Lucy Bull is an emerging artist whose abstract work 18:50 reached $ 211,406,84 in Christie’s Hong Kong 20th/21st Century Evening Sale on September 27th, 2024. As David Kordansky, of David Kordansky Gallery, told The Art Newspaper, she is a visionary emerging artist with excellent auction results, making her a rising contemporary star. However, market research and analysis of Lucy Bull indicates a trend of speculative behaviour among her collectors, which might lead to market volatility. This article covers a detailed analysis of Bull’s recent auction results, her collectors, and the potential dangers to her long-term market stability. David Kordansky Gallery represented Lucy Bull in 2021 and played an essential role in promoting Lucy Bull as a leading figure in contemporary art. Based on this analysis, I believe Lucy Bull has such a potential market.
Lucy Bull was born in 1990 in New York and is now based in Los Angeles. Influenced by her artist parents – her mother is a video and multimedia artist, and her father is a documentary maker – she started her painting exploration. After graduating from the Art Institute of Chicago, her boyfriend led Bull to Los Angeles, where she found her artistic style. In LA, she began to use her brush and body to explore the boundaries of color. “I fell in love with the light and the flora and fauna in LA,” Bull noted, “There’s something about the sun in Los Angeles and how it bleaches everything out.”
Her works are known for their immersive, multi-layered compositions that evoke a deep emotional and psychological response. In 18:50, for example, she used a brush to dab, stab, twist, and scrape her paint. Bull’s use of color and form creates sensory experiences that have een compared to Rorschach tests. Her colors intertwine, twisting together strongly and poetically, allowing viewers to project their own interpretations onto the canvas.
Lucy Bull has been represented by David Kordansky since 2021 and has had 23 exhibitions worldwide. Her work is in the permanent collections of the Baltimore Museum of Art, Hirshhorn Museum and Sculpture Garden in Washington, D.C., and Los Angeles County Museum of Art, among others.
From the total 43 auction records from 2022 to 2024, Lucy Bull’s works have consistently outperformed auction estimates, particularly in evening sales and high-profile auctions. For example, during the 20th/21st Century Evening Sale at Christie’s Hong Kong in September 2024 her work sold for $2,381,472, far exceeding its high estimate of $1,028,436. Similarly, her work at Sotheby’s London in June 2024 sold for $1,140,684, beating the high estimate of $697,084.
According to Artnet Price Database, the average yearly lots sold was 12 pieces, and her sell-through rate reached 84%. The average sale price was $610,000, and her artworks regularly exceed the estimate by over 100%. As for the price range of different sizes of her painting, the larger ones (over 48 inches) typically sold for around 1 million. Medium-sized pieces or smaller works can fetch anywhere between $300,000 to $610,000, depending on the scale and composition. ArtTactic’s recent “Women Artists” report (February 2024) and Art Industry Trends 2024 from Artsy indicated two main trends that could accelerate Lucy Bull’s market. Additionally, the rise of Ultra-contemporary Female Artists: contemporary women artists accounted for almost 70% of major auctions of the age under 30, which is a good sign of the increasing trend of female artists.
In researching the collector demographic of the work in the secondary market, the collectors of Lucy Bull are predominantly galleries and private collectors. A few of the works collected by institution collectors are from regional art museums in the USA and China. Additionally, the structure of collectors seems overly driven by speculation as they resell their acquisitions rapidly on the secondary market after they bought it. A lack of prestigious national museum collectors as the academic endorsement. “There’s a high percentage of collectors who are buying her work and then selling it right away,” says New York-based art advisor Amanda Schmitt.
Even though there is a risk that leads to price volatility, based on the artist’s reputation, the exhibition history, the technique, the quality of works, and the demand of buyers, the predictable future of her market remains an upgoing trend. Currently, to avoid the formation of a bubble and stabilize market prices, reducing the visibility of the artist’s works in the secondary market is advisable. The market previously performed very well, building a strong reputation for the artist, which is a positive sign. However, after reaching an astonishing $1.8 million, market performance has slightly declined. For instance, the large-scale work I Almost Didn’t Recognize You sold for only $356,573 at the September 27 auction, below the high estimate, which serves as a minor warning signal.
Moreover, the market favors artists who are closely connected to the institution, especially national museums, so the collector structure should be adjusted to focus more on museum and academic institution acquisitions. Additionally, to raise her academic value, the attention of respected curators and art critics is also important. The above factors show the potential of Lucy Bull’s value on the condition that measures are taken to guard against speculators.
