Yayoi Kusama, the renowned Japanese artist, achieved a remarkable milestone in 2023, raking in $80.9 million at auction, surpassing David Hockney to claim the title of the top-selling contemporary artist of the year. According to the latest Hiscox Artist Top 100 report, Hockney, who clinched the top spot in 2022, garnered $50.3 million in sales during the past year.
Kusama’s most notable sale in 2023 was the painting “A Flower” (2014), which fetched nearly $10 million at an auction held by Christie’s Hong Kong.
“Despite her age of 95, Yayoi Kusama continues to shine as one of the most influential female artists,” remarked Robert Read, head of art and private clients at Hiscox.
Major auction houses reported a consistent demand for works by female contemporary artists, with a staggering 179 percent increase in sales by this demographic over the past five years. Hiscox also observed that female artists accounted for 32 percent of contemporary art sales in 2023, up from 29 percent in previous years.
In further positive news, the overall value of contemporary art by women experienced only an 8 percent decline in 2023, in contrast to a 20 percent sales decrease for their male counterparts. Although the total sales of contemporary art at premier auction houses declined by 17 percent, this figure still exceeded pre-pandemic levels by 26 percent.
However, buyers seem to be gravitating towards safer investments. The value of art created within the last two years, often referred to as “wet paint” works, saw a 36 percent decline in sales last year. Additionally, younger artists found themselves overshadowed in sales by more established figures, as less than half of the works produced by artists under 45 sold above their mid-estimate, compared to 65 percent in the previous year.
“As evident, art trends evolve rapidly. While flipping persists, it is becoming less lucrative, and the market has notably softened since our last report,” noted Read. He emphasized that “this poses a particular challenge for younger artists who have witnessed a significant reduction in the prices of their work.”
