The Potential Future Trends in the Art Market: A Shift Towards Marginalized Artists
If one were to analyze the key points of the text, it becomes clear that a potential future trend in the art market is a shift towards marginalized artists. The market for well-established artists like Christopher Wool, Jeff Koons, and John Currin has been on a downward trajectory, while artists from underserved communities, such as Rashid Johnson, Alvaro Barrington, and Che Lovelace, are gaining attention and setting records at auction. This shift is reflective of the broader movement within the art world towards diversifying collections and giving visibility to artists of color and women.
A Changing Landscape for Blue-Chip Artists
Blue-chip artists like Christopher Wool and Jeff Koons, who once commanded high prices on the primary and secondary markets, are now facing challenges. Wool’s sales at auction have decreased by 25 percent since its peak in 2013, and Koons has experienced production delays and a slump in his market. Even renowned artist John Currin has seen a decline in his market value. These struggles could be attributed to a general downturn in their markets and a lack of interest from collectors.
The Rise of Marginalized Artists
A significant shift in the art market is the rising prominence of artists from underserved communities. Younger artists of color, including Rashid Johnson, Alvaro Barrington, and Che Lovelace, are gaining recognition and sales. In a 2023 survey of works bought by collectors in the ARTnews Top 200 list, a majority of non-historical works purchased were made by these artists. Furthermore, Black artists like Julie Mehretu, Simone Leigh, and El Anatsui have set records at auction, indicating a growing interest in their work.
The Influence of Institutions
This shift towards marginalized artists is not only seen in the market but also in institutions. Museums and auction houses are diversifying their offerings by introducing more works by women and artists of color. The increased visibility and recognition of these artists in institutions have contributed to their growing market value. Artists like Simone Leigh have had their work exhibited in museum group shows and traveling surveys, indicating a broader recognition and acceptance within the art world.
Future Predictions and Recommendations
Considering the cyclical nature of the art market, it is likely that there will be a rebound for artists like Koons and Wool in the future. However, it is crucial for collectors, institutions, and the market to prioritize both emerging and established artists from underserved communities to ensure a comprehensive and culturally relevant collection. The art market should narrow its focus to a more limited number of artists from these communities and potentially reconsider certain established non-marginalized artists. Ultimately, the long-term goal should be to prioritize originality and quality, regardless of the artist’s background.
Conclusion
The potential future trends in the art market indicate a shift towards marginalized artists. Well-established artists like Christopher Wool, Jeff Koons, and John Currin are experiencing a decline in their markets, while artists from underserved communities are gaining recognition and setting records at auction. This shift reflects the broader movement within the art world towards diversification and giving visibility to artists of color and women. To ensure a comprehensive and culturally relevant collection, collectors, institutions, and the market should prioritize both emerging and established artists from underserved communities. By doing so, they can contribute to a more inclusive and vibrant art market.
“Some of my clients, for example, are now prioritizing both emerging and established artists from these underserved groups to ensure they have a comprehensive and culturally relevant collection.” – Adam Green, Art Adviser and ArtTactic Podcast Host