David Hockney Market Watch 2023

The Arrival Of Spring In Woldgate East Yorkshire 6th May 2011 by David Hockney - 2011The Arrival Of Spring In Woldgate East Yorkshire 6th May 2011 © David Hockney 2011
Jasper Tordoff

Jasper Tordoff, Specialist[email protected]

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Innovative and eternally productive, David Hockney continues to dazzle the art world and market as one of the most prolific Modern British Artists. Hockney is technologically innovative to this date, as witnessed in his recent - and triumphant - show at Lightroom London. Hockney's trailblazing oeuvre is reflected in his phenomenal print market performance. In this comprehensive market report first we provide charts that reflect Hockney's Q1 market performance with data sourced from our own bespoke technology. Then, we take a retrospective look at 2023, identifying Hockney's most investable prints and market trends.

Discover Hockney's dominant presence in the 2023 art market in The Art Investment Report. Explore the most investable prints from Hockney's's trending series on the MAB100 Print Market Index.

HOCKNEY FIVE YEAR PRINT MARKET PERFORMANCE: 2017 - 2023 Q1

Hockney’s art market is evidence that his continued work and productions drive his favourability year-on-year. 2018 was Hockney’s breakout year, primarily driven by his auction record, Portrait Of An Artist (Pool With Two Figures) (1972), selling at Christie’s (New York) for 90.3 million (USD) (fees included). As Hockney’s paintings market is dominated by seven to eight-figure sales, the prints and multiples market is unquestionably solid, with top-selling prints that bring in six to seven figures.

Considering a 5-year market period, from 2017 to 2022, Hockney's market size grew 122%, the transaction volume increased by more than 18%, and the ASP per work increased by 87%, producing a CAGR of 13%.

David Hockney Print Yearly Turnover 2017 - Q1 2023 - MyArtBrokerDavid Hockney Print Yearly Turnover 2017 - Q1 2023 © MyArtBroker 2023

HOCKNEY FIVE YEAR TOTAL SALES

Hockney’s market exhibited significant growth with a 66% increase in 2019, an 89% climb in 2021, and an additional 33% rise in 2022. Despite a 33% dip in 2020, these year-on-year (YoY) percentages remained consistent over five years, showcasing remarkable and enduring success. Blue chip artists' markets often plateau and saturate, potentially explaining Hockney's 2020 performance as buyers explored other options amidst art market changes. However, as new buyers entered, Hockney's market rebounded, demonstrating groundbreaking signs of renewed success and influence.

Download MODERN BRITISH PRINTS REPORT for in-depth insights into Hockney's painting and print market, along with comprehensive analysis of market trends spanning the past five years.

David Hockney Number Of Prints Sold Via Auction Quarterly 2017-2023 - MyArtBrokerDavid Hockney Number Of Prints Sold Via Auction Quarterly 2017-2023 © MyArtBroker 2023

HOCKNEY Q1 2023 PRINT PERFORMANCE

Hockney's Q1 2023 prints and multiples performance is robust, generating nearly £2.5 million in sales from 58 works in a single quarter. While this falls short of the average volume of sales in the past 5 years, it results in an impressive Q1 2023 ASP exceeding £43,000, surpassing cumulative ASPs from the previous 5 years. The elevated ASP, combined with a reduced number of available works, signifies the strong investor interest and remarkable demand for Hockney's prints. Concerns about the diminishing availability of Hockney prints may also contribute to higher ASPs and increased buyer demand.

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2023 IN REVIEW: THE ART INVESTMENT REPORT

Predictably, Hockney delivered an outstanding performance in the print market in 2023. Examining his performance on a quarterly basis reveals remarkable consistency, with each quarter yielding sales surpassing £2 million (hammer), expect for Q3, which still achieved a commendable total exceeding £1 million (hammer).

Since 2019, Hockney’s body of work has continued to expand, with 449 successful print sales in 2023. Prints from his extensive series remained a prominent presence in auctions, making his impact unmistakable.

One of the most impressive aspects of Hockney’s performance lies in his total sales. Not only has his market defied prevailing economic conditions, but the total sales has consistently increased YoY since 2020.

The total sales for 2023 resulted in a staggering £9.9 million (hammer), marking a remarkable 24% increase from the performance recorded in 2022.

HOCKNEY TOP SALES & MARKET TRENDS

Hockney’s 2023 print market was marked by numerous ‘icon’ series, with the Swimming Pools series - in particular - achieving consistent sales and record-breaking results. However, the primary Hockney trend of H2 2023 was the emergence of his lesser-known works, including Illustrations For Six Fairy Tales From the Brothers Grimm, a series of etchings published in 1969. In Q4, a complete set of this series appeared at Christie’s New York, selling for $119,700 (USD) and establishing a record price for these prints.

iPad Drawings

Hockney’s iPad drawings, candidly capturing the beauty of Hockney’s surroundings, maintained their unwavering popularity, consistently fetching prices exceeding £100,000 on the market. Hockney’s Yosemite II, October 16th, 2011 (2011), made its auction debut in Q1, realising $378,000 (USD). Likewise, despite the widespread recognition of Hockney’s Arrival of Spring works, they remained a rarity in the market, with certain pieces appearing sporadically due to their limited edition size of 25. In Q2, Bonhams set a record with The Arrival Of Spring In Woldgate East Yorkshire 6th May 2011 (2011), realising £277,500 - highlighting the growing popularity of his digital prints.

