Knight Frank-2023年二季度奢侈品投資（英）-2023

TheWealth

ReportSeriesLuxuryInvestmentsQ2

2023Auniqueguidetotheinvestmentsofpassioncollectedby/researchhigh-net-worthindividualsData–NewresultsfromourLuxuryInvestmentIndexAnalysis–ThelatestartmarkettrendsrevealedDebate–CanEVs

thrilllikeapetrolengine?The

Knight

Frank

Luxury

Investment

Index

(KFLII)

–

Data

&

DefinitionsEDITED

BYAndrewShirleyKFLIIisarguablythemostcomprehensiveguidetotheandisupdatedmarket

capitalisation

of

each

model

featuredperformanceofluxuryinvestmentsavailable.However,itisimportanttounderstandhowitiscompiledanditslimitations.Theoverallindexisbasedontheweightedperformanceofabasketoftenassetclasses.Theperformanceofeachassetclassisweightedbasedonanobjectiveassessmentofits“collectability”withintheultra-high-net-worthcommunity.Art,forexample,willhaveahigherweightingthancoins.Theindividualindicesarecompiledbythird-partyanalystsusingdifferentmethodologiesand,assuch,careshouldbetakenwhencomparingtheperformanceofoneassetclassagainstanother.Eachindexmayalsoonlyreflecttheperformanceofasubsetoftheoverallmarketforeachassetclass–oftenreflectingthecollectingtastesofUHNWIs–andisnotnecessarilyindicativeofwiderperformance.Themethodologyforeachindividualindex,someofwhicharecreatedspecificallyforKFLII,islistedbelow:monthlyusingachained-PaaschealgorithmmethodMARKETINGLaurenFlavellCOLOUR

DIAMONDS:

TheindexiscompiledonaquarterlybasisbytheFancyColorResearchFoundationusingindependentlyanalysedpurchasepricedatafrom28globalwholesalesuppliers,dealersandmanufacturers.Theindextrackssizeandintensityforpink,blueandyellowdiamondsPUBLIC

RELATIONSAstridRecaldinDESIGN

&

DIRECTIONQuiddityMediaRARE

WHISKY:TheKnightFrankRareWhiskyIndex,compiledbyRareWhisky101,measurestheUKauctionprice(netofanybuyer/sellerpremium)of100bottlesoftheoldest,finest,rarestsinglemaltScotchwhiskyevercreatedbysomeofthemosttalenteddistillersandmasterblenders.ItrepresentsbottlesdistilledatthemosticonicofScotchwhiskydistilleriesandhasnocorrelationtocasksofwhiskyFRONT

COVERAnelectrifiedPorsche911inGulfliverybyEverratiART:

To

constructtheAllArtindex,AMRrecordssalesatauctioneverymonthandusesthepricedatatodetermineanaveragevalueforallartistsinAMR’sdatabase.ThisvalueiscalledtheArtistPrice(AP).Forallthedatatimepoints,includingthebaseperiod,thesumofAPsiscomputed–theUnderlyingMonetaryValue(UMV).Aninitialindexfortimepointtisthencomputedas1000multipliedbytheratioofthesumatthistimepointtothatofthesuminthebaseperiod.Thisprocessisrepeatedmonthly.

Theentirehistoryoftheseriesissmoothedwithfactorswhichdecreaseexponentially.Atanypointintime,theindexrepresentsacomparisonofthesumofAPsrelativetothesumofAPsinthebaseperiodWATCHES,FURNITURE,

HANDBAGS:ALL

KNIGHT

FRANKCONTACTS:AMR’santiques,luxuryandcollectiblesindexesarebasedonanumberofitemsthatareusedtorepresentthe‘class’.Theindexforaclassrepresentsacomparisonoftheaveragemarketvalueforitemsintheclassrelativetotheirvalueinthebaseperiod,1975(orsomelaterdate).Thedatabaseconsistsofvaluations(insterling)ofeachoneoftheitemsatsix-monthlyortwelve-monthlyintervalsfromthebaseperiodtothepresentbasedonauctionsalesdataand/orexpertvaluationsfirstname.familyname@WINE:

TheKnightFrankFineWineIconsIndexisbasedonabasketof200finewinescuratedtoreflectthetastesofadiscerninghigh-net-worthcollector.Eachwineisrevaluedmonthlyusingmid-point,low-marketclusterpricesasderivedfromWine-SearchermerchantlistingsCLASSIC

CARS:

