The most dependable and transparent method of determining the worth of an artist's work is through auction pricing. However, as Artnet's Katya Kazakina reports, they can also be quite deceptive as the numbers continue increasing.
Auction prices typically overestimate the art market's strength because of survivorship bias or the tendency of auction houses to favor the most popular artists. Although, the bias may be in the opposite direction.
While Sterling Ruby's most recent pieces sell for $550,000 each, Kazakina points out that Ruby's auction prices have generally disappointed over the past few years. One of Ruby's earlier well-known paintings is up for auction with an estimated $250,000 to $350,000.
Ruby set a record in May 2013 with a $1.8 million auction. That surpasses the whole amount of 39 Ruby pieces that were auctioned off in 2023.
Even with a low estimate of $18,000, Ruby's most recent auction piece, a sculpture named 'Snake,' failed to sell at Phillips in London.
The "three Ds," such as death, debt, and divorce, are the source of most works consigned to auction, although many Sterling Ruby items are unwanted.
These are the pieces that Kazakina refers to as "ashtrays, collages, and resin sculptures," fewer pieces that collectors acquired not because they specifically desired them but rather because they knew that purchasing these items was necessary for obtaining one of Ruby's highly in-demand paintings.
However, all the goodwill acquired by purchasing smaller works was lost when Ruby shifted galleries, as he did many times, and those pieces were sold at auction.
It makes sense that the primary market, where both artists and their dealers generate money, would be the focus of both parties. That can continue to be strong even in extremely depressed secondary markets.
"Auctions are excellent spaces to learn about a particular market," Lazarus Halstead, head of Asian Art at Chiswick Auctions, said.
Furthermore, he advised talking to credible specialists before proceeding with a prospective purchase. He noted that this would include the auction specialist but could also include the important dealers in their collecting field.
