Artist Analysis: David Ostrowski – June 2014
|Report Type||Artist Report|
Auction market prices are quickly outpacing primary market prices: Secondary market prices of Otrowski’s paintings, on average, are more than double confirmed sales by his primary dealer, Peres Projects. The tight control of primary market supply by the artist’s dealers will continue to impact secondary market demand, which will continue at a bullish pace. This should also help sustain Ostrowski’s overall market in the long-term.
Ostrowski’s market could see long-term potential: Although some have grouped the German artist with other millennial “flip favorites,” his cultural value has seen an increase in the past two years. Ostrowski’s work will be featured in a major exhibition at the Institute of Contemporary Arts in London (September 2014).
Relative Value: Auction prices for Ostrowski’s paintings may see a similar trajectory to another millennial artist like Oscar Murillo, whose works have consistently sold in the $200,000 range in the past year and a half despite auction houses’ conservative estimates.
Potential for alienating early collectors: With auction prices for the young artist already considerably higher than his primary market sales, there is growing misalignment between the two markets. Combined with the increase in the speculation of contemporary art, this misalignment has the potential to price collectors, particularly museums, out of Ostrowski’s market. This has the potential to weaken institutional support for his market in the long-term.
Celebrity fades: As an artist new to the auction market, there uncertainty about the longevity of Otrowski’s career and artistic output. With indirect public endorsement of Ostrowski’s work by indie darling Harmony Korine (Spring Breakers) and German supermodel Heidi Klum (who recently tweeted a photo with the artist), Otrowski may become an easy target for critics who rush to pen him as a “flip favorite.”