TheHAGITop

Indexthatweusetracksthevalueof50investment-gradecarsfrom19marqueswithacapitalisationofover￡5billion.Usingdatafromglobalandprivatesales,theindexisweighteddependingontheLUXURY

INVESTMENTS

DEFINED:

Whatareluxuryinvestmentsor,

astheyarealsooftenreferredto,investmentsofpassion?Here'smytake:First,thereneedtobesimilarelementstoanyotherinvestmentmarket–liquidity(acommunityoflikemindedcollectorsreallyhelps);accessibletradingplatformstoallowyoutobuyandsell;thepotentialforvaluestoriseoverthelongterm(that’swhywedon’tputprivatejetsorsuperyachtsinthiscategory);and,preferably,

someelementofdatathatallowsmarketperformancetobetracked.Second,andcrucially,collectingtheassetclassinquestionmustbeenjoyableregardlessofanychangeinvalue.Ifnopassionisinvolved,ifthejoyofownershipdoesn’tmakeupforanypotentialdropinvalue,thenit’sjustanotherinvestment.Importantnotice?

2023.Allrightsreserved.Thispublicationis

producedforgeneraloutlineinformationonly,

itisnotdefinitiveanditisnotto

berelieduponin

anyway.

Although

webelievethathighstandards

have

been

usedin

thepreparationoftheinformation,analysisandviewspresented,

noresponsibilityorliabilitywhatsoever

can

be

accepted

by

KnightFrankforanyerrorsorlossor

damageresultantfrom

theuse

of

or

referenceto

thecontents

ofthispublication.Wemake

noexpressorimpliedwarrantyor

guarantee

oftheaccuracy

of

any

ofthecontents.Thispublicationdoes

not

necessarilyreflecttheviewof

KnightFrankin

any

respect.Informationmay

havebeen

provided

byotherswithoutverification.Readers

should

nottakeor

omitto

takeanyactionasa

resultofinformationin

thispublication.In

preparing

thispublication,

Knight

Frank

does

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imply

or

establish

any

client,

advisory,

financial

or

professional

relationship,

norisKnight

Frank

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services.In

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Frank

LLP

isnot

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the

Financial

Conduct

Authoritytoundertake

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activities(other

than

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insurance

intermediationactivityin

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management).No

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appears.Knight

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network

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which

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the

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Frank”

nameand/or

logos

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or

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names.

No

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Frank”

entity

acts

as

agentfor,

or

has

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authoritytorepresent,

bind

or

obligate

in

anyway,

any

other

“Knight

Frank”entity.

This

publication

iscompiled

from

information

contributed

by

various

sources

including

Knight

Frank

LLP,

its

directUK

subsidiaries

and

a

network

of

separate

and

independent

overseas

entitiesor

practices

offering

property

services.

Together

these

are

generally

known

as

“the

Knight

Frank

global

network”.

Each

entity

orpractice

in

the

Knight

Frank

global

network

is

a

distinct

and

separate

legalentity.

Itsownership

and

managementis

distinct

from

that

of

any

other

entity

or

practice,

whether

operating

under

the

name

Knight

Frankor

otherwise.

Where

applicable,

references

toKnight

Frank

include

the

Knight

Frank

global

network.

Knight

Frank

LLP

is

a

limited

liability

partnership

registered

in

England

withregistered

number

OC305934,

theregistered

office

is

55

Baker

Street,

London

W1U

8AN,

where

a

list

of

members’

names

may

be

inspected.WelcomeLuxuryinvestmentscontinuetobeguile.Butthoroughresearchiskey

beforetakingtheplunge.Your

journeystartshereANDREWSHIRLEY,HEADOFLUXURYRESEARCHIt’sa

pleasure

to

welcome

you

to

thelatestin

theseriesof

updatesto

The

Wealth

Report

2023.Asa

former

editor

of

thereport,I

always

enjoyedcompiling

the

section

that

lookedat

thelatestinvestment

trends

in

the

world

of

cars,

wine,

art,watches

and

the

like.

I’m

delighted,

therefore,to

have

been

able

to

put

together

thisspecialfocus

for

you.Some

might

ask

whya

real

estate

businesslikeKnight

Frank

istracking

the

value

of

such

assetclasses,

but

to

my

mind

prime

residential

propertyandluxuryinvestments

are

inextricably

linked.As

discussed

on

page

40,

a

houseonly

becomes

ahome

once

itre?ects

the

character

of

itsowners.Thearton

the

walls,

the

wine

in

the

cellar

or

thecars

in

the

garage,

even

the

jewellery

or

watcheson

the

dressingtable,

are

all

bound

up

with

that.What’s

also

fascinatingishow

the

world“Whatisa

luxuryinvestmentor,

asI

tend

toreferto

them,an

investmentof

passion”me

when

preparing

for

a

recent

presentation

thatI’d

never

actuallyde?ned

the

term.

