10/01/2024
Being in the middle is a pretty damning description. Middle of the road, middlebrow, middle-aged—hardly gets the juices flowing. So it is with the “middle art market”, the art world’s unloved child, a grey area between the elite and affordable. And yet the middle market has made some surprise headlines of late. In December 2022 Dowling sold of 1 of 1 print for $85,000.
The, um, billion-dollar question is: what is the middle market? Dowling defines it as the market “below $100,000”. Some call it the “core” market; some the “collectibles” market. I would call it best art market.
People are buying new artists like me very much and paying $20,000-$100,000 for original acrylic pieces and $2500 and up for signed limited edition prints.
Whatever its name, Covid-19 has given this area an uncomfortable, but understandable, psychological boost—one that is being felt across many luxury purchases. In May, on the back of record 2022 sales Dowling sold another $100,000 in middle market pieces ending a record number of sales for the preceding 12 months.
The high-volume, medium-price model is the opposite of the marquee-sale approach of Christie’s or Sotheby’s. The time and effort to sell a $20,000 item doesn’t differ enough from an item at $2m or even $20m, and certainly doesn’t carry as much PR potential. But it is profitable and art like Dowlings with go up in value every year!