The Weather Series

The Weather Series, comprising ten prints created in 1973 and inspired by Hockney’s visit to Japan, made a significant impact in Q4. While some pieces from this series occasionally surface in the market, most are exceptionally rare. The standout sale featured a complete set of these works, marking its first appearance in the market since 2012 and selling at Christie’s New York for $277,200 (USD). Other notable sales from this series in Q4 include Rain, which sold at Sotheby’s New York for $82,550 (USD); Sun, which achieved $63,500 (USD) at Sotheby’s Online-sale; and Snow, sold for $53,340 (USD) also at Sotheby’s Online-sale.

’’Hockney’s aptitude not only as an artist extends beyond the traditional sense of the word to a “master draughtsman”: a jack of all trades, and a master of all.“
Erin-Atlanta Argun, Commission Editor at MyArtBroker

TOP FIVE HOCKNEY PRINT SALES 2023

As one of the most popular Modern British Artists, Hockney's top-selling prints frequently bring six to seven figures at public and private sale. With his unparalleled approach to various mediums, Hockney's prints are compelling to a wide-reaching audience of art collectors.

Here are Hockney's top 5 most performing prints in 2023:

1.

A Rake's Progress

A Rake's Progress (1961-1963) consists of 16 etchings by Hockney, reimagining William Hogarth's 18th-century series of the same name. Initially planned as 24 etchings, printing challenges led to the final count of 16. This portfolio traces the journey of a young gay man in the city, blending Hogarth's original narrative with Hockney's autobiographical elements. The decline of Hogarth's character is mirrored in Hockney's protagonist, reflecting societal shifts.

Completed in 1963, this early Hockney work gained significant traction in 2023, reflecting his rising popularity. Hockney's art communicates universally, embracing honesty and humour. The complete set reappeared at Christie's in April 2023, marking its first appearance since 2017 and only the third time at auction. Surpassing its previous record of £15,625, it sold for an impressive £435,482 (with fees), solidifying its position as Hockney's top-selling print in 2023 and showcasing substantial value appreciation over five years.

2.

Dog Wall (complete set)

In January 2023, Hockney's Dog Wall (complete set) (1987) fetched £327,600 (with fees) at Phillips, marking his second highest sale in 2023 and setting an auction record. This set of 15 etchings surpassed its previous sale price at Sotheby's in November 2015, demonstrating a 3.6-fold increase in value over an eight-year period. Complete sets, especially from American Pop and Contemporary artists, including Andy Warhol and Damien Hirst, have gained increased collector interest. Dog Wall pays tribute to Hockney's beloved dachshunds, Stanley and Little Boodgie. Hockney's talent lies in capturing charming and universal imagery, making his works highly appealing.

3.

Yosemite II October 16th, 2011

Part of Hockney's acclaimed series, these en plein air sketches are also featured in his immensely popular iPad drawings. Consisting of 20 prints, Hockney's Yosemite artworks initially entered the market in 2010, fetching tens of thousands. Today, their value has soared to the hundreds of thousands. Yosemite II, October 16th, 2011 (2011) from this series appeared twice on the secondary market, first in 2020 and again in March 2023, achieving a sale price of £313,902 (with fees). This marked a 5% increase from its previous sale, securing its position as Hockney's third top-selling print in 2023, highlighting the enduring allure of these sought-after pieces.

4.

Caribbean Tea Time

Caribbean Tea Time (1987) is a notable piece from Hockney's Interiors and Exteriors series from the 1980s. What sets these works apart is the absence of a sitter; instead, the focus is on the intimate interplay between interior and exterior spaces. This particular artwork features vibrant colours in an abstract cubist format and is presented on a folding screen. Remarkably rare in the market, it resurfaced in May 2023, fetching £303,305 (with fees). In a previous sale in 2021, it sold for £94,302 (with fees), marking a significant increase of 3.2 times in value. With six appearances in the secondary market, each sale has demonstrated a consistent uptrend, showcasing the enduring strength and resilience of Hockney's market influence.

5.

The Arrival Of Spring In Woldgate East Yorkshire 6th May 2011

Another gem from Hockney's Digital Drawings collection, The Arrival Of Spring In Woldgate East Yorkshire 6th May 2011 (2011), is part of The Arrival of Spring series. Limited to editions of 25, these pieces have consistently grown in desirability and value over time. This specific artwork made headlines at Bonhams in April 2023, setting a record as the highest-selling piece from the series and securing a spot among Hockney's top print sellers for 2023. It fetched £277,200 (with fees), marking its second appearance on the secondary market and an impressive 2.79 times increase in sales value since its initial sale in 2018.

Data-Led Art Investment

Our value index blends public auction data and private sales data from our collectors network. Our market value index uses artwork & artist data and a Repeat-Sales Regression (RSR) approach. Using the sale price of individual prints to estimate the fluctuations in the value of an average representative print over a unique period of time.

Our algorithm tracks over 48,500 auction histories & our own private sales data across 3,500 artworks spanning 30 years, including signed, unsigned, APs, PPs, TPs and sets of prints & editions.

We use several metrics when comparing artists:

  1. Market Size: the total value in sales in £GBP over a given period.
  2. Transaction Volume: the total number of sales over a given period
  3. Average Sales Price (ASP): the average price of a sale over a given period.
  4. CAGR: the Compounded Annual Growth Rate - a measurement used to smoothen the annual rate of growth over a given period.
  5. YoY: year over year - a direct comparison between the latest year and previous year.

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