I’ve

includedmy

take

on

the

opposite

page,

but

to

me

it’s

thejoy

of

ownership

–

read

my

interview

with

apassionate

watch

collector

on

page

34

tosee

whatI

mean

–

that

isthe

crucial

factor.

And

that’s

whywhen

askedwhat

to

collect,my

simple

answer

isalways:

something

that

will

give

you

pleasure.The

ultimate

investments

of

passionalsopossess

a

third

attribute

that

isharder

to

de?ne,whether

it’s

provenance

or

an

air

of

romance

orhistory.

There

are

veryfew

people

who

can

claimtobe

the

embodiment

of

an

assetclass,

but

JaneBirkin,

whose

deathwas

sadly

announced

justbeforethis

supplement

went

to

press,

willbeforever

immortalised

in

the

shapeof

the

Hermèshandbag

(

see

page

16)

named

after

her.Every

owner

ofa

Birkinbag

will

feel

someof

the

actor,

singer

and

fashion

icon’s

insouciantstyle

rubbing

o?

on

them.

And

how

can

you

puta

value

on

that?

I

hopethisreport

inspires

andinforms

your

own

collections.

Do

get

in

touchand

let

me

know

what

your

investmentof

collecting

also

re?ects

the

big

issues

of

ourtimes.

Our

analysis

of

the

art

market

on

page

8andreport

on

the

impact

of

EVs

on

page

24

aregood

examples.But

what

isa

luxury

investment

or,

as

I

tend

torefer

to

them,

an

investment

of

passion?

It

struckof

passionis.THEWEALTH

REPORT

SERIES:

LUXURY

INVESTMENTS1ContentsPERFORMANCE18

Driven

bypassionAdeepdiveintoclassiccarmarkets32

Crossing

continentsOnegalleryowner’sAfricanodyssey04

Mixed

pictureTheQ2resultsofourLuxuryInvestmentIndex08

AwakeningThelatesttrendsdrivingtheartmarket12

Going,

going

gone?ThecrazyworldofNFTs22

Watch

listThetop-performingvintageRolexmodelsINSIGHT34

Time

FliesAleadingwatchcollectorshareshispassion24

Electric

dreamsEVs

andthefutureofclassiccars38

Whisky

galoreAvoidingcommoncollectorpitfalls29

Passion

bankBorrowingagainstluxurycollections30

Generation

games16

Bags

and

bottlesRarewhiskyandArtfairdirectorlookstothefuturehandbagsrevisited40

Home

is

where

the

art

isPropertyandcollectingunited2THEWEALTH

REPORT

SERIES:

LUXURY

INVESTMENTSRacquel

Reclining

Wearing

Purple

JumpsuitbyMickaleneThomassoldbyChristie’sin2021forUS$1.8millionImagecourtesyChristie'sPerformanceTrack

thechanging

value

ofluxuryinvestments

andthelatestmarket

trends04

Mixed

picture12

Going,

going

gone?18

Driven

bypassionTheQ2resultsofourLuxuryInvestmentIndexThecrazyworldofNFTsAdeepdiveintoclassiccarmarkets08

Awakening16

Bags

and

bottlesRarewhiskyand22

Watch

listThelatesttrendsdrivingtheartmarketThetop-performingvintageRolexmodelshandbagsrevisitedMixe

d

picture322%Art

onceagaintops

theKnightFrankLuxury

InvestmentIndex(KFLII),butgrowth

isstarting

to

slow

oreven

reverseforsome

oftheother

asset

classes

tracked

by

theindexInflation

bustersTheKnightFrankLuxuryInvestmentIndexQ22023PRICE

CHANGE10-year12-month149%147%118%116%109%60%59%39%36%30%13%10%10%8%7%5%5%4%-4%1%0%ARTWATCHESJEWELLERYCOINSKFLIICARSWINECOLOURHANDBAGSFURNITURERAREWHISKYBOTTLESDIAMONDSSource:CompiledbyKnightFrankResearchusingdatafromAMR(art,coins,furniture,handbags,jewelleryandwatches),FancyColorResearchFoundation(coloureddiamonds),HAGI(cars),RareWhisky101andWineOwners.Notes:KFLIIisaweightedaverageofindividualassetperformance.*All

datatoQ22023exceptcoins(Q42022).Contactandrew.shirley@formoreinformation4THEWEALTH

