The graph prepared by Art Market Research shows that since 1976, paintings by Agnes Martin have increased at a 15% annual rate of return.
Most of the Martin paintings that have achieved the highest prices at auction, depicted below, feature horizontal washes of pale blue, yellow, and light red, delicately defined by penciled lines. Untitled #11, though completed in 1998, is characteristic of this earlier and pivotal time
The record for a Martin painting at auction was set in 2016 when Orange Grove (1965) sold for $10,693,000 USD. The top 5 Martin paintings at auction all sold for over $6 million USD.
A recent resurgence of interest in artwork by women adds value to this piece as major museums seek to highlight historically marginalized groups. Martin created just 568 paintings in her prime period between 1960-2004. Of those, 145 are held in permanent museum collections, leaving 423 that might become available for sale.
Untitled (2003), a comparable year and size to Untitled #11, sold for $4,692,500 USD in November of 2017. Based on the compound annual growth rate of 15%, that painting would be worth over $7 million today.
Agnes Martin Market Insights