Kenny Schachter has declared the market for unproven artists with flippable works to be dead:
On to the day sales, where works are offered at lower price points by less established artists. The constant art world chatter surrounding the selling and reselling at ever-higher numbers for work by young artists is officially dead, you will be happy to hear, for no other reason than there is no longer a market to support unsupportable inflated prices for the unproven. Like pop music, if you listen to a song too relentlessly you can lose a taste for it.
Schachter then reproduces as evidence this letter from a Phillips specialist to a well-known collector (according to Kenny):
“Just been talking to the team about this. As you know the market for younger artists is VERY tough (and probably going to get tougher). We have been offered a dozen xxxx in the past month, so people are selling (or at least trying to!) and get out of this market in a big way – thus we have be super conservative. We are already have a very nice similar xxxx work confirmed for the June day sale. Given that the market is so soft this is could be a tough sell even at this level. Sound like a plan? Anything else that we can do for you?”
Kenny Schachter On London Auction Season (artnet News)