Based on recent auction data and Bull’s rising market, Hauser & Wirth may position her works in the following price ranges. For the large paintings (Oil on Canvas), the price could be $400,000 to $1.2 million, depending on size and significance. For top-tier, large-scale works, the gallery could list them closer to $1 million or more. As for the smaller ones and works on paper, then it would be $60,000 to $150,000, which could serve as entry points for collectors but should still be priced to reflect her growing market value.
Alternative:
Art Market Analysis of Lucy Bull
By Freya Xu
Lucy Bull is an emerging artist whose abstract work 18:50 achieved $2,114,068 at Christie’s Hong Kong 20th/21st Century Evening Sale on September 27, 2024. As David Kordansky of David Kordansky Gallery told The Art Newspaper, she is a visionary emerging artist with strong auction results, making her a rising contemporary star. However, market analysis suggests speculative behavior among her collectors, which could lead to volatility. This article examines Bull’s auction performance, collector demographics, and potential risks to her long-term market stability.
Background and Artistic Practice
Born in 1990 in New York, Bull is now based in Los Angeles. Influenced by her artist parents—her mother, a video and multimedia artist, and her father, a documentary filmmaker—Bull pursued painting. After graduating from the School of the Art Institute of Chicago, she relocated to Los Angeles, where she developed her signature style.
Bull’s works are known for their immersive, multi-layered compositions, often compared to Rorschach tests due to their psychological depth. In 18:50, she employed a range of gestures—dabbing, stabbing, twisting, and scraping—to create dynamic color interactions. Her vibrant palette and textural complexity invite viewers to project their interpretations onto the canvas.
Since 2021, Bull has been represented by David Kordansky Gallery. She has exhibited in 23 international shows, and her works are held in the collections of the Baltimore Museum of Art, Hirshhorn Museum and Sculpture Garden, and Los Angeles County Museum of Art, among others.
Market Performance and Auction Results
From 2022 to 2024, Bull’s works have consistently exceeded auction estimates, particularly in evening sales and high-profile auctions. Notable results include:
Christie’s Hong Kong (September 2024): 18:50 sold for $2,114,068, surpassing its $1,028,436 high estimate.
Sotheby’s London (June 2024): A work sold for $1,140,684, well above its $697,084 high estimate.
According to the Artnet Price Database, Bull’s market statistics from 2022 to 2024 show:
Average lots sold per year: 12
Sell-through rate: 84%
Average sale price: $610,000
Price range: Large paintings (over 48 inches) fetch around $1 million, while smaller or medium-sized works range from $300,000 to $610,000.
ArtTactic’s Women Artists report (February 2024) and Art Industry Trends 2024 by Artsy indicate that contemporary female artists are gaining prominence, with those under 30 accounting for nearly 70% of major auction results. This trend further supports Bull’s upward market trajectory.
Collector Demographics and Market Risks
Bull’s secondary market buyers primarily consist of galleries and private collectors, with few acquisitions by major national museums. A significant portion of collectors engage in speculative resales, contributing to price fluctuations.
New York-based art advisor Amanda Schmitt observes, “There’s a high percentage of collectors who are buying her work and then selling it right away.” The absence of strong institutional acquisitions suggests a lack of academic endorsement, which could impact long-term stability.
While Bull’s market remains strong, recent signs of price corrections have emerged. For instance, her large-scale work I Almost Didn’t Recognize You sold for $356,573 at the September 27 auction—below its high estimate—indicating potential cooling in demand.
Market Strategy and Future Outlook
To sustain market growth and prevent speculative bubbles, it is advisable to:
Reduce secondary market visibility to stabilize pricing.
Encourage acquisitions by major national museums and academic institutions to enhance credibility.
Increase curatorial and critical engagement to solidify her artistic legacy.
Looking ahead, David Kordanksy may position Bull’s works within the following price ranges:
Large paintings (oil on canvas): $400,000–$1.2 million, with top-tier works exceeding $1 million.
Smaller paintings and works on paper: $60,000–$150,000, providing accessible entry points for collectors while maintaining price integrity.
Conclusion
Lucy Bull’s market ascent is driven by strong auction results, growing institutional recognition, and broader trends favoring female contemporary artists. However, speculative resales pose risks to long-term value retention. By securing museum acquisitions and curatorial backing, Bull’s market could transition from speculation-driven growth to sustained institutional support, ensuring a stable and lasting legacy in contemporary art.