David Hockney's The Only One with Waves (1991) sold for £2.42 million (approximately €2.79 million) at Phillips' Modern & Contemporary Art sale in London on 26 June, marking the first major auction of the artist's work since his death on 11 June. The painting, which captures the restless energy of the Pacific Ocean off Malibu, California, failed to exceed its pre-sale estimate of £2.5 million, a sign that the market is not rushing to inflate prices in the wake of the artist's passing.
Hockney, who was born in Bradford, England, and died at his home in London at age 88, had long been one of Britain's most celebrated living artists. The Only One with Waves represents a pivotal moment in his career, as he moved away from the iconic, still swimming pools of works like Mr and Mrs Clark and Percy (1971) and The Splash (1967) toward a more abstract, fluid style. Painted shortly after he bought a house in Malibu, the 91.4 x 122.0 cm oil on canvas depicts the ocean's ever-changing surface, a departure from the controlled geometry of his earlier Los Angeles scenes.
Market Restraint Despite Surge in Interest
Abigail Hartmann Associates, a fine and decorative arts appraisal firm, noted that interest in Hockney's work has “accelerated dramatically” following his death, making the Phillips sale one of the “most closely watched sales of the season.” MyArtBroker reported a 1,200 percent increase in sales and valuation enquiries for Hockney's work in the 48 hours leading up to the auction. Yet the final hammer price suggests that collectors are exercising caution.
Contemporary art platform Ocula observed that the result indicates buyers are “sticking to established values for the artist's work, rather than chasing a posthumous premium.” This restraint contrasts with the often-observed spike in prices for artists immediately after their death, a phenomenon known as the “posthumous premium.” The painting had last sold at Sotheby's in New York in 2018 for $2.17 million (approximately €1.9 million), and has been traded only three times in total.
Hockney's Enduring Legacy
Hockney's influence extends far beyond the auction room. In Saltaire, West Yorkshire, near the Hockney 1853 Gallery and his former school, children at Saltaire Primary School have decorated their classroom walls with paintings inspired by his work. Two reception classes have been named after the artist, and his quote “To me, the world is rather beautiful if you look at it. Especially nature” hangs over a classroom door.
The largest permanent collection of Hockney's work remains at Salts Mills, a gallery that celebrates his Bradford roots and his cultural contribution to the North of England. Following his death, his publicist confirmed that the majority of his privately-held work will be given to foundations and public institutions, ensuring that his legacy will continue to be accessible to the public. Hockney's art is also scattered across major galleries worldwide, from London to Los Angeles, cementing his status as a global figure in modern art.
