Home Art sale Experts are the most optimistic about the market for young contemporary artists

Experts are the most optimistic about the market for young contemporary artists

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Matthew Wong’s Night Crossing sold for $4.86 million at an auction at Sotheby’s New York in November, against a pre-sale estimate of between $1 million and $1.5 million. Wong, who died in 2019 at the age of 35, was one of the world’s most sought-after young contemporary artists.

Courtesy of Sotheby’s

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Many uncertainties in the global art market emerged at the beginning of 2022, but experts predict that it will continue to grow over the next 12 months or at least remain stable compared to historical levels in the world. last year.

Sentiment differs widely across collector categories, with the market for young contemporary artists earning the most votes of confidence, according to ArtTactic’s Global Art Market Outlook released last week.

Several factors could negatively affect this year’s art market, including the global economic slowdown, rising interest rates, the spread of the Omicron variant of the coronavirus, and volatility in the cryptocurrency market.

Yet nearly half of respondents to surveys and interviews conducted by ArtTactic, a London-based global art market research firm, said they believed the art market would grow in 2022, while that 42% said it should consolidate around last year’s levels. . Only 11 of the experts surveyed predicted that the art market would decline over the next 12 months.

Focusing on the contemporary art collection, 75% of respondents believed young contemporary artists (those under 45) would gain more momentum, while around 50% of experts predicted an upward trend for top notch and established contemporary artists, according to the report.

Last year, the market for young contemporary artists recorded the strongest growth. Sales in this category from the three major auction houses Christie’s, Sotheby’s and Phillips generated $395 million, more than double the $131 million in 2020 and $195 million in 2019, according to the report.

Not only is there a growing presence of a younger generation of art buyers, collectors and investors, but there is also a significant number of young artists entering the auction market. Over the past three years, more than 800 young artists have had an international auction presence, according to ArtTactic.