Paramount Moves Before London: Kerry James Marshall’s Art Market Ascent
- Cenk Üsel
- 3 days ago
- 4 min read
Updated: 5 hours ago
As Kerry James Marshall prepares for his highly anticipated institutional exhibition in Royal Academy of Arts London in September 2025, we explore the key characteristics and investment potential of his art. While historical data over the past decades indicates periods of volatility in volume, now several factors have come together to create art investment opportunities. In the times of increasingly obscure macroeconomic environment, volatility in the US stock market and recession fears at auctions; Marshall offers a unique blue-chip art trade.
Historical Importance of Kerry James Marshall’s Art and His Cultural Legacy
Historical legacy of Kerry James Marshall’s art is rooted in the portrayal of underrepresented Black narratives, contemporary issues, mythologies, gang violence, poverty, and the everyday lives of people of color—rendered through the refined techniques of the Old Masters. Since the beginning of his career, he has championed invisible minorities, challenged the whiteness of the western art canon, remained connected to marginalized communities, and celebrated Black joy through meticulously composed, ever-evolving figurative paintings that don’t put anything into the hands of chance. His powerful visual language, reflections on Black superheroes, and distinct subject matter have drawn the attention of not only the public but also globally renowned exhibitions such as Documenta in Germany, the Venice Biennale in Italy, the Whitney Biennial in New York, and numerous other institutions worldwide. Without Marshall’s contributions, the depiction of American life in 20th-century contemporary art history would be incomplete.
Auction Performance
Until 2016, the sales volumes of Kerry James Marshall’s works consistently remained in the lower quantiles—typically in the south of half £1 million. This period included key milestones such as his participation in the Whitney Biennial in 1997, Documenta 10 and 12, and his major exhibition at the Metropolitan Museum of Art in New York in 2014. Despite presenting high-calibre works to the public, these years reflected a time when Marshall’s market remained notably undervalued until 2016. These sequence of events can be interpreted as the result of the artist’s unwavering dedication, the growing strength of his gallery representation, and the increasing recognition of his significance within institutional and critical circles.
After 2016, Kerry James Marshall’s art reached new heights, and early investors began to see significant returns by 2018 and 2019. Major institutional support—including acquisitions by Museum of Modern Art and the Metropolitan Museum of Art in New York, as well as Tate Modern in London—further bolstered the market value and critical recognition of his work. These developments played a key role in driving the sustained appreciation of his artworks in both the primary and secondary markets.
It is important to highlight Kerry James Marshall’s gallery representation by David Zwirner, which began in 2014. The gallery has significantly contributed to the artist’s market through its strong collector base, strategic marketing campaigns, and institutional relationships. This support has helped ensure the sustainable and effective growth of Marshall’s market, benefiting both the artist and his network of collectors.
Beginning in 2020, during the pandemic, there was a noticeable decline in Kerry James Marshall’s sales volume—a trend that can be considered expected due to trade restrictions, and the broader economic impact of the Covid-19 pandemic. However, as interest rates in the US began to fall, the economy regained momentum and art as an asset class emerged in inflation hedging strategies. Auctions transitioned to online platforms, Marshall’s market volume rebounded and continued to rise through 2023.
Investment Outlook and Risks
Considering the key characteristics and investment dynamics of Kerry James Marshall’s art, it is evident that he has become an icon of contemporary art and established himself as one of the most pivotal figures in the art world with the themes of cultural representation, power struggles and critical analysis of white visual culture.
His successful exhibitions at prestigious institutions, the highly anticipated upcoming show at the Royal Academy of Arts London, his role in designing the 100th-anniversary issue of The New Yorker, and his artwork featured on the cover of Vogue—combined with the socio-economic resonance of the Black Lives Matter movement and the acquisition of his works by major collectors and museums—have cemented his significance in both art history and the art market.
Given the growing media attention and high expectations surrounding the upcoming exhibition in London, it is likely that its impact has already been factored into current art market price levels. As such, this may not present a clear buying opportunity for collectors.
In fact, the strong momentum of recent years may indicate that now is a favourable time for current owners to even consider short-term selling strategies for works of Kerry James Marshall—whether involving physical artworks or fractional ownership investments.
Another prudent approach could be to reduce the weight of Kerry James Marshall’s works within an art portfolio, thereby realizing gains from recent price appreciation and rebalancing the portfolio to account for shifting risk profiles. This strategy may be especially relevant in light of the increasingly obscure macroeconomic environment, marked by rising trade tariffs, tax increases in several G20 countries, and 2025 stock market sell-off in the U.S.
Although auction data shows limited upward movement recently—keeping in mind that private sales remain undisclosed—there are signs that Kerry James Marshall’s market value may be approaching a point of saturation. Still, while there may be short-term selling, betting against the long-term strength of his market value, his cultural legacy, and the rarity of his works remains a risky proposition.
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*The views expressed in this article are solely personal opinions and should not be considered as investment advice.
Cenk Usel
Art Market Professional
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