hiscox Artist Top 100 (HAT 100) report, released last week, sheds light on the latest trends in the contemporary art market. Here are the key takeaways:
Yayoi Kusama Tops the Charts: The legendary Japanese artist, Yayoi Kusama, dethroned David Hockney to become the top-selling contemporary artist in 2023. Her auction sales reached an impressive $80.9 million.
Yayoi Kusama photographed by Yusuke Miyazaki
Rise of Female Artists: The report highlights a significant increase in female representation in contemporary art auctions. The number of female artists has skyrocketed by 179% in the past five years, and their sales value, though down slightly, remains more resilient than their male counterparts.
Art Flipping on the Decline: While the practice of "flipping" – buying art with the intention of reselling it quickly – remains prevalent, it's becoming less lucrative. Wet paint sales, particularly for younger artists under 45 years old, saw a significant drop in value despite an increase in volume: the value decreased by 43% while the volume increased by 5%. This suggests a softening market and potential challenges for emerging talent.
Younger Artists Face Headwinds: Despite a high number of lots sold, the overall value of works by artists under 45 dropped considerably in 2023. Fewer works exceeded estimated values, and the unsold rate jumped dramatically to 17%.
Cecily Brown, Figures in a landscape 2, 2002, The Broad Collection
The report highlights other noteworthy trends:
- Cecily Brown made a significant leap in the rankings, jumping seven places to claim the fourth spot.
- Julie Mehretu shattered the record for the highest-selling work by an African-born artist with her painting Walkers With The Dawn and Morning sold for $10.7 million at a Sotheby’s auction in New York.
- While female representation at auction increased, the number included in the HAT 100 list itself decreased slightly.
- The number of artists entering the auction market has nearly doubled since 2019.
Julie Mehretu, Hineni (E. 3:4), 2018, Courtesy of White Cube
A Market in Transition: The HAT 100 report paints a picture of a contemporary art market in flux. While established artists like Kusama continue to thrive, younger artists face a more challenging landscape. The decline in flipping activity suggests a potentially more stable market for established artists, but also highlights the risks associated with short-term speculation. The increasing prominence of female artists is a positive trend, but the report underscores the need for further progress toward gender parity.
