Yayoi Kusama: The Art Market’s True Power Player?

Kusama’s global influence is undeniable, but nowhere is her market stronger than in Asia. Between 2019 and 2024, Japanese auction houses alone generated £27.7 million from 1,125 sales, accounting for 66% of all Kusama print sales in 2024. South Korea and Hong Kong also rank among her top-selling locations, further reinforcing the extent of Kusama’s Asian market control. By comparison, Kusama’s print sales in Western markets - including the UK and the US - pale in both volume and value, showing that her success is largely independent of the traditional Western art ecosystem.

Over the past five years, Kusama’s print market alone has generated £44.4 million from 1,855 lots sold at auction. Even in a fluctuating art market, Kusama’s secondary print market has remained remarkably strong. Her average sales price (ASP) has consistently stayed above £22,000, with 2021 marking an extraordinary 137% surge in total sales value. While sales volume declined in 2023 and 2024, the ASP remained steady - a sign that fewer works are circulating, but those that do continue to command strong prices.

Unlike many blue chip contemporary artists, whose markets rely on institutional validation and Western collectors, Kusama’s market operates on different terms. Her commercial and artistic success is deeply embedded in Asian collecting culture, where themes of repetition and spiritual infinity resonate with audiences on a profound level. Her works are not only coveted but embedded in regional collecting habits, ensuring consistent demand at auction.

Kusama’s ability to engage with both high-net-worth collectors and entry-level buyers has also strengthened her market. Her prints offer multiple entry points, from accessible lithographs to high-value, sought-after complete sets - ensuring steady auction performance across different buyer segments. Her most valuable print sales, including the Amour Pour Toujours (complete set) at £337,682 and Mt. Fuji In Seven Colours (complete set) at £228,512, reinforce her ability to attract serious collectors willing to bid at premium levels.

Scarcity plays a defining role in Kusama’s print market. Complete sets of her works are exceedingly rare, with only seven such sets appearing at auction in the past five years - yet these few sales have generated over £1 million in value. Collectors recognise the appeal of these sets, driving competitive bidding whenever they appear at auction. The performance of Kusama’s Waves and Pumpkin series further demonstrates how rarity fuels market strength. Waves (TWXZO) set the record for Kusama’s highest-grossing individual print at £172,480 at Christie’s Hong Kong in 2022, while Pumpkin (black), a highly limited etching, reached £123,215 in 2021.

Unlike Western artists whose works flood the market, Kusama’s selective print production ensures demand always exceeds supply. This strategic scarcity has cemented her status as one of the most reliable blue-chip investments in contemporary art.

Kusama’s market dominance is more than just an individual success story - it signals a larger shift in the balance of power in the global art market. Traditionally, Western institutions and collectors dictated the financial trajectory of blue chip artists. But Kusama’s market proves that Asian collectors are now setting the tone.

With Japanese auction houses driving sales and Korean and Hong Kong collectors increasingly bidding at record levels, the West is no longer the gatekeeper of contemporary art success. This shift raises important questions: If an artist can become the world’s most successful contemporary name without heavy reliance on Western markets, what does that mean for the future of blue chip collecting? And as demand for Kusama’s work continues to hold firm, could her market independence serve as a model for other artists looking to establish lasting global value?

While it remains to be seen whether Kusama will retain her position as the highest-grossing contemporary artist in 2024, one fact is clear: her market dominance is not fading. As Asia’s influence in the global art market expands, Kusama’s trajectory suggests a future where blue chip success is no longer dictated by Western validation. Instead, artists who cultivate strong markets in Asia - where collector engagement is deep and bidding remains competitive - may hold the real power in shaping the next phase of the art world.

Kusama’s success isn’t just a testament to her own legacy - it’s proof that the future of the global art market may no longer be written in the West.