Opened by Edward Warburton in 2022, Princedale Modern balances expertise with data and has used this to develop a strong reputation for sourcing secondary market works from big-name artists like Henri Matisse, Keith Haring, Pablo Picasso and David Hockney, just to name a few.
Warburton and Princedale Modern have taken the recent market transformations in stride, not only celebrating the advisory’s second anniversary but also maintaining an optimistic view of what’s on the horizon.
We spoke with Warburton to learn more about the insights he’s gathered while leading an advisory, and what he thinks of current market fluctuations.
Edward Warburton. Courtesy of Princedale Modern.
You recently marked Princedale Modern’s second anniversary. Looking back, what are some of the highlights of the past two years?
The past two years have been an exciting period of growth and momentum for Princedale Modern. We’ve been able to scale in tandem with the U.K. as it has reasserted its position as the world’s second-largest art market, now accounting for 18 percent of global market share—surpassing China following a 31 percent contraction in its art sales.
We’ve built and deepened meaningful relationships with collectors around the world, which continue to shape and strengthen our community. Our trusted network of trade affiliates has expanded significantly, allowing us to source and acquire works with greater speed, agility, and confidence.
We’ve had the privilege of attending major art fairs in Basel, New York, Miami, and Paris—engaging directly with the international art community at the industry’s most influential events. Nothing beats being able to meet the people in person you interact regularly with even though they are half the world away.
Andy Warhol, New England Clam Chowder from “Campbell’s Soup II” (1969)
Andy Warhol, New England Clam Chowder from “Campbell’s Soup II” (1969). Courtesy of Princedale Modern, London.
Have you garnered any new insights into what works and what doesn’t within the greater market, or for the company on an individual level?
Absolutely. The current market dynamics reveal some telling trends. London’s “big three”—Christie’s, Sotheby’s, and Phillips—have experienced a nearly one-third drop in auction house sales. Globally, the art market contracted by approximately 12 percent, with auctions down 20 percent. This shift has prompted a greater emphasis on diversification.
One area showing resilience is private sales, which have risen by 14 percent, largely driven by collectors’ preference for discretion and financial stability. At the same time, online art sales continue to account for a strong 17 percent of total transactions. These platforms are enhancing transparency, widening access, and even enabling fractional ownership through blockchain technology.
At the heart of all this is trust—arguably the most vital element in the art world. Because the market is largely unregulated, transactions, whether private or digital, hinge on reputation and relationships. In most regions, that trust remains intact, which gives me optimism about how the industry can adapt and thrive moving forward.
Previously, you spoke about the market being incredibly price-sensitive. Has this view changed or evolved over the past year? What are your thoughts on the market at large from your perspective at the helm of an art advisory?
Volatility has undoubtedly been the dominant theme in 2025. Historically, the art market has demonstrated remarkable resilience in the face of economic uncertainty—bouncing back strongly after both the 2008 financial crisis and the lockdown. However, the recent imposition of trade tariffs has added new layers of complexity for collectors. Whether acquiring works at auction or through private sales, navigating the hidden costs and logistical challenges of cross-border transactions has become increasingly difficult.
One of the key drivers behind the growth of the contemporary art market over the past three decades has been the relatively free movement of works across international borders. When that fluidity is disrupted, it inevitably affects both buyer confidence and market dynamics.
I also appreciated—and largely agreed with—Marc Glimcher’s recent comments reflecting a more optimistic outlook. As he pointed out, some headline-grabbing auction results may have overshadowed broader signals of market strength. For example, while a major Giacometti underperformed, the reality is that at a slightly lower price point—say $45 million or $50 million—it likely would have sparked intense competition, prompting declarations that “the market is back.” His broader point resonates: Buyers are still active and engaged, but they are exercising greater discernment. No one is willing to overpay in the current climate, and that signals a maturing, more rational market rather than a weak one.
David Hockney, The Arrival of Spring in Woldgate, East Yorkshire in 2011 (twenty eleven) – 19 March (2011). Courtesy of Princedale Modern, London.
Any specific artists, periods, or movements within the realm of prints and multiples that you’ve been watching closely?
Absolutely. I’ve been particularly interested in the recent David Hockney show at the Fondation Louis Vuitton in Paris, and the enduring appeal of Picasso’s “Jacqueline” series. These works continue to attract serious collector attention, not just for their artistic merit but for their market resilience.
From a broader perspective, the postwar and contemporary category has remained the most lucrative segment of the art market for the second consecutive year. That said, we’re seeing a shift: The long stretch of rising interest rates and the price inflation that followed appears to have cooled the frenzy around ultra-contemporary works—what some call “wet paintings.” The speculative heat in that segment has largely dissipated.
In contrast, pricing for blue-chip works from the latter half of the 20th century has held steady. A key factor is the reduced volume of consignments at both auctions and fairs. Many of the collectors who hold these works are under no pressure to sell and often have the financial latitude to wait for the right moment. As a result, the scarcity has helped preserve value and buyer interest.
Henri Matisse, Jeune Femme à la chevelure encadrant le visage (1948)
Henri Matisse, Jeune Femme à la chevelure encadrant le visage (1948). Courtesy of Princedale Modern, London.
What’s next? Are there any projects or goals in the pipeline that you can share with us?
One key trend I believe we will continue to see grow is the purchasing power and influence of younger millennial buyers as the great wealth transfer begins—particularly in the mid-cap segments of the contemporary market, defined as works priced between $100,000 and $1 million. This growth is driven largely by digital platforms and private sales. At the same time, Gen X collectors are continuing to invest in blue-chip works, reinforcing the strength of that market.
Most recently, this was evident at Art Basel, where leading galleries like Pace, Hauser & Wirth and David Zwirner showcased exceptional mid-20th-century works by the likes of Rothko, Picasso, Warhol and Richter. Many of their star lots were marked with red dots, signaling strong sales activity.
This fundamentally underscores a broader shift: a renewed focus on the security and prestige of mid-20th-century masters at the very top tier of the market.
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