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Market analysis
Key Insights from Christie's 1 OCT 2024 Post-War to Present Auction: Analyzing Market Trends in Post-War to Present Art
Key Insights from Christie's 1 OCT 2024 Post-War to Present Auction: Analyzing Market Trends in Post-War to Present Art
Benjamin Matza
October 1, 2024
In our analysis of 286 lots from the recent auction, Christie's 1 OCT 2024 | Live auction 23102: Post-War to Present, we explore a range of contemporary artworks that exemplify current market dynamics. These lots collectively generated an impressive total sales value of USD 30,468,734. Each lot reveals unique insights into the market, showcasing artists, mediums, and themes that resonate with today’s collectors. By closely examining statistics such as estimates, realized prices, and percentage differences, we can pinpoint which works not only attracted the highest bids but also signify shifts in collector preferences. This detailed exploration will highlight specific lots that serve as valuable indicators for collectors looking to navigate their investment strategies in today’s evolving art market landscape. For a closer look at the full auction details, visit the Christie’s auction page.
In our analysis of 286 lots from the recent auction, Christie's 1 OCT 2024 | Live auction 23102: Post-War to Present, we explore a range of contemporary artworks that exemplify current market dynamics. These lots collectively generated an impressive total sales value of USD 30,468,734. Each lot reveals unique insights into the market, showcasing artists, mediums, and themes that resonate with today’s collectors. By closely examining statistics such as estimates, realized prices, and percentage differences, we can pinpoint which works not only attracted the highest bids but also signify shifts in collector preferences. This detailed exploration will highlight specific lots that serve as valuable indicators for collectors looking to navigate their investment strategies in today’s evolving art market landscape. For a closer look at the full auction details, visit the Christie’s auction page.
NOTABLE LOTS AND THEIR IMPLICATIONS
NOTABLE LOTS AND THEIR IMPLICATIONS
Kaws – "UNTITLED [Five Works]"
Estimate: USD 250,000 - 300,000
Price Realized: USD 327,600
Analysis: This lot achieved a remarkable 109% above the high estimate. Kaws has become synonymous with contemporary pop art and street culture, indicating that collectors view his work as a stable investment. This significant overage suggests robust demand, making Kaws a key player in the art market.
Jennifer Guidi – "Lunar Sunrise, Lunar Sunset (Diptych)"
Estimate: USD 80,000 - 120,000
Price Realized: USD 163,800
Analysis: Selling for 136% above the high estimate, Guidi's work illustrates a rising trend in the market. Her unique blend of color and texture resonates with collectors, suggesting she is an artist to watch closely for future investments.
Richard Prince – "Untitled (Joke)"
Estimate: USD 120,000 - 180,000
Price Realized: USD 189,000
Analysis: The lot sold for 105% of the high estimate, demonstrating Prince's ability to maintain strong market value over time. His work's cultural commentary and historical significance continue to attract collectors, reinforcing his position as a relevant figure in contemporary art.
Thomas Schütte – "Drei Schwarze Zitronen"
Estimate: USD 150,000 - 200,000
Price Realized: USD 189,000
Analysis: Achieving 95% of the high estimate, Schütte's art remains appealing, attracting serious bids. His conceptual depth and unique approach suggest he has a stable collector base and long-term investment potential.
Vaughn Spann – "Marked Man (Factors of Loss)"
Estimate: USD 80,000 - 120,000
Price Realized: USD 113,400
Analysis: Selling for 94% of the high estimate, Spann represents the rising interest in artists addressing contemporary social themes. This lot's performance indicates a growing market for artists who engage with relevant cultural narratives.
Dominic Chambers – "Nightwatcher"
Estimate: USD 20,000 - 30,000
Price Realized: USD 25,200
Analysis: The price achieved represents 84% of the high estimate, indicating a promising entry point for collectors interested in emerging talents. Chambers's unique style and thematic focus may resonate well with younger collectors seeking fresh voices in the art scene.
Cindy Sherman – "Untitled #195"
Estimate: USD 40,000 - 60,000
Price Realized: USD 40,320
Analysis: Selling for 67% of the high estimate reflects a potential shift in collector interest. While Sherman is a historically significant artist, the relatively modest realized price may suggest that newer artists are gaining traction in the market.
Yayoi Kusama – "Nets Obsession"
Estimate: USD 100,000 - 150,000
Price Realized: USD 126,000
Analysis: This sale achieved 84% of the high estimate, solidifying Kusama's status as a pivotal figure in contemporary art. Her continued relevance highlights the demand for artists who blend personal narrative with universal themes.
