Market Watch: Market Editor Report August 2024

In H1 2024, art market performance levels have declined, with sales value down by 27% at Christie’s, Sotheby’s, and Phillips, indicating a pronounced weakening in the overall market according to ArtTactic. MyArtBroker’s research into print auctions, across the same houses and including Bonhams, specifically reveals a similar decrease across the board compared to the same period last year. While the first half of the year has been challenging, the consistent message is that art remains a tangible asset, even amidst market downturns. Selective purchasing can create opportunistic buying for others, and while current auction sales might suggest a sombre outlook, they don’t tell the whole story. 2022 saw significant private sales, making 2023 a challenging year to follow, and in 2024, the global market continues to grapple with the aftermath of geopolitical turmoil and high inflation. However, downturns in the public market often lead to a thriving private market, offering stability during market softenings. This helps protect the value of works when public sales fall short and provides greater opportunities outside of peak seasons.

With this in mind, I asked Jasper to recap the art market chronologically, starting with the print sales.

January

Jasper began by reflecting on the start of the year in January, highlighting the London Art Fair, which coincides with the first major sale of the season, Phillips London Prints & Editions. He noted that the timing of fairs alongside auction sales is a strategic approach, as collectors and buyers attending the fair are often inclined to participate in the auction sales, aiming to secure key works early in the year.

Explore The Top Ten Highest Valued Prints In The First Half Of 2024

When discussing the works featured at the fair and those that sold at auction, Jasper highlighted the key sales, particularly noting Andy Warhol's iconic prints like Superman, Queen Elizabeth, and Mick Jagger, which dominated print sales throughout 2023. However, we both observed an interesting trend in this early 2024 sale: while these iconic prints performed well, they didn’t set any new records. Instead, Jasper highlighted a lesser-known series, Warhol's Renaissance Paintings, which gained traction with multiple successful sales in the same auction–a rare occurrence, as bidders often drop out after securing one of the works. Notably, four different trial proofs (TP) were sold, with Sandro Botticelli's (Birth Of Venus) (TP), achieving just over £230,000, setting a new record.

Access The Andy Warhol Report: Complete Sets & Trail Proofs

February Through June

Jasper highlighted other trending and noteworthy print sales, particularly the sustained popularity of Damien Hirst’s The Virtues series. Although relatively recent, created in 2021, these prints continue to show strong demand, highlighting their desirability and appeal. Interestingly, they are proving to be more sought after than some of Hirst’s earlier, high-quality studio works. This trend suggests that collectors are increasingly favouring Hirst’s more recent, production-led pieces and from a market perspective, it demonstrates that even in a softening market, certain works by well-established artists can maintain or even grow in value.

The highest-performing complete set from this series sold at Phillips' February sale, fetching £121,083 with fees, while the top individual print, Loyalty (H9-7), reached £35,280–nearly three times its high estimate. Similarly, H9-8 Control sold at Sotheby’s April sale for £22,543 with fees, 2.3 times its high estimate.

Lastly, Jasper discussed the success of Bridget Riley, an artist we both consider to be undervalued in the market. Despite the rarity of her works, Riley offers a broad price range of accessibility, with prints available from £10,000 to £80,000. Jasper highlighted that Riley's prints are not only increasingly rare but also rising in value. In early print sales this year, three Riley works set new records in a single auction: Untitled (Rose) sold for £13,970, and Two Blues and Leap both sold for £10,160. Later, at Phillips’ June sale, Riley became a star performer with her Untitled, Oval Image, an incredibly rare monochrome print, sparking a bidding war and achieving £82,550 with fees setting an auction record for the highest valued Riley work to sell on the public market. Jasper emphasised that this print, one of Riley’s earliest monochrome works, exemplifies how even in a softening market, a single rare and significant piece can ignite fierce competition among collectors, driving prices well beyond expectations.

Single-Owner Sales

Jasper and I also discussed the private owner sales, noting a decline in single-owner collections, with only two in H1 2024 compared to three in H1 2023. However, this period saw the addition of two significant print sales from a corporate collection and the Mark Lancaster Estate. The reduced number of single-owner collections in H1 2024 has contributed to the current market downturn, as these collections typically drive high sales volumes due to their prestigious provenance, making them particularly impactful.

The Elton John Collection auctioned by Sotheby’s in February highlights this point. Jasper discussed standout lots, including Banksy’s Flower Thrower (Triptych), which set a record at $1.9 million (USD) with fees–a remarkable result for Banksy’s market. Another significant sale was Keith Haring’s Best Buddies, from the Pop Shop series, which fetched over $50,000 (USD), setting a new auction record for the piece. Jasper highlighted the influence of the Elton John provenance, pointing out that as Best Buddies is a replica of a Pop Shop print with a philanthropic message, it typically commands a higher price. However, the association with Elton John’s collection sparked intense competition among collectors, driving up its value.

Access The Banksy Report: Seven Years In The Print Market

Moving on from the major print sales in the first half of the year, Jasper and I discussed our predictions for the second half based on what had sold so far. We both anticipate that end-of-year figures will likely be down compared to the previous year, although we hope to see an improvement in H2 2024 figures compared to H1. A few key factors could contribute to this, including the impact of the November sales, where top-quality works are typically held back for, and the ongoing trend of irrevocable bids and auction house guarantees, which continue to drive and sustain the market, particularly for originals.

Jasper and I both agree it would be encouraging to see more younger collectors participating in the blue chip print market and exploring online sales as an alternative buying avenue. Jasper made an insightful point about the potential impact of Gen Z buyers, noting that if they become more invested in blue chip prints and multiples, this would not only drive an increase in sales volume, benefiting the market overall, but that from an investment perspective, emerging talent carries higher risks and that the established value and breadth of work by blue chip artists offer a more stable and rewarding investment. Once they enter the blue chip space, they may discover the extensive range of works available and the exciting possibilities for building a diverse and valuable collection.

Banksy's London Zoo

Lastly, Jasper and I dive into one of the most talked-about events in the first half of 2024: Banksy's London Zoo. Jasper, who was invited to discuss the phenomenon on Sky News, recapped the eight-day event where Banksy unveiled a series of artworks, keeping the public on their toes. He likened the experience to a “pantomime,” where each day revealed a new piece of the puzzle, showcasing how much global interest still surrounds Banksy.

Despite the excitement, Jasper noted that while the street art spectacle was a success, it doesn't necessarily correlate with Banksy's print market. However, it was a busy period for the art world, with everyone trying to decipher the meanings behind Banksy's works. As Jasper highlighted, “Banksy always keeps you guessing,” adding that the ambiguous nature of his art is part of its charm.

We both touched upon the condition of the artworks post-event, with some pieces already defaced or removed. This led to a broader discussion on the longevity and relevance of Banksy's work. While some critics questioned if Banksy had “gone soft” due to the less politically charged nature of the London Zoo pieces, Jasper disagrees, appreciating the way the works provided a much-needed distraction from the bleak headlines of 2024.

Get In Touch

As we wrapped up our podcast discussion, the anticipation for the second half of the year is palpable, and we’re eager to see what the art world has in store. If you're interested in acquiring blue chip prints, explore our live Trading Floor, which connects over 30,000 collectors worldwide. If you have questions about what we discussed on the podcast or are considering buying or selling blue chip prints, do not hesitate to reach out to us with your questions for a complimentary valuation.