NextGen Artist Monitor – Outlook 2023
- Analyst: James Cocksey
- Pages: 6
- Access: Tracker
This new report revisits the 19 NextGen artists that we have covered since September 2020, and includes both primary and auction market updates, as well as expert views on the outlook for these artists’ markets over the coming 12 months.
Over the last three years, we have seen a significant increase in demand for artworks by a younger generation of artists. Auction sales in 2021, generated a record $396 million, up from $131 million during the 2020 pandemic. However, last year, auction sales of NextGen artists declined by 23%. The drop in auction sales was particularly noticeable in Hong Kong, which saw sales of NextGen artists shrink by 55% in 2022. This raises questions about the interest and commitment of Asian buyers in the coming 12 months. Could this be an early indication of a market in decline or are we just entering a new phase in this market?
This new report includes the full ranking and market updates on the 19 young artists.
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