Auction comps — figural painting with atmospheric grounds
Verified secondary-market data (2023–2026) for 9 living artists in
the Romantic-figural lineage. The pattern: paintings hit $1M–$13M while
drawings/watercolours by the same artist trade at 1–5% of that. Works on paper
are structurally underpriced.
The thesis: Build a 3-artist works-on-paper portfolio
around Marlene Dumas, Michaël Borremans,
and Adrian Ghenie. Total entry capital ~$200–500k for
three pieces. Same artists whose paintings hit $3M–$13M. Real liquidity
(each has 20+ comparable WoP comps annually). Aesthetic match to
figural-primary, atmospheric-ground, Romantic-mood taste profile.
Tier 2 watch: Caroline Walker primary at gallery
(£35–175k, sold-out Frieze 2024). Tier 3 skip: Yiadom-Boakye (no WoP
market), Toor (too early), Bas (mid-correction).