discover the latest buzz word in the art market
“Ultra-contemporary” has been thrown around in the art world for several months now, but it’s significance has been brought forth once again following the Frieze London art fair. Let’s dive into what it means how the impact it has on the art market.
What is ultra-contemporary?
Typically it is used to refer to artworks made by young artists under 40 years old. While this kind of definition can seem a bit agist, this helps us understand that ultra-contemporary = not established artists. These are works recently made by young, up-and-coming artists.
Recent trends in the market
There has been an insane uptick in interest for ultra-contemporary art within the last few years. In Artnet’s recent Intelligence Report, they report that global sales for ultra-contemporary art have risen from around $110 million in 2018, to nearly $750 million in 2021. Individual artists are receiving unprecedented success as well.
Establishments in the art world, such as auction houses and major art fairs are also jumping on the ultra-contemporary trend. Sotheby’s and Christie’s (major auction houses) are selling contemporary works, and even NFTs. Art fairs are removing barriers to entry, such as a minimum number of years that a gallery must be open before they can apply to enter the fair. Even top “blue chip” galleries are beginning to exhibit younger and less established artists.
Implications
So what does this mean for the art world? At the onset this can be seen as a positive shift, as the art world becomes more inclusive. However, many believe a boom this big is bound to crash. It’s not realistic that the market can sustain the high demand and high prices that ultra-contemporary art is creating.
This also causes complications for art collectors. Art prices are typically determined by the quality, art historical value, critical acclaim, etc… But since these artists are so young blew up so quickly it becomes harder to assess their value (and whether it will last in the long term).
Conclusion
Most likely I would expect the craze for ultra-contemporary art to continue for at least a few years and probably fizzle out slightly when the next hot trend comes around. Value in these works may diminish from what buyers are paying today, but in most cases I expect they will hold at least some value.
The trend for ultra-contemporary has seemingly flipped the order of the art world on its head. Usually an artist will get gallery representation, art fair presence, and museum exhibitions and then become popular with collectors. In the modern age it now seems possible to gain a collector base before reaching the other steps. And perhaps the lasting legacy of this movement will be how it forever changed the way we collect art.
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