Art Market Insights | November 21, 2019
We are pleased to announce the launch of the Butera Art Advisory Monthly Newsletter. Our aim is to summarize current art market trends and sales results so you can stay up-to-date on developments that may affect the value of your clients’ collections and that may impact any sales decisions they are considering. Each month will focus on a different collecting area. Whether it is fine art, jewelry, motorcars, design or other collectibles, we provide appraisals, collection management and sales advice. Please feel free to contact us with your questions or to schedule a call to discuss how we can assist you and your clients.
Enjoy!
Alanna Butera
Head of Appraisals and Advisory, President and Manager
Alanna@ButeraArtAdvisory.com | 908-591-5023
ART MARKET INSIGHTS | November 2019
The Current State of the Art and Collectible Market
The Deloitte Art & Finance Report 2019 serves as a barometer of the current trends and developments in the art market. This recent report stated that the 2018 estimate of wealth in art and collectibles is $1.742T and is expected to grow beyond $2.125T by 2023. The actual growth in art market sales may not be keeping up with this projection for a number of reasons including the lack of transparency and growing distrust in the art market. With a current focus on holistic wealth management and the rising value of art, there is a growing demand for art related services to address the needs of clients when it comes to estate planning, valuation, and protection of their collections. Access the full report here.
Fine Art Sales in the Big Apple
Overall, auction sales in New York City were steady this Fall but not as ground-breaking as sales in November 2018 due to buyer fatigue at the high end of the market as well as the lack of trophy lots and high-profile estate consignments. Optimism remains intact as mid-market sales flourish and buyers are bullish on fresh material and expanding collecting areas (new to market artists, African American artists, women artists, etc.).
Contemporary Auction Sales Overview
In New York City, the most important contemporary art auctions take place at the major auction houses twice a year, May and November, and are comprised of artworks from early Abstract Expressionism through to the present day. The evening sales have a carefully curated selection of around 40-70 works by important artists (often major paintings or sculptures), while the day sales present more volume of works, include younger artists and, comparatively, more affordable price points.
The Evening Sale Numbers:
- Christie’s: $325.3M (down 9% from $357.6M)
- Sotheby’s: $270.7M (down 25% from $362.6M)
- Phillips: $108M (up 22% from $88.5M)
Splashy evening sales saw a dip at the high end of the market where buyers are increasingly discerning. Both Christie’s and Phillips suggested that their buyers are looking for fresh-to-market works and artists. Phillips stated that 41 of 42 works came from private consigners while Christie’s included a number of artists never before seen in an evening auction. Sotheby’s credits much of their success to its Hong Kong outpost and Asian clients.
Impressionist & Modern Auction Sales Overview
Taking place in the same week as the Contemporary sales, the Impressionist and Modern auctions at Christie’s and Sotheby’s consisted of the most important names in late-19th and early-20th-century art such as Picasso, Modigliani, Cézanne, Matisse, and Monet.
The Evening Sale Numbers:
- Christie’s: $191M (down 31.5% from last year’s $279M)
- Sotheby’s: $209M (down 34% from $315.4M)
- Phillips: note that they do not hold separate sales for this category.
Christie’s most successful lot by value was René Magritte’s Le Seize Septembre from the Alsdorf estate realizing $19.5M on a $7M low estimate. Umberto Boccioni’s iconic Unique Forms of Continuity in Space, a sculpture created in an edition of eight, realized $16.2M against an estimate of $3.8M – $4.5M. Sotheby’s set an auction record selling Tamara de Lempika’s La Tunique rose for $9.9M.
Auction Records for African American Artists at Sotheby’s Contemporary Evening Sale
In the wake of Sotheby’s incredibly successful sale of works to benefit the Studio Museum in Harlem in May 2018, Sotheby’s asserted dominance this season by establishing record prices for African American artists.
- A work on paper by Charles White, Ye Shall Inherit the Earth, set a record price of $1.8M. This result surpassed the sale price of a painting sold at Christie’s the night before for $1.2M, which is surprising as paintings are typically considered more valuable that works on paper.
- Norman Lewis’ Ritual realized $2.8M above the artist’s previous record of $956K
Click on the following article links for a full auction analysis: Christie’s, Sotheby’s, Phillips
While its Golden Age May Be Over, Guarantees are Still in Play in the Evening Sales
By The Numbers:
- Christie’s: 24 guarantees (44.4%)
- Sotheby’s: 11 guarantees (25%)
- Phillips Contemporary Evening: 4 house-backed lots, 12 third-party guarantees (38%)
To learn more about the history and current state of guarantees, click here.
Trending: Museums Reinvigorating Collections
- Everyone is talking about MoMA’s renovation and rehang in New York City, particularly the curatorial decision to juxtapose Faith Ringgold’s American People Series #20: Die and Picasso’s Les Demoiselles d’Avignon. NY Times.
- Brooklyn Museum sold a Francis Bacon work for $6.6M through Sotheby’s to support the museum’s collection. ArtNews.
- Baltimore Museum pledges to only purchase and accept women artists exclusively into their collection for the duration of 2020. Baltimore Sun.