Market Watch: Market Editor Report March 2025

Print Fairs Thrive Amid Market Recalibration

In contrast to the slower auction rooms, the 40th edition of the London Original Print Fair (LOPF) at Somerset House opened to packed crowds, with gallerists noting that the VIP preview night drew even larger numbers. Just days later, the IFPDA Print Fair in New York welcomed more than 5,000 attendees at its own preview. We saw it firsthand: both fairs buzzed with energy, collaboration, and fresh momentum. At LOPF, some galleries even partnered to share booths - a format I anticipate will be spotlighted in the upcoming UBS Art Basel 2025 Market Report. At IFPDA, Rebecca Van Norman, MyArtBroker’s Head of US Consignments, also observed a noticeable shift - fewer of the typical American Pop works by blue chip names were on view. But rather than signalling a downturn, she framed it as part of a broader market recalibration - and a moment ripe for savvy collecting.

One of the most exciting entry points right now? Women artists

Women artists had a refreshing and notable presence at both print fairs. I highlighted Tracey Emin in my review of LOPF, while Rebecca pointed to strong showings from Louise Bourgeois, Mickalene Thomas, and Kiki Smith in New York. These are established, investment-worthy names - and their works remain comparatively accessible, not just when stacked against six-figure blue chip pieces, but even in relation to their original works which sell for millions. As detailed in our Female Print Market Report, the average 2024 print value for Emin was £3,400, and £2,000 for Bourgeois - clear evidence that significant acquisitions don’t have to come with sky-high price tags.

In a market that’s recalibrating, it’s all about spotting the opportunity - and knowing how to act on it.

March Online Print Auctions Show Opportunity, But Mixed Results

Despite the momentum we witnessed at the fairs, the online Prints & Multiples auctions at Sotheby’s and Christie’s, which unfolded over the course of several weeks in March, told a more tempered story. From the equivalent sales of last year, Christie’s saw a sharp 45% drop at the hammer, while Sotheby’s fared better, down just 8%. So, a fair question arises: if prints are performing so well, why the dip? The answer is nuanced, just like the cyclical nature of the art market.

At Sotheby’s, the top lots were Roy Lichtenstein prints - a category coming off record-breaking momentum in 2024. As anticipated, due to the timing, format of the sale, and high estimates, results were mixed for Lichtenstein works offered. Reflections On Crash hammered at £70,000, landing 41% below its high estimate, and Roommates reached £330,000 - a commendable result but more than 50% below its high estimate. However, Reflections On The Scream and Forms In Space both exceeded expectations, hammering at £130,000 apiece.

Andy Warhol’s performance was similarly uneven. Four of his works were withdrawn ahead of the sale, representing £1.1 million in lost low estimates. Had those works sold with modest bidding at best, the total hammer could have surpassed £3 million, which would have marked a three-year high for this sale.

Hockney Outperforms, Warhol Splits

At Christie’s, inconsistency continued - but David Hockney emerged as the standout. Several of his works under the £50,000 mark drew intense bidding all landing above estimates (results below include fees):

1. Snow from The Weather Series set a new record at £81,900
2. Contrejour in the French Style realised £56,700 (high est. £28,000)
3. Pool Made with Paper and Blue Ink hit £69,300 (high est. £28,000)
4. Water Pouring Into Swimming Pool set a record for a standard edition at £18,900

The clear takeaway? There’s strong demand, but it’s concentrated around lower-estimate, accessible works.

Warhol’s prints showed a similarly split performance. Mother and Child from the Cowboys and Indians series set a new record at £40,320, and Hammer and Sickle jumped 53% above previous benchmarks to reach £17,640. Yet, higher-estimated value prints like Queen Elizabeth and Mick Jagger went unsold.

That said, in the world of editioned works, unsold does not equal unwanted. Timing and venue matter. For example, Sotheby’s sold a Mick Jagger print for £95,250 (with fees) in their Prints and Multiples sales, which concluded just days before Christie’s whose sale offered a near-identical one. Similar situations occurred in the same sales of 2024 where where a Warhol Muhammad Ali (complete set) went unsold at Christie’s, yet realised £279,400 (with fees) at Sotheby’s.

When similar editions appear back-to-back, the buyer base becomes split. A savvy collector isn’t likely to bid higher than a recent comp, not just for pricing logic - but also because they know more editions will appear down the line. It’s part of the psychological nuance of print collecting, but more so the nature of the public auction cycle, another reason why many sellers are choosing private sales platforms to achieve the best value for their prints during the current landscape.

The Liquidity Factor

At the core of these mixed results lies one key reality: higher-value prints are simply harder to move right now. It’s not about lack of interest - it’s about liquidity. The collector base at the top is thinner, and sales depend more heavily on timing, positioning, and context.

Take the chart above, which combines the top five print sales from Christie’s and Sotheby’s Prints & Multiples auctions and compares the hammer to low estimate in 2024 (blue) versus 2025 (red). A growing question in the market is whether auction houses have been pricing works too aggressively. But what we see here is that 2025 estimates have, in fact, come down across the board - along with hammer prices. It’s a compelling argument that sellers are pricing more conservatively, not due to lack of demand, but in a strategic effort to release liquidity. In other words, they’re prioritising successful sales over pushing for peak prices in a tighter, more cautious environment. By contrast, 2024’s top lots achieved stronger results against higher estimates, pointing to a period of greater confidence and deeper liquidity at the top.

Opportunity hasn’t vanished from the art market - it’s simply shifted. Liquidity has moved down the price ladder, where competition is fierce and buyer activity remains strong. For collectors and investors alike, this recalibration isn't a red flag - it’s an open door, an invitation to acquire iconic works at compelling levels. Take Water Lily Pond with Reflections by Lichtenstein, which sold for $1.5 million through Thaddaeus Ropac at Art Basel Hong Kong last week. The result was in line with expectations, but according to MyArtBroker’s MyPortfolio Value Indicator, the work boasts a 15% annual average growth rate (AAGR)- a powerful signal of both near-term value and long-term upside.