Damien Hirst – "Beautiful Idun Narcissism Painting"
Estimate: USD 70,000 - 100,000
Price Realized: USD 88,200
Analysis: Achieving 88% of the high estimate, Hirst's work showcases his ability to provoke thought while remaining commercially viable. His controversial status keeps his work in the spotlight, appealing to both seasoned collectors and new entrants.
Georg Baselitz – "St. Georgstiefel"
Estimate: USD 180,000 - 250,000
Price Realized: USD 226,800
Analysis: This lot realized 91% of the high estimate, reflecting Baselitz's established reputation and the enduring appeal of his provocative imagery. His works remain sought after, indicating their strong market presence.
Kaws – "UNTITLED [Five Works]"
Estimate: USD 250,000 - 300,000
Price Realized: USD 327,600
Analysis: This lot achieved a remarkable 109% above the high estimate. Kaws has become synonymous with contemporary pop art and street culture, indicating that collectors view his work as a stable investment. This significant overage suggests robust demand, making Kaws a key player in the art market.
Jennifer Guidi – "Lunar Sunrise, Lunar Sunset (Diptych)"
Estimate: USD 80,000 - 120,000
Price Realized: USD 163,800
Analysis: Selling for 136% above the high estimate, Guidi's work illustrates a rising trend in the market. Her unique blend of color and texture resonates with collectors, suggesting she is an artist to watch closely for future investments.
Richard Prince – "Untitled (Joke)"
Estimate: USD 120,000 - 180,000
Price Realized: USD 189,000
Analysis: The lot sold for 105% of the high estimate, demonstrating Prince's ability to maintain strong market value over time. His work's cultural commentary and historical significance continue to attract collectors, reinforcing his position as a relevant figure in contemporary art.
Thomas Schütte – "Drei Schwarze Zitronen"
Estimate: USD 150,000 - 200,000
Price Realized: USD 189,000
Analysis: Achieving 95% of the high estimate, Schütte's art remains appealing, attracting serious bids. His conceptual depth and unique approach suggest he has a stable collector base and long-term investment potential.
Vaughn Spann – "Marked Man (Factors of Loss)"
Estimate: USD 80,000 - 120,000
Price Realized: USD 113,400
Analysis: Selling for 94% of the high estimate, Spann represents the rising interest in artists addressing contemporary social themes. This lot's performance indicates a growing market for artists who engage with relevant cultural narratives.
Dominic Chambers – "Nightwatcher"
Estimate: USD 20,000 - 30,000
Price Realized: USD 25,200
Analysis: The price achieved represents 84% of the high estimate, indicating a promising entry point for collectors interested in emerging talents. Chambers's unique style and thematic focus may resonate well with younger collectors seeking fresh voices in the art scene.
Cindy Sherman – "Untitled #195"
Estimate: USD 40,000 - 60,000
Price Realized: USD 40,320
Analysis: Selling for 67% of the high estimate reflects a potential shift in collector interest. While Sherman is a historically significant artist, the relatively modest realized price may suggest that newer artists are gaining traction in the market.
Yayoi Kusama – "Nets Obsession"
Estimate: USD 100,000 - 150,000
Price Realized: USD 126,000
Analysis: This sale achieved 84% of the high estimate, solidifying Kusama's status as a pivotal figure in contemporary art. Her continued relevance highlights the demand for artists who blend personal narrative with universal themes.
Damien Hirst – "Beautiful Idun Narcissism Painting"
Estimate: USD 70,000 - 100,000
Price Realized: USD 88,200
Analysis: Achieving 88% of the high estimate, Hirst's work showcases his ability to provoke thought while remaining commercially viable. His controversial status keeps his work in the spotlight, appealing to both seasoned collectors and new entrants.
Georg Baselitz – "St. Georgstiefel"
Estimate: USD 180,000 - 250,000
Price Realized: USD 226,800
Analysis: This lot realized 91% of the high estimate, reflecting Baselitz's established reputation and the enduring appeal of his provocative imagery. His works remain sought after, indicating their strong market presence.
LOWER PERFORMERS AND THEIR IMPLICATIONS
LOWER PERFORMERS AND THEIR IMPLICATIONS
Jennifer Bartlett – "4 p.m."
Estimate: USD 8,000 - 12,000
Price Realized: USD 5,040
Analysis: Achieving just 42% of the high estimate, this lot indicates a decline in interest for Bartlett's work. Collectors might reconsider investing in her pieces, as the demand appears weak, suggesting she may not be a reliable investment in the current market.
Sterling Ruby – "Head Trekkers + Gated Doors 2"
Estimate: USD 60,000 - 80,000
Price Realized: USD 37,800
Analysis: Selling for 47% of the high estimate highlights a notable dip in collector interest. This performance could indicate that Ruby's market position is weakening, warranting a cautious approach for potential buyers.
