Yayoi Kusama, the Japanese artist famed for her kaleidoscopic paintings and installations, made $80.9 million at auction last year, beating out David Hockney for the spot of top-selling contemporary artist of 2023. Per the latest Hiscox Artist Top 100 report, Hockney, who snagged the top title in 2022, earned $50.3 million in sales this past year.
Kusama’s most expensive piece sold in 2023 was the painting A Flower (2014), which sold for almost $10 million during an auction at Christie’s Hong Kong.
“Despite being 95 years old, Japanese trailblazer Yayoi Kusama remains one of the most influential female artists,” Robert Read, head of art and private clients at Hiscox, said in a statement.
Major auction houses reported a steady market for female contemporary artists, with a 179 percent rise in works sold by that demographic over the past five years. Hiscox also noted that female artists comprised 32 percent of contemporary sales in 2023, up from 29 percent.
More good news, of sorts: The overall value of contemporary art by women only fell by 8 percent in 2023, compared to a 20 percent sales dip from their male counterparts. The total sales of contemporary art at blue-chip auction houses dropped by 17 percent, but the figure still surpasses pre-pandemic numbers by 26 percent.
Buyers, however, seem to be sticking with sure investments. The value of art produced within two years—what the market calls “wet paint” works—fell by 36 percent last year. Additionally, younger artists were outstripped in sales by more established talents, as less than half of all works made by artists under 45 sold above their mid-estimate, compared to 65 percent the prior year.
“As you can see, art trends move at quite a pace. Flipping continues but is less lucrative and since we last reported, the market has softened considerably,” Read said. He added that “this is particularly challenging for younger artists who’ve seen the price of their work reduce considerably.”
