Market report

What we’re hearing from galleries and auction houses across the country.

Sotheby’s

Kayla Carlsen

Senior Vice President/Head of American Art
Sotheby’s
We’re seeing strength in the market and high demand for underrepresented artists, specifically female artists and artists of color. Many institutions and long-established private collections are actively competing for an extremely limited supply of works. This applies to familiar artists such as Georgia O’Keeffe and Romare Bearden as well as newer names like Gertrude Abercrombie and Ernie Barnes.

Newer, younger buyers are steadily entering the market each sale cycle for works and artists that have a more accessible point of entry for their markets. We consistently see examples across the category, and we’re actively adjusting our sale model to feature a wider range of artists whose works can be acquired by younger and newer collectors looking to build a collection. While the market is largely American buyers, we are also seeing growing interest from around the world, notably in Asia and Europe for museum-quality works by established and well-known artists.

In 2021, we had more requests for works by Georgia O’Keeffe than any other artist—a trend which has continued in 2022. O’Keeffe remains an iconic American artist, whose reputation around the world continues to grow (especially following the recent traveling exhibition in Europe), but the pool of available works by the artist is small, and as demand grows, prices for the artist continue to rise. In November 2021, we sold an intimate oil painting of a pink spotted lily for more than $6.8 million, exceeding its $5 million high estimate. This result likely wouldn’t have been possible even just three years ago. It’s been incredible to watch an artist of her talents get the credit and attention she deserves on a global stage.

There are still so many undervalued artists in the market…I’d encourage collectors to look beyond the obvious. For example, if you’re looking for a Georgia O’Keeffe but would like to consider a more affordable option given the recent rising prices for her works, you might look to the work of her sister Ida—an aesthetically fulfilling artist in her own right with room for market growth.—

Sotheby’s
1334 York Avenue, New York, NY 10021
www.sothebys.com