A Shifting Landscape in Favour of Female Artists.

In recognition of International Women's Day, we reflect on the evolving dynamics within the art market, particularly concerning the recognition and valuation of female artists.?Historically marginalised, female artists have been making significant strides towards achieving parity, a trend that's increasingly evident in recent data and market shifts.

The art world's historical male dominance has seen female artists often side-lined, underrepresented, and undervalued. However, this landscape is undergoing a transformative shift. Data indicates that the market for work by women has seen notable growth, with the amount of money spent at auction for work by women growing 174.2 percent between 2008 and 2021, showcasing an uptick in interest and valuation of female artists' work.

The "Sotheby’s & ArtTactic - The Art Market Beyond $1 Million, 2018–2022" report illuminates this shift further, revealing that more art by contemporary women is breaking the $1 million barrier, with sales more than doubling from 2018 to 2022, growing from $221.7 million to $461.9 million. In 2022, nearly a quarter (24.5%) of $1 million+ works were by contemporary women artists, compared with just 11.8% in 2018, marking a significant milestone in the art market's journey towards gender parity.

This burgeoning recognition is not just confined to contemporary artists. The art market's attention to late women artists has also seen a remarkable increase, with a 109% rise in the total value of works sold at auction by late women artists between 2012 and 2022. Despite this growth, the distribution of sales remains limited, highlighting the need for continued efforts to support and promote female talent within the industry.

A Yale study offers deeper insights, suggesting that institutional barriers have historically posed significant obstacles for female artists. It found that before 1983, female graduates from the Yale School of Art were less likely to sell their work at auction compared to their male counterparts. However, those who did saw their work fetch higher average auction prices. This disparity in auction access and price rankings has diminished post-1983, indicating that some barriers have weakened, although women’s work continues to be less frequently mentioned in books, potentially affecting public awareness and market presence.

Art Works Group's commitment to championing female artists is evident in our recent activities.?With 4 out of the 7 new emerging artists we've added under our representation in the last 6 months being women, we are actively working to close the gender gap and bring diverse perspectives to the forefront of the art world. This aligns with broader market trends and the increasing collector and investor interest in diversifying art collections with works by female artists.

The significant growth in high-value transactions involving contemporary female artists' work is indicative of a broader shift within the art market towards greater gender parity and diversity. This trend not only reflects a changing collector base that values diversity and representation but also suggests an increasing recognition of the quality and investment potential of artworks by female artists.

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For collectors and investors, the rise in high-value sales of contemporary female artists' work is an encouraging sign, suggesting that artworks by female artists are not only culturally and aesthetically valuable but also hold significant financial promise. As the art market continues to evolve, embracing artworks by female artists can be a strategic move for collectors looking to diversify their portfolios with pieces that are poised for appreciation.

Further evidence of the shifting landscape in favour of female artists is highlighted by recent findings from ArtTactic,?which show sales of art by women reaching a new high of US$825.8 million last year, up 7% from 2022. This increase represents 13.8% of all sales at top auction houses, marking a significant jump from a 9.4% share in the previous year. Although still far from parity, the gap in average prices between works by male and female artists is narrowing, with the average price for works by women at US$215,776, compared to US$298,520 for men—a reduction in the disparity from 81% to 37% in just one year. Notably, ultra-contemporary female artists, those under 30, are leading the charge, with their works fetching higher prices on average than their male counterparts, and post-war women artists also seeing strong performance in the auction market. This data not only underscores the growing market recognition of female artists but also signals a promising move towards gender parity in the art world.

Art Works Group's commitment to gender parity extends beyond the promotion of female artists to embedding equality within the heart of our operations and leadership. We actively champion the advancement of women into senior and leadership positions across all facets of our business, from gallery managers and creative directors to art finance professionals, market analysts, and legal experts. This approach is not just about filling roles but nurturing the next generation of art market professionals through targeted training and development programs. By ensuring our leadership reflects the diversity we seek in the art world, we aim to set a precedent for inclusivity and equality. Our efforts underscore a broader commitment to fostering an environment where talent, regardless of gender, can thrive and lead in shaping the future of the art market.

The art market is witnessing a pivotal shift towards more equitable recognition and valuation of female artists, particularly in the contemporary sector.?Art Works Group's proactive approach in championing female artists aligns with these market dynamics,?offering both a platform for talented female artists to gain the recognition they deserve and an avenue for collectors and investors to enrich and diversify their collections with meaningful and potentially lucrative artworks. As we celebrate International Women's Day, it's clear that the journey toward equal recognition and valuation of female artists in the art market, though ongoing, is moving in a promising direction, offering new opportunities for cultural engagement, investment, and the advancement of gender equality within the art world.