Committed to creating value in the art market. We deepen our market understanding, expand our network, and cultivate a diverse audience. We publish our newsletter targeting intelligent and inquisitive people who are not traditional art world participants. Recognizing a broad demand for insightful critique of art and the art world, plus an under explored dynamic interplay with the growing market for Digital Art, we are developing innovative products to engage and expand our audience and unlock value for our clients.
I Followed You to the End
Published about 2 months ago • 10 min read
I Followed You to the End
Published: Tuesday, 5 November 2024
It is hard to think of Contemporary Art and not think of the YBA: the Young British Artists who shocked the world in the 1990s with their unconventional materials and provocative themes. And when you think of the YBA, it’s even harder not to think of Tracey Emin. She is a bit of a trailblazing legend.
Sorry, that's DAME Tracey Emin: in 2013 Queen Elizabeth II appointed her Commander of the Most Excellent Order of the British Empire for her contributions to the visual arts, and in 2024 she was made a Dame Commander of the Most Excellent Order of the British Empire (DBE) in the King’s Birthday Honours. The British really do come up with the grandest titles, don't they?
She was a Turner Prize nominee in 1999 and represented Britain at the 2007 Venice Biennale. Now she has her own art school (The Tracey Emin Foundation which holds the TKE Studios and TEAR) in Margate (the new English Riviera in the next 10 years? Thank you, climate change! [1]) fostering the next generation of contemporary artists.
Who is Tracey Emin?
Tracey emerged with the likes of Damien Hirst (we talked about Damien a few months ago here). Their arrival exploded into public consciousness as a media circus surrounded the artists, their provocative art, outrageous behavior and large-than-life public personas.
Despite being deeply embedded in the community [2], Emin’s work was (and continues to be) distinct from her contemporaries. Whereas the likes of Hirst developed outrageous artworks while deliberately seeking sensationalism, Emin’s art remained deeply personal and confessional. She set record auction sales and garnered international acclaim across a range of media, from neon, sculptures, paintings, drawings, prints, embroidery and even digital art, but her primary inspirations have remained constant across the decades.
Her work is raw, emotive, and forthright, with an emphasis on her own personal monologue and the universal feminine experience. While her work is explicitly feminist, you can see the inspiration of expressionist painters Egon Schiele and Edvard Munch in her figure work and command of colour. As a result of Emin’s profound emotional honesty radiating from her work, it generates an intimate experience allowing her to connect deeply with a large audience.
Above everything, Emin is aware. She is aware of her own emotion and trauma, and she uses that awareness to channel, express and build. She is aware there are demons, but her awareness allows her to tell stories where she confronts her struggles. She is aware of the role of women in society, and uses that awareness to consciously draw the audience towards reflection, discourse and engagement. To be honest, it can be deeply unsettling to view her work, especially in person, because it is challenging and uncomfortable, but her awareness allows her to comfort you while she is confronting you, inviting you to question and process your own discomfort, to use art as therapy.
More recently, she is deeply aware of her own mortality. She said, ‘In Britain, it’s really weird: It’s not even like I’m an artist. It’s like I’m sort of a mascot, like a national treasure of sorts. The last thing they would want is for me to drop dead. But I think I was really lucky with the cancer, the fact that I had it during lockdown, because I didn’t miss anything. Then the other thing is no one missed me because everybody was missing each other. I could be really ill and nearly die in private and then come back to life in public.’
Emin credits her illness for a resurgence of energy and life and the value of creation, as she realised how little time she may have left. She recognizes how lucky she is to still be with us today, and how it has changed her outlook and practise in life. Her epiphany echoes Andy Warhol’s renewed commitment to leaving a legacy following a near-death experience (Did you know Warhol was shot? Like, actually, with a gun? Who shoots an artist?! [3]).
Her work today, as seen at her current exhibition at White Cube Gallery, reflects that tenacity and pain which has always shaped her lived experience. You can tell this is a different version of Tracey she is revealing to the public that they have yet to see, and there is no hiding this evolved version of her.
When speaking about her new exhibition at White Cube with Art Forum, Tracey describes, ‘It's about following something or someone as far as you possibly can and then realising that there's an end and there's nowhere else to go. That's what happens in life. It happens in death. It happens in love. It happens with many, many things. If you see the work, the paintings, you'll see that it's quite sad, a lot of it. It isn't as tough as I normally am. Part of that though was because I had cancer and I was going to die. I had six months to live. It was at that point I thought ‘omg what have I done with my life?’. And it's true, when you go to the lowest points in your life, like I actually saw death it was there right in front of me. And I thought ‘oh if I get through this one, I'm going to change everything.’ I've never been so prolific in my whole life, and I'm physically weak.’
The entire gallery was dedicated to this exhibition and was heavily charged. It was hard to not walk away feeling emotionally exposed to the world after my time there. You had to address those emotions and contemplate that level of loss, sadness, and pain she so fervently and clearly expressed onto canvas, bronze, and video. It would have been difficult to carry on with the rest of your day if one didn't address those feelings.
And yet, while Emin is completely un-shy about displaying negativity and pain, she doesn't let it control her. She comes across as deeply feeling, but not angry. It's an unusual combination; it's far more common to pair pain with bitterness, trauma with emasculation, emotion with confusion. I think Tracey's ability to emote while maintaining coherence goes a long way to explaining her success and durability.
Phew, That Was Deep, Let's Do Some Maths
Okay, breathe. We've done a lot of deep work today, processed a few feelings. Time to run away and seek some comfort in maths!
I'm only half-joking... In a recent interview, Emin said something very interesting about the trajectory and artistic production of male and female artists, so I thought I'd take a look at the data.
