After years of soaring interest in emerging artists during the pandemic, the November auction sales in New York show a significant shift. Collectively expected to generate $1.6 billion across Sotheby’s, Christie’s, and Phillips, the focus appears to have pivoted toward established names, with works by artists born in the 1980s and ’90s taking a smaller share.
For example, Phillips’ contemporary art evening sale last November featured six artists from the ’80s and ’90s valued at $1.12 million, representing 2% of the $70 million total. This year, that figure has dropped by 50% to $540,000, making up just 1% of the projected $62 million. In contrast, in 2022, this segment represented $7.1 million—or 5%—of Phillips’ total sales.
Harry Smith, CEO of Gurr Johns, described the trend as a “needed reset,” pointing out the market’s prior overreliance on younger artists to drive revenue growth. Notably, only six artists born in the 1990s are included in the upcoming contemporary evening sales, with another five from the 1980s. Among the youngest, Li Hei Di and Pol Taburet are debuting at auction, with their works first gaining traction in exhibitions such as François Pinault’s Paris showcase earlier this year.
Artists like Jadé Fadojutimi, a frequent presence in ultra-contemporary categories, saw their market peak in recent years. However, recent auction results suggest cooling interest, with one of her paintings failing to sell at Christie’s London last month.
This decline reflects broader market shifts, as galleries navigate fluctuating demand and collectors move toward more stable investments. A UBS and Art Basel report showed a 32% drop in average collector spending on individual works in 2023, signaling a return to slower-paced buying habits.
Megan Fox Kelly, a New York art adviser, noted in an email to ARTnews, “The focus has shifted to steady, stable buys,” with many clients seeking works priced under $700,000, traditionally the domain of ultra-contemporary artists.
As the spotlight dims on emerging talent, the art world anticipates where collectors’ focus will turn next.