London, UK (3 April 2025): The value of auction sales for post-2000 artworks are down considerably, investment returns are negative, and big-money sales are in sharp decline, according to the 2025 edition of the Hiscox Artist Top 100 (HAT 100).
The study, which delves into contemporary art trends based on works sold at auction, depicts a sluggish market for contemporary works, following several years of elevated spend and speculation. Despite this global slowdown, the lower end of the market displays impressive resilience, with sales of affordable art hitting record levels.
Contemporary art market trends:
- Decline in auction sales: Auction sales value for post-2000 artworks fell from $956 million in 2023 to $698 million in 2024, a 27% drop. Sales are down 41% on 2021.
- Negative resale returns: The average return on post-2000 artworks resold at auction fell to -0.3%, down from 9% in 2023, showcasing a significant decline in investment viability.
- Shift to lower-value sales: While high-value sales fell by 41%, the number of lots sold for less than $50,000 increased by 20%, indicating a shift in collector behaviour towards more affordable art.
- Younger artists hard hit: Artists under 45 experienced a 49% drop in sales by value, with buyers turning to more established post-war and older generations of contemporary artists.
- Peak in volume of lots sold and artists selling: The number of artworks sold rose by 5% to an all-time high last year, while the number of artists selling works at auction has increased by 12%, reaching record levels.
Robert Read, Head of Art and Private Client at Hiscox, commented: “The art market is clearly evolving, with collectors now gravitating towards lower-value pieces and established artists. We are also seeing a return to more measured and thoughtful collecting of art rather than the frenzy of recent years that was fuelled by speculators.
“The increasing number of younger artists whose works are being auctioned, along with the sharp rise in the number of artworks being bought for under $50,000, shows there’s not a declining interest in post-2000 art, rather a focus towards the more affordable end of the market.”
Top ranking artists:
Yayoi Kusama continues to be the best-selling contemporary artist in 2024 based on global auction value, although sales of her works generated less than the previous year. François-Xavier Lalanne, the French sculptor and installation artist, has jumped into second place, up from 34th in 2023, while his wife Claude Lalanne climbed to tenth place from 25th in 2023.
- Kusama reins: Having toppled David Hockney in last year’s rankings, Kusama maintains the top spot for the second consecutive year, generating $59 million in auction sales.
- But sales decline: Kusama’s 2024 auction sales are down considerably from the previous year (-27% to $59 million) ending the four-year rally which saw sales climb consecutively from $18 million in 2020 to $81 million in 2023. The number of her works sold at auction also fell 10% last year.
- Over a third are new entrants: The HAT 100 saw plenty of changes, with 37 new artists joining the list.
- Top 100 generate majority of sales: The top 100 generated 77% of contemporary sales by value but only a fifth (20%) of lots sold. The top ten artists accounted for 35% of overall sales by value.
More women artists:
Despite a notable decline in their auction sales, women artists saw their presence grow in this year’s HAT 100 and the number of women selling contemporary works at auction also rose.
- More women in the top 100: The number of women in the ranking grew to 32 from 30 the previous year. Cecily Brown, Lynette Yiadom-Boakye, and Claude Lalanne joined the top 10.
- More works by women selling at auction: 822 women had artworks produced after 2000 at auction, up 13% (from 728 from 2023).
- Sales by value dip: Sales by value of works by women fell 29%, slightly more than works by male artists, which were down 27%.
Read added: “The increasing attention from major museums on women's art reflects a broader effort to highlight women’s significant contributions to the art world. Female artists are not just emerging, they are helping to redefine the landscape of contemporary art. This trend is likely to continue as more women finally receive the recognition they deserve for their impactful works”.
ENDS
For further information please contact:
Carmel McCarthy [email protected], 07769 280 903
Katie Bergin katie.bergin@hiscox, 07872 953065
Notes to editors
The research was carried out by ArtTactic and the analysis in this report is based on unique artworks (prints not included) made after year 2000, which have been offered in auctions at Christie’s, Sotheby’s and Phillips in New York, London, Hong Kong and Paris between 2018 and 2024. The research includes more than 36,800 lots from more than 5,000 artists.
About The Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle.
The Hiscox Group employs over 3,000 people in 13 countries and has customers worldwide. Through the retail businesses in the UK, Europe and the USA, we offer a range of specialist insurance products in commercial and personal lines. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
Our values define our business, with a focus on people, courage, ownership and integrity. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.
About ArtTactic
ArtTactic is a London-based art market research and analysis firm that offers dynamic and responsive research and commentary on the fast-paced and ever-changing art market. ArtTactic was founded in 2001 by Anders Petterson. ArtTactic has been a pioneer in developing industry research and analytical tools for the global art market. ArtTactic provides a new dimension to art market analysis by combining both qualitative and quantitative research tools with an in-depth knowledge of how the art market works. ArtTactic’s weekly art market research and analysis can be accessed via www.arttactic.com
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