In 2015, Huw Lougher established Lougher Contemporary with a mission to create a space for collectors at any stage of their collecting journey with a foundation built on trust and transparency. Specializing in contemporary blue-chip editions and private sales, Lougher has unique insight into the art market at large, and, more specifically, the volatility of recent years.
We sat down with Lougher to get his takes on recent trends in the art market, as well as what his advice is for collectors now in light of recent major market fluctuations.
What are some of the key trends you’ve seen over the past 12 months?
The contemporary art market has slowed since its boom from 2020 to 2022 due to macroeconomic factors and changing investor preferences. Despite the drop in confidence and negative sentiment, there are still reasons to be optimistic about the market’s future.
Some of the key trends we’ve witnessed in the past 12 months include the return of the passionate collector. The art market boom attracted investors seeking returns, but many have since exited as interest rates rose and traditional markets offered better returns.
However, passionate collectors and professionals remain committed, and while prices have dipped, they’re now stabilising, particularly for established blue-chip artists. As speculative hype fades, collectors are turning back to blue-chip names, and editions by artists like David Hockney and Andy Warhol are seen as safer investments. Many collectors are consolidating their holdings after overbuying, and the market is adjusting to more realistic pricing.
Further, prices have dipped but are now stabilising, especially for well-established names. Despite auction volatility, the market is becoming more consistent, and collectors are returning.
And blue-chip reigns king. For blue-chip artists, we can expect prices to start rising again as we head into 2025. As hype around emerging artists fades and prices rise for newer names, collectors are shifting focus to blue-chip artists to balance their collectionsBottom of Form.
Editions by established artists are seen as a safer bet in the art market, with less volatility. More clients are now adding works by artists like Hockney, Warhol, Yayoi Kusama, and Keith Haring to balance their collections.
We’re in the new normal. Many collectors are consolidating and downsizing their collections after buying heavily during the peak. While few are leaving the market entirely, we’re working with those who are.
Collectors are also adapting to this new normal: sellers are now open to offers at current market prices, and buyers are taking advantage of more favourable conditions. During the boom, many new buyers were poorly advised, often overpaying for overhyped artists. Some galleries prioritised profit over transparency. We’re helping more clients rebuild their confidence by providing honest guidance in what can be an exciting and rewarding market.
Transaction friction has also increased due to stricter regulations, more complex logistics (worsened by Brexit), and rising costs across industries. Shipping prices have surged in recent years, making some deals tricky. Bottom of Form
There’s also been a change in market concentration. After the boom, many new players entered the secondary market, especially for editions. Now, competition is tougher, particularly in the sub-£10,000 range for artists like David Shrigley, Tracey Emin, Banksy, and Damien Hirst. It’s unclear if this is sustainable, but buyers should consider more than just price when purchasing art. We focus on providing top service, with guarantees on authenticity, post-sales support, and transparency.
How is Lougher Contemporary adapting?
Our goal remains to expand our presence in the secondary editions market while enhancing our private sales offerings. We’re committed to providing the best service with fair pricing, along with the reassurance and support our private and trade clients deserve.
We now offer a full suite of services to help clients buy, invest, source, or sell.
What is your advice to collectors who over-indulged in the boom of the market?
Despite what you might read in the press, now is a great time to engage with the art market. There are numerous reasons to buy and sell art beyond investment. While art can be a commodity with low-risk potential and significant returns, the joy of collecting goes far beyond financial gain.
Here are my top tips for collectors, no matter where you are in your journey:
- Understanding your “why”! Take a moment to reflect on what you want to achieve with your art purchases—whether you’re collecting, investing, consolidating, or exiting. Defining your motivations and goals is crucial before taking any action.
- Don’t dwell on losses. If you’re focused on investment or value, it’s often wiser to sell now and accept a loss rather than hold onto artwork you no longer love. If a piece is stored away and losing value, consider parting with it. Taking a smaller loss now is better than facing a bigger one later—or risking a complete write-off.
- Don’t rush. Take your time—there’s rarely any urgency in art collecting. Ensure each acquisition is a good fit for you. If you’re selling, carefully choose your route to market to enhance your chances of a successful outcome.
- Hone your research skills. Buying impulsively at an art fair or auction can be exciting, but it’s risky and often doesn’t lead to a successful outcome. Take your time to research the artist, artwork series, and gallery before deciding. With so much information available online, there’s no excuse for not doing your homework!
- Work with trusted advisors. This could include independent advisors, gallery staff, or fellow collectors. Focus on building relationships based on trust, honesty, and transparency with those whose values align with yours.
- Don’t fear the market. I find excitement in the art market almost every day—whether it’s a new exhibition opening, an artwork up for auction, tracking down a piece for a client, or advising on acquisitions. The art world is filled with amazing people and treasures, and the negative press about money and pricing is doing it a disservice. There’s so much to enjoy and discover—if you’re in it for the right reasons, embrace it and have fun!
Explore Lougher Contemporary here.
