The post-pandemic art market is currently undergoing a correction, as the speculative frenzy that fueled the market during the pandemic has begun to fade. The latest Hiscox Artist Top 100 (HAT 100) report provides insight into the state of the market, with auction sales of post-2000 artworks dropping 27 percent year-over-year from $956 million in 2023 to $698 million in 2024.
Table of Contents
A Shifting Market Landscape
The HAT 100 report reveals a significant change in the market landscape, with fewer than 45 artists rising in the top 100 rankings. This is largely due to the dominance of more established post-war and blue-chip names at the 18th position.
- Francis-Xavier Lalanne, for instance, leaped from 34th to 2nd, riding a wave of auction demand that brought in $52.8 million.
- Richard Prince climbed from 13th to 5th ($15.4 million), Lucian Freud surged from 43rd to 8th ($13.1 million), and Lynette Yiadom-Boakye jumped from 23rd to 9th with $10.4 million.
This shift highlights the increasing importance of established artists and their work. However, it also creates opportunities for new artists to emerge and gain recognition.
Women in the Spotlight
The HAT 100 report shows signs of progress in gender parity, with the number of women in the top hundred ranking increasing from 30 to 32. In 2024, 822 post-2000 works by women came to auction—up 13 percent from 728 the year prior.
Julie Mehretu, while still in strong territory, slipped from 6th to 11th ($9.6 million). Joining Kusama in the top 10 are Lalanne, Cecily Brown at 7th ($13.4 million), and Yiadom-Boakye at 9th.
Rising Stars
Among the best-performing artists under 45, two women stand out. Lucy Bull, the magmatic abstractions artist, rocketed from 35th to 18th ($8.1 million), while Jadé Fadojutimi, a British artist of Nigerian heritage, jumped from 23rd to 19th ($7.1 million).
Nicolas Party remained in the top 30 despite dropping from 7th to 27th ($5.6 million), with Matthew Wong down to 30th ($5.1 million) and Avery Singer holding steady at 41st ($3.6 million).
A Diversifying Market
The HAT 100 report also highlights a diversifying market. Works by artists from diverse backgrounds, such as Asia, Africa, and Latin America, are gaining recognition.
The number of Asian, African, and Latin American artists in the top hundred fell to 21 from 25 the previous year.
The Role of Institutions
The HAT 100 report provides insight into the role of institutions in the art market. While certainly illuminating, an artist’s Hiscox ranking is based entirely on public market results and doesn’t necessarily correlate with institutional relevance.
That said, the 2025 HAT 100 ranking mirrors the latest findings of this year’s Art Basel & UBS Art Market Report, which revealed a 28 percent year-on-year drop in Postwar and Contemporary auction sales—the third consecutive year of decline from an $8.5 billion high.
A More Stable Market
The latest Artprice report confirms that just 43 ultra-contemporary works surpassed $500,000 in 2023/24, even as total transactions rose—particularly in the lower tiers.
Although eye-popping record-setting sales have become less frequent and flipping wet paintings is less profitable, postwar and contemporary art remained the largest segment of the fine art auction market in 2024, according to the Art Basel & UBS Report, with 52 percent of the value of global sales and 54 percent by volume.
The View from New York
The Hiscox Artist Top 100 report confirms that New York is still the anchor of the post-war and contemporary auction market, accounting for 51 percent of the market share.
The 52 percent plunge in Hong Kong sales reflects not only China’s broader economic slowdown and property market crisis but also a maturing buyer base that’s trading flash for staying power.
A More Sustainable Future
Ultimately, the Hiscox Artist Top 100 report suggests that the art market is moving towards a more sustainable future. The number of new artists hitting the auction block, alongside the boom in sub-$50,000 acquisitions, points to a more diverse and hopeful secondary market.
As the post-2000 art category becomes less profitable, auction houses are playing it safe and avoiding the inclusion of younger names in their marquee sales—just 35 percent were artists under 45, down from the two previous years.
However, the game is not over. The number of new artists hitting the auction block, alongside the boom in sub-$50,000 acquisitions, points to a more diverse and—hopefully—more stable secondary market.
The Art Basel & UBS report suggests that this shift towards a more sustainable market is driven by serious art collectors, not flippers. The report concludes that “for now, the market in new art is dominated by collectors, not speculators, which is why sales of works for less than $50,000 are at record levels.”
For collectors in their 30s and 40s, buying works by up-and-coming artists can be a rewarding experience, as they can collect and follow the development of the artist’s work over time.
The post-pandemic art market is undergoing a correction, as the speculative frenzy that fueled the market during the pandemic has begun to fade.
The Hiscox Artist Top 100 report provides insight into the state of the market, with auction sales of post-2000 artworks dropping 27 percent year-over-year from $956 million in 2023 to $698 million in 2024.
The report reveals a significant change in the market landscape, with fewer than 45 artists rising in the top 100 rankings. This is largely due to the dominance of more established post-war and blue-chip names at the 18th position.
