Description

This report delivers a comprehensive econometric analysis of the historic women avant-garde art market, focusing on ten pioneering female artists: Georgia O'Keeffe, Tamara de Lempicka, Alice Neel, Gabriele Münter, Natalia Gontcharova, Lyubov Popova, Paula Modersohn-Becker, Alexandra Exter, Suzanne Valadon, and Romaine Brooks. Drawing on 8,269 auction transactions spanning 1986–2025, the study applies institutional-grade financial methodologies to map risk-return profiles, price dynamics, and market concentration across the segment. The analysis extends beyond secondary market data to include a structured assessment of primary market positioning: museum collections, exhibition history, art fair presence, and critical visibility.

Key findings include:

- Georgia O'Keeffe dominates with €410M+ in cumulative auction revenue, establishing the blue-chip benchmark for the segment
- Sell-through rates ranging from 58.6% to 97.3% across the ten artists, revealing fundamentally different liquidity profiles
- A 10.7x price density differential (€/cm²) between the highest and lowest-valued artists
- Hammer Price Ratios reaching 9.90x for Romaine Brooks and 1.57x for Tamara de Lempicka, signalling persistent demand above estimates
- The Russian Avant-Garde contingent (Gontcharova, Popova, Exter) demonstrates strong institutional recognition but elevated bought-in rates, suggesting supply-demand imbalances
- Germany's +8% market growth versus 2019 creates geographic tailwinds for Expressionist positions (Münter, Modersohn-Becker)