REPORT

SERIES:

LUXURY

INVESTMENTSTangibleassetKFLII10-yearindexedperformancevotherassets(Q22013=100)PRIMECENTRALLONDON

RESIDENTIALUKHOUSEPRICES(NATIONWIDE

PRICEINDEX)FTSE100GOLDKFLII2502252001751501251007550Source:KnightFrankResearchTheKnightFrankLuxuryInvestmentIndex(KFLII),whichtracksaweightedbasketof10collectibles,roseby7%

inthe12

monthstotheendofJune2023.ThiswasacreditableperformancecomparedwithhousesinPrimeCentralLondon,down1%

overthesameperiod;theFTSE

100indexofequities,whichroseby5%;andgoldwhichwasupinvaluebyjust1%.

ButitwastheweakestannualperformancebyKFLIIsinceQ22021,provingthateventangibleassetsarenotimmunetomarketuncertainty.Aslowdowninthewineandclassiccarmarkets,wheredouble-digitriseshaveoftenunderpinnedtheindex’sperformance,helpedtempergrowth.“Burgundyhasbeenthebigsuccessstoryofthepastdecade,

withpriceshaving

escalated367%by

theearlyautumnof2022.

However,

thetopoftheBurgundymarketpeakedaroundthattimeandhassincefallenby

atleast9%.

Publishedpricestendtolagrealisedsales,indicatingthatthereisfurthertofall,”

pointsoutNickMartinofWineOwners,whichcompilestheKnightFrankFineWineIconsIndex(KFFWII).“WhereasBurgundyisscarcityled,Champagneisahigh-volumemarket,withcertainprestigebrands’productionrunningintotheseveralmillionofbottlespervintagerelease.Pricesofsomeofthoseprestigecuvéeshavebeentestingpriceelasticityofdemandandseensalesstagnateasaresult,”addsNick.“Against

thisbackdroptheKFFWII,bene?ttingfromitsgloballybalancedindexcomposition,hasrisen5%inthepastyearandis?atyeartodate.Nevertheless,theheightenedcostofcapitalmay

wellactasdragonbluechip?newinemarketsfortherestof2023,”

Nickpredicts.“Against

this

backdrop

theKFFWII,

bene?tting

fromits

globally

balanced

indexcomposition,

has

risen5%

in

thepast

year

andis?at

yearto

date”economics,shouldbe

o?eredatabiggerdiscounttofuturevalueinordertoconvinceconsumerstospendonwineinsteadofholdingcash.Ifwinemarketsarelookingtoppywithlimitedobviousupsidefornewreleases,there’llcontinuetobedownwardpressureexertedonsecondarymarketpricesmorewidely,”

heexplains.Somemarkets

likeSouth

Africa“Wheninterestrateshaverisensharplytoaround6%,

newreleasesinparticular,accordingtomarket(+11%)

and

Australia

(+8%)

have,however,seen

strong

growth

this

year.THEWEALTH

REPORT

SERIES:

LUXURY

INVESTMENTS5REVERSE

GEARMessage

in

a

bottleThe

performance

of

classiccars

has

alsobeen

mixed,

says

Dietrich

Hatlapa

ofour

data

provider

HAGI.

“Aftera

strongperformance

in

2022

when

the

valueof

themost

investable

classiccars

roseby

25%,

this

year

hasseen

the

marketslip

into

reversegear

due

to

macro-economic

factorslikerisinginterestrates

and

in?ation.”Pricechangeofselectedinvestment-gradewines(toJuly10,

2023)12-MONTH6%According

to

the

HAGI

Top

Index,prices

droppedby

almost

7%

in

the?rsthalf

of

the

year.

Ferrari

saw

the

biggestdrop

slipping

by

just

over

15%.

However,not

all

carsare

skidding

o?

thetrack.HAGI’s

Lamborghini

Index

isup

9%sofar

this

year,

as

isits

new

BMWindex.“These

carstend

tobe

a

bit

newer

ando?er

low

pricepoints

for

collectors,”says

Dietrich.