This shift highlights the increasing importance of established artists and their work. However, it also creates opportunities for new artists to emerge and gain recognition.
The HAT 100 report shows signs of progress in gender parity, with the number of women in the top hundred ranking increasing from 30 to 32.
In 2024, 822 post-2000 works by women came to auction—up 13 percent from 728 the year prior.
Julie Mehretu, while still in strong territory, slipped from 6th to 11th ($9.6 million). Joining Kusama in the top 10 are Lalanne, Cecily Brown at 7th ($13.4 million), and Yiadom-Boakye at 9th.
Women in the Spotlight
The HAT 100 report highlights two women standing out in the best-performing artists under 45.
- Lucy Bull, the magmatic abstractions artist, rocketed from 35th to 18th ($8.1 million),
- and Jadé Fadojutimi, a British artist of Nigerian heritage, jumped from 23rd to 19th ($7.1 million).
Nicolas Party remained in the top 30 despite dropping from 7th to 27th ($5.6 million), with Matthew Wong down to 30th ($5.1 million) and Avery Singer holding steady at 41st ($3.6 million).
A Diversifying Market
The HAT 100 report also highlights a diversifying market, with works by artists from diverse backgrounds gaining recognition.
The number of Asian, African, and Latin American artists in the top hundred fell to 21 from 25 the previous year.
The Role of Institutions
The HAT 100 report provides insight into the role of institutions in the art market.
While certainly illuminating, an artist’s Hiscox ranking is based entirely on public market results and doesn’t necessarily correlate with institutional relevance.
The 2025 HAT 100 ranking mirrors the latest findings of this year’s Art Basel & UBS Art Market Report, which revealed a 28 percent year-on-year drop in Postwar and Contemporary auction sales—the third consecutive year of decline from an $8.5 billion high.
A More Stable Market
The latest Artprice report confirms that just 43 ultra-contemporary works surpassed $500,000 in 2023/24, even as total transactions rose—particularly in the lower tiers.
Although eye-popping record-setting sales have become less frequent and flipping wet paintings is less profitable, postwar and contemporary art remained the largest segment of the fine art auction market in 2024, according to the Art Basel & UBS Report, with 52 percent of the value of global sales and 54 percent by volume.
The View from New York
The Hiscox Artist Top 100 report confirms that New York is still the anchor of the post-war and contemporary auction market, accounting for 51 percent of the market share.
The 52 percent plunge in Hong Kong sales reflects not only China’s broader economic slowdown and property market crisis but also a maturing buyer base that’s trading flash for staying power.
A More Sustainable Future
Ultimately, the Hiscox Artist Top 100 report suggests that the art market is moving towards a more sustainable future.
The number of new artists hitting the auction block, alongside the boom in sub-$50,000 acquisitions, points to a more diverse and hopeful secondary market.
As the post-2000 art category becomes less profitable, auction houses are playing it safe and avoiding the inclusion of younger names in their marquee sales—just 35 percent were artists under 45, down from the two previous years.
However, the game is not over. The number of new artists hitting the auction block, alongside the boom in sub-$50,000 acquisitions, points to a more diverse and—hopefully—more stable secondary market.
The Art Basel & UBS report suggests that this shift towards a more sustainable market is driven by serious art collectors, not flippers.
The report concludes that “for now, the market in new art is dominated by collectors, not speculators, which is why sales of works for less than $50,000 are at record levels.”
For collectors in their 30s and 40s, buying works by up-and-coming artists can be a rewarding experience, as they can collect and follow the development of the artist’s work over time.
The post-pandemic art market is undergoing a correction, as the speculative frenzy that fueled the market during the pandemic has begun to fade.
The Hiscox Artist Top 100 report provides insight into the state of the market, with auction sales of post-2000 artworks dropping 27 percent year-over-year from $956 million in 2023 to $698 million in 2024.
The report reveals a significant change in the market landscape, with fewer than 45 artists rising in the top 100 rankings.
This shift highlights the increasing importance of established artists and their work.
The HAT 100 report shows signs of progress in gender parity, with the number of women in the top hundred ranking increasing from 30 to 32.
In 2024, 822 post-2000 works by women came to auction—up 13 percent from 728 the year prior.
Julie Mehretu, while still in strong territory, slipped from 6th to 11th ($9.6 million).
The Correction and Recalibration of the Contemporary Art Market
The recent Hiscox Artist Top 100 (HAT 100) report reveals a significant shift in the contemporary art market, driven by a decline in speculative frenzy and a rise in more serious art collectors.
The report shows that auction sales of post-2000 artworks dropped 27 percent year-over-year from $956 million in 2023 to $698 million in 2024, indicating a correction in the market.
