Art Money’s Post

The U.S. art market is buzzing! With rate cuts, low auction estimates, and gallery discounts, collectors are more engaged than ever. Major events like the fall auctions in New York and Art Basel Miami are thriving. Latin American artists and the diaspora are leading the charge with 18% sales growth year-over-year, setting the stage for continued momentum into 2025. #ArtMarket #LatinAmericanArt #CreativeEconomy #InvestmentInsights

The biggest auction week of the year so far concluded in New York with total blue-chip contemporary paintings sales amounting to USD 890 million. Despite the disruption due to a cyberattack on Christie’s, the four main auction houses again competed at the highest levels, offering top-quality artworks from prominent collections and achieving slightly better results than the same time last year. Read our report for an analysis of the auction results and highlights by Leonora Carrington and Jean-Michel Basquiat. #arteducation #bluechipart #artinvesting #artinvestment

🖼️ 14 Factors That Shape Art’s Value 🖼️ Simon de Pury, a leading auctioneer, just shared some priceless wisdom on what truly drives the value of art. An insightful read, full of surprises. Some core insights: 🎨 Provenance: Even a humble piece can soar with the right history—just ask Warhol’s cookie jars. And a skilled auctioneer can tease out bids that extend beyond a buyer’s intended limits. 🎨 Obvious: Authenticity reigns supreme; forgeries are, as always, sadly worthless. 🎨 Counterintuitive: Bigger isn’t necessarily better—sometimes, a masterpiece can simply be... too much. #artmarket #collecting #simondepury #artinsights #auctionsecrets https://lnkd.in/edc4ZmTv

As the art world prepares for the big auctions in New York in November and Art Basel Miami Beach in December, dealers, galleries and auctioneers are hoping for a post-election rebound. The super-wealthy have the highest exposure to art. Those worth $50 million or more have an average of 25% of their assets in art, down from 29% last year. Millionaires worth less than $5 million have about 12%. Collectors who have been active in the market for decades have built up large collections, that will either have to be sold, passed on to family or bequeathed to museums or nonprofits. The average number of works owned by wealthy collectors worldwide is 44, according to the survey. Gen Z collectors have an average of 33 works, while collectors who have been buying for more than 20 years had an average of 110 works.

This April 2024 one of the biggest contemporary artists is coming to Ordinals 🟧 Human by Yue Minjun is the first Ordinals collection by a leading contemporary artist with over $150M in sales. Think you know what it means to be 'Human'? Read on for a chance at the allowlist. About the Collection Human is a Ordinals collection of 1,200 unique digital artworks where Yue Minjun takes us from Big Bang to Bitcoin as he captures key moments shaping our digital lives today. An exciting journey through history, art, and the magic of Bitcoin About Yue Minjun ➡️Collected by Major Museums: Works in permanent collections of SFMoma, Busan Museum of Art, Guangdong Museum of Art, and Shenzhen Art Museum. ➡️ Global Recognition: TIME magazine described Yue Minjun: " This is the man to paint China" Strong Market ➡️ Auction Sales: Over $150M in auction sales volume ➡️ Booming Digital Market: digital art sales surpassing $3M. ➡️ Record Sale: "Gweong-Gweong" sold for $6.9M at Christie's HK, marking an all-time high for Yue Minjun. A Narrative Selling Millions at Auction The narrative in this collection is the story behind his highest auction records: ➡️ Gweong-Gweong 1993 sold at Christies for $6.9M ➡️ The Pope 1997 sold at Sotheby’s for $4.2M ➡️The Massacre at Chios 1994 sold at Christies for $4.1M Collection and Allowlist details: https://lnkd.in/eQvmq_4K

The Fine Art Group's Philip Hoffman was quoted in Bloomberg's insightful article, "NYC’s $1.2 Billion Auction Week Brought Drama Back to Art Market." Reflecting on the highs and lows of this year’s November auctions, Philip shared his perspective on the selective nature of recent successes: “The auction houses tried to pick out what they thought was fashionable right now... So the perception of the art market picking up and doing really well is completely untrue, but the fact that selective artists are doing incredibly well is very true.” This year’s auctions presented a fascinating dichotomy, with iconic works by René Magritte and Claude Monet achieving extraordinary results, while other segments of the market remained subdued. Philip’s expertise highlights the evolving dynamics at play as the art world continues to recalibrate. Dive into the full article to uncover the key moments and trends shaping today’s #ArtMarket! 🔗 Read the Bloomberg article here: https://lnkd.in/gPncEsRs 🔗 Also check out Philip’s commentary in the New York Times on Maurizio Cattelan’s 'Comedian': https://lnkd.in/d8x9nJGY

