The winds of time are gradually blowing the works of female artists to the forefront of the global art market. In an industry that has historically been largely male-dominated, stakeholders in the art market are consistently promoting and selling more works created by women. The intentional promotion of female artists has gained significant momentum in key art markets worldwide. In this article, Artsper highlights the burgeoning success of this historically under-documented group.
Motivating factors in regional markets
In recent years, female artists have made impressive sales at exhibitions, art fairs and art auctions across multiple regions. According to the 2023 UBS Art Market report, “the share of sales made from works by female artists was 40% from primary market galleries and 30% for those operating in both primary and secondary markets,” with consistent sales from a small group of successful female artists.
In recent years, the share of sales of work by female artists has risen in both primary and secondary market galleries © Art Basel x UBS report, 2023.
Art auctions have played an important role in boosting the sales of artworks by female artists, with some pieces selling for $ 1 million or more. The majority of Christie’s sales by value were in the US (62%), Europe (25%) and Asia (12%). Globally, sale values in the auction market remain centered around the top 5 auction houses who held around 55% of the total public auction sales in 2022. The heightened success of female artists has been achieved through their steady growth in the art market, coupled with the increased demand from collectors and curators. According to Sotheby’s Insight Report, between 2018 and 2022, the sale of art by female artists has almost tripled.
Betty Acquah, Days of freedom, 2021 ©
In the African art market, the emergence of new generation artists, and the enhanced access to digital platforms has increased the audience of African art like never before. And, similarly to works by female artists in other regions, modern and contemporary works by female African artists are in high demand, selling successfully within and outside of the continent. According to a report by ArtTactic, auction sales of African art increased by 44% in 2021, with a value of $72 million.
Female artists in the Asian art market have also been experiencing success in recent years, with record sales figures. At the recent Singapore Modern and Contemporary Art summer auction in 2023, female artists flourished with record sales figures, some doubling their pre-sale estimates. For example, Melt VII, a painting by Jane Lee was estimated to sell for SG$80,000 - SG$120,000, and sold at auction for SG$190,500 (US$140,877).
The harsh reality
Although female artists are being recognised and enjoying great success, the sad reality of the art market is that women are still lagging behind their male counterparts in the current artistic climate. Research shows that the auction market continuously favors art pieces by men. Out of the 500 most expensive pieces sold in 2022, only 50 were made by female artists, reaching a combined value of $334 million. To contextualize this figure, the sale price achieved for Shot Sage Blue Marilyn, a piece by Andy Warhol was $195 million - earning it the record for the most expensive lot at auction in 2022. This is more than seven times the highest result for the most expensive work by a female artist at auction during the same year. The title went to the sale of Georgia O’Keeffe’s White Rose with Larkspur No. I (1972) which earned $10.5 million. With these facts in mind, it is clear that female artists still have further to go in terms of record breaking sales.
5 Female artists in the spotlight
Yayoi Kusama (b. 1929)
Japanese-born Yayoi Kusama is one of the most remarkable female artists and is considered a Master in the industry with many notable art sales and strong international recognition. Kusama’s work has been honored through multiple global awards including the prestigious Premium Imperiale (2017) award for her global impact on contemporary art. Kusama sold over 106 lots between 2018 - 2022 for a total of $282.3 million. As an independent artist, Kusama’s pieces are sought after by international collectors, galleries and art enthusiasts. More recently, she collaborated with Louis Vuitton in creating a collection featuring the Maisons' iconic pieces reinterpreted in colorful themes.
Yayoi Kusama, Tsumari in bloom, 2018 © Artsper
Njideka Akunyili Crosby (b. 1983)
Njideka Akunyili Crosby is a Nigerian-born, US-based artist, known for her mixed media paintings, which combine marble dust, paint, photographic transfer, and various other media. Crosby has been the subject of solo and group exhibitions internationally including the 58th Venice Biennale in 2019, a solo exhibition at the National Portrait Gallery, London in 2019 and more. Her piece titled For Services - Victoria Regina (2013) sold for over $1 million at Sotheby’s auction in May 2023. However it was the sale of her artwork The Beautyful Ones (2012) at Christie’s auction house in 2022 for $4.7 million which solidified her position at the forefront of contemporary art. Crosby was awarded the prestigious MacArthur Fellowship in 2017.
Njideka Akunyili Crosby with her painting Garden Thriving, 2016. © The Guardian
Georgette Chen (1907-1993)
Georgette Chen is considered an important figure in the development of modern art in Singapore. The chinese born artist lived in an era characterized by global conflicts, including both World wars. She has exhibited her works internationally in Paris, Shanghai, New York and Kuala Lumpur. Chen achieved the top-selling piece from this year's Singapore Modern Contemporary Art auction, which sold for $1.5 million. The still life painting from the 1940s titled Lychees and Peaches appeared at auction for the first time, and is one of Chen’s most sought out paintings with only 7 from this era put up for auction.
Georgette Chen, Self-portrait, 1930s. © Sotheby’s
Julie Mehretu (b. 1970)
Julie Mehretu is an Ethiopian-born, New York-based artist whose work has gained recognition in recent years. She is known for her abstract thought-provoking paintings, drawings and prints, based on socio-political contexts. Mehretu’s piece titled Black Ground (deep light) sold at Sotheby's Hong Kong for $5,6 million in 2019. She has been internationally recognised with multiple awards including the U.S. Department of State Medal of Arts Award in 2015, and listed in Times 100 most influential people of 2020.
Julie Mehretu, Black Ground (deep light), 2006 © Sotheby’s
Barbara Kruger (b. 1945)
Barbara Kruger, an American born artist whose work has evolved beyond designing editorials like Aperture magazine, has risen to prominence in the art market in recent years. She has featured in several art biennials and exhibited internationally including the Museum of Contemporary Art in Los Angeles. Kruger was awarded the Golden Lion for Lifetime Achievement in 2005. In 2022, Barbara Kruger’s photograph titled Untitled (My face is your fortune) 1982 below, sold at Sotheby’s auction for over $1.5 million.
Barbara Kruger, Untitled (My face is your fortune), 1982 © Sothebys
A promising future
There have been many pivotal records achieved by female artists in the past few years. However there are still exciting works and artists to discover that will inspire future generations. Research has shown that the share of female artists represented by galleries was 39%, in 2022, only a 2% increase compared to 2021. At Artsper we love following the inspiring stories of women in the art market and are constantly on the lookout to document their monumental accomplishments to make up for the historical exclusion that female artists have long endured. We are looking forward to witnessing the increased representation of female artists in the art market in the years to come.