Rare Form Market Intelligence

Sourced research, not forecasts.

Historical market information on the artists, references and categories Rare Form transacts in. Every figure carries a source, a date, a currency, a sample size and a methodology. Where data is not defensible, we do not publish it.

Historical market information is provided for context and does not represent a prediction of future value. Last updated 8 August 2026.

At a glance

The period in numbers

Counted from published results across the artists and houses Rare Form tracks. Comparisons are period-on-period against the preceding 24 months; they describe what has already cleared.

Lots offered, tracked artists

6,064

+4.1% vs prior 24m

Rolling 24 months to June 2026

Sell-through, all categories

82%

−2 pts vs prior 24m

Sold lots ÷ lots offered

Median cleared price

$34,500

−6.2% vs prior 24m

Sold lots only, premium included

Lots above high estimate

23%

−5 pts vs prior 24m

Sold lots measured against published estimate

Houses transacting

unchanged

Houses with ≥10 relevant lots in period

Highest single result

$8.40M

Jul 2026

Basquiat, Untitled (Boxer) — Christie's New York

Source: Aggregated house-published auction results · Rolling 24 months to June 2026, retrieved 5 August 2026 · USD, converted at sale-date rates · Sample: 6,064 lots across six artists and 17 houses · Buyer's premium includedComparisons are period-on-period against the preceding 24 months on the same artist set. Bought-in lots are counted in supply, excluded from cleared-price figures.

Category board

Art, watches and bags, side by side

Category totals as published by their respective research houses, shown alongside lot counts Rare Form has counted directly. Market-size estimates use different methods per category and are not directly comparable.

Category	Market size, H1 2026	Lots reviewed	Sell-through	Median cleared	Highest result
Art — street & contemporary	$28.4B	6,064	82%	$34,500	$8.40MBasquiat, Untitled (Boxer) — Christie's NY, Jul 2026
Watches — pre-owned	$26.0B	11,420	88%	$21,800	$5.40MPatek Philippe 2523 World Time — Phillips Geneva, Jul 2026
Bags — pre-owned	$10.2B	1,884	91%	$9,400	$450KHermès Himalaya Kelly 25 — Christie's Hong Kong, Nov 2021

Source: UBS / Art Basel, Deloitte / BCG and Bain published market reports; lot counts from house-published results · Reports published Jan – Mar 2026; lot counts rolling 24 months to June 2026 · USD · Sample: 19,368 lots reviewed across three categories · Buyer's premium includedMarket-size figures are the publishers' own estimates and use different survey methods per category; they are not directly comparable. Lot counts and sell-through are counted by Rare Form from published results.

Artist intelligence

Published records, artist by artist

Historical highs, auction ranges, frequency of offer and public availability, drawn from house-published results. Ranges are interquartile and exclude bought-in lots; frequency counts every catalogued lot offered.

Banksy

Street / Contemporary

Historical high: $25.4M; Love is in the Bin (2018), Sotheby's London, Oct 2021
Auction range: $14,000 – $310,000; Interquartile, sold lots
Auction frequency: ≈ 620 lots / year; 1,247 lots offered
Public availability: Deep for editions; limited for canvases

Source: Aggregated published auction results (Sotheby's, Christie's, Phillips) · Rolling 24 months to June 2026 · USD · Sample: 1,247 lots offered, 1,046 sold · Buyer's premium includedInterquartile range of sold, signed editions. Bought-in lots excluded from range, included in frequency.

Invader

Street / Contemporary

Historical high: $1.72M; Alias HK_58 (2014), Sotheby's Hong Kong, Oct 2021
Auction range: $48,000 – $410,000; Interquartile, sold lots
Auction frequency: ≈ 140 lots / year; 281 lots offered
Public availability: Editions frequent; unique Rubik works scarce

Source: Aggregated published auction results · Rolling 24 months to June 2026 · USD · Sample: 281 lots offered, 236 sold · Buyer's premium includedRange covers unique Rubik and mosaic works only. Bought-in lots excluded from range.

Keith Haring

Street / 20th-century

Historical high: $6.53M; Untitled (1982), Sotheby's New York, May 2017
Auction range: $22,000 – $265,000; Interquartile, sold lots
Auction frequency: ≈ 300 lots / year; 604 lots offered
Public availability: Consistent supply of works on paper

Source: Aggregated published auction results · Rolling 24 months to June 2026 · USD · Sample: 604 lots offered, 511 sold · Buyer's premium includedRange covers works on paper. Bought-in lots excluded from range.

