“Red-chip” phenomenon: the young artists who have won the auctions

In January 2022, in an article in “The Art Newspaper”, Scott Reyburn coined the term red-chip to describe a phenomenon that increasingly involves young artists. These, in fact, fresh on the marketthey see the demand for their works grow very fast and with very high prices.

This dynamic has in recent months involved a number of female artists who have performed at major international auctions for contemporary art, along with blue Chip like Picasso, Damien Hirst and Jeff Koons, and they have achieved incredibly high results.

This reflects a new collector’s taste towards the young contemporary avant-garde, which is included by the major auction houses in the most famous programs, helping to strengthen and enhance the works of these artists at the beginning of their careers, almost replacing the work of the galleries.

Here we will analyze the market for five very young artists who have been presented by Christie’s in the last prestigious auction of works of the 20th and 21st century, and which was received with great enthusiasm by collectors.

Falling woman (2020): Anna Weynant’s career top party

Anna Weynant

Born in 1995 in Canada, Anna Weynant is an incredibly talented painter who debuted last year with an auction at Phillips, where her work exceeds the maximum estimate of $ 20,000. It is now backed by the great Sotheby’s and Christie’s, thanks to which it continues to put personal records up for auction.

His works are figurative, paintings in which the present and the past marry thanks to an impeccable technique: if on the one hand they refer to the hyperreal images of the web world, they are on the other hand compared to Christie’s with the masterpieces of the golden age, Dutch or all Syg bacchus by Caravaggio.

The auction house probably knows how to support their artist. Another step from Christie’s is to underestimate his works: although two of Weyant’s canvases sold for more than two million in May, Christie’s at the auction on June 28 TBT Brussels (2020) between $ 180,000 and $ 300,000: The result is no longer surprising and the work sells for $ 400,000.

The top part of his career (which I repeat is a career year for a total of only 12 canvases sold at auction) is reached by Weyant with Falling woman (2020), sold at Sotheby’s New York in May for $ 1.3 million!

Myths of joy (2017), Jadé Fadojutimis career-top party

Jadé Fadojutimi

Jadé Fadojutimi, born in 1993 in the UK, already has an enviable curriculum: he is the youngest artist in the Tate Modern collection; this year he participates in the Venice Biennale and has achieved a monographic exhibition at the ICA in Miami. These personal achievements are also reflected in the auction market.

His abstract works, brutal in shapes and sour colors, have achieved amazing results since the first auction, then last year Rampage / Untitled investigation (2017) scored 13 times higher than the original maximum estimate. His prices continue to rise, making the artist a real one red-chip.

By mid-2022, with only eight works up for auction, Jadé will get 0% unsold and a total turnover of over $ 7 million. The artist is much appreciated in the UK, but also in the US and Hong Kong, where the major auction houses support this young woman.

The works that are most appreciated by the market are the 2017-2018 series: canvases, where acid colors and abstract shapes are the main characters, who at the peak of his career, Myths of joysold by Phillips in 2021 for $ 1.3 million.

8:50:50 (2020): Lucy Bulls top game of his career

Lucy Bull

Lucy Bull was born in the USA in 1991. Represented by the galleries David Kordansky and Almine Rech, she is very fresh in the secondary market. The artist conquers with his psychedelic, surreal, abstract canvases that, like sirens, attract attention and it is impossible to remove the eyes from the whirlwinds of acid and attractive colors. A perfect mix between Jackson Pollock and Max Ernst.

His first work at auction will be published in May at Sotheby’s, where his canvas will be 10 times higher than the original estimate, which was already very high. The artist is so fresh on the market that it is still impossible to analyze its trend. But if the result surprised as early as May, he achieved another dizzying result at Phillips a few days ago: in Hong Kong, 8:50:00 (2020) sold for $ 1.2 million with an initial estimate of around $ 130,000. It’s the new top game for Bull.

Sprins from Switzerland (2017): Shara Hughes’ career peak

Shara Hughes

Born in 1981 in the United States, it made its cold debut at auctions in 2017, but between 2021 and 2022, in less than a year, about eleven paintings sold over a million dollars. Compared to Christie’s with fauvism and German expressionism, Hughes sees strong pressure and interest in his market.

Hans is a unique case, as some newly purchased and collected works have already been resold, which further beats the previous figures: Here and there (2007) was auctioned in 2020 for $ 73,000; this year it was resold for $ 208,000. The increase in value is approximately + 188% in less than two years! His works rise this year to position 208 in the world rankings of artists’ turnover, and his works are highly valued in the United States, Great Britain and Hong Kong, thanks to the excellent work of the great Christie’s and Sotheby’s.

2022 is the record year for Shara Hughes: with 35 works auctioned, she has already reached her top turnover of $ 19,126,268 and the top of her career with Spins from Switzerland (2017), sold in May at Christie’s New York for $ 2,400,000, with an initial estimate of between $ 500,000 and $ 700,000.

Spliced ​​structures (7) (2019): Rachel Jones career high

Rachel Jones

British, born in 1991, Rachel Jones is an artist she loves feel with your own eyes, which describes the world around her with a colorful and vibrant abstract art. After graduating from the Royal Academy of London in 2020, Jones was chosen by Thaddaeus Ropac Gallery, which dedicates a solo exhibition to her in 2021, making her so famous and attractive.

At just 31 years old, Rachel Jones has works in prestigious museum collections such as the Tate, the Museum of Fine Arts in Houston and the ICA in Miami. These incredible and very fast personal results are already reflected in the market: in the last few months, two of his paintings have tenfolded their estimates! Like the pinnacle of his career: Spliced ​​structure (7) (2019), which was already estimated to be as high as $ 79,000, was beaten by $ 1.2 million by Bonhams!

Interesting to note how the phenomenon red chip it not only involves artists presented by the great Christie’s and Sotheby’s, but it is a dynamic that has now established itself in all auction houses, so that it reflects a real new interest in collecting.

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