Keith Haring Market Watch 2023
Image © Sotheby's / Portrait of Keith Haring and Juan Dubose © Andy Warhol
Keith Haring, the renowned New York artist, gained fame for his iconic subway drawings during a period when urban art was on the rise. While not exclusively a street artist, Haring emerged as a pioneer, believing in art's accessibility for all. His contributions to American Pop Art, known for their vibrancy, inclusivity, and lasting impact, continue to inspire. In this extensive market analysis, we take a retrospective view of Haring's 2023 art market, focusing on his most investable prints from the year and standout performances. We also identify market trends in 2023 and offer predictions on upcoming trending series for 2024.
Discover Haring's dominant presence in the 2023 art market in The Art Investment Report. Explore the most investable prints from Haring's trending series on the MAB100 Print Market Index.
HARING PRINT MARKET FIVE YEAR PERFORMANCE: 2017 - H1 2023
Haring Total Print Sales x Volume, 2017 - 2023 © MyArtBroker 2023HARING PRINT MARKET H1 2023: TOTAL SALES
In 2022, Haring's print market had a remarkable year, achieving peak performance in both total sales value and volume. The yearly market turnover for Haring in 2022 reached an impressive £4.2 million (hammer), with a sales volume of 133. These figures set new records over the past five years, resulting in a notable annual average selling price (ASP) of £32,000.
Download THE AMERICAN POP REPORT for in-depth insights into Haring's painting and print market, along with comprehensive analysis of market trends spanning the past five years.
Haring Quarterly Print Sales and Transaction Volume, 2017 - 2023 © MyArtBroker 2023HARING PRINT MARKET H1 2023: QUARTERLY SALES
The strong investment potential of Haring prints is underscored by an average selling price compound annual growth rate (CAGR) of nearly 15%, potentially yielding a return of £15,000 over five years. While a slight decline in total sales was observed in 2020, Haring's print market has shown an upward trend. IN H1 2023, total sales stands at £978,000 with 39 sales year-to-date (YTD). Q1 of 2023 exhibited outstanding performance, surpassing previous years' Q1 sales total and exceeding the five-year sales volume. The presence of Haring's iconic works, particularly the Pop Shop series, and the Keith Haring exhibition at The Broad in Los Angeles, contribute to this strong market performance, creating enticing investment opportunities.
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2023 IN REVIEW: THE ART INVESTMENT REPORT
The Haring Market Recap 2023
In 2023, Keith Haring achieved a commendable performance in the print market. Haring’s Q1 market sales reached just over six figures, indicating a market revival standing 6% higher than the combined total of Q1 sales for the previous two years. Haring’s quarterly performance displayed variations over the past five years, lacking a consistent pattern. However, in 2023, Q2, Q3, and Q4 all yielded seven-figure results, a noteworthy accomplishment not seen in the preceding five-year period.
Haring’s overall sales total in 2023 surpassed £4 million (hammer), marking the second-highest sales total in the last five years. This performance was only 5% lower than the total sales in 2022 but remained 28% higher than 2021, underscoring his sustained market momentum.
Additionally, Haring’s ASP by the end of 2023 reached £33,615, reflecting a 5% increase from the previous year. Over the past four years, Haring’s ASP has consistently risen, with minor variations in total sales volume, confirming the increasing value of his iconic works.
HARING TOP SALES & MARKET TRENDS
Haring’s performance in H1 2023 was primarily driven by the Pop Shop series. Other trending series included Andy Mouse and Growing which also saw record prices for individual works and complete sets into H2 2023. While works from these series reflected formidable sales, we’ll be closely observing if works from other prominent series, such as Icons and Fertility Suite, make rare appearances and further influence Haring’s market in 2024.
Pop Shop
In the H1 2023, Pop Shop I, Plate IV (1987) exceeded expectations by fetching over $40,000 (USD) in both Christie’s and Sotheby’s auctions, a clear indication of the strong market demand and competitive bidding for such works. Two additional Pop Shop prints set records at Christie’s: Pop Shop IV, Plate I (1989) achieved $35,280 (USD), while Pop Shop IV, Plate II (1989) reached $37,800 (USD), marking a remarkable 2.6-fold increase in its previous sales value. At Phillips’ June print sale, five Pop Shop artworks took centre stage. Pop Shop I, Plate I (1987) and Pop Shop I, Plate III (1987) both surpassed their estimated values. This trend carried over into H2 2023, with Pop Shop Quad II (1988) setting a new record at Sotheby’s London September Q3 sales, achieving £57,150.
The Pop Shop collection maintained its strength throughout the year, particularly in Q4, where 14 sales totalled nearly £500,000. The standout performer was the complete set of Pop Shop I (complete set) (1987), which achieved a sale price of $177,800 (USD) at Sotheby’s, setting a new record and ranking among Haring’s top ten prints of 2023.
Andy Mouse
Throughout 2023, the auction stage welcomed one of Haring’s most celebrated and rare series, the Andy Mouse sets. In Q1, Haring’s Andy Mouse 4 (1986), designated as a Printer’s Proof (PP), achieved an impressive £226,800, marking the highest price paid for a Haring print in the year up to that point. At Christie’s in Q3, the complete set of Haring’s Andy Mouse series achieved a remarkable milestone by realising $1.2 million (USD), setting a new auction record and ranking as Haring’s top selling print for 2023. Likewise, Andy Mouse 1 (1986) set a fresh auction record by selling for $254,500 (USD) at Bonhams New York, while Andy Mouse 2 (1986) closely followed suit, achieving $228,600 (USD) at Sotheby’s. The resurgence of these prints, considered rare in the market, came as a pleasant surprise in 2023, underscoring their desirability and making a substantial contribution to Haring’s overall performance in the 2023 print market.