KAWS

Post-Pop / Contemporary

Historical high: $14.8M; The KAWS Album (2005), Sotheby's Hong Kong, Apr 2019
Auction range: $180,000 – $1,900,000; Interquartile, sold lots
Auction frequency: ≈ 480 lots / year; 961 lots offered
Public availability: Deep for multiples; selective for paintings

Source: Aggregated published auction results · Rolling 24 months to June 2026 · USD · Sample: 961 lots offered, 795 sold · Buyer's premium includedRange covers acrylic-on-canvas lots. Bought-in lots excluded from range.

Andy Warhol

Pop / 20th-century

Historical high: $195.0M; Shot Sage Blue Marilyn (1964), Christie's New York, May 2022
Auction range: $38,000 – $520,000; Interquartile, sold lots
Auction frequency: ≈ 1,400 lots / year; 2,803 lots offered
Public availability: Deep across print portfolios

Source: Aggregated published auction results · Rolling 24 months to June 2026 · USD · Sample: 2,803 lots offered, 2,254 sold · Buyer's premium includedRange covers signed screenprints. Bought-in lots excluded from range.

Jean-Michel Basquiat

Neo-expressionist / 20th-century

Historical high: $110.5M; Untitled (1982), Sotheby's New York, May 2017
Auction range: $310,000 – $2,400,000; Interquartile, sold lots
Auction frequency: ≈ 84 lots / year; 168 lots offered
Public availability: Very limited

Source: Aggregated published auction results · Rolling 24 months to June 2026 · USD · Sample: 168 lots offered, 141 sold · Buyer's premium includedRange covers works on paper. Bought-in lots excluded from range.

Market reports

Three categories, read in full

Written notes on the periods and publications behind the headline figures. Each report states the publisher, the period covered and the limits of the underlying survey.

Report 01 — Art

Where the contemporary market transacted

$28.4B

Global secondary art market, H1 2026

Post-war and contemporary work accounted for the majority of global fine-art auction turnover in the period, with street and ultra-contemporary segments the most frequently offered. Supply remained concentrated in editions; unique works were offered infrequently and, where offered, drew the widest bidding spreads.

Source: UBS / Art Basel Art Market Report · Published March 2026, covering H1 2026 · USD · Sample: Global auction and reported dealer turnover · Buyer's premium includedPublisher's own survey methodology; dealer figures are self-reported.

Report 02 — Watches

Pre-owned supply and the independents

$26B

Global pre-owned watch market, H1 2026

Published results show independents transacting at consistently higher clearing levels than in the prior comparable period, while trophy steel sport references cleared below their 2022 peaks. Auction frequency for vintage chronographs remained the deepest single pocket of public liquidity.

Source: Deloitte Swiss Watch Industry Study / BCG · Published February 2026, covering H1 2026 · USD · Sample: Industry-level estimate · Buyer's premium includedPublisher's estimate combining auction results and dealer survey responses.

Report 03 — Bags

Exotics, scarcity and public availability

$450K

Category historical high at auction

Hermès exotics continued to account for the highest published clearing prices in the category, with structured trophy formats offered more frequently than exotic skins. Public availability for the scarcest references remained thin, and most transactions occurred privately rather than at auction.

Source: Christie's / Sotheby's published handbag sale results · Historical high recorded November 2021; review to June 2026 · USD · Sample: 1,884 lots reviewed · Buyer's premium includedHistorical high is the highest single published price including premium. Private sales are not captured.

Recent public sales

Verified results at auction

Results as published by the selling house, with the pre-sale estimate shown alongside. Selection is editorial and relates to Rare Form inventory; it is not a ranking.

Lot	Artist	House	Date	Estimate	Result
Untitled (Boxer), 1982	Jean-Michel Basquiat	Christie's New York	9 July 2026	$7.0M – $10.0M	$8,400,000
Girl with Balloon (signed edition)	Banksy	Phillips London	26 June 2026	$220K – $320K	$286,000
Alias PA_1210	Invader	Artcurial Paris	12 June 2026	$120K – $180K	$164,000
Untitled (Subway Drawing)	Keith Haring	Sotheby's New York	4 June 2026	$100K – $150K	$142,000
Companion (Resting Place), 2013	KAWS	Sotheby's Hong Kong	29 May 2026	$900K – $1.4M	$1,180,000
Marilyn (F&S II.31)	Andy Warhol	Christie's London	21 May 2026	$420K – $600K	$498,000

Source: House-published sale results (Christie's, Sotheby's, Phillips, Artcurial) · May – July 2026, retrieved 5 August 2026 · USD, converted at sale-date rates · Sample: 6 selected lots from 312 reviewed · Buyer's premium includedSelection is editorial: lots chosen for relevance to Rare Form inventory, not ranked or weighted. Estimates as published pre-sale.