“Very

strong

communitiesof

collectorshave

also

built

up

aroundiconic

models

likethe

Miura,”

he

adds.However,

rarebottlesofwhisky,ourstrongest10-yearperformerbyfar,

aretheonlyKFLIIassetclasstoactuallyseeanegativeannualperformancedroppingby

4%,12-MONTH2%12-MONTH12-MONTH-1%-1%12-MONTH-9%BURGUNDYBORDEAUX*CHAMPAGNEUSITALY**5-year50%14%61%24%35%115%accordingtotheindexcompiledforusby

RareWhisky101.10-year214%54%125%127%“BottlesofrarewhiskyhaveSource:WineOwners*Firstgrowth**TuscanyandPiedmonthadafarmoresedatetimefromaperformanceperspectiveover

thepastthreeyears,”

con?rmsAndySimpsonofindustryconsultantSimpsonReserved.“Highervalue

(over

￡5,000)bottleshave

re-tracedrecentlyduetoamyriadofgeo-political,socialandeconomicreasons.Certainbrandshave

stillperformedwell,

whilethemarketleader(fromasheervolumeofmarketperspective),Macallan,hasseenparticularlypunishinglosseswithitsindexre-tracingalmost12%overthepasttwelve

months,”

says

Andy.Times

table12-monthpricechangeofselectedvintagewatchbrands(toQ22023)ARTISTIC

LICENCEEven

the

performance

of

art,

which

topsKFLII

with12-month

growth

of

30%,as

measured

by

AMR’s

All

Art

index,should

be

understood

in

terms

of

thepost

pandemic

recovery

period

ratherthanjust

a

market

inrobust

health,reckons

AMR’s

Sebastian

Duthy.10%12%7%“The

auction

season’s

spring

sales

arethe?rst

measure

of

market

con?denceand

recent

resultssuggest

growthisalreadystarting

to

slow.

While

it’stempting

to

connect

thefortunes

of

theartmarket

with

current

external

events,bigchanges

to

the

way

auctioneersdoPATEK-PHILIPPEROLEXCARTIERSource:AMR6THEWEALTH

REPORT

SERIES:

LUXURY

INVESTMENTSChequered

flagPricechangebymanufacturer*(JanuarytoJune2023)9%9%-5%-10%-15%AJ

M

19

8

8FERRARIMERCEDES-BENZPORSCHEBMWLAMBORGHINISource:HAGIbusinessisequally

important

to

factorin,”

notesSebastian.single-owner

sale

of

theCollection

ofHeidi

Horten.A

ruby

and

diamond‘bird

of

paradise’

brooch

by

Van

Cleef

&Arpelssold

for

453,000

Swiss

francsinGeneva

in

May

2023,

up

by

around

40%compared

with

a

sale

of

the

same

piecein

2018.”Colour

diamonds

are

also

enjoyinga

rise

in

interest,

says

Miri

Chen

of

theFancy

ColorResearchFoundation.

“Asfor

the

shift

fromcolorless

to

fancycolor,

wesee

more

wholesalerswhoare

lookingfor

safer

areas

to

investtheir

capital.As

a

result,

many

of

themincreasetheir

fancycolor

diamonds

attheexpense

of

their

colorlessinventory.“We

doobserve

a

dramaticchange

in

the

way

retailers

presentfancy

color

diamonds,”

adds

Miri.“The

feedbackwe

receive

indicatesa

signi?cant

increasein

thesuccessrate

of

fancycolorsales

when

eveninexperienced

sales

teams

useourresearch

to

engage

in

fascinatingconversations

withcollectorstoconvey

genuine

appreciation

andan

emotional

connection.”Mellow

yellow12-monthpricechangeofcolourdiamonds(toQ22023)“The

days

when

the

top

auctionhousesreliedon

the

three

Ds

–

Death,Debt

and

Divorce–

are

long

gone.Go

to

Sotheby’s

website

and

you

will?nd

auctions

appearsecondary

to

thenumber

of

pages

o?ering

private

saleson

anything

fromsneakers

and

barwareto

pensand

lighters.

Today,

headline-grabbing

public

salesofart

act

more

asa

marketing

tool

attracting

collectorstothe

increasingly

popularluxury

sector.“And

while

it

remains

true

that

thebestworks

by

Picasso,

Warhol

andotherscontinue

to

achieve

wallet-busting-prices,

less

iconicpieces

bythese

artistsoftenstruggle

to

reachestimates.

