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Young Asian Artists Are Facing a Market Slowdown

BBG News

Summary

  • Auction sales for ’90s-born Asian artists have dropped significantly
  • Average prices down 26 percent to $13,905 USD per work

As a gaming enthusiast dabbling in art investment, I’ve noticed a slump in the auction sales for young Asian artists born in the ’90s. According to “The Asia Pivot” by Artnet, the total sales plummeted to a three-year low of $9.7 million USD in 2024. The average price per work also took a hit, dropping a staggering 26% to around $13,905 USD. A segment that was once touted as a fast-rising part of the market is now showing signs of slowing down.

Previously dominant artists are experiencing significant drops. For instance, Anna Park, who earned $1.67 million USD in 2023, failed to make it into the top 10 this year. Similarly, Raghav Babbar saw a drastic reduction of almost half in his average prices, yet the majority of his works continued to be sold.

Artnet indicates a broader decline in the ultra-contemporary art market, with fewer pieces being purchased and those that are selling typically fetching lower prices. Yet, some artists continue to thrive. Yukimasa Ida from Japan maintained his position among the top three performers. Sun Yitian from China took the number one spot in 2024 when her painting “Prologue” was sold for $415,000 USD.

Approximately half of the leading 50 artists were women, hailing from various parts of the world. The statistics indicate a dynamic art market, becoming increasingly diverse and global. Despite the post-pandemic fervor around this group subsiding, these artists remain pivotal, mirroring broader market changes and poised to shape future tendencies. China and Japan continue to dominate the top performers in the art world.

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2025-06-02 20:55

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