Everything You Need to Know About... The Hiscox Artist Top100 2024 Edition

Our Research Team have summarised the insights gained from the latest Hiscox Artist Top100 and has outlined the key information you need to know about.

Key Findings

• Turnover: In 2023, the sales of artworks created after 2000 dropped by 17% to $955 million, down from $1.5 billion in 2022.
• Volume: Despite the decline in auction sales, contemporary art volume increased by 8%, indicating more artworks at lower values entering the market.
• High-end Segment: The drop in sales has been mostly triggered by a weaker high-end market (artwork valued above $1 million), in which sales fell 12% in volume and 15% by value.

Next-Gen Artists at Auction

• Since 2019, there's been a nearly twofold increase in artists selling contemporary artworks at auction. In 2023, Christie’s, Sotheby’s, and Phillips collectively featured 2,330 artists, marking a 22% rise from the previous year.
• 41% of these artists were under the age of 45, which could be a sign of a generational shift where younger buyers are focusing on collecting works by artists from their own generation.
• The top 100 breakdown by gender reveals a 70/30 split, with males comprising 70% and females 30%.

Yayoi Kusama

Last year, Kusama generated $80.9 million in auction sales of works and moved up from second place to replace last year’s top artist, David Hockney.

The vast majority (80%) of her works were sold at auction in Hong Kong, a sign of strong Asian demand that was likely fuelled by the major retrospective ‘Yayoi Kusama: 1945 to Now’, at the M+ Museum in Hong Kong in 2022 and 2023.

Whether you want to start your art journey, or you're a seasoned collector, the Maddox Team are on hand to help you with whatever your art needs are. Please explore our New Arrivals here or explore our Current Exhibitions page here.

Created by the Maddox Research Team on the 12th April 2024.