David Hockney Market Watch 2023

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’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%.

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.

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’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.

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:

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.