Bright young artists share how they splashed the cash after the price of their work rocketed... only for their careers to take a sudden and unpleasant turn

Bright young artists share how they splashed the cash after the price of their work rocketed...

only for their careers to take a sudden and unpleasant turn READ MORE: Incredible 17th century painting sells for $14 MILLION at Sotheby's By Joe Hutchison For Dailymail.Com Published: 02:13, 20 August 2024 | Updated: 02:36, 20 August 2024 e-mail View comments A number of young artists have revealed how a sudden surge in their work's market value, followed by a dramtic, slump has led them to suffer dramatic setbacks. The art market has been experiencing a downturn in the last few years, with the slump particularly hitting young artists.

During the pandemic, a boom pushed by the belief in quick returns caused collectors to spend $712 million on works by artists born after 1974. According to the New York Times , that was a giant increase on the $259 million spent on the same type of artists a year earlier. With that sudden and dramatic surge, the price for these artists, now known in the industry as 'ultra-contemporary', plummeted by almost a third.

Amani Lewis hosted shows in Paris and Miami, using her new found wealth to buy a Tesla and fund a new art studio 'Into the Valley, the Boy Walks (Psalms 23:4)' by Lewis is seen here. The painting sold for $107,100 in 2021 before then reappearing at auction in June and selling for $10,080 One of those hit by this unfortunate drop was Amani Lewis, who shot to fame after selling her painting 'Into the Valley, the Boy Walks (Psalms 23:4)' for.