Art Market

The Artsy Advisor Notebook: May 2023

Artsy Editorial
May 5, 2023 6:16PM

In this monthly series, we gather thoughts and highlights from Artsy’s in-house art experts on what they’re seeing, looking forward to, and enjoying in the art world this month.

What We’re Noticing

Reasons to be cheerful

Pedro Pedro
Boots, Sneakers, Heels, 2019
Artsy Private Sales

A stronger and brighter 2023 lies ahead of us. Despite inflation, an economic downturn, global political changes, and sculptures being knocked over at fairs, the art market is thriving.

One reason for this is a younger, eager group of collectors, aged between 35 and 55, with increasing disposable incomes and an urge to create and follow artistic trends that resonate with today’s climate.

Despite limited supply and accessibility to the primary market for these artists, this group of collectors has not been deterred from finding the artworks they desire. They are buying everything from Black figurative pieces to works by LGBTQ+ artists to neo-surrealism and, my personal favorite, vibrant abstract works by young female artists.

The marriage between ultra-contemporary artists and their younger collectors will be the shining light of 2023 and beyond. However, the question among both young and seasoned collectors remains: Will these trends sustain the prices they demand, or are they just trends?

Akanksha Ballaney, Director, Advisory and Private Sales, New York

Warhol wages on

Andy Warhol
Bighorn Ram, from Endangered Species (F. & S. IIB.302), 1983
Artsy Auctions

Andy Warhol’s role as a pioneer of the Pop Art movement continues to attract art collectors and investors alike. In recent prints and multiple sales, his artworks have commanded high prices, which indicates the continued robustness of his market.

At the Phillips New York prints and multiples sale last month, two of Warhol’s works sold above their estimates, with an iconic Marilyn F&S 23 (1967) selling for $241,300 (61% above its mid-estimate), and a Bighorn Ram (1983) from the “Endangered Species” series fetching $222,250 (196% above its mid-estimate). Christie’s also sold a Queen Elizabeth II of the United Kingdom (1985) screenprint for $327,600 (31% above its mid-estimate) in its April prints and multiples sale.

Despite the current climate of uncertainty, Warhol’s artworks continue to be a wise investment choice for collectors looking for long-term growth. With his market showing no signs of diminishing, demand for his artworks is still as strong as ever.

George King, Senior Private Sales Advisor, London

Bustling Busan

Lily Kemp
And the clouds parted , 2022
Duarte Sequeira

Art Busan—the second largest fair in Korea—opened its 12th edition on May 4th with 145 participating galleries from 22 countries at the Busan Exhibition & Convention Center.

The fair has increased its scale by 20% compared to last year, and the venue is larger than any other art fair in Korea, providing a more pleasant experience for visitors to walk around and enjoy the artworks on view. Major local galleries such as Kukje Gallery, Gallery Hyundai, PKM Gallery, and Gallery Baton are participating, alongside international names including Thaddaeus Ropac, Peres Projects, and Duarte Sequeira, which recently opened a space in Seoul. Galleries such as YOD Gallery, FWR Gallery, and Leo Gallery are among the first-time exhibitors.

This year the fair offers an interesting service using AI technology. Visitors can use the Chat GPT-based “Chat Docent” service, which provides information about artworks and artists, and advice on how to walk around the fair venue. The fair’s special exhibition program “Connect” presents 12 exhibitions by artists such as Tatsuo Miyajima, Nanan, Philip Colbert, and others.

Hilary Joo, Sales Representative, South Korea

What We’re Anticipating

Women artists in the spotlight in Artsy’s upcoming auction

Lynne Drexler
Profuse Place, 1967
Artsy Auctions
Lina Iris Viktor
Constellations V Study, 2018
Artsy Auctions

I am very much looking forward to our May auction of post-war and contemporary art. The sale opens with a curated capsule of works by in-demand women artists. As we learned from Artsy’s Women Artists Market Report 2023, female artists made up less than 10% of the total auction market share in 2022. This sale spotlights some of the phenomenal talents that have been previously overlooked, as well as those who are actively working today.

This capsule includes important paintings and works on paper by Abstract Expressionists whose recognition is long overdue, such as Lynne Drexler, Louise Fishman, and Gillian Ayres. Drexler’s Profuse Place (1967) is a personal favorite. The piece is an incredible example from the period when her bold use of color and inventive patch-like brushwork became the techniques by which she brought the natural world to life on canvas.

Two of my other highlights are works by Dindga McCannon and Lina Iris Viktor. Both artists use rich embellishments in their works, furthering the traditions of embroidery while also incorporating African symbolism and mythology. In Yemaya (2015), McCannon used paints, beads, buttons, cottons, crystals, polys, and shells on a hand-sewn fabric quilt to depict the Ocean Mother, a goddess of Afro-Caribbean mythology.