‘Well, I think women are doing a lot better than men. Men peak between the age of 40 and 50, and women peak between the age of 50 and 80. Men have one big giant ejaculation, and women come and come and come again. So this is why if you are a female artist and you’re doing okay at 50, you’re going to be doing quite good at 60, fucking excellent at 70, and out of this world at 80 and 90. One of my first and best artist friends in New York was Louise Bourgeois. There were 50 years between us, but she was a big inspiration because there she was, 97, still going for it, still cracking it out, still thinking. If I can be like that, it means I’ve got only halfway through my career.’
She continues this thread in a recent podcast going as far to state most male artists, including her contemporary Damien Hirst, are less of a creative ‘force’ after 40. This intrigued me and I had to do some digging to see if there was actually any truth behind those words. It’s so lovely and artistically vague at the same time to get insight like that from an artist. Just because statistics and numbers are fun to see, let's take a look at Damien and Tracey’s performance in recent years.
Compared to Tracey Emin, Damien Hirst has a sell-through rate [4] of 74%, his lots have sold above their high estimate 38% of the time, and sold below their estimates 8% of the time.
The most expensive work sold by Damien Hirst was The Golden Calf at a Sotheby’s auction in 2018 that fetched £10.3M (US$14.4M). The average value of Damien Hirst's artwork has experienced a 4.5% compound annual growth rate over the last 5 years, with signed limited edition prints selling for anywhere between £700 and £151,200 at auction in 2022.
To be honest, the recent data doesn't really support her assertion: both Emin and Hirst are about 60 years old, and both are doing fine in the art market. There's certainly no real evidence of a decline in Hirst's financial popularity after he turned 50: like most assets, he's off the pandemic era highs, but still at least where he was pre-COVID.
Perhaps surprisingly, given the confessional nature of her work, Emin has become one of the safest investments compared to other contemporary artists. Based on auction data, she has a 78% sell through rate, her lots have sold above their high estimate 42% and below their estimates 5% of the time. The most expensive work sold by Tracey Emin was My Bed at a Christie’s Auction in 2014 which fetched £2.5M. The average value of Tracey Emin's artwork has experienced a 31% growth over the last 5 years, with the typical price paid for prints now reaching £3,514 [5].
Frankly, she would hate me saying that and would most likely tell me to f*ck off. Her art is as much a personal journey as it is a documented diary of her life, and for it to be stripped of its emotional value strips the art of its true meaning and intention to determine its financial value. Especially when emotion and personal appeal is a huge driver of price in the art world.
Conclusion
As much as I love numbers and what they reveal, I prefer talking about the art itself, and hearing what the artist has to say about their own practice. I believe Hirst and Emin are both artistic forces to be reckoned with in incredibly different ways. Their success in this field is reflected in the charts above, as is their ability to still resonate with contemporary society through the art they produce 30 years later. It shows Emin's thoughtful nature as an artist when she considers those around her. It is a shared space and shared experience they’ve had a front row seat to.
‘The artist must stand alone to observe the crowd’ [6], and with Emin’s art being so introspective it is clear the crowd she is observing is within her. All the emotions and human propensities she experiences are rendered through how she perceives herself in the world. At the same time there isn’t the sense she has lost control or is hanging by threads that you see with other artist who paint this depth of expression. She’s harnessed it in order to live a better and ‘good’ life without removing all the messy things that make us human.
I enjoy researching and writing this newsletter, and I hope you enjoy reading it. If you have any feedback, questions, or suggestions for future newsletters, please reply to this email!
[1]
JOKES people calm down I'm not actually serious.
[2]
Fun fact: In the 90’s Tracey Emin was in a relationship with Billy Childish (who we met last week). Childish mocked Emin’s new affiliation to the YBA. In her response she clapped back with, ‘Your paintings are stuck, you are stuck! – Stuck! Stuck! Stuck!’ (that is, stuck in the past for not accepting the YBA conceptualist approach to art). Childish recorded this incident in his poem, ‘Poem for a Pissed Off Wife’ published in Big Hart and Balls Hangman Books 1994. Charles Thomson, who knew them both, later coined the term Stuckism for their own movement. Everything Tracey says/does is trendy.
[3]
Storytime: In case you didn't know, on 3 June 1968, Andy Warhol was shot by Valerie Solanas in his office (the infamous Factory) in NYC. Once taken to hospital, the life-saving surgery lasted over five hours to repair his ruptured stomach, spleen, liver, and lungs. At one point, he was announced clinically dead as his heart stopped beating for one and a half minutes before he was revived. The aftermath of the shooting completely reshaped Warhol's career and what he would produce as an artist going forward.
[4]Sell-Through Rate- the percentage of lots from an auction that are sold. If 80 lots from a 100-lot auction are sold, the sell-through rate would be 80%. They can serve as indicators of demand for a specific part of the art market as well as reveal trends, such as fluctuations in buyer interest. However, if an evening sale has a 100% sell-through rate (STR), you would think the sale was a success— when in reality, the works might have all sold for below their low estimates.
[5]
All data gathered and used comes from the ArtNet Price Database and My Art Broker.
[6]
I love this phrase, and always believe it was a deep quote from some art luminary. After literally days of research, I must confess that I seem to have heard it from… drum roll… Chuck Bass on Gossip Girl. Sigh. I’ve decided that I’m not embarrassed, it’s a great TV show, and I draw inspiration from the world. What can I say, I’m a Renaissance Lady.
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Committed to creating value in the art market. We deepen our market understanding, expand our network, and cultivate a diverse audience. We publish our newsletter targeting intelligent and inquisitive people who are not traditional art world participants. Recognizing a broad demand for insightful critique of art and the art world, plus an under explored dynamic interplay with the growing market for Digital Art, we are developing innovative products to engage and expand our audience and unlock value for our clients.