Market Watch: Market Editor Report January 2024

Before diving into the art market in 2024, we'd like to remind everyone about our annual charity initiative that took place at the end of December. We have plans to expand our charitable efforts further in the coming year. In 2024, our commissioning editor, Erin-Atlanta Argun, engages in a conversation with Mary-Jane Butler from W.O.R.K., an organisation dedicated to empowering women and supporting orphaned children in Kenya. You can read the full article here for more in-depth details.

Here is the art market in January 2024:

London Art Fair 2024

The London Art Fair for 2024 ran from January 17th through the 21st at its usual venue, London's Business Design Centre in Islington. This year stood out because, for the first time, it had a dedicated section exclusively for prints and editions spanning from the postwar period to contemporary art. One of the highlights of the fair was the guest Platform segment, curated by Gemma Rolls-Bentley, featuring works celebrating queer love and life. We had the opportunity to speak with various gallery owners, including Simon Shore from Stow Art House and Adrian Hill from Adrian Hill Fine Art, both of whom presented selections of Modern British to Contemporary art.

One standout piece at the fair was a Trial Proof of Andy Warhol's Queen Elizabeth in a unique colourway that had never been seen in the public market before. In 2023, there was significant demand for Warhol's Trial Proof prints, indicating promising investment potential, as detailed in our latest Andy Warhol Investment report.

ArtTactic Panel: Five Key Takeaways

Also at the London Art Fair we attended the ArtTactic panel hosted by Lindsay Dewar and featuring industry experts including Sotheby's Head of Middle Market, Marina Ruiz Colomer, Art Dealer Peter Osborne of Osborne Samuel, and Hong Kong based collector, Kitty Go. Below are five key takeaways and insights into the art market discussed among the panel participants.

1. Interest in Prints and Multiples

In 2023, while overall auction figures saw a decline, there was significant growth in the prints and multiples sector, with a 14% increase. Works priced at $50,000 (USD) and above also showed a 10% uptick. As experts in this field, we anticipate this dynamic market segment will continue to gain momentum throughout 2024, aligning with our art market predictions for 2024.

2. Asian Market Resilience

Hong Kong's art sales displayed more resilience compared to New York, London, and Paris, according to ArtTactic's 2023 review. The Asian market's vitality, driven in part by K-Pop and Korean soft power, is expected to persist. With Frieze's entry into Seoul, we anticipate a growing interest in blue chip contemporary artists in the Asian market.

3. Navigating Market Challenges

Despite challenges posed by the global geopolitical economy, auction houses saw an increase in the number of lots sold in 2023, up approximately 11% through live and online sales. The art market faces rising costs, prompting auction houses to find ways to maintain competitiveness while accommodating sellers.

4. The Impact of Geopolitical Politics

Geopolitical factors, including the UK's Brexit stance, continue to affect art sales and the participation at art fairs. Considerations such as insurance, freight, and airfare costs have made conducting art fairs more difficult, resulting in about a 40% increase in real costs. Additionally, American and UK elections, high interest rates, and taxation influence art sales and market confidence, a crucial factor in luxury goods purchases.

5. Art Market Trends and Opportunities

Analysing art market trends can be challenging due to evolving tastes. Auction strategies, including estimates and the number of lots in individual sales, aim to compensate for these shifts. Key factors to watch include wealth transfers, new artworks entering the market, and new buyers. The growing wealth within the Indian population may bring new participants to the market. Challenges in diversifying the art world, acknowledging underrepresented artists, and addressing government actions, such as those impacting LGBT Asian art, will be noteworthy in 2024.

First Live Auction of 2024: Phillips Evening & Day Editions

Phillips' Evening & Day Editions sale, held on January 17th and 18th, featured 286 lots. The star of the overall sale was Warhol's Queen Elizabeth II (F. & S. II.336) (AP) from 1985, which sold for £241,300 with fees. However, the focus remained on prints from Warhol's Renaissance Paintings . Notable sales from this series included:

1. Details of Renaissance Paintings (Sandro Botticelli, Birth of Venus, 1482) (F. & S. II.316-319) (TP), reaching £234,950 with fees.
2. Details of Renaissance Paintings (Leonardo da Vinci, The Annunciation, 1472) (F. & S. II.320-323) (TP), setting a new record at £53,340 with fees.
3. Details of Renaissance Paintings (Paolo Uccello, St. George and the Dragon, 1460) (F. & S. II.324-327) (TP), also establishing a new record at £40,640 with fees.
4. Details of Renaissance Paintings (Piero della Francesca, Madonna del Duca da Montefeltro) (F. & S. II.316A) (TP) achieved its previous record, selling for £30,480 with fees.

