Miami— October 6, 2021— In the 21st century, contemporary art has become the primary growth driver of the global art market. Worth just under $2 billion in auction turnover – versus less than $92 million in 2000, the contemporary segment accounts for 15% of the global art market¹. Over the last three years, we have seen a particular surge in auction sales by young contemporary artists–How strongly aligned is the auction market with an artist’s cultural value? Can artists commercially succeed in the art market without the support of a solid cultural infrastructure? These are the questions that ArtTactic, the London-based art market research firm, tries to answer in their Top 100 NextGen Artists Report 2021.

ArtTactic’s report, based on artists under the age of 45 in 2020, who had the highest total auction sales of the same year. Additionally, the study collected important cultural data such as education, exhibitions, institutional and museum support, gallery representation, and social media following. With these standards in consideration, the report ultimately presents a synthesized Top 100 NextGen Artist rank that combines ‘auction performance rank’ with artists’ ‘cultural rank.’ The analysis reflects a strong balance between auction momentum and a healthy primary and institutional market, with both categories equally weighted.

There are many interesting revelations in ArtTactic’s report. For instance, among the “Top 100 NextGen artists” of 2021, wet painting sales, which are recently produced artworks within three years or less, sold on average more than double their mid-pre-sale estimates, totaling $24.5 million during the first half of 2021. Ghanaian artist Amoako Boafo, one of Tresart’s featured artists, was the joint top-selling artist by volume, with seven recently produced artworks sold in H1 2021, achieving $2.9 million. Boafo, one of five African artists in the list, boasts a remarkable participation in eight museum exhibitions in a five-year period. Another interesting insider view is that the gender gap is closing for younger generations. Top NextGen female artists saw a 72.8% increase in sales value in the first half of 2021 with $42.3 million in total sales, which means that the average price for artworks by female artists has hit a new high at $414,689, representing a 150.7% increase compared to the entire year of 2020.

At Tresart we strive to bring our clients the best guidance analyzing the art market and enabling our clients to grow their collections in an educated and strategic manner. Contact us to learn more about Tresart’s insider views and featured artists ranked in ArtTactics Top 100 NextGen artists: Jonas Wood, Nicolas Party, Amoako Boafo, Josh Smith, Eddie Martinez, Katherine Bernhardt, Tschabalala Self, Julie Curtiss, and Toyin Ojih Odutola.

Photo: Detail of ArtTactic’s Top 100 NextGen artists cover art.

¹Retrieved from The Contemporary Art Market Report 2020 at Art Price, The contemporary at rush on October 1st, 2021. https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2020/the-contemporary-art-rush