Richter’s market saw its heyday between 2012, when his cumulative auction sales peaked at $298.9 million, and 2015, when his $46.4 million auction record was set.The market has historically been hungriest for the artist’s squeegeed abstractions: of the 29 works that have fetched more than $20 million, 23 were abstract. But after Richter’s major Tate Modern retrospective in 2015, prices for these large pictures began to plateau, perhaps becauseIn 2021, Richter’s market perked up, notching $247.
For now, his abstract paintings remain the biggest prizes, but there is a robust market for smaller abstractions in the $10 million-and-under range as well as for the monumental canvases. Just don’t forget there is more to Richter than the squeegee. He was for a long time most celebrated for figurative paintings and landscapes—his second highest price was achieved for one of his 1960s photo paintings—and his acclaimed “Birkenau” series was a focal point of the Met’s 60-year Richter survey in 2020.
The artist officially retired from painting in 2017 and has since turned his attention to drawing. This limit on supply could go some way toward explaining the revived market activity in 2021. As a slew of exhibitions to mark his 90th birthday explore the breadth of his oeuvre, we wouldn’t be surprised to see the market continue to climb.
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