Read our comprehensive auction report with detailed coverage here, in Edition Magazine.

Upcoming Auctions

New York February Auctions 2024

In February, the auction spotlight will shift to New York, where Phillips will host its live-format Editions & Works on Paper sale on the 15th, when we willbe publishing a comprehensive auction report. Work on our watchlist for the upcoming sale include:

Harland Miller, Incurable Romantic Seeks Dirty Filthy Whore (2010). Estimate: $10,000 - $15,000 (USD)

Roy Lichtenstein, Tel Aviv Museum Print (1989). Estimate: $20,000 - $30,000 (USD)

Banksy, Jack & Jill (Police Kids), Signed (2005). Estimate: $25,000 - $35,000 (USD)

Damien Hirst, Mickey (Blue Glitter, Small) (2016). Estimate: £18,000 - £25,000

London March Auctions 2024

In the first week of March, the London auction houses will host the initial round of marquee auctions for 2024. Sotheby's will kick off March 6th, followed by Christie's on March 7th, and concluding with Phillips on March 8th.

While the catalogues for these sales have not yet been released, we've taken note of the highlight in Christie's sale: David Hockney's California, dating back to 1965. This artwork, unseen for four decades, comes from a distinguished private collection and will be offered with a third-party guarantee, estimated to fetch £16 million. Keep watch for our comprehensive coverage and reports on these upcoming auctions.

MyArtBroker Panel Talks and Podcasts

In January, MyArtBroker hosted an online panel discussion featuring our sales team specialists: Rebecca Marsham, Florence Whittaker, and Jasper Tordoff. They engaged in a conversation with Charlotte Stewart, delving into extensive research and investment insights in the prints and multiples market. The discussion covered prominent artists such as Warhol, Banksy, Hirst, and Hockney, highlighting the growth and potential of these artists' markets in 2024.

LOOKING TO SELL YOUR PRINTS?
Request a free and zero obligation valuation with our team without hesitation. Track your prints & editions with MyPortfolio.

Additionally, we released several podcasts in January. One featuring Jasper in a solo conversation with Charlotte, where they explored Hockney, his most investable prints, and what lies ahead for this formidable artist.

Charlotte also engaged in a discussion with Edouard Gouin from Convelio, concentrating on art market systems and logistics in the 21st century. During this podcast, Charlotte and Edouard highlighted the technological progress within the logistics sector of the art market. They explored how art technology is harnessed to streamline the art buying and selling process, making it more seamless in this digital age.

New Art Technologies: Pushing The Boundaries With Algorithms

In January, our latest articles shed light on the continuous technological advancements within the art market. One of them includes a conversation with MyArtBroker's Financial Quant, Stuart Jamieson, the mastermind behind MyArtBroker's algorithm, SingularityX. This algorithm is the driving force behind our print market database, providing real-time estimates for individual artworks. In an in-depth article, Stuart simplifies the workings of SingularityX and algorithms for those who may not be familiar with them, illustrating how MyArtBroker's algorithm contributes to a transparent pricing model. This transparency aims to level the playing field by making valuation information widely accessible. Y

Explore MyArtBroker's five art market predictions for Art & Tech in 2024.

Upcoming: International Women’s Day In The Art Market

Finally, we'd like to mention some upcoming events we have planned for the next few months. International Women's Day 2024 will be observed on March 8th, and MyArtBroker intends to commemorate this occasion by organising a panel discussion. This panel will celebrate women who are at the forefront of the art and tech intersection sharing stories of how their influence is shaping the art market in an impactful way. Stay tuned for more information, as we will be sharing further details in the weeks to come.