Top 10 Artwork Returns

In this post, we take a look at the Top 10 artwork returns by artists of African descent.

Returns are based on the price sold at auction, including buyers premium, for the same piece of artwork sold at different times. 

This longitudinal analysis allows us to see how much the work appreciated in value over time on an absolute Return on Investment basis and on an Annualized Rate of Return basis, which factors in the holding period, or the amount of time the owner held the work before it was sold.

While the focus here is on appreciation of a specific artwork, it can give you a sense for the appreciation of similar works by the artist over the same time period.

Notes: This analysis only includes artists who have had the same work come up at auction multiple times.  Returns could be similar or higher for other artists who don’t have sufficient auction data. Also, if an artist had multiple works in the top 10, we chose only one work, the work with the highest annualized rate of return.

1. Barkley Hendricks

Jackie Sha-La-La, 1975

Barkley Hendricks

Oil and acrylic on canvas

50 x 60 in

Initial sale price: $48,000 (2/23/10)

Latest sale price: $2,803,000 (11/18/20)

Return on investment: 5740%

Holding period (yrs): 10.7

Annualized rate of return: 46.4%

2. Richard Mayhew

Scarlet Journey, 2006

Richard Mayhew

Oil on linen canvas

30 x 30 in

Initial sale price: $37,500 (10/4/18)

Latest sale price: $249,000 (4/2/26)

Return on investment: 564%

Holding period (yrs): 7.4

Annualized rate of return: 29.1%

3. Alma Thomas

Flash of Spring, 1968

Alma Thomas

Oil on canvasboard

24 x 18 in

Initial sale price: $1,300 (2/16/91)

Latest sale price: $819,000 (3/6/20)

Return on investment: 62900%

Holding period (yrs): 29.0

Annualized rate of return: 24.9%

4. Hurvin Anderson

House, 2005

Hurvin Anderson

Oil on canvas

59 x 93 in

Initial sale price: $449,656 (10/17/13)

Latest sale price: $2,669,658 (4/27/22)

Return on investment: 494%

Holding period (yrs): 8.5

Annualized rate of return: 23.3%

5. Kerry James Marshall

Plunge, 1992

Kerry James Marshall

Acrylic and paper collage on canvas

87 x 109 in

Initial sale price: $2,165,000 (5/9/16)

Latest sale price: $10,275,500 (11/15/23)

Return on investment: 375%

Holding period (yrs): 7.5

Annualized rate of return: 23.1%

6. Lynette Yiadom-Boakye

Womanology, 2010

Lynette Yiadom-Boakye

Oil on canvas

75 x 79 in

Initial sale price: $90,450 (10/17/14)

Latest sale price: $572,672 (3/6/25)

Return on investment: 533%

Holding period (yrs): 10.3

Annualized rate of return: 19.6%

7. Julie Mehretu

Ringside, 1999

Julie Mehretu

Ink and polymer on canvas over panel

72 x 84 in

Initial sale price: $62,000 (9/23/03)

Latest sale price: $2,637,000 (11/20/25)

Return on investment: 4,153%

Holding period (yrs): 22.1

Annualized rate of return: 18.5%

8. Magdalene Odundo

Sculpture, 1993

Magdalene Odundo

Clay

16 x 10 in

Initial sale price: $33,750 (11/14/08)

Latest sale price: $274,640 (11/23/21)

Return on investment: 714%

Holding period (yrs): 13.0

Annualized rate of return: 17.5%

9. Jean-Michel Basqiuat

Thin in the Old, 1986

Jean-Michel Basquiat

Acrylic, oil and Xerox collage on panel

72 x 42 x 9 ½ in

Initial sale price: $175,000 (11/18/98)

Latest sale price: $6,065,664 (3/4/26)

Return on investment: 3,366%

Holding period (yrs): 27.3

Annualized rate of return: 13.9%

10. Sam Gilliam

Ray II, 1970

Sam Gilliam

Acrylic on beveled edge canvas

49 x 108 in

Initial sale price: $1,865,000 (11/17/22)

Latest sale price: $2,429,000 (5/16/25)

Return on investment: 30%

Holding period (yrs): 2.4

Annualized rate of return: 11.6%