Recent years have seen dozens of records fall when it comes to prices for work by Black American artists. Overall, their presence in the market still lags far behind their presence in the broader art world — with one massive exception.
by Kerry James Marshall, in 2018. That was followed earlier this year byThe top-selling Black American female artist, Julie Mehretu, has an auction total of $65 million between 2008 and mid-2022, with her record price of $5.6 million being set at an auction in Hong Kong in 2019.
Among living Black American men, Mark Bradford is setting the pace, with a total of $194 million in auction sales over the same period. His top price of $12 million was garnered in London in 2018.Once you get past the biggest names, there's often very little volume. Mehretu alone, for instance, accounted for 80% of the auction total for Black American women artists in 2016.
Basquiat is the only artist in the global top 20 who isn't a white man; his auction total from 2008 to 2022 is $2.6 billion, and his top price, set in New York in 2017, is $110 million.Museums are doing a marginally better job than buyers at auction houses when it comes to diversifying their collections. Black American artists accounted for 6.3% of exhibitions at 31 U.S. museums between 2008 and 2020, and 2.2% of all acquisitions.
The inequality remains glaring, however: In the first half of 2022, Black American women were still just 0.3% of all auction sales.A lot of the interest in Black artists is speculative: Buyers want to collect works before they soar in value. But speculative markets invariably work on boom-bust cycles, as can be seen in the two-year decline between 2018 and 2020, where auction sales of work by Black American artists fell by 49%.
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