ArtTactic, in collaboration with Artscapy, has unveiled its latest market analysis, the “Wet Paint” report, which examines three significant trends in the art world from 2015 to 2024. Drawing on extensive auction data from leading houses Christie’s, Sotheby’s, and Phillips, the report offers insights into how speculative buying has both influenced and reflected art market trends. Key findings also highlight a notable shift towards gender parity and the enduring impact of iconic artists who continue to capture the attention of collectors and investors.
Gender Parity on the Rise
The “Wet Paint” report sheds light on a significant shift in market dynamics, with a growing gender parity in the art world that has even extended to speculative sales. According to the report, female artists now account for 41.3% of the sales value among “wet paint” artists, indicating a shift towards disregarding gender as a factor in buying and selling decisions. This marks a departure from previous trends, where male artists received disproportionate attention.
The shift is particularly evident among younger artists, who are experiencing increased visibility and demand, especially in prominent auctions. While the speculative nature of “wet paint” sales may not contribute to long-term market stability for artists, this trend reflects a positive shift, signaling the market’s recognition of female artists’ potential to achieve pricing trajectories on par with their male counterparts.
Speculation Reflects Market Trends
The “Wet Paint” report also highlights the close correlation between speculation in the art market and the overall market. Between 2015 and 2021, as the market experienced a surge, speculative buying also saw a significant increase, particularly in the “wet paint” segment, which refers to artworks resold within three years of creation. This trend reached a record high of $215.2 million in 2021 before experiencing a sharp decline to $29.7 million in early 2024, coinciding with the general cooling of the art market in the post-pandemic period. Interest in emerging artists also mirrored these highs and lows, with sales of younger artists showing significant volatility after 2022. This data not only highlights the procyclicality of speculative buying and the general market but also emphasizes the necessary co-dependence of a market in which speculation can take place.
Enduring Appeal of Sought-After Artists
Despite the speculative nature of the art market, the “Wet Paint” report confirms the enduring appeal of established, sought-after artists such as Cecily Brown. These artists maintain a loyal collector base willing to invest in their latest works, even as market enthusiasm fluctuates. When a “hot” artist emerges, collectors are eager to purchase their new pieces, suggesting that established names with strong brand value can sustain demand through market shifts and even outright speculation. This stability in the work of high-profile artists provides a counterbalance to the more unpredictable sales patterns seen with emerging talent.
Speculative Boom for Young Contemporary Artists
The report also highlights a surge in demand for young contemporary artists, particularly in the post-pandemic period, which saw high levels of speculative buying. Notably, these artists, including Jadé Fadojutimi and Flora Yukhnovich, experienced a significant slowdown in demand in 2023 and 2024.
Alessandro De Stasio, Founder and CEO of Artscapy, commented on the findings, stating, “While speculative behaviors can be detrimental to artists, particularly those in the early stages of their careers, I interpret the results of this report as a positive shift towards a healthier and more equitable art market – one where art is valued for its intrinsic merit and cultural relevance, increasingly free from biases related to gender, nationality, or ethnicity.”
Anders Petterson, CEO and Founder of ArtTactic, also shared his thoughts, stating, “As we approach 2025, the global art market is recalibrating, with speculative trends from recent years beginning to wane. This reset opens the door for collectors and investors to reconnect with the market.”
The “Wet Paint” report was distributed by https://pressat.co.uk/ on Tuesday, 26 November, 2024.