{"id":18930,"date":"2026-07-09T16:05:41","date_gmt":"2026-07-09T16:05:41","guid":{"rendered":"https:\/\/www.diptykmag.com\/the-contemporary-art-market-a-time-for-discernment\/"},"modified":"2026-09-07T09:22:29","modified_gmt":"2026-09-07T09:22:29","slug":"the-contemporary-art-market-a-time-for-discernment","status":"publish","type":"post","link":"https:\/\/www.diptykmag.com\/en\/the-contemporary-art-market-a-time-for-discernment\/","title":{"rendered":"The Contemporary Art Market: A Time for Discernment"},"content":{"rendered":"\t\t
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Without euphoria, but with genuine energy, a selective contemporary art market is taking shape\u2014one that is geographically more diverse and firmly focused on proven values.<\/strong><\/p>

By C\u00e9line Moine, Artmarket By Artprice.Com<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Joan Mitchell, *The Great Valley VII*<\/i>, 1983, oil on canvas, diptych, 260.3 x 260.7 cm. \u00a9 Sotheby\u2019s <\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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No cause for triumphalism: the results speak for themselves. The art market is entering a phase of deliberate rebalancing. After the chaotic expansion of the post-pandemic years and the sharp decline in the ultra-contemporary art market\u2014which had fueled the boom of 2019\u201322 before falling 40% last year\u2014 2026 resembles neither a relapse nor a capitulation. It\u2019s something else entirely: a selective, demanding recovery, where confidence must be earned lot by lot. The proof? The first quarter of 2026 saw no fewer than 6,800 new personal records set at auction. This figure alone shows that the market is not on hold. It is sorting through the options. <\/span><\/p>

In London, the venue as a symbol<\/b><\/p>

There are auctions that go down in history\u2014not because they break all records, but because they encapsulate, in a single evening, the spirit of an entire market. Sotheby\u2019s evening auction in London on March 4 was one such event: 100% of the lots sold, $176 million for 53 lots\u2014the first multi-owner auction in London to sell out entirely in white gloves in decades. Bacon led the way at $21.4 million, Fontana at $13.1 million, and Monet at $10.9 million. Predictable highlights. But the real revelation lay elsewhere. <\/span>The Children\u2019s Swimming Pool <\/span><\/i>(1969) by Leon Kossoff (1926\u20132019), estimated at between $800,000 and $1 million, saw bidding rise through ten collectors before finally selling for $6.9 million: a 283% jump from its previous record. This is no surprise\u2014it\u2019s simply how the market works. The upcoming exhibition at Luhring Augustine in New York had laid the groundwork for this revaluation. The market had read the signs and acted accordingly. Kossoff thus joins Auerbach and Bacon in the circle of sure bets in British painting from the second half of the 20th century\u2014bodies of work that economic uncertainty makes even more desirable.<\/span><\/p>

In the days that followed, at Christie\u2019s, the three evening auctions totaled $266.4 million, a 52% increase year-over-year, with other positive results as well. The Surrealist segment, included in the 20th- and 21st-Century Art sale, performed particularly well: every lot found a buyer. Henry Moore, Tanning, and Toyen set new records, while Tracey Emin\u2019s work sold for double her low estimate, buoyed by the \u201cA Second Life\u201d retrospective at the Tate Modern. Similarly, two Richter works were sold for 11.2 and 10.1 million in the immediate wake of the exhibition at the Fondation Louis Vuitton. The pattern is consistent: institutional demand drives market demand. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Gerhard Richter, *Abstraktes Bild*<\/i>, 1991, oil on canvas, 200 x 180 cm \u00a9 Christie\u2019s<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Hong Kong: A Return, But With a Twist<\/b><\/p>

After an autumn of 2025 that had posted the lowest results in eight years, Hong Kong Art Week in late March came as a real positive surprise for the Asian market. Christie\u2019s and Sotheby\u2019s each achieved 100% sales (all lots sold), an extremely rare occurrence for both auction houses simultaneously. Christie\u2019s is up 17% year-over-year, while Sotheby\u2019s is up more than 50% from the previous season. It\u2019s not the euphoria of the boom years\u2014it\u2019s better than that: it\u2019s solidity. What\u2019s selling in Hong Kong also says something about the evolving tastes there. The star lots were not ultra-contemporary figurative works, as they were during the boom years. They were the <\/span>Abstract Painting<\/span><\/i> by Gerhard Richter for $11.8 million, <\/span>La Grande Vall\u00e9e VII<\/span><\/i> by Joan Mitchell for $17.5 million\u2014an all-time record for a female artist sold at auction in the region. Major abstract artists, deeply rooted in the second half of the 20th century. The Asian market, too, is seeking works that have proven their worth over the long term.<\/span><\/p>

But it would be too simplistic to stop there. One of the contemporary artists who drew the most bids during this Hong Kong auction was Lucy Bull, born in 1990. Her painting <\/span>22:14<\/span><\/i> sparked sixteen bids and ultimately sold for $1.55 million\u2014twice its estimate. Abstraction, in all its forms\u2014historical or contemporary\u2014is clearly the winning combination of the moment in Hong Kong. In fact, Sotheby\u2019s recently organized \u201cBeyond the Abstract\u201d there, the largest retrospective of abstract art ever presented in Greater China, as if to deliberately fuel this appetite.<\/span><\/p>