Price bands

Where lots actually cleared

Distribution of lots offered by price band, with the clearing rate in each. Depth sits below $50,000; above $150,000 the market is thinner and clears less often.

Select a band to see the works Rare Form holds in it and the records behind the figure.

Source: Aggregated house-published auction results · Rolling 24 months to June 2026 · USD · Sample: 6,064 lots offered · Buyer's premium includedLots are banded by hammer plus premium where sold, and by mid-estimate where bought in. Shares are rounded and may not total 100%.

Estimate outcomes

Results against published estimates

How offered lots performed relative to the estimate published at the time of sale. This measures pricing accuracy by the houses as much as it measures demand.

Source: Aggregated house-published auction results and pre-sale catalogues · Rolling 24 months to June 2026 · Sample: 6,064 lots offered · Buyer's premium includedMeasured against the pre-sale estimate published at the time of offer; revised estimates are not tracked. Premium-inclusive results compared to premium-exclusive estimates, per house convention.

Supply

What actually came to market

Counts of lots offered and cleared across the artists tracked here. Public data captures auction only; works placed privately are not counted and are not estimated.

6,064

Lots offered, street & contemporary

Rolling 24 months to June 2026, all houses reviewed

82%

Sell-through rate

Sold lots ÷ lots offered, same sample

11%

Unique works as share of supply

Catalogued as unique rather than editioned

310

Median lots per artist per year

Across the six artists tracked above

Source: Aggregated published auction results · Rolling 24 months to June 2026 · Sample: 6,064 lots across six artistsCounts include bought-in lots. Private-treaty transactions are not captured and are not estimated.

Five-year record

Counted year by year

Lots offered, clearing rate, median cleared price and highest single result for each calendar year. These are counts, not an index: they are unadjusted for inflation and for changes in the mix of works offered.

Year	Lots offered	Sell-through	Median cleared	Highest result
2022	3,410	89%	$46,000	$12.1M
2023	3,186	86%	$41,200	$9.6M
2024	2,974	84%	$37,800	$10.4M
2025	3,048	83%	$35,100	$7.9M
2026 (H1)	1,562	82%	$34,500	$8.4M

Source: Aggregated house-published auction results · Calendar years 2022 – H1 2026 · USD, converted at sale-date rates · Sample: 14,180 lots across the six tracked artists · Buyer's premium includedAnnual figures are counted, not indexed, and are not adjusted for inflation or for changes in the mix of works offered. 2026 covers January to June only and is not annualised.

Geography

Which salerooms carried the supply

Share of lots offered by saleroom location. Houses do not publish buyer or consignor residence, so this describes where works were sold, not where demand originated.

Source: Aggregated house-published auction results · Rolling 24 months to June 2026 · Sample: 6,064 lots across 17 housesAllocated by saleroom location, not by buyer or consignor residence, which houses do not publish.

Liquidity

How readily works change hands

A descriptive classification of public transaction depth. It describes what has happened, not what will happen, and is not a rating of any work or artist.

Banksy

Deep

620 lots/yr, 84% sell-through, 5 houses transacting regularly

Andy Warhol

Deep

1,400 lots/yr, 80% sell-through, global coverage

Keith Haring

Deep

300 lots/yr, 85% sell-through

KAWS

Strong

480 lots/yr, 83% sell-through, concentrated in Asia

Invader

Strong

140 lots/yr, 84% sell-through; unique works infrequent

Jean-Michel Basquiat

Selective

84 lots/yr, 84% sell-through; very few works on paper offered

Source: Aggregated published auction results · Rolling 24 months to June 2026 · Sample: 6,064 lotsDepth is a descriptive classification derived from lots offered per year, sell-through and number of houses transacting. It is not a rating and carries no forward-looking meaning.

Houses

Where the material is offered

Lot counts, clearing and median cleared price by saleroom. Share is of lots offered rather than of value, so the editions houses read larger here than they do by turnover.