🚨 Art Enthusiasts! The results are in from the Sotheby's Modern British & Irish Art Day Auction held on November 15, 2024, in London, and the insights are compelling. While the auction showcased notable artists and achievements, it encountered some market challenges with a sell-through rate of just 64.9%. Key takeaways include a surprising preference for mid-range artworks, particularly those priced between £10,000 - £50,000, which made up 54% of total value. This trend reflects a conscientious shift among collectors favoring quality over high-end pieces during uncertain economic times. Exciting highlights featured works by Laurence Stephen Lowry and Henry Moore, illustrating the strong emotional connection collectors seek in art today. However, several lots didn't find buyers—an indication of changing tastes in the art world. Curious to know more about the auction's results and what they mean for the future of Modern British and Irish art? Click here to explore the full report! [Read more](https://lnkd.in/ewzbMWNx) #ModernBritishArt #IrishArt #Sothebys #LaurenceStephenLowry #HenryMoore #ArtMarketInsights #AuctionResults

With auction results coming in at 6% above the average pre-auction estimates and a sell-through rate of 92%, the crucial spring auction week in New York demonstrated that, despite a challenging market environment, the blue-chip contemporary paintings segment continues to perform solidly. People will rightly claim that there has been a lack of mega transactions exceeding USD 50 million. However, this does not reflect the overall strength of the blue-chip art market as the segment of works sold above USD 50 million operates under different dynamics and is dominated by a small number of billionaires. #diversification #artinvesting #artinvestment #bluechipart

It's an Idea on Sale: How a $1 Banana 🍌 Became Worth $1 Million" 💰 Walk into any supermarket, and you can pick up a banana for less than a dollar. But what if that banana were duct-taped to a wall? That’s not your average fruit – that’s "Comedian", a conceptual artwork by Italian artist Maurizio Cattelan, which stunned the art world in 2019. Debuting at Art Basel Miami Beach, "Comedian" features a banana affixed to a white wall with silver duct tape. It sounds simple enough, right? But it wasn’t just the banana that made this piece famous—it was the idea behind it. The concept of art, value, and perception took center stage as this ‘ordinary’ banana was sold for prices between $120,000 and $150,000. In a twist of fate, one of the bananas was even eaten by a performance artist during the exhibition. A backup banana was brought in, and the crowds just couldn’t get enough. The piece was eventually withdrawn, but the intrigue didn’t end there. Now, "Comedian" is valued at $1 million to $1.5 million at Sotheby’s upcoming auction. But here’s the kicker: the banana is long gone. What buyers will actually be purchasing is the right to reproduce the artwork as an original. The power of this sale isn’t about the object, but the idea it represents—proving that sometimes, the most valuable thing you can sell is not the product itself, but the concept. This incredible story isn’t just about a banana; it’s a powerful lesson in the art of storytelling, perception, and value. In business, just as in art, it’s not always what you sell, but how you sell it that can transform something ordinary into something extraordinary. #Art #Creativity #BusinessStrategy #Marketing #Innovation #Sothebys #ArtAuction https://lnkd.in/gZXJpqZe

Art Market Review 2024 The global art market faced a challenging year, navigating geopolitical uncertainties, worldwide elections, and economic headwinds. Auction sales for Old Masters, Impressionist, Modern, Post-War, and Contemporary Art at Sotheby’s, Christie’s, and Phillips reached over $4 billion in 2024, reflecting a decline from 2023. We are delighted to present ArtTactic’s The Art Market 2024 – an annual review that captures some of the key art market trends and moments over the last 12 months. In this report we take a close look at the global auction market in 2024 and some of the key trends emerging across different artist generations. https://lnkd.in/eZXVfEy2 #art #artmarket #contemporaryart #impressionistart #modernart #oldmasters #artmarketanalysis #artmarkettrends #artmarketoutlook