The Contemporary Art Market Is Still Strong

The high end of the art market has been doing very well for a surprisingly long time. In recent months, however, there’s been some softening. That’s not surprising. In fact, it’s overdue. What I’m comforted to see, however, is that – so far, at least – there’s been nothing that feels like a crash.

I had my eye on a recent Christie’s auction that was dedicated solely to contemporary art. Twenty-seven lots were offered, including a big 1983 triptych by Jean-Michel Basquiat that was, for me, the most important indicator.

The total price for the group came to $75 million ($99 million with buyers’ fees). That was in the middle of the pre-sale estimate. The bulk of those dollars were for the Basquiat. But the most exciting sale was a 2020 painting by Danielle McKinney (“We Need to Talk”), which was estimated to sell for $20,000 but fetched $201,600!