AMR’s

All

Art

‘Top

Traded’index

tracks

themost

liquid

sector

ofthe

market

by

analysing

onlyartistswho

have

had

30

or

more

sales

in

a

two-year

period.This

index

isdominated

byartworks

fromimpressionist,

modernand

contemporarymasters

and

revealshow

average

values

have

moved

littlesince

2016,”

he

says.2%3%Wearable

investments

of

passionlikejewellery

and

watches,

however,seemto

have

retained

their

allure,

for

nowat

least.The

AMR

Watch

index

was

up10%,

but

“a

correction

maybe

on

thecards

for

somehyped

watch

styles,”reckons

Sebastian.Although

pink

diamonds

haveseenthestrongestprice

growth

over

the

longterm,

yellow

diamonds

have

been

risingin

popularityover

the

past

12

months,according

to

thelatest

FCRF

data.“But

collectorsfromaround

theExtra

insightworld

were

drawn

to

vintage

jewels

andexceptional

coloured

gemstones

anddiamonds

as

they

re-invigorated

recentsummer

auction

sales,”

he

points

out.“Christie’s

had

an

exceptionalseasonof

jewellery

sales

in

the?rst

half

of2023,

including

the

record-breakingThe

art

marketWhiskyp8p16p16p18p226%HandbagsClassic

carsWatchesSource:FCRFTHEWEALTH

REPORT

SERIES:

LUXURY

INVESTMENTS7AwakeningA

newgeneration

ofbuyers

acquiringart

indi?erent

waysishelpingbringgreaterequity

to

themarket.SebastianDuthy

ofAMRlooks

atthenumbersHey

you

–

Portrait

of

Jessica

by

Mickalene

Thomas.

SoldatauctionbyPhillipsNewYork

in2021forUS$1,542,000The

selling

of

artworks

had

democraticbeginnings.

The

Dutch

Goldenage,whichstartedat

the

end

of

the

16thcentury,

was

said

to

have

been

thebirthplaceof

the

artmarket.

At

this

time,artworks

wereso

popular

and

plentifulthat

they

could

be

found

at

auction

soldby

weight.

But

as

the

cultural

statusof

artists

grew,a

more

appreciativeaudience

recognized

individual

talent.Hundreds

of

years

later,

however,that

appreciationisstillheavily

biasedtowards

works

ofartcreated

my

men.Despite

a

growing

number

of

femaleartists

creating

highly

distinctive

worksfromthe

beginningof

the

20th

century,a

recent

report

by

Julia

Halperin

&Charlotte

Burns

reveals

that

just

3.3%

ofall

auction

sales

between

2008

and

mid-2022

were

by

women.Nonetheless

prices

are

rising.

AMR’sindex

of

100

women

artists

revealsthat

the

greatest

period

of

growthwas

between

May

2016

and

May

2019.Rising

70%

over

the

three

years,

theshift

coincided

with

the

powerful

socialchange

movements,

#MeToo

and

#BLM.Following

the

Covid-19

lockdown,average

values

accelerated

once

againwith

a

riseof

30%

in

just

one

year.Measuringsales

of

women

artistsagainst

the

wider

market

revealsevidence

that

somecollectorsare

atlast

turning

their

attention

to

womenand

particularlycontemporarywomen

artists.In

a

leader

board

ofindividual

artists

whose

works

havegrown

in

value

the

quickest

over

thepast

10years,

eight

were

women,

ofwhich

seven

were

livingartists.8THEWEALTH

REPORT

SERIES:

LUXURY

INVESTMENTSMe

tooTherisingpriceoffemaleartistsatauction*(100=May2013)266263204192182182157119119112100May2013May2014May2015May2016May2017MayMay2019May2020May2021May2022May20232018Source:AMR*TheAMRWomenArtists100IndexThe

American

artist

Mickalene

Thomas

which

has

handled

three

of

the

artist’ssitsnear

the

top

of

our

leader

board

andher

works

such

as

Racquel

RecliningWearing

Purple

Jumpsuit

(see

sectionopener),

which

was

sold

by

Christie’s

in2021

for

US$1.8

million,

and

Portrait

of?ve

most

expensive

auction

sales,explains

Mickalene’s

growing

popularity.“She

isan

in?uential

artist

known

forher

distinctaesthetic

languages

incontemporaryvisual

culture.

Her

mixed-“AMR’s

index

of

100

womenartists

reveals

that

thegreatest

period

of

growthwas

betweenMay2016

andMay

2019(+70%),whichcoincided

with

the

#MeTooand

#BLM

movements.”Jessica

(opposite)

address

race

and

gende