Affordable Art Prevails in a Changing Contemporary Market
As the global contemporary art market recalibrates, a compelling shift is taking place - one where affordability trumps prestige. According to the 2025 Hiscox Artist Top 100 (HAT 100), the once turbocharged sector for post-2000 artworks has slowed considerably, yet lower-priced pieces are thriving, suggesting a more grounded, democratised future for collectors and creators alike.
The headline figures paint a sobering picture for investors: auction sales for post-2000 artworks dropped by 27% from 2023 to 2024, falling to $698 million. This downturn mirrors a broader cooling trend, with resale returns also slipping into negative territory. For many, the speculative frenzy that once defined the market has faded. Yet, amid the turbulence, the market for affordable art is hitting new highs - a silver lining in an otherwise overcast outlook.
Five Key Takeaways:
Affordable art is thriving: While overall sales slumped, demand for works under $50,000 surged by 20%. This marks a decisive pivot towards value-conscious collecting. More than just budget buying, it reflects a philosophical return to art appreciation over asset speculation. The appetite for accessible art is growing, expanding the pool of collectors and creating new opportunities for lesser-known artists.
Speculation is out, thoughtful collecting is in: High-value sales declined 41%, and younger artists, once the darlings of market speculation, saw a 49% drop in value. This indicates a maturing market less reliant on hype and more focused on long-term significance and personal resonance.
Women artists gain ground: Despite a 29% dip in total sales value, women artists expanded their presence in the HAT 100, now making up nearly a third of the list. Notably, Cecily Brown, Lynette Yiadom-Boakye, and Claude Lalanne entered the top 10. Additionally, the number of women with works at auction rose by 13%, signalling meaningful, if still uneven, progress in representation.
Top artists still dominate market value: The top 100 artists generated 77% of contemporary art sales by value, even though they accounted for just 20% of the total lots sold. Yayoi Kusama retained her number-one spot with $59 million in sales, despite a notable decline from her 2023 high. François-Xavier and Claude Lalanne also made dramatic climbs in the rankings, reflecting shifting collector tastes.
The market is growing, just not where expected: Surprisingly, the number of artworks sold rose by 5%, and the number of artists selling increased by 12%, both record highs. This growth, driven largely by smaller transactions, suggests a more inclusive and dynamic market at the grassroots level—even as top-tier investment wanes.
The post-pandemic art market is undergoing a profound reset. While the glamour of multimillion-dollar sales dims, a more democratic, values-driven ecosystem is taking root. Collectors are looking beyond prestige, embracing affordability, diversity, and authenticity. This may well be the beginning of a healthier, more sustainable future for contemporary art.
Image credit: Brice Marden's Complements sold at Christie's New York in July 2020