Allison Zuckerman
King, 2017
Artsy Auctions
Katherine Bernhardt
Untitled, 2018
Artsy Auctions

The sale also includes a selection of contemporary talents working across both figuration and abstraction, such as Austyn Weiner, Patricia Treib, Chantal Joffe, Katherine Bernhardt, Sarah Crowner, and more. Crowner’s Leaf-Leags (blue) (2014) is a beautiful, serene work of geometric abstraction and continues the tradition of the textile arts. Crowner sews together angular pieces of already painted canvas and linen, revealing the painting’s composition and construction.

In addition to the above, the auction will feature other incredible works we have by Andy Warhol, Jonas Wood, Joan Mitchell, Chun Kwang Young, Gerhard Richter, Nathaniel Mary Quinn, and many others. The sale will be open for bidding from Thursday, May 11th through Wednesday, May 24th.

Laura Martin, Post-War & Contemporary Auction Specialist, New York

Taipei Dangdai’s triumphant return

Courtesy of Taipei Dangdai.

The bustling Asian art world might seem centered around Art Basel in Hong Kong, but the region’s art scene reaches far beyond that city’s borders, encompassing Korea, Singapore, and, now, the thriving cultural hub of Taipei. Taiwan’s longstanding reputation as a major player in the Asian art market is well-deserved, with a keen eye for regional niches and close ties to collectors.

Wang Jiajia
It won't ever get old, not in my soul, 2022
de Sarthe Gallery

Despite the formidable challenges posed by global economic shifts, the upcoming Taipei Dangdai Art & Ideas fair promises to return with a bang, showcasing a meticulously curated selection of works with a strong emphasis on Asian artistry. The roster of featured artists is nothing short of impressive, with heavyweights like Beijing–based Wang Jiajia with de Sarthe Gallery; the sought-after Mak2 (who had a recent sold-out show in Berlin with Peres Projects); and Li Yuan-Chia’s iconic works presented by Richard Saltoun. HdM Gallery also promises to impress with Lee Jin Woo’s solo exhibition at the fair.

Taiwanese galleries will also bring a diverse array of artists from various periods to the fore, with CHINI Gallery showcasing the inimitable post-war artist Ho Kan; Each Modern displaying the photorealistic paintings of Hilo Chen; and Liang Gallery—a loyal proponent of Taiwanese artists—showcasing LO Chiao-Ling, among other talents.

It’s also notable that more than 20 Japanese galleries will participate in this year’s event. SCAI The Bathhouse, Shinbunkaku, and Imura Art Gallery in the Edge section of the fair are a few of the esteemed galleries that come to mind. It’s another testament to the fair’s growing ambitions in the post-COVID era.

Viola Yao, Account Executive, Taiwan

A flurry of New York fairs

Frieze New York 2022. Photo by Casey Kelbaugh. Courtesy of Casey Kelbaugh/Frieze.

Spring in New York. Longer days, flowers in bloom, and for art world insiders, a flurry of market activity. This year’s marquee season promises six can’t-miss art fairs, top auctions, and some of the best gallery shows of the year.

The season begins with Future Fair. A relative newcomer, now in its third physical edition, the fair opens in Chelsea on May 10th and is known for its display of uber-fresh talent. As you peruse the works on view, expect warm enthusiasm from fairgoers and exhibitors alike. Don’t miss Emily Weiner with Red Arrow Gallery and Pace Taylor with La Loma Projects.

The next day, head downtown to Independent for a high-caliber curation of works by market tastemakers. Don’t be surprised by a cooler environment: The galleries here are vying for institutional placements and top collector acquisitions. My preview picks are Grace Carney at P.P.O.W. and Mette Madsen with STARS Gallery. Later that day, The European Fine Art Fair (TEFAF) opens uptown with a smorgasbord of blue-chip artworks, antiquities, jewelry, and design (and oysters, if you’re lucky).

The following week is colloquially known as Frieze Week, and kicks off with the fair’s New York edition at The Shed, opening May 17th. Here you’ll find the world’s leading galleries—such as Gagosian, Hauser & Wirth, Pace Gallery, and David Zwirner—and a mix of new artist names and market staples. Be sure to spend time with the solo presentations of Naudline Pierre, Jack Whitten, Nan Goldin, and Lauren Halsey.

Round out the week with a visit to NADA and 1-54 Contemporary African Art Fair, which both open for preview on May 18th. NADA is a friendly affair, taking place in Chelsea this year, where new and established collectors alike fawn over emerging artists. 1-54 is the only fair of its kind dedicated to contemporary art from Africa and its diaspora. Now in its eighth edition, the fair is being held in the former Gavin Brown’s enterprise space in Harlem. I am excited to see Turiya Magadlela presented by Kates-Ferri Projects and Johanna Mirabel presented by Luce Gallery.

Caroline Perkins, Private Sales Advisor, New York

The Artists We’re Loving Now

Keith Hopewell, Chaoid. Courtesy of the artist.