Cindy Sherman – "Untitled (#152)
Estimate: USD 100,000 - 150,000
Price Realized: Not sold.
Analysis: With a significant absence of bids, Sherman's lack of sale suggests that her work may be losing traction in the market. Collectors might consider selling existing pieces or approaching new acquisitions with caution.
Gilbert & George – "Tree Jesus"
Estimate: USD 50,000 - 70,000
Price Realized: USD 21,600
Analysis: Achieving just 31% of the high estimate indicates a steep decline in interest. This might signal a broader shift in collector preferences away from their thematic focus, suggesting a need for strategic reconsideration by current owners.
Cheyney Thompson – "Surplus Surplus (Surplus Surplus)"
Estimate: USD 3,000 - 5,000
Price Realized: USD 1,890
Analysis: Realizing only 38% of the high estimate, this performance raises questions about Thompson's market viability. Collectors might find it prudent to avoid new acquisitions from this artist until market conditions improve.
Kenny Scharf – "Faceballz"
Estimate: USD 80,000 - 120,000
Price Realized: USD 88,200
Analysis: While achieving 73% of the high estimate, this performance could be indicative of stagnation. Collectors should consider whether Scharf's work is becoming less dynamic in the current market landscape.
Jennifer Bartlett – "4 p.m."
Estimate: USD 8,000 - 12,000
Price Realized: USD 5,040
Analysis: Achieving just 42% of the high estimate, this lot indicates a decline in interest for Bartlett's work. Collectors might reconsider investing in her pieces, as the demand appears weak, suggesting she may not be a reliable investment in the current market.
Sterling Ruby – "Head Trekkers + Gated Doors 2"
Estimate: USD 60,000 - 80,000
Price Realized: USD 37,800
Analysis: Selling for 47% of the high estimate highlights a notable dip in collector interest. This performance could indicate that Ruby's market position is weakening, warranting a cautious approach for potential buyers.
Cindy Sherman – "Untitled (#152)
Estimate: USD 100,000 - 150,000
Price Realized: Not sold.
Analysis: With a significant absence of bids, Sherman's lack of sale suggests that her work may be losing traction in the market. Collectors might consider selling existing pieces or approaching new acquisitions with caution.
Gilbert & George – "Tree Jesus"
Estimate: USD 50,000 - 70,000
Price Realized: USD 21,600
Analysis: Achieving just 31% of the high estimate indicates a steep decline in interest. This might signal a broader shift in collector preferences away from their thematic focus, suggesting a need for strategic reconsideration by current owners.
Cheyney Thompson – "Surplus Surplus (Surplus Surplus)"
Estimate: USD 3,000 - 5,000
Price Realized: USD 1,890
Analysis: Realizing only 38% of the high estimate, this performance raises questions about Thompson's market viability. Collectors might find it prudent to avoid new acquisitions from this artist until market conditions improve.
Kenny Scharf – "Faceballz"
Estimate: USD 80,000 - 120,000
Price Realized: USD 88,200
Analysis: While achieving 73% of the high estimate, this performance could be indicative of stagnation. Collectors should consider whether Scharf's work is becoming less dynamic in the current market landscape.
MARKET TRENDS AND COLLECTION'S STRATEGIES
MARKET TRENDS AND COLLECTION'S STRATEGIES
Emerging Artists: The successes of Vaughn Spann and Dominic Chambers signal a shift towards investment in emerging artists who tackle contemporary issues. Collectors should monitor these artists closely as their market potential is likely to increase, especially given the trend of valuing social commentary in art.
Established Artists' Resilience: The performance of Kaws, Guidi, and Prince illustrates a sustained interest in established artists who continue to generate significant sales. Their strong realized prices suggest they will remain relevant, making them safer investments in uncertain market conditions.
Dynamic Price Range: The broad spectrum of realized prices, from lower-priced emerging artists to high-value established figures, indicates a diverse collector base. This allows for flexibility in investment strategies, particularly as newer artists gain recognition.
Cultural Commentary and Themes: Many of the artists with notable sales are those who engage with contemporary themes, such as identity, social justice, and the human experience. Collectors focusing on these narratives may find strong potential for appreciation in their investments.
Caution with Lower Performers: The analysis of lower-performing lots reveals artists whose market relevance may be declining. Collectors should approach acquisitions from these artists with caution, perhaps prioritizing sales to capitalize on any remaining value before further depreciation.
Emerging Artists: The successes of Vaughn Spann and Dominic Chambers signal a shift towards investment in emerging artists who tackle contemporary issues. Collectors should monitor these artists closely as their market potential is likely to increase, especially given the trend of valuing social commentary in art.
