ArtTactic and Artscapy have released their latest market analysis report, titled “Wet Paint,” which focuses on three transformative trends in the art world from 2015 to 2024. Drawing on auction data from Christie’s, Sotheby’s, and Phillips, the report provides valuable insights into how speculative buying has influenced and reflected art market trends.
One of the key findings of the report is the notable shift towards gender parity in the art market. The data shows that female artists now account for 41.3% of the sales value among “wet paint” artists, indicating a growing disregard for gender in speculative buying and selling decisions. This marks a significant departure from previous trends, where male artists received disproportionate attention.
This shift towards gender parity is particularly evident among younger artists, with women experiencing greater visibility and demand, especially in prominent auctions. While the speculative nature of “wet paint” sales may not provide long-term market stability for artists, this trend reflects a positive shift in the market, recognizing the potential of female artists to achieve pricing trajectories on par with their male counterparts.
Another key finding of the report is the close correlation between speculation and overall market trends. As the art market experienced a surge between 2015 and 2021, speculative buying also soared, particularly in the “wet paint” segment. However, with the market cooling in the post-pandemic period, speculative buying saw a sharp decline, from a record high of $215.2 million in 2021 to $29.7 million in early 2024. This data highlights the procyclicality of speculative buying and the general market, emphasizing the co-dependence of a market where speculation can take place.
The report also confirms the enduring appeal of established, sought-after artists such as Cecily Brown. Despite fluctuations in market enthusiasm, these artists maintain a loyal collector base willing to invest in their latest works. This suggests that established names with strong brand value can sustain demand through market shifts and even speculative trends, providing stability in the market.
The “Wet Paint” report also sheds light on the speculative boom among young contemporary artists, particularly in the post-pandemic period. However, demand for these artists, including Jadé Fadojutimi and Flora Yukhnovich, slowed significantly in 2023 and 2024.
Alessandro De Stasio, Founder and CEO of Artscapy, commented on the report’s findings, stating, “While speculative behaviors can be detrimental to artists, particularly those in the early stages of their careers, I interpret the findings of this report as signaling a positive shift towards a healthier and more equitable art market – one where art is valued for its intrinsic merit and cultural relevance, increasingly free from biases related to gender, nationality, or ethnicity.”
Anders Petterson, CEO and Founder of ArtTactic, also shared his thoughts on the report, stating, “As we approach 2025, the global art market is recalibrating, with speculative trends from recent years beginning to wane. This reset opens the door for collectors and investors to reconnect with the market.”
The “Wet Paint” report, in collaboration with Artscapy, provides valuable insights into the current state of the art market and its speculative trends. As the market continues to evolve, it is crucial to monitor and analyze these trends to promote a healthier and more equitable art market in the future.
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.