Established in 2020 and recognized by the Mayor of London's office as a culturally significant space, 1 Lower Clapton Road is a locally managed East London cultural hub and artist-run cooperative. With eight artist studios, a gallery, and an event space operating to serve artists and underrepresented talent, it’s a piece of Hackney where the social possibilities of art can be explored.

The gallery is currently showcasing a new exhibition of paintings, films, and documentation by Keith Hopewell, an international artist who has been working with spray paint for over 40 years. Hopewell’s polymathic approach to artmaking goes beyond the traditional conventions of spray painting and he has influenced generations within aerosol-related culture and the underground avant garde hip-hop movement.

The exhibition traces Hopewell’s journey through time, space, and place, from his youth growing up in the U.K. to the present day. In the early years of his career, Hopewell developed photorealism techniques using automotive car paint. This allowed him to perfect his understanding of tone and form.

The exhibition features his last remaining work on canvas from this unique period, as well as a previously unshown collaborative work with Rammellzee. Hopewell’s contemporary practice features representational and non-representational pieces, which will be showcased together for the first time.

A selection of films also provides a glimpse into his vast output. Hopewell’s work investigates the relationships between time, people, and place, and the artist has made a lasting impact on those who know his practice.

Itziar Ramos Ricoy, Private Sales Advisor, London

Gwen O'Neil
Midnight Sea, 2022
Anat Ebgi
Gwen O'Neil
Snowflakes Are Dancing, 2022
Anat Ebgi

I discovered Gwen O’Neil’s work at Anna Erickson’s booth during the Untitled Art Fair in Miami last year, and I was immediately captivated: It was no surprise that her booth was sold out before the fair even opened.

During my first visit to O’Neil’s studio, the artist explained how she explores light and color to create abstract depictions of murmurations—the flocking of birds during “fight or flight.” Her canvases, with their small brushstrokes that resemble Pointillism, and vivid use of color, are truly mesmerizing.

O’Neil’s debut solo exhibition, “Wild Mountain Thyme,” will open at Anat Ebgi in Los Angeles on May 13th. I recently had the privilege of previewing the pieces that will be featured, and I was absolutely amazed. Whenever I visit her studio, I am surrounded by an explosion of colors, and it’s evident that the artist’s environment inspires the hues in her paintings. Witnessing her artistic growth over the past six months has been an incredible and rewarding experience.

In addition to her solo show, O’Neil will showcase her work at The Something Machine in Bellport, New York, this October. This year is particularly exciting for her career, and I am eagerly anticipating the incredible work she has in store.

Abby Smidt, Private Sales Associate, New York

This week, P.P.O.W announced the representation of Grace Carney. I’m very much looking forward to seeing Carney’s work in the gallery’s fair booth at Independent New York next week.

Carney’s artistic practice primarily revolves around producing large-scale works on paper and paintings. She draws inspiration from a variety of art historical genres, including Japanese shunga, Baroque, and the Renaissance, as well as contemporary culture and her own experiences.

Her works often portray twisted limbs and contorted musculature, examining the intricacies of physical sensations and delving into the ambiguous boundaries between emotions such as love and anger, submission and aggression, and confinement and movement.

In her gestural oil paintings, Carney embraces the uncertainty and chaos of paint. Often using a limited palette, she typically starts from a point of discomfort or restraint to create intricate compositions that hover between representation and abstraction.

Adriana Almeida, Senior Private Sales Director, London

Moyosore Martins
Alagbawo (The Caretaker), , 2022

Moyosore Martins (also known as Moyo) is an emerging talent in the contemporary art world that has recently caught my eye.

Moyo produces powerful canvases filled with vivid color, raw texture, and symbolism that convey a sense of spirituality and grit. Born in Nigeria and raised in Lagos by Brazilian and Nigerian parents, Moyo immigrated to New York in 2015 and is now based in the Bronx.

I discovered Moyo’s work through TRAFFICARTS, which has been representing Moyo since 2020. I was immediately enveloped by the imagery and curious to learn more. Michelle Edelman, the gallery’s founder and CEO, took time to share the artist’s journey from Africa to New York and his natural passion for creating—often working through the night.

As a self-taught artist, Moyo treats his practice as a ritual and allows the process to unfold naturally. Many of his works feature symbols of eyes and mouths, representing the dichotomy of his work being seen and talked about, while he himself as the artist seeks clarity amidst the chatter. His work combines the traditions of figuration, Conceptual Art, and Abstract Expressionism, resulting in uniquely original work. There are many details, symbols, and textures to unpack in his painterly yet captivating works.

Moyo is certainly an artist to follow with shows coming up in New York and beyond. I can’t wait to see where his practice leads.

Christine Aschwald, Senior Director, Auctions and Private Sales, New York

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Artsy Editorial