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Please enjoy this short article on Contemporary Art by Debra Stanislawski and James Weedon at Quastel Associates;
Contemporary Art
Contemporary art is, at its simplest, the art of the modern day. It tends to include artwork from the latter part of the 20th Century and the 21st Century and may use traditional techniques with novel, innovative, and sometimes even avant-garde approaches to art.
According to one of our senior art and furniture valuers, James Weedon, “Contemporary art is an ever-changing market. Top artists such as Peter Doig, Yayoi Kusama, Jenny Saville, Banksy and Cecily Brown's work are consistently breaking records at auction. Saville’s ‘Propped’ became the world’s most expensive work by a female artist selling for £10 million. Her work entitled ‘Shift’ jumped from £5.9 million in 2016 to £7.5 million in 2023. Doig’s ‘Swamped’ (1990) sold for £15 million in 2015 and then reappeared on the market 6 years later. There, it sold for a record £25.5 million, the highest ever for the artist. Cecily Brown’s ‘Suddenly Last Summer’ sold in 2009 for £360,000, one year later for £605,000 and then again in 2018 for £4.2 million. These are just a few examples of the spectacular rises in value for certain artists, particularly contemporary, that require re-assessment on a regular basis.”
Given the fluctuations in the market, it can be useful for clients to have an insight into some of these contemporary artists.
Artists to Watch
One of the artists to continue to watch is Jadé Fadojutimi. Whilst Jadé is British, her influences frequently stem from Japan and an interest in anime and colour. On one of our recent valuations, James describes his experience of valuing one such work: ‘Upon attendance at one of our client’s homes, I inspected one of Jadé Fadojutimi’s paintings, ‘Reclining Nude.’ Shortly after her graduation from the Royal College of Art in 2018, this painting sold for £15,000. Five years later, her similar works sold well over £500,000 and several sold for over £1 million. Her work is very much in the forefront of the contemporary art market.”
Yayoi Kusama is another artist who continues to be of interest. She was born in Japan and her work is known to have influenced Andy Warhol, amongst others. She began her art studies in the traditional Japanese form referred to as ‘nihonga’ and melded this form with American abstract impressionism, said to have inspired her. Her pumpkin sculptures tend to be one of her most recognised works, which she had started drawing when she was still in school.
Jenny Saville is an artist who rose to fame through her depictions of the human body. Surprising some with her potentially body dysmorphic perspective, ‘Propped’ set her apart from many other artists. She does not shy away from themes which can provoke some, using her images of nudes to provoke thought and represent what is natural rather than the often-idealised view of humanity portrayed in media.
Cecily Brown is another artist on the list of those whose works are appreciating. Her works are also described as shifting between abstract and figurative art. The paint in her paintings is described as transforming on the paper.
Peter Doig is a Scottish born artist who moved to Trinidad. He completed his art studies in London. He was inspired by artists such as Edvard Munch. He frequently paints landscapes reminiscent of his childhood.
David Hockney is another popular artist. His art frequently sells for several millions. He has a varied background in art, which has included theatre set design as well as photography.
James Weedon describes one recent valuation and one of the works he was able to value whilst there. Through his research he discovered that “A lithograph by David Hockney, ‘Pool (made with Paper & Blue Ink)’ was released as an edition of 1000 copies with an accompanying book. Our client purchased it for £100 in 1980 from the Royal Academy Art Exhibition. Copies of this work are now selling for more than £50,000 with a top price of £82,000 in 2023. The market for this work, originally produced with multiple copies gives an interesting indication of price fluctuations over time. In 1990, The work sold for £4,000; £12,000 in 2007; and then the market dipped slightly between 2010-2015. Prices after 2017 were regularly around £20,000 and today these same works are reaching over £50,000.”
These contemporary artists are not the only ones whose work has been appreciating. Even the works of contemporary artists which were released as limited prints, (much like Hockney’s) have appreciated. As such, it is well worth considering whether the works of art you or your clients possess are worth valuing to avoid being over or under insured.
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