Income Inequality in Art

I was intrigued by a recent Artnet article that analyzed artist by auction sales: https://news.artnet.com/market/25-artists-account-nearly-50-percent-postwar-contemporary-auction-sales-1077026. The conclusion the pair of reporters came to was that only twenty five artists account for nearly fifty percent of all postwar and contemporary art auction sales. Of these artists more than half are American, two are women (Agnes Martin & Yayoi Kusama), one is black (Basquiat), and only nine are living. Other conclusions drawn by the article is that the auction art market is ‘winner takes all’,  practically unchanged in its makeup over the last decade, and subject to supply and demand – or how prolific an artist is and how often their work comes up for auction. Although an interesting read, I don’t believe it is a good measure of artistic success to look only at auction sales where profits are driven exclusively by collectors and capitalism. I am hoping they conduct another analysis of Contemporary art that only includes living artists and takes into account gallery and direct studio sales if possible. That would provide a more accurate picture of the actual market for living artists selling art and provide encouragement to a lot more people struggling with creativity in the present.

Leave a Reply

Your email address will not be published. Required fields are marked *