Contemporary Japanese artist Yayoi Kusama kicked financial ass in 2023, outshining former leading revenue-maker David Hockney in total art sales!
Last year was a sweet ride for Kusama, the powerhouse behind those trippy paintings and mind-bending installations you can’t help but get lost in. She raked in a whopping $80.9 million at auction, leaving Hockney eating her dust as she snatched the crown for the top-selling contemporary artist of 2023. Hockney, who held the title in 2022, had to settle for second place this time, pocketing a mere $50.3 million in sales.
Kusama’s big hitter in 2023? A Flower (2014), a piece that fetched nearly $10 million at a Christie’s auction in Hong Kong. Not bad for a 95-year-old, huh? Robert Read, head honcho of art and private clients at Hiscox, called her a trailblazer, reminding us all that age ain’t nothing but a number.
But hold up, it’s not just Kusama stealing the spotlight. Ladies in the art world are stepping up big time. Over the past five years, there’s been a jaw-dropping 179 percent spike in works sold by female contemporary artists. And in 2023, these boss ladies made up 32 percent of contemporary sales, up from 29 percent. You go, girls!
And guess what? While the art market took a bit of a hit overall, sales of art by women only dipped 8 percent, compared to a hefty 20 percent plunge for the guys. Talk about smashing the patriarchy!
But hey, it’s not all sunshine and rainbows. Turns out buyers are playing it safe, sticking to the tried-and-true instead of taking a gamble on fresh talent. Art fresh off the easel—dubbed “wet paint” works—saw a steep 36 percent drop in value last year. And those young guns? Yeah, they’re struggling to make bank, with less than half of artists under 45 seeing their work sell above expectations.
So, what’s the verdict? Art trends move faster than a TikTok dance challenge, and while flipping is still a thing, it’s not as lucrative as it used to be. The market’s gone soft, especially for the up-and-comers who are watching their prices take a nosedive. Tough break, kiddos.
GLOBAL GRAPHICA 