Art is money. Warhol might have taught us that, or maybe we’ve known it since the Pope accidentally kick-started the Reformation by selling indulgences to fund the total renovation of the Vatican (and with it, of course, the Sistine Chapel). Maybe it was truly driven home more recently, when Damien Hirst held his record-breaking sale at Sotheby’s on the same day Lehman Brothers collapsed in 2008, netting a cool £111 million.
Either way, the point is that art has always been an investment as much as a highfalutin cultural endeavour. While the average person in the street may have no idea where the art market is going, or why a banana taped to a wall is worth $120,000, the Mayfair ecosystem dedicated to its sale is as vibrant as ever. And, this week, JD Malat Gallery on Davies Street has released a report that assesses the market, its continuing growth and three of the very best artists to invest in right now.
“The historical returns on funds invested demonstrates the resilience of art,” reads the report, “It does not change as much as the stock market, real estate or other asset classes. For example, in the United States art indices decreased by 4.5 per cent, while those of the S&P 500 plunged by approximately 37.5 per cent during the financial crisis of 2008. More pressingly, it illustrates that during periods of financial crises, the art market can self-regulate supply and demand. Therefore, the art market is not as sensitive to the global panic caused by economic instability and chaos as one might imagine.”
Though all three artists have sold work for hundreds of thousands of pounds, there’s a market for each for smaller works with far more affordable estimates. Time to break out the chequebook…
Yayoi Kusama, Stars At Dawn, 1994
Yayoi Kusama “Yayoi Kusama has maintained her position as the top-selling female artist,” the gallery’s report states, “with turnover at auction of $102,532,176. In 2018, 21 of her works fetched sums above the million-dollar limit worldwide, of which 15 were in Hong Kong, three were in New York, two in London and one in Seoul. Kusama stands in the top ten artists records for post-war artists in 2019, realising a price of $7,953,200 for her ‘Interminable Net#4’ , 1959. Kusama has had a huge number of exhibitions (930) and solo shows (200) both in museums and galleries. Most recently, Kusama was set to exhibit Yayoi Kusama: Infinity Rooms at the Tate Modern from 11 May 2020-9 May 2021.”
Victor Vasarely, Deudell, 1974/5
Victor Vasarely “Victor Vasarely has made important contributions to the landscape of op-art and geometric abstraction. Vasarely has had 698 exhibitions and 103 solo exhibitions internationally. Vasarely has maintained a strong performance at auction with star lots finishing above their top estimate. Vasarely has an auction record of $887,084 for ‘Altai III’, 1955-1958. Vasarely’s works are held in the collections of the Art Institute Of Chicago, the Tate Gallery, London, and the Peggy Guggenheim Collection in Venice.”
Marlene Dumas, Three Crowns Of Expressionism, 1982
Marlene Dumas “In the rapidly growing landscape of the contemporary art market the prices for both male and female artists is expanding. Marlene Dumas represents an important artist in the demand for female artists at auction. In 2017/2018, Dumas ranked third in a list of top women artists for the $3,615,000 paid in New York for her ‘The Yellow Fingers Of The Artist’, 1985, reflecting the renewed traction for the market for African artists. Dumas has been involved in 615 exhibitions and been the focus of 61 solo exhibitions, which most recently took the form of Marlene Dumas: 25 Years Of Collaboration at Zeno X Gallery, Antwerp.”
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