Growing 1 (TP) © Keith Haring 1988Growing
In H1 2023 the spotlight shone on Haring’s Growing series. Growing 1 (1988), featured at Phillips, achieved an impressive sale price of $82,550 (USD). Christie’s New York sale showcased five additional artworks from this series, with four of them securing positions among Haring’s top 10 best-selling prints in 2023. Notably, four of these successful sales were TPs, echoing the demand of these prints with Haring’s contemporary in the Pop Art scene, Andy Warhol. Regular editioned works from this series made an impact in H2 2023, with six successful sales that collectively contributed nearly £200,000 to Haring’s Q4 sales total. Among these works, Growing 2 (1988) set a new auction record selling for £44,163.
TOP FIVE HARING PRINT SALES 2023
Haring's artistic style is marked by vivid hues and animated characters, brought to life through his unique line technique. Although his market traditionally sees lower transaction volumes compared to his American Pop Art peers, 2023 witnessed a resurgence in his iconic prints. While his Pop Shop series continues to be highly sought after and emblematic of his blue chip reputation, Haring's top ten print sales in both the first and latter half of 2023 are dominated by his Andy Mouse works and Growing series. Collectors prize Haring's prints for his ability to convey profound cultural and geopolitical messages using lively and relatable imagery.
Andy Mouse (complete set)
In his 1986 series, Haring playfully honours Pop Art legend Andy Warhol, portraying him in Mickey Mouse shorts and ears. Deeply influenced by Warhol, Haring credited him with enabling his artistic journey. This vibrant tribute exhibits Haring's mastery of screenprinting, utilising seven colours and limited to 30 editions. The Andy Mouse series is a coveted masterpiece, embodying the essence of Pop Art and Haring's skill. While complete sets are rare, recent trends, as outlined in our Five-Year Print report, indicate a rising demand. A full set fetched a record breaking £990,387 (with fees) in the September evening sales, showcasing its enduring value despite economic challenges. This work has consistently appreciated in value, with an average selling price (ASP) of £669,353 (with fees) across six sales, contributing to its current market cap of £20 million.
Andy Mouse 4
In Haring's Andy Mouse series, Andy Mouse 4 (1986) stands out. This vibrant screenprint portrays Andy Warhol with Mickey Mouse ears and shorts against a striking orange backdrop. While Warhol often depicted his friends and celebrities, Haring's unique portrait of Warhol captivates, as he creatively reverses Warhol's signature portrait technique. Exceptionally rare, this artwork fetched £226,800 (with fees) as a Printer's Proof in its solo appearance in March 2023. Having appeared six times in the secondary market, its current ASP is £157,376.
Andy Mouse 1
Haring's first print from the Andy Mouse series, titled Andy Mouse 1 (1986), captures his contemporary, Andy Warhol, in a playful manner. Warhol, sporting spiky grey hair, retro shades, and orange Mickey Mouse shorts and ears, confidently stands with a pile of $0 bills around him. This charming cartoon character meets the viewer's gaze, embodying the essence of Warhol's relationship with art and consumerism. This specific work is exceptionally rare in the market and has firmly established itself among Haring's top-selling prints in 2023. Recently, it made a significant impact at a Japan auction house, selling for £106,821 (with fees) for a special editioned Hors Commerce. Special editioned prints have been trending in the American Pop market this year. This recent sale marked the print's return to the secondary market since 2016 when it fetched a slightly lower price of £104,500 (with fees) at Christie's.
Andy Mouse 2
Additionally, within the sought-after Andy Mouse series, Andy Mouse 2 (1986) continues to affirm its demand and value this year. In this artwork, Warhol is portrayed as a Mickey Mouse caricature, enjoying a lively rave scene surrounded by Haring's distinctive gender-neutral characters. With Warhol sporting spiky pink hair against a vibrant green background, the piece exudes a playful and irresistibly appealing vibe. Notably, this work was recently sold at Sotheby's in October 2023, achieving a price of £187,999 (with fees), securing its position as the third-highest selling print among Haring's collection for 2023.
Flowers (complete set)
Haring's Flowers series, a collection of five vibrant and surreal prints, was created shortly before his tragic passing in 1990. Featuring phallic plants, these prints serve as a powerful symbol of the gay community's fight against AIDS and societal misconceptions. The interwoven shapes exude energy and a sense of collective resistance. Haring's late career was deeply influenced by the HIV/AIDS epidemic, which he ingeniously portrayed in this expressive series, showcasing his brilliance in depicting societal and personal struggles through vibrant colours and cheerful imagery, encapsulating his entire artistic oeuvre. This highly coveted set, even rarer than his previous Andy Mouse series, achieved a remarkable £173,534 (with fees) in April, making its first appearance since 2021 and setting a new auction record. With 12 successful sales, it stands out as one of Haring's top-selling prints of 2023, appreciating in sales value year-on-year (YoY).
DATA-LED ART INVESTMENT
Our value index blends public auction data and private sales data from our collectors network. Our market value index uses artwork & artist data and a Repeat-Sales Regression (RSR) approach. Using the sale price of individual prints to estimate the fluctuations in the value of an average representative print over a unique period of time.
Our algorithm tracks over 48,500 auction histories & our own private sales data across 3,500 artworks spanning 30 years, including signed, unsigned, APs, PPs, TPs and sets of prints & editions.
We use several metrics when comparing artists:
- Market Size: the total value in sales in £GBP over a given period.
- Transaction Volume: the total number of sales over a given period
- Average Sales Price (ASP): the average price of a sale over a given period.
- Compounded Annual Growth Rate (CAGR): a measurement used to smoothen the annual growth rate over a given period.
- Year-on-Year (YoY): a direct comparison between the latest year and the previous year.
