Art market analysis 2024
New York
Last week, the art world eagerly followed the annual November auctions in New York. After the almost optimistic results of the London sales last month, many were hoping for the tendency to continue and indeed, 80% of the nearly 1600 lots offered found a buyer.
London
Christie’s, Sotheby’s, and Phillips have just returned to their ‘mid-term’ London auctions of 20th and 21st century art. Held during London’s Frieze art fair, the auctions saw a special emphasis on Post-War and Contemporary artists. Does the return of the October sales series, which had been suspended in the last years, mean an end to the market contractions felt in the last year? In comparison to the London March and June auctions, last week’s result may indicate a timid “yes”.
London
In line with the rather somber performance of the March sales in the British capital, the June auction results further manifest the increasing lag of the London auctions behind the New York sales series. While New York has been the dominant sale location of 20th and 21st century art for decades, ever since the pandemic and the Brexit consequences London’s auctions are notably shrinking in numbers and volume.
New York
Declared the most reliable art market barometer by some market insiders, this year's May Marquee week in New York confirmed a continuously cautious ambience and, despite a considerable amount of masterpieces among the lots, the results fall 35% short of the New York November sales. A technology security issue on Christie's website also affected the general results.
London
Similar to the rather somber performance of the London March sales of 2023, this year’s auction results fell short of the New York sale results of November and the overall performance achieved in the Big Apple. The art world entered a contracting market a while ago, and adding the Brexit consequences London loudly confirms this. Still, even in times like these, there are winners like Magritte, Bacon, Monet or Picasso.