4 Living artists who broke the mold and became millionaires

We’ve all seen the headline, “Record Breaking Auction Sale!” with a shocking number attached to an artwork that draws on our curiosity and intrigue. Many of these headlining art sales are in the secondary market and are works done by artists who are no longer living or reaping the benefit of their auction block success.

Leaving us wondering, do living artists ever become millionaires selling their works?

Masterworks identified as significant can become investment worthy when meeting specific criteria: examples of the Artist’s mature style, year of execution, condition, provenance, and initial rate of return measured by like examples repeating at auction are some of the contributing factors leading to these sales.

In the primary and secondary art market, collectors often acquire works seeking aesthetic fulfillment. Collectors also buy on speculation of financial investment potential.

There are outliers to the generality that an artist’s work becomes financially lucrative after death. Collectors often invest in living artists – their work is contemporary, engaging, and of the moment. Buying from living artists that galleries promote invests in the future of art history. Works executed within relevant current themes; fame, politics, gender, race, and nationality can catch the public eye, leading collectors and museums to invest. The living Artist’s career can take many turns and life changes, which like any other type of investment, can make it speculative. Below is a quick recap of four current living artists who found great success within their lifetimes, grabbing headlines and high-dollar sales numbers with artworks that push the envelope.

BANKSY
Born: July 28, 1974
Estimated Net Worth (2024): USD 50 Million

Banksy is a pseudonymous England-based street artist, political activist, and film director whose real name and identity remain unconfirmed and the subject of speculation. Active since the 1990s, his satirical street art and subversive epigrams combine dark humor with graffiti executed in a distinctive stenciling technique. His political and social commentary works have appeared on streets, walls, and bridges worldwide.

Banksy generates income through various channels, including direct sales to private collectors and secondary market resale royalties. In his early career, he may have sold works directly to the public and collaborated with brands like Puma. As his popularity grew, Banksy’s studio likely handled sales through publishers like Pictures on Walls, with Banksy receiving a cut. Private commissions and collaborations also contributed to his earnings. Over time, his artworks began appearing at secondary market galleries and auctions, with a percentage of sales returning to Banksy through Artist Resale Right. However, street works, such as murals and installations, have faced challenges, as some individuals attempt to remove and sell them, contrary to the artist’s intention for public enjoyment.

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JASPER JOHNS
Born: May 15, 1930
Reported Net Worth (2024): USD 300 Million

Jasper Johns is an American painter, sculptor, and printmaker whose work is associated with abstract expressionism, Neo-Dada, and pop art. He is well known for depicting the American flag and other US-related topics.

Jasper Johns built his wealth through a multifaceted approach to art, beginning with direct sales to private collectors and secondary market resale royalties as his popularity soared. His early collaborations with artists like Robert Rauschenberg and his groundbreaking exhibitions at the Museum of Modern Art solidified his position as a major force in the art world. Johns’ exploration of printmaking further expanded his artistic endeavors, revolutionizing the field with his innovations in screen printing, lithography, and etching. Throughout his career, Johns continued to push boundaries, incorporating sculptural elements into his paintings and collaborating with poets and writers like Samuel Beckett. Despite shifts in style and thematic focus over the years, Johns’ unwavering dedication to his craft and his profound influence on American art have secured his legacy as one of the most significant artists of the 20th century.

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DAMIEN HIRST
Born: June 7, 1965
Reported Net Worth (2024): USD 384 million

Damien Hirst dominated the art scene in the UK during the 1990s. He is reportedly the United Kingdom’s richest living artist. Death is a central theme in Hirst’s works; he became notable for producing a series of artworks in which dead animals are preserved, sometimes dissected, in formaldehyde.

Damien Hirst’s wealth has been a rollercoaster journey, marked by soaring highs and dramatic downturns. In the late 1990s and early 2000s, he achieved superstar status in the art world with his provocative and often controversial works, commanding record prices at auctions for pieces like his infamous animals preserved in formaldehyde. However, his audacious move to auction off two hundred million dollars’ worth of his art directly at Sotheby’s in 2008 signaled a turning point. While this auction initially brought immense wealth, it also led to a decline in Hirst’s market standing, as subsequent auction volumes and prices dwindled. Despite this setback, Hirst found new avenues for profit, particularly through direct sales to collectors and strategic collaborations. By circumventing the traditional gallery system, Hirst was able to maintain control over his pricing and artistic output, catering directly to a select group of collectors willing to pay top dollar for his work. His ability to adapt and capitalize on changing market dynamics has solidified his position as a maverick figure in the art world, challenging conventional notions of artistry and commercialism.

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JEFF KOONS
Born: January 21, 1955
Reported Net Worth (2024): USD 400 million

Jeffrey Lynn Koons is an American artist recognized for his work dealing with popular culture and his sculptures depicting everyday objects, including balloon animals produced in stainless steel with mirror-finish surfaces. He lives and works in New York City in Pennsylvania.

Jeff Koons ascended to immense wealth and artistic prominence through a blend of innovation, spectacle, and financial ingenuity. His creations, characterized by their fantastical and impossible nature, captivate viewers with their mirror-polished surfaces and exuberant forms. Koons ingeniously critiques consumerism by celebrating it, crafting objects that exalt the banalities of everyday life into revered works of art. Despite the astronomical prices his pieces command, reaching upwards of half a billion dollars in market value, Koons’ success has been punctuated by substantial financial risks. He pioneers cutting-edge fabrication techniques, personally overseeing the development of intricate and expensive artworks that push the boundaries of possibility. With meticulous perfectionism, Koons orchestrates a unique business model, effectively selling sculptures before they even exist and seamlessly integrating his collectors into his artistic process. By capitalizing on the speculative nature of the art market and leveraging the ever-increasing value of his works, Koons transforms money into art, elevating his creations to iconic status while reshaping the landscape of contemporary art consumption.

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Interested in Investing in Art?

For many, collecting art begins with a sense of passion and appreciating art for art’s sake. Building a collection is a lifelong and often generational endeavor that contributes to enriching your legacy.

Collecting with intent is about controlled, purposeful buying. Barbara Nino, President of International Art Acquisitions, works diligently to research, evaluate, and present artworks to facilitate a plan for multiple acquisitions over time. Considerations for a work’s quality, uniqueness, and historical importance are weighed alongside the recognition of work that exemplifies the Artist’s mature style. Also acknowledged are emerging artists and current art trends.

Building a relationship with an art advisor allows for greater exposure to the arts, opening up representation at auctions, education on the current art market, and the opportunity to consider works through a private sale.

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Originally Published August 14th, 2022, Updated May 30th 2024