🔥 Artists to Watch - Works of Oscar Murillo, Elizabeth Peyton, Ahmed Alsoudani, and 2 other finds

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HEY Y’ALL! 🔥

Thanks for all the great feedback from the lots I shared last Wednesday!

📈 Top Picks from the Last Issue:

1. Sarah Sze, Spell, 2023

2. Hernan Bas, The Primordial Soup Theory (Homosexual), 2010

3. Olafur Eliasson, The hut series, 2012

I’m excited to share 5 pieces worth checking out for this week.

Today's issue is brought to you by Convelio, unveiling the first-ever report on art operations careers—based on 900 data records across the UK, EU, and US—to spotlight the backbone of the art world.

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1) Oscar Murillo

• 📍 Bio: Colombian, 1986

• 📊 YOY Growth 2023: +17%

• 💰 Record Price: $401,000 for Untitled (Drawings off the wall), sold at Phillips New York in 2013

• 🌎 Main Market: U.K & U.S

💭 My 2 Cents: Let's talk about Oscar Murillo. So, what's the big deal? Well, if you're a collector who's been following Murillo's journey and market trends, this piece might catch your eye. Murillo always explores themes like globalization, migration, and cultural identity, and this artwork is no different.

First off, it was created in 2020. Remember that year? With the pandemic turning everything upside down, I think Murillo's work from that time feels more introspective and urgent. The title, which means "ethics and aesthetics," suggests he's thinking deeply about moral and artistic values during a crisis. That's pretty impactful and could resonate with those looking for art that captures pivotal moments.

Now, about its journey. It originated from David Zwirner in New York, one of Murillo's main galleries, and passed through notable collections in Brussels and Europe. That kind of provenance adds trust and prestige. Plus, it was exhibited in La Paila at Parroquia Santa Barbara in 2020. Since La Paila is Murillo's hometown, this adds personal significance.

When it comes to the market, Murillo’s work has had its ups and downs, no doubt. But right now, things are looking up. Recent sales show his pieces hitting above-estimate numbers, which is always a good sign. The hammer ratio this year is at 1.58, add to that a solid 75% sell-through rate, and it’s clear the market’s warming back up to his work.

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2) Elizabeth Peyton

• 📍 Bio: American, 1965

• 📊 YOY Growth 2023: +58%

• 💰 Record Price: $2,470,000 for Matthew, sold at Christie's New York in 2024.

• 🌎 Main Market: U.S

💭My 2 Cents: Sometimes a painting isn't just a painting. Elizabeth Peyton's "Torino (Tony) Sept. 99" is one of those pieces. It's like peeking into a personal moment in her life back in 1999. She painted her lover and fellow artist, Tony Just, and I think that adds a whole other layer to it.

The late '90s were big for Peyton. She had thirteen solo exhibitions between '98 and 2000—that's pretty impressive. Works from that time don't pop up often, so when they do, they grab attention. What makes this piece special is the story behind it. Tony wasn't just a muse; he was part of her world. Collectors love that kind of backstory because it makes the artwork more than just something to look at.

Market-wise, her paintings, especially those featuring close relationships, tend to do well. They have the highest average prices and solid sell-through rates. I've noticed that her smaller, intimate portraits often exceed expectations at auctions. Maybe it's because they feel so personal.

Now, this painting is small—about 9.6 by 8.25 inches—but that's part of its charm. It feels intimate, like a keepsake. Plus, it's oil on board, which gives it depth and richness. Its provenance is solid too. It was exhibited at Sadie Coles in London in 2000, a gallery known for supporting influential contemporary artists. That definitely adds to its appeal.

Recently, there's been a steady increase in interest for Peyton's work. The average sold price jumped significantly in 2023. But I also noticed the sell-through rate dipped a bit, suggesting buyers are getting more selective. With the auction at Phillips London, and considering the UK's strong interest in her work, I expect this piece to attract serious attention.

