Anna Brady, Gareth Harris and Lee Cheshire ask what’s next for young painters whose works sold for six and seven-figure sums at Frieze London.
Meet the Young British Painters—the hot 20- and 30-somethings whose work adorns the stands of Frieze London, the walls of the Hayward Gallery and, whether they like it or not, sells for six- and seven-figure sums at auction.
In today’s market of investor collectors, success can be a double-edged sword. How does a gallery protect a young painter from speculators? And how does that painter cope with the pressure when their work suddenly becomes a commodity over which they have no control?
Take, for instance, Sotheby’s evening sale of contemporary art on Thursday night where I’ll Have What She’s Having (2020) by Flora Yukhnovich (born 1990)—a Rococo-inspired canvas bought last year from Parafin gallery—sold for a record £2.3m (with fees). That compares to a pre-sale estimate of £60,000-£80,000 and prices in the low thousands just a few years ago.
“The amount of young artists coming to market and the rapidity with which they have gone from emerging to very established prices, is something that we should all look at with some degree of caution,” says the London-based art adviser Bona Montagu... Keep reading on The Art Newspaper.
Meet the Young British Painters—the hot 20- and 30-somethings whose work adorns the stands of Frieze London, the walls of the Hayward Gallery and, whether they like it or not, sells for six- and seven-figure sums at auction.
In today’s market of investor collectors, success can be a double-edged sword. How does a gallery protect a young painter from speculators? And how does that painter cope with the pressure when their work suddenly becomes a commodity over which they have no control?
Take, for instance, Sotheby’s evening sale of contemporary art on Thursday night where I’ll Have What She’s Having (2020) by Flora Yukhnovich (born 1990)—a Rococo-inspired canvas bought last year from Parafin gallery—sold for a record £2.3m (with fees). That compares to a pre-sale estimate of £60,000-£80,000 and prices in the low thousands just a few years ago.
“The amount of young artists coming to market and the rapidity with which they have gone from emerging to very established prices, is something that we should all look at with some degree of caution,” says the London-based art adviser Bona Montagu... Keep reading on The Art Newspaper.