Has the Market for ‘Zombie Formalists’ Evaporated?

“No one wants to be a market darling,” an art dealer once told me. It’s the art world equivalent of a one-hit wonder, where sudden stardom and outsize demand for a particularly hot artist creates intense pressure, and has the potential to create unsustainable spikes in his or her market and career. Notwithstanding the fact that the […]

Emerging Art Cools Down

LONDON — The art market is a notoriously opaque business. And over the past couple of years the highly speculative trade in emerging artists has given off plenty of heat. In 2014, recently made works by young abstract painters like Oscar Murillo, Lucien Smith, Alex Israel, Mark Flood and Christian Rosa were being “flipped” at […]

Zombies on the Walls: Why Does So Much New Abstraction Look the Same?

For the past 150 years, pretty consistently, art movements moved in thrilling but unmysterious ways. They’d build on the inventions of several extraordinary artists or constellations of artists, gain followings, become what we call a movement or a school, influence everything around them, and then become diluted as they were taken up by more and […]

Art Collectors of Our Time: A Field Guide

In the cultivated wilds of the art world, one complex beast—omnivorous yet finicky, gentle-seeming yet quick to strike—sits at the center of the ecosystem: the collector. Often found at watering holes known as art fairs, where they feed on champagne and aesthetic goods (often shiny ones), these curious specimens of fascination come in many discrete […]

Hot New Artists, Getting Hotter

If the market for contemporary art is in danger of overheating, the first canary in the coal mine will surely be those fashionable young artists whose prices have been driven up by speculators over the past few years. Midseason auctions of affordable works by emerging names are telling temperature gauges for the contemporary market. Phillips’s […]

Saltz on Stefan Simchowitz, the Greatest Art-Flipper of Them All

The past year has seen collectors and auction houses creating their own art market. They’re essentially bypassing dealers, galleries, and critics, identifying artists on their own, buying works by those artists cheaply in great numbers, then flipping them at vastly higher prices to a network of other like-minded speculator-collectors. Thus, we’ve seen the rise of […]

Art World Places Its Bet

LONDON — Before a standing-room crowd at Christie’s here last month, the bidding opened on an abstract painting filled with black scratching, “Burrito” scrawled across the top in bright yellow. The auctioneer announced that there were already 17 telephone and absentee buyers vying for the canvas, made three years ago by Oscar Murillo, who just […]

On the Money at the London Auctions

The truth of the art market is that art sells better at auction than it does in the galleries. This is primarily due to the “new buyer” phenomenon, which for the time being is what rules the day. All hail the rule of the auction season! Here’s my take on the recent sales in London. […]