Christie’s 2024 Sales Decline by 6% Amid Market Shifts
Christie’s generated $5.7 billion in 2024 from live and online auctions, as well as private sales of art and luxury goods, a 6% drop from $6.1 billion in 2023. The results, shared in the company’s earnings call, reflect changing buyer behavior and a more cautious approach amid global economic uncertainties. Guillaume Cerutti, CEO of Christie’s, […]
Maurizio Cattelan’s Comedian at Sotheby’s: A $6.2 Million Commentary on Art and Value
Maurizio Cattelan’s Comedian—a simple banana duct-taped to a wall—sold for an astonishing $6.2 million at Sotheby’s New York evening auction. Hailed by some as a bold commentary on art’s value and dismissed by others as a farce, the work has become a symbol of the art world’s eccentricity. When Comedian first debuted at Art Basel […]
Basquiat’s Iconic 1982 Work Set for Christie’s Evening Sale
With an estimated value between $20 million and $30 million, a standout 1982 work on paper by Jean-Michel Basquiat will be featured at Christie’s 21st Century Evening Sale. The piece portrays a classic Basquiat figure adorned with a laurel wreath. The consignor is Peter Brant, one of Basquiat’s major collectors. This large untitled piece, held […]
Frieze’s Art Fairs and Magazine Up for Potential Sale as Endeavor Goes Private
Endeavor, the parent company of Frieze—which owns a talent agency along with various sports and entertainment businesses—is preparing to go private. The company is reviewing the sale of its event assets, which include the art fairs and Frieze magazine. The Frieze-related announcement follows Silver Lake’s decision to take Endeavor private after three years on the […]
Art Basel & UBS Survey: Art Collecting in 2024
The Art Basel and UBS Survey of Global Collecting highlights a rising interest in emerging and women artists in the art market. Most high-net-worth collectors are purchasing from new dealers, with over 75% acquiring paintings and a notable increase in works on paper, which climbed to over 50%. In the first half of 2024, public […]
Art Market H2 2024 Outlook: Balancing Optimism and Caution
Christie’s CEO, Guillaume Cerutti, shared with CNBC that the art market has recently softened due to global economic challenges and conflicts. Nonetheless, he remains optimistic about a potential recovery in the coming months, emphasizing the market’s cyclical nature. Since mid-May 2023, there has been mild optimism about a potential rebound in the art market, but […]
ADQ Acquires Minority Stake in Sotheby’s
Abu Dhabi’s sovereign wealth fund, ADQ, has reached an agreement with Patrick Drahi, the French-Israeli telecoms tycoon and owner of Sotheby’s, to acquire a minority stake in the renowned auction house. Estimated at around $1 billion and expected to close by the end of the year, the transaction involves ADQ purchasing newly issued shares of […]
The New Generation of Art Patrons: Young, Wealthy Americans Drive Art Market
According to a recent Bank of America report, Millennial and Gen Z millionaires maintain more diversified investment portfolios compared to older generations, displaying a strong preference for alternative investments. Over 80% of young millionaires view art as a promising asset class. The survey was conducted with 1,007 individuals in the US, aged 20-45, with investable […]
Art Market Insights 2024: Online Sales Surge
The Art Market Report 2024 by Art Basel & UBS revealed an expansion in global online sales in 2023, growing by 7% to ~$11.8 billion. This resurgence nearly doubled the size of the online art market compared to 2019, bolstering the enduring significance of the digital channel. Overall sales went down in 2023, decreasing by […]