The correction in the market is largely attributed to the fading of the pandemic’s speculative fervor, which fueled the market during that time. The decline in speculation has led to a more balanced market, with a greater emphasis on serious art collectors over flippers. This shift has resulted in a decrease in the number of ultra-contemporary artists entering the HAT 100 rankings, as the market becomes more selective in the artists it promotes. The HAT 100 report also highlights a decline in the number of ultra-contemporary works that surpassed $500,000 in 2023/24, with just 43 works meeting this threshold. This decrease in high-end sales has led to a decrease in the number of established artists being promoted, with fewer than 45 artists rising in the top 100 rankings. The decline in post-2000 art sales also led to a decrease in the average return on post-2000 works resold at auction, falling to -0.3 percent. This decline has led to a decrease in the number of established artists being promoted, with some auction houses avoiding the inclusion of younger names in their marquee sales. The report also highlights a decline in the number of women artists entering the top 100 rankings, with only 32 women artists featured in the 2024 report. However, the number of women artists featured in the report has increased by 13 percent compared to the previous year, indicating a slow progress in gender parity. The HAT 100 report also highlights the emergence of new artists, with 12 percent more artists entering the top 100 rankings compared to the previous year. This emergence of new artists has led to a more diverse and hopeful secondary market. The report also highlights the importance of the role of institutions in the art market. While certainly illuminating, an artist’s Hiscox ranking is based entirely on public market results and doesn’t necessarily correlate with institutional relevance. The 2025 HAT 100 ranking mirrors the latest findings of this year’s Art Basel & UBS Art Market Report, which revealed a 28 percent year-on-year drop in Postwar and Contemporary auction sales. The report also highlights the impact of the economic slowdown in Hong Kong on the art market. The 52 percent plunge in Hong Kong sales reflects not only China’s broader economic slowdown and property market crisis but also a maturing buyer base that’s trading flash for staying power. Ultimately, the Hiscox Artist Top 100 report suggests that the art market is moving towards a more sustainable future. As the post-2000 art category becomes less profitable, auction houses are playing it safe and avoiding the inclusion of younger names in their marquee sales. However, the game is not over. The Art Basel & UBS report suggests that this shift towards a more sustainable market is driven by serious art collectors, not flippers. The report concludes that “for now, the market in new art is dominated by collectors, not speculators, which is why sales of works for less than $50,000 are at record levels.”
For collectors in their 30s and 40s, buying works by up-and-coming artists can be a rewarding experience, as they can collect and follow the development of the artist’s work over time. The Hiscox Artist Top 100 report provides a valuable insight into the state of the contemporary art market, highlighting the shift towards a more sustainable and diverse secondary market.
Conclusion
The Hiscox Artist Top 100 report highlights the significant shift in the contemporary art market, driven by the decline of speculation and the emergence of more serious art collectors. The report also highlights the importance of the role of institutions in the art market and the impact of the economic slowdown in Hong Kong on the market. Ultimately, the report suggests that the art market is moving towards a more sustainable future, with a more diverse and hopeful secondary market emerging.
References
Art Basel & UBS Art Market Report 2025
Hiscox Artist Top 100 Report 2024
Artprice Report 2025
Appendix
| Artist | Auction Sales | Ranking |
|---|---|---|
| Lucy Bull | $8.1 million | 18th |
| Jadé Fadojutimi | $7.1 million | 19th |
| Nicolas Party | $5.6 million | 27th |
| Matthew Wong | $5.1 million | 30th |
| Avery Singer | $3.6 million | 41st |
Appendix (continued)
| Artist | Auction Sales | Ranking |
|---|---|---|
| Cecily Brown | $13.4 million | 7th |
| Lynette Yiadom-Boakye | $10.4 million | 9th |
| Julie Mehretu | $9.6 million | 11th |
Glossary
Art Basel & UBS Art Market Report 2025 – The report by Art Basel & UBS that provides an overview of the global art market in 2025.
Artprice Report 2025 – The report by Artprice that provides an overview of the global art market in 2025.
Hiscox Artist Top 100 Report 2024 – The report by Hiscox that provides an overview of the global art market in 2024.
Post-2000 art – The art produced by artists born after 2000.
Speculative frenzy – A period of intense speculation in the art market, often fueled by investors and collectors.
Sustainable market – A market that is balanced and healthy, with a focus on serious collectors and a diverse range of artists.
Ultra-contemporary art – The art produced by contemporary artists, often characterized by its experimental and innovative nature.
Post-war art – The art produced by artists from the post-World War II era.
Contemporary art – The art produced by contemporary artists, often characterized by its diverse and eclectic nature.
Established artists – Artists who have gained recognition and success in their careers.
Blue-chip artists – Established artists who have a strong reputation and are widely recognized as leaders in their field.
Flippers – Collectors who buy and sell artworks quickly, often without adding value to the artist’s work.
Speculators – Collectors who buy artworks with the intention of selling them for a profit, often without considering their value or aesthetic merit.
Flippers are often considered to be speculators.
Disclaimer
This article is for general information purposes only and should not be considered as investment advice. The information provided is based on publicly available data and may not reflect the current market situation.
About the Author
The author is a freelance writer and art critic. He has been following the art market for over 10 years and has written for various publications, including Artforum and Artnet. He is based in New York City.
Copyright
This article is copyright 2025.