The Market For Roy Lichtensteins 1990s Nudes

The Nudes series stands as one of the most “extremely limited” in Lichtenstein’s body of work. These works are considered rare due to both their low edition numbers, and for their infrequent appearance on the secondary market. The series consists of six main edition prints, typically in editions of 40 or 60, with Artist Proofs (APs) and varying “states” assuming even smaller edition sizes between 10 and 12. The works in this coveted collection have gained increasing market momentum in the last 10-year period, with select works achieving the highest prices of any individual Lichtenstein screenprint.

This particular series holds a singular place in the artist’s overall print market, straddling the mid- to upper-tier segment of the market. They have consistently traded within the $120,000-$250,000 bracket. Likewise, trading volume of these works has remained relatively steady in the last 10-year period, with a low of three lots sold in 2017, to a high of nine in 2024. Their rarity has only served to bolster their value, with the average value of the series growing by an average annual growth rate (AAGR) of 37% from 2019 to 2024. Besides their distinct rarity, these prints are a testament to Lichtenstein’s mastery over the Ben Day dot towards the end of his career, which are employed here to represent an array of different female sitters – from the wide-eyed “pin-up” seen in Nude With Blue Hair to the unaware and introspective Nude Reading and Thinking Nude.

Over the past decade, Lichtenstein’s Nudes series has maintained a consistently low supply, with just three to four works traded annually in seven of the last 10 years. This scarcity has been a significant factor in driving value appreciation, as collector demand continues to build around these late-career works.

Despite their limited availability, the series has demonstrated robust momentum. From 2019 to 2024, the average value grew at an annual rate of 37%, underscoring the series’ strong trajectory in the mid- to upper-tier segment of the market.

Compared to Lichtenstein’s 1960s “Girl” prints – Crying Girl and Shipboard Girl among their ranks – the Nudes series has consistently commanded higher average values (excluding 2015, 2019, and 2023, when million-dollar enamel-on-metal works skewed the figures). In all other years, the Nudes have maintained a clear value premium. While the 1960s prints remain more frequently traded and broadly accessible, the Nudes are significantly rarer and therefore command higher prices, carving out a distinct and increasingly influential position within Lichtenstein’s print market.

In 2024 alone, works that came to the public market from this series reached a cumulative record high of $3.7M in total sales from just nine lots sold. Seven of these lots were sold in New York, the market which has consistently led the market for this series, achieving $3.5M from these lots alone. The series captured 88% of total market share by value, demonstrating the increasingly prominent position of these works within Lichtenstein’s market.

This exceptional performance was bolstered by the inclusion of editioned prints and related original studies from the Roy and Dorothy Lichtenstein Collection, featured in Sotheby’s November Evening Sale. These consignments underscored a shift in collector attention toward Lichtenstein’s 1990s exploration of the solitary female protagonist.

Given their exceptional performance in the upper-tier market and a record-breaking year in 2024, we can expect further price elevation for the rarest works in the series and consistent growth overall.

Sotheby’s has emerged as the leading auction house for Lichtenstein’s Nudes, handling 21 transactions over the past decade, representing 52% of the total volume and 51% by sales value. In 2024 alone, the house achieved $2.9 million in sales from just four works, outpacing Christie’s and Phillips by eight-times and five-times, respectively. This dominance is attributed to strategic consignments and the ability to attract high-profile collectors.

While New York remains the primary market, accounting for 78% of total sales value and 70% of lots sold over the past decade, London maintains a modest but consistent role. London’s peak came in 2019, with sales totalling $619,095 across four works, including first-time six-figure results for Two Nudes and Roommates.

Smaller auction houses and regional markets have also shown potential. Notably, Nude With Blue Hair achieved $636,377 at Wright in Chicago in 2021, marking a pivotal moment for regional houses in attracting and successfully placing high-value consignments.

While Lichtenstein’s 1960s Girl screenprints, such as Reverie, Crying Girl, and Shipboard Girl, remain the most actively traded segment within his depictions of women, the Nudes series has carved out a distinct niche. The Girl prints, though more frequently traded, have experienced a modest 2% average annual decline in value over the past decade, whereas the Nudes have shown a robust 37% annual growth rate from 2019 to 2024.

This divergence underscores the Nudes series’ unique position in Lichtenstein’s oeuvre, appealing to collectors seeking both rarity and significant appreciation potential.

In Extremely Limited: Roy Lichtenstein, MyArtBroker's second collaborative report with ArtTactic, we take a comprehensive, data-driven look at Lichtenstein's originals and prints market. For unparalleled insights into the market performance of Lichtenstein’s Nudes print collection, visit ArtTactic.com to download the report and here to receive an exclusive promotional discount.