Galleria Continua, Frieze Seoul, 2023
Dee Jefferson, former digital arts editor with the ABC, recently interviewed me for a feature article on the changing face of the art market and why it's a good time to invest in young Australian women artists.
While we wait for publication, I thought it may be instructive to share some of the questions and my brief responses.
How do you see the art market changing currently?
Possibly one of the most dramatic changes in the art market, from a global perspective, is the rise of a new young, confident, monied and well-educated collector, who are ‘chasing’ artists from their generation. There’s nothing new in this; art historically there is precedent for collectors acquiring works by their own generation. But what is unique in the contemporary scene, is the rate and ‘fervour’ of acquisition.
There has also been a definite shift in the reasons behind people buying art; a decade or so ago it was all about investment in art, (which at times unfortunately slipped into completely untenable notions of ‘doubling your money’ within a certain time period); now we’re seeing a notable shift in a genuine desire to build a collection, and perhaps a more ‘curatorial’ approach to acquisition, and the ‘investment’ aspect now, is actually the collector themselves, expending time and energy in seeking professional advice and working in concert with their advisor to develop a collection over a period of time. This is type or style of collecting is emanating predominantly from this new class of collector.
Investment is still a consideration - it stands to reason, that with greater engagement and building of knowledge of the art market by collectors – new and established – mercantile factors or the dollar value will still hold some sway as far as acquisition is concerned, albeit a secondary consideration.
What have you observed about the movements within the market & women artists:
With so many initiatives, re-assessments, edits and realignment of curatorial strategies, within the museum, gallery and auction sectors, across the globe, over the last few years, women artists have really been thrown under the spotlight. Some examples:
we are seeing curated auctions comprising only women artists – examples here in Australia -would be Leonard Joel’s now annual auction; and Deustcher & Hackett had a dedicated sale in November 2021;
we’ve observed some tightly curated exhibitions at museums focussing solely on women artist;, a recent and Australian example, was the “Know My Name” group exhibition, an initiative, but perhaps more a commitment, by the NGA;
Indigenous Australian artist, Sally Gabori received the international survey treatment with the superbly curated exhibition at the Fondation Cartier pour l’art contemporain in Paris last year;
and let’s not forget about publishing – every woman working in the arts should now have Katy Hessel’s The Story of Art Without Men on their desks, perhaps in lieu of Gombrich’s; other examples in this sector include Catherine McCormack’s “Women in the Picture” and “Great Women Painters”published by Phaidon.
and finally, women collectors and in particular those that have focussed on work by women artists, are also being propelled into the spotlight; although this is perhaps more prevalent in Europe and the States.
So, we’re in a type of watershed moment, long overdue, in recognising women artists and their position throughout history and within the contemporary art market.
Clearly it is due in no small part to a confluence of world events – think “#Me#Too as just one example -plus the changes happening in the art market across the sectors, which have really opened the doors for many young women artists. Dealers, gallerists and museum curators are also picking up on this buoyancy and adapting or changing their programs accordingly.
What is also interesting is how quickly this demand for ultra-contemporary work, especially by young women artists is developing, and its direct impact on collector behaviour and therefore the market.There are numerous examples of young women artists having had only 8 - 10 exhibitions behind them, selling at what I would term fairly moderate price levels, and then suddenly they’re picked up by one of the major, globally-based galleries, and their prices have escalated into 6 figures.
It’s another discussion, but I would caution collectors considering these ultra-contemporary artists; the trick is to discern which artist is here for the long term, the tenure of their gallery presentation, and therefore the future stability of their market. Right at this point, there are unfortunately a few artists whose market is about to be severely compromised.
Thaddeus Ropac, Frieze Seoul, 2023
In Australia, are we seeing a tilt towards ultra-contemporary women artists?
I haven’t observed the same fervour or enthusiasm for purely “ultra contemporary women artists”
There is definitely an uptick in the breadth of interest in contemporary art within Australia – but apart from curators and institutions and some publishers – the momentum for this category, as described, is not on the same level as that internationally.
But what I would say, is that there is a strengthening interest in women Indigenous artists – and this is being played out in values and acquisitions across the primary and secondary markets.
What kind of mediums are dominating the contemporary art scene?
Abstract art or abstraction is predominantly the most sought after and acquired of the genres. And we can break that down into:
(i) pure abstraction;
(ii) gestural abstraction: and
(iii) surrealist abstraction.
Globally, there’s a clear leaning by young female artists for a style which I would describe as derivative of surrealism, which is abstracted back, and finessed to suit the composition or their thematic concerns.
Here within Australia, I would suggest there’s a strong return to pure abstraction and the materiality of the work, and with regard to women artists, a diffused, gestural figuration.
We are also observing, again on a global scale, a strong interest and use of textiles either used as the main medium of a work, or incorporated in some manner – but in either manifestation, it’s a clear nod to ancient practices.
Ceramics are being embraced by a number of practitioners – and elevated if you like, way above the previous and archaic category of ‘craft’.
And light works have become far more prevalent in the contemporary art scene.
Where are collectors buying: galleries, auctions, online?
Post-covid we now have so many options in terms of acquisition –
The art fair juggernaut has responded to the changes in the art market, post-covid, and there seems to be a subtle shift in how these entities are now accommodating these new developments and the changing persona of collector.
In this year alone at ABHK, Frieze Seoul and KIAF also in Seoul, I observed a clear appeal for younger collectors, in terms of the VIP programs, the nature of artwork on display and how it was presented. And it was also very clear that this demographic was keen to buy; which is not to suggest that the more established collector is avoiding art fairs; that’s not the case.
Of course, the digital world is a second home for the younger demographics, and so buying online – whether from an arts platform or via auctions or galleries online -has become a core part of the collecting journey.
Not surprisingly, Instagram is probably one of the highest viewed platforms for discovering new artists.
There is some distinction between the generations, in terms of how they acquire artworks. The older more established collector appears to acquire from galleries and auction houses, in person; whereas the younger generation of collector is comfortable to transact online or via email.
What are some names you’d count as rising stars?
Investment Artists / UK / US Art market:
Flora Yukhnovich
Ewa Juszkiewicz
Cristina Quarles
Anna Weyant
Jade Fadojutimi
Sarah Ball
Emma McIntyre
Investment Artists / Asia Art Market:
Lee Jinjun
Wang Xiyao
Li Hei Di
Zhang Zipiao
Artists of interest from a curatorial perspective / Australia, NZ art market:
Mia Middleton
Jenny Topfer
Tia Ansell
Hannah Gartside
Megan Streader
©Catherine Asquith 2023