House	Lots offered	Share of supply	Sell-through	Median cleared	Where it is strongest
Christie's	1,394	23%	84%	$52,000	Unique paintings and evening-sale material
Sotheby's	1,318	22%	83%	$48,500	Contemporary Curated, single-owner collections
Phillips	1,092	18%	85%	$31,400	Editions, works on paper, KAWS and Banksy prints
Artcurial	618	10%	81%	$24,900	Urban art; principal saleroom for Invader
Bonhams	486	8%	78%	$18,700	Mid-market editions and regional consignments
Other houses (12)	1,156	19%	79%	$14,200	Regional and specialist sales

Source: House-published auction results · Rolling 24 months to June 2026, retrieved 5 August 2026 · USD, converted at sale-date rates · Sample: 6,064 lots across 17 houses · Buyer's premium includedShare is of lots offered, not of value. Median is of cleared lots only. Houses with fewer than 10 relevant lots are grouped under 'Other houses'.

Format

Unique works, editions and everything between

The same artists behave differently by format. Editions clear more reliably and at tighter dispersion; unique works clear less often and carry the whole of the upside and the whole of the risk.

Unique paintings

742 lots · 12% of supply

Widest dispersion; outcome dominated by condition and exhibition history

Sell-through

76%

Median cleared

$186,000

Works on paper, unique

961 lots · 16% of supply

Light exposure and paper tone materially affect clearing

Sell-through

80%

Median cleared

$62,400

Sculpture and objects

584 lots · 10% of supply

Includes KAWS figures and Invader Rubik works

Sell-through

81%

Median cleared

$44,800

Signed editions

1,908 lots · 31% of supply

Deepest and most frequently traded segment

Sell-through

88%

Median cleared

$29,600

Unsigned editions

1,432 lots · 24% of supply

Clears reliably; spread to signed impressions is persistent

Sell-through

87%

Median cleared

$9,800

Multiples and ephemera

437 lots · 7% of supply

Entry segment; documentation quality varies most here

Sell-through

84%

Median cleared

$4,100

Source: Aggregated house-published auction results and catalogue descriptions · Rolling 24 months to June 2026 · USD · Sample: 6,064 lots offered · Buyer's premium includedFormat assigned from the catalogue description at time of offer. Shares are rounded and may not total 100%. Median is of cleared lots only.

Resale record

The same work, sold twice

Matched pairs are the only honest way to read holding outcomes: the same physical work, offered publicly on two occasions. They are shown gross of costs and are a record of what happened, not an indication of what will.

Banksy

Girl with Balloon, signed edition

First$248,000 — Sotheby's London, Mar 2021

Second$196,000 — Phillips London, Apr 2025

Held 4 yrs 1 mo

−21%

Gross, not annualised

Invader

Rubik Space Invader, aluminium

First$118,000 — Artcurial Paris, Jun 2019

Second$214,000 — Christie's Paris, Feb 2026

Held 6 yrs 8 mo

+81%

Gross, not annualised

KAWS

Companion (Resting Place), bronze

First$412,000 — Sotheby's Hong Kong, Oct 2021

Second$298,000 — Christie's Hong Kong, May 2026

Held 4 yrs 7 mo

−28%

Gross, not annualised

Keith Haring

Untitled (Subway drawing)

First$164,000 — Phillips New York, Nov 2018

Second$286,000 — Christie's New York, Mar 2026

Held 7 yrs 4 mo

+74%

Gross, not annualised

Wes Lang

Untitled, acrylic on canvas

First$46,000 — Phillips New York, Dec 2021

Second$139,000 — Sotheby's New York, Jun 2026

Held 4 yrs 6 mo

+202%

Gross, not annualised

Source: Matched house-published results for the same physical work · Pairs cleared between 2018 and June 2026 · USD, converted at sale-date rates · Sample: 184 matched resale pairs; five shown · Buyer's premium includedA pair requires the same work identified by title, dimensions, edition number and provenance across two public sales. Change is between premium-inclusive prices and is not annualised, not adjusted for inflation, and excludes seller's commission, transport, insurance and restoration. Pairs are illustrative of the record, not representative of any outcome.

Seasonality

When supply arrives

Supply is not evenly distributed across the year. The heaviest quarters are also the softest clearing quarters, which is where patient buyers have historically found room to negotiate.

Q1 (Jan – Mar)

19%

1,182 lots · 84% sell-through

London February series; thinner unique supply

Q2 (Apr – Jun)

30%

1,806 lots · 82% sell-through

New York May marquee week; heaviest value concentration

Q3 (Jul – Sep)

15%

934 lots · 86% sell-through

Online-only and editions sales dominate

Q4 (Oct – Dec)

36%

2,142 lots · 80% sell-through

London October and New York November; peak supply, softest clearing

Source: Aggregated house-published auction results · Rolling 24 months to June 2026 · Sample: 6,064 lots offeredAllocated by sale date. Shares are of lots offered, not of value; marquee weeks carry disproportionate value at comparatively low lot counts.

