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A painting by Joan Mitchell recently set a record for the highest sale price for a single work by a woman artist in Asia. Can you put that news in the context of the market for women’s art more generally?

Joan Mitchell’s $17.6 million sale is an important moment, but it doesn’t change the overall structure of the market. The gap at the very top remains enormous: the highest prices for male artists are still multiple times higher than those achieved by women.

To understand why, it helps to briefly explain how careers in the art world are built. Unlike many markets, success is not determined in a single step. It is the result of a sequence of institutional validations. In a previous paper I published in Science, we showed that roughly 99% of institutions have little to no impact on an artist’s long-term success. Instead, there is a very small circle of highly influential institutions—household names like the Guggenheim Museum or the Gagosian gallery—that disproportionately shape careers. If an artist does not enter this network early on, the probability of reaching the top of the market drops significantly.

What this means is that prices at the top are not about the quality of a single work; they are the outcome of a long institutional pathway. Mitchell’s result shows that once a woman artist reaches that top tier, with strong institutional backing and global demand, the market is fully willing to price her accordingly. But most artists—men and women—never enter these networks, and women are less likely to do so.

The issue is not demand. The issue is access. So Mitchell’s result is real progress, but it sits on top of a system that remains structurally uneven.

For your new paper, how did you think about the metrics for gender equity in the art world?

The key point of the paper is that we separate representation from access. Representation asks: how many women are shown? Access asks: are opportunities distributed fairly? Today, about 36% of exhibiting artists are women. If the system were neutral, exhibitions would reflect that share. But women are shown less often than expected — and, importantly, in less prestigious contexts, as my colleague Will Goetzmann has pointed out. So the issue is not just that there are fewer women in the system. It’s that the system allocates visibility unevenly. That difference is what ultimately shapes careers.

What were your biggest takeaways?

Gender inequality shows up early and compounds over time. Women have less access to exhibitions, and when they do exhibit, it is more often in less influential institutions. That affects the networks they build, the collectors they reach, and their chances of entering the auction market. That’s why the gap widens at the top. The highest prices are not just about individual works—they are the result of cumulative institutional validation. And that process remains uneven.

The Yale School of Management is the graduate business school of Yale University, a private research university in New Haven, Connecticut.”

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