3) Ahmed Alsoudani

• 📍 Bio: Iraqi, 1971

• 📊 YOY Growth 2023: +5%

• 💰 Record Price: $1,127,472 USD for Baghdad I (2 parts), sold at Christie's London in 2011.

• 🌎 Main Market: UK

💭 My 2 Cents: This painting from 2007 by Ahmed Alsoudani it's huge—78 by 137 inches—and from a key moment right after he left Yale. Large works like this from that time are rare. So when one pops up, you have to take notice. It's even featured in a 2009 book by Robert Goff and Cassie Rosenthal. Goff was a big supporter of Alsoudani early on, so that's a nice touch.

Now, I know the market for his work has been a bit… meh. Prices dipped lately, mostly for smaller pieces or prints. Big paintings like this haven't been around much, so there's likely some pent-up demand. Also, it's being auctioned at Phillips London, which has a good track record with artists like him. But with the market being what it is, you might even snag it below estimate.

4) Adam Pendleton

• 📍 Bio: American, 1984

• 📊 YOY Growth 2023: +34%

• 💰 Record Price: $604,800 USD for Untitled (Days), sold at Christie's New York in 2022.

• 🌎 Main Market: U.S

💭 My 2 Cents: So, let's talk about "Independence (Bricks)" by Adam Pendleton. This piece, created in 2013, comes from when he was diving deep into his "Black Dada" exploration—looking at how Blackness and abstraction intertwine. The use of silkscreen ink on mirror-polished stainless steel isn't just for show; it adds depth and aligns with his way of rethinking history through reflective surfaces.

Pendleton's average auction price for prints and graphic art is around $13,000. But this piece is estimated between $80,000 and $107,000. That's quite a jump! I think it's because of its large size and unique medium, which blurs the line between printmaking and sculpture. Collectors who love works that challenge the norm might find this especially appealing.

But let's not ignore the risks. The sell-through rate for his prints is about 60%, lower than the 75% for his paintings. That suggests some volatility. Plus, realized prices are just above the low estimates, so the high estimate might be a bit ambitious. There could be room for negotiation.

On the flip side, Pendleton's market momentum is strong. His recent show "An Abstraction" at Pace Gallery and his upcoming solo exhibition at the Hirshhorn Museum in 2025 show growing institutional support. I believe this backing can boost his market performance. Winning the Rosenthal Family Foundation Award in 2024 doesn't hurt either.

In today's art scene, collectors are keen on works that engage with social issues and history—central to Pendleton's practice. This piece touches on themes of independence, liberation, and identity, which resonate now more than ever.

So, "Independence (Bricks)" could be a great opportunity. Its unique medium and significant scale make it stand out.

5) Issy Wood

• 📍 Bio: American, 1993

• 📊 YOY Growth 2023: +6%

• 💰 Record Price: $587,484 for Chalet, sold at Phillips London in 2022.

• 🌎 Main Market: U.S

💭 My 2 Cents: So, I recently came across this Issy Wood painting, and I have to say, it's pretty special. Let me share why I think this piece stands out and why now might be a good time to pay attention to her work.

First off, its comes from a crucial time in Wood's career—right after she finished her degree at Goldsmiths and while she was at the Royal Academy Schools. This period is when she started developing her unique style, sometimes called "perverted realism," which mixes the real with the surreal in a way that's both unsettling and captivating. Early works like this are pretty rare on the market.

Now, looking at the market, prices for her paintings peaked around 2021 but dipped in 2024. Some might see this as a drop in demand, but I think it's more of a correction. Interestingly, even though average prices have gone down, about 80% of her works are still selling this year, which shows there's still strong interest.

For example, another painting from 2017, The Consultation, sold for over $287,000 in 2024, up from $126,000 just two years earlier. That kind of growth shows that her early works are gaining value.

The estimate for When You I Feel is between £60,000 and £80,000, which seems a bit conservative to me. Considering similar works have sold for more, there's a chance this piece could exceed expectations.

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-Alvaro (@theartmarketguy)

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