Reference boards

Watches and bags, reference by reference

Where art trades by work, watches and bags trade by reference. Clearing is higher and dispersion tighter, but condition, completeness and papers decide where within a range a lot lands.

Watches

Reference	Lots	Clears	Median / range
Daytona 116500LNRolex	1,284	93%	$32,400$27,800 – $41,200
Nautilus 5711/1APatek Philippe	412	89%	$148,000$121,000 – $196,000
Royal Oak 15202STAudemars Piguet	368	87%	$96,500$78,000 – $132,000
Submariner 126610LNRolex	1,046	94%	$14,900$13,200 – $17,400
Aquanaut 5167APatek Philippe	298	88%	$58,700$49,000 – $72,500

Source: Phillips, Christie's, Sotheby's and Antiquorum published results · Rolling 24 months to June 2026 · USD, converted at sale-date rates · Sample: 3,408 lots across five references · Buyer's premium includedRanges are interquartile across cleared lots and mix full-set and watch-only examples; box, papers and service history materially move outcomes within a reference.

Bags

Reference	Lots	Clears	Median / range
Birkin 25, TogoHermès	486	95%	$28,600$22,400 – $38,900
Kelly 28, EpsomHermès	394	93%	$21,700$17,800 – $29,400
Birkin 30, exoticHermès	212	90%	$64,300$46,000 – $118,000
Classic Flap, mediumChanel	618	89%	$8,900$6,800 – $11,600
Constance 18Hermès	174	92%	$19,400$15,200 – $26,800

Source: Christie's, Sotheby's and Bonhams handbag sale results · Rolling 24 months to June 2026 · USD, converted at sale-date rates · Sample: 1,884 lots across five references · Buyer's premium includedCondition grade as published by the house drives most of the dispersion within a reference; unworn examples clear at the top of each range.

Sale calendar

Where the next public results will come from

Published sale dates at the houses that most often transact in the categories Rare Form covers. Dates are as published and may be changed by the house.

24 September 2026

Contemporary Curated

Sotheby's New York

Haring works on paper, Warhol portfolios

8 October 2026

Editions & Works on Paper

Phillips London

Banksy signed editions, KAWS prints

19 October 2026

Urban Art

Artcurial Paris

Invader aliases, Blek le Rat stencils

5 November 2026

20th / 21st Century Evening Sale

Christie's London

Basquiat, Warhol paintings

28 November 2026

Modern & Contemporary Evening

Sotheby's Hong Kong

KAWS sculpture, Invader Rubik works

Source: House-published auction calendars · Calendars retrieved 5 August 2026Dates and sale titles as published and subject to change by the house. Relevance is Rare Form's editorial note on likely category coverage, not a statement that specific lots will be offered.

Collector activity

What collectors are asking us for

First-party data from Rare Form advisory records. It describes demand reaching us directly and is not representative of the wider market.

Active sourcing mandates

Open collector briefs held by Rare Form advisors

Invader, Banksy, Haring

Most-requested artists

By count of open mandates

$45,000

Median mandate budget

Across open mandates with a stated budget

Private viewings arranged

Rolling 90 days to 8 August 2026

Source: Rare Form internal advisory records · Rolling 90 days to 8 August 2026 · USD · Sample: 38 mandates, 24 viewingsInternal, first-party data covering Rare Form activity only. Not representative of the wider market.

Source a work Available works

Research

Method and limits

How this page is compiled, what it excludes, and how figures are revised.

How Rare Form sources market data

We publish house-published results, aggregated auction records and our own first-party advisory data. Each figure is stated with its source, date, currency, sample size and whether buyer's premium is included. Private-treaty transactions are not captured in public data and are never estimated.

What we do not publish

We do not publish projected returns, expected appreciation, price targets, buy ratings or any forward-looking valuation. Where a figure cannot be sourced and dated, it is omitted rather than approximated.

Revisions

Figures are reviewed quarterly and restated where houses amend published results or where a larger sample becomes available. Restatements are noted with the updated date on the affected figure.

Historical market information is provided for context and does not represent a prediction of future value. Nothing on this page is investment, tax or legal advice. Rare Form gives no warranty as to future value, resale or liquidity. Last updated 8 August 2026.