Young Asian Artists Are Facing a Market Slowdown
Auction sales for young Asian artists born in the 1990s have dropped to their lowest level in three years, according toThe Asia Pivotby Artnet. Total sales fell to $9.7 million USD in 2024, with average prices down 26 percent to $13,905 USD per work. The segment which was once seen as a fast-rising part of the market is now slowing.
Artists who previously led the pack are seeing sharp declines. Anna Park, who brought in $1.67 million USD in 2023, did not make the top 10 this year. Raghav Babbar's average prices were cut nearly in half, despite most of his works still finding buyers.
Artnet points to a wider downturn across ultra-contemporary art. Fewer works are being sold, and those that do sell are often going for less. However, a few names continue to perform well. Yukimasa Ida from Japan remained among the top three. Sun Yitian from China ranked first in 2024 after her painting Prologue sold for $415,000 USD.
Women artists made up nearly half of the top 50, with many based internationally. The data suggests a market that is changing, with more global representation. China and Japan still account for most of the top-performing artists. Although the post-pandemic excitement around this group has cooled, these artists continue to reflect larger shifts in the market and are likely to influence future trends.
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