To look beyond the major evening auctions and grasp the true state of the contemporary art market, one must examine the ranking of the top 100 new individual records from the first quarter of 2026. This valuable analysis, compiled by Artprice, covers a much broader spectrum of sales than just the prestigious evening auctions. The first thing that stands out is the geographic balance. The Asia-Pacific region leads with 30 artists, closely followed by the United States with 28. Europe follows with 26 representatives, and the MENA-Africa region accounts for 12 artists: a modest number in terms of volume, but one that carries its own energy. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Leon Kossoff, *Children\u2019s Swimming Pool, 11 o\u2019clock Saturday Morning, August<\/i>, 1969*, oil on panel, 152.4 x 205.7 cm. \u00a9 Sotheby\u2019s <\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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What Contemporary Records Reveal<\/b><\/p>

What this ranking doesn\u2019t show in raw numbers, it reveals in terms of value: the top spots are unambiguously held by Asian artists. Christine Ay Tjoe (Indonesia) took first place with $2.17 million at Christie\u2019s Hong Kong. Liu Dan (China) came in second with $1.47 million at Phillips. Yi Ming and Atsushi Kaga round out an all-Asian podium. It bears repeating: despite strong sales in London, it was in Asia that the bulk of the momentum behind the first quarter\u2019s contemporary art records took place. Central Europe also made a notable breakthrough, led by the Swiss artist Lenz Geerk, who entered the top 10 for the quarter\u2019s record sales, and the Czech artist Michal Rittstein. Western Europe, meanwhile, remained relatively quiet. <\/span><\/p>

Twelve artists out of 100 for the MENA-Africa bloc\u2014that\u2019s both a small number and telling. The region is making headway in the rankings through cohesive groupings: Ziad Dalloul (Syria) leads the way at $103,750, followed by Iraqi artist Emad Al Taay, whose record was established from scratch (with no recorded sales prior to 2026\u2014and it\u2019s all happening in Doha), and the Tunisian artist Imed Jemaiel, followed by the South Africans Doreen Southwood, Guy Pierre Du Toit, and Berni Searle, driven by bronze sculpture and photography. Of particular note: Sanam Khatibi, born in Iran and a Belgian citizen, appears twice in this ranking, having multiplied her previous record by seven. Her case illustrates a fundamental trend: the MENA diaspora is making its mark on Western and Asian markets, supported by galleries\u2014in this case, Janssen in Brussels and P.P.O.W. in New York \u2014that are building international legitimacy for artists whose reputations were previously confined to a circle of connoisseurs. Safeya Binzagr, a leading figure in Saudi art, had, in fact, kicked off the year in style at the Sotheby\u2019s auction in Diriyah in January, with her painting <\/span>Coffee Shop on Madina Road <\/span><\/i>increasing its estimate tenfold, one month before the military escalation in the region.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Christine Ay Tjoe, *Layers as a Hiding Place #2*<\/i>, 2014, oil on canvas, 200 x 170 cm. \u00a9 Christie\u2019s <\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Sixteen young people, including a 29-year-old Danish woman<\/b><\/p>

The contemporary art market is, first and foremost, a market of longevity. The median year of birth for artists in the Top 100 is 1964, meaning they will be between 61 and 63 years old in 2026. <\/span>This is not an anomaly: it is the mechanics of the secondary market, which rewards established bodies of work that have stood the test of time and been validated by institutions. There are sixteen artists born after 1980 in this ranking, with an average price of $87,200 and a median of $51,355. These are modest but healthy levels: they are not subject to rampant speculation. Among them, three names stand out. Lenz Geerk (Switzerland, 1988), ranked 9th at $275,600. Fan Yang-Tsung (Taiwan, 1982), ranked 15th at $196,000. And above all, Eva Helene Pade (Denmark, 1997), who enters the Top 100 at No. 18 with $129,700 for an oil painting sold at Bruun Rasmussen in Copenhagen. Born in 1997, she is, at 29, the youngest artist in the entire ranking, and her emergence at this level is by no means a mere footnote. <\/span><\/p>

Beneath her bruised-toned palette, Pade draws on a logic of dreams and instinct, a style of representation that carries within it the legacy of Lucian Freud and the emotional distortion of Francis Bacon. One senses a dual influence in her work\u2014Surrealism on one hand, the London School on the other\u2014two movements that are precisely dominating the art scene at the start of this year. It is no coincidence that the market is taking notice of her now: she speaks a language that collectors recognize, in a voice they had not yet heard. This may be the most interesting sign this quarter has left us: the market also knows how to identify new trajectories early on, provided they resonate with those that have shaped the history of art. Novelty is reassuring when it has a sense of history.This translation was generated using AI. For the original text, please see the French version of this article. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Eva Helene Pade, Motion<\/i>, 2020, acrylic on canvas, 116.5 x 60 cm \u00a9 Christie\u2019s<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Without euphoria, but with genuine energy, a selective contemporary art market is taking shape\u2014one that is geographically more diverse and firmly focused on proven values. By C\u00e9line Moine, Artmarket By Artprice.Com Joan Mitchell, *The Great Valley VII*, 1983, oil on canvas, diptych, 260.3 x 260.7 cm. \u00a9 Sotheby\u2019s No cause for triumphalism: the results speak […]<\/p>\n","protected":false},"author":2,"featured_media":18934,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1611],"tags":[],"class_list":["post-18930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-art-market"],"yoast_head":"\nThe Contemporary Art Market: A Time for Discernment — Diptykmag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.diptykmag.com\/en\/the-contemporary-art-market-a-time-for-discernment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Contemporary Art Market: A Time for Discernment — Diptykmag\" \/>\n<meta property=\"og:description\" content=\"Without euphoria, but with genuine energy, a selective contemporary art market is taking shape\u2014one that is geographically more diverse and firmly focused on proven values. 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