Established Artists' Resilience: The performance of Kaws, Guidi, and Prince illustrates a sustained interest in established artists who continue to generate significant sales. Their strong realized prices suggest they will remain relevant, making them safer investments in uncertain market conditions.
Dynamic Price Range: The broad spectrum of realized prices, from lower-priced emerging artists to high-value established figures, indicates a diverse collector base. This allows for flexibility in investment strategies, particularly as newer artists gain recognition.
Cultural Commentary and Themes: Many of the artists with notable sales are those who engage with contemporary themes, such as identity, social justice, and the human experience. Collectors focusing on these narratives may find strong potential for appreciation in their investments.
Caution with Lower Performers: The analysis of lower-performing lots reveals artists whose market relevance may be declining. Collectors should approach acquisitions from these artists with caution, perhaps prioritizing sales to capitalize on any remaining value before further depreciation.
CONCLUSION
CONCLUSION
In examining these lots and their sales performance, collectors gain critical insights that can inform future acquisitions. The data highlights not only which artists are thriving but also broader trends shaping market dynamics. As the contemporary art landscape continues to evolve, focusing on artists with both historical significance and contemporary relevance will be essential for making informed investment decisions.
In examining these lots and their sales performance, collectors gain critical insights that can inform future acquisitions. The data highlights not only which artists are thriving but also broader trends shaping market dynamics. As the contemporary art landscape continues to evolve, focusing on artists with both historical significance and contemporary relevance will be essential for making informed investment decisions.
ACTIONABLE PLAN FOR COLLECTORS
ACTIONABLE PLAN FOR COLLECTORS
Based on the analysis, collectors should consider the following actionable strategies:
Buy Emerging Artists: Focus on artists like Vaughn Spann and Dominic Chambers, who are gaining traction due to their engagement with contemporary social issues. Their strong performances suggest upward potential, making them attractive investments for future growth.
Invest in Established Names: Artists such as Kaws, Richard Prince, and Jennifer Guidi have demonstrated consistent market demand, often exceeding their high estimates. Investing in their works can provide stability in an uncertain market, as these names continue to resonate with collectors.
Strategically Consider Lower Performers: Artists like Cindy Sherman and Jennifer Bartlett have shown signs of declining interest. If you own works by these artists, consider selling before their market values diminish further. Alternatively, purchasing pieces at lower prices may present an opportunity for future gains if their market rebounds.
Monitor Market Trends: Keep an eye on emerging themes in contemporary art, such as identity and social justice. Collectors who align their acquisitions with these narratives may find themselves at an advantage, as demand for such works is likely to grow.
Diversify Your Portfolio: Ensure your collection includes a mix of established and emerging artists across various styles and themes. This diversity can provide both stability and potential for appreciation, allowing for a balanced approach to art investment.
Based on the analysis, collectors should consider the following actionable strategies:
Buy Emerging Artists: Focus on artists like Vaughn Spann and Dominic Chambers, who are gaining traction due to their engagement with contemporary social issues. Their strong performances suggest upward potential, making them attractive investments for future growth.
Invest in Established Names: Artists such as Kaws, Richard Prince, and Jennifer Guidi have demonstrated consistent market demand, often exceeding their high estimates. Investing in their works can provide stability in an uncertain market, as these names continue to resonate with collectors.
Strategically Consider Lower Performers: Artists like Cindy Sherman and Jennifer Bartlett have shown signs of declining interest. If you own works by these artists, consider selling before their market values diminish further. Alternatively, purchasing pieces at lower prices may present an opportunity for future gains if their market rebounds.
Monitor Market Trends: Keep an eye on emerging themes in contemporary art, such as identity and social justice. Collectors who align their acquisitions with these narratives may find themselves at an advantage, as demand for such works is likely to grow.
Diversify Your Portfolio: Ensure your collection includes a mix of established and emerging artists across various styles and themes. This diversity can provide both stability and potential for appreciation, allowing for a balanced approach to art investment.
LOGIC BEHIND MY CHOICES
LOGIC BEHIND MY CHOICES
The lots selected for analysis were chosen based on several criteria:
Price Realization Relative to Estimates: I focused on lots that demonstrated significant overages or solid retention of value compared to their estimates. This indicates not just current demand but also potential for future growth.
Artist Reputation and Market Presence: Established names like Kaws, Cindy Sherman, and Richard Prince were included because their performance can signal market trends and influence emerging artists' values.
Emerging Talent: I included lots from newer artists like Vaughn Spann and Dominic Chambers to showcase the shifting focus in the market toward fresh voices and social themes, reflecting a broader collector interest.
Lower Performers: The addition of lower-performing lots provides a comprehensive view of market health, allowing collectors to identify which artists may not be wise investments at present.
Diversity of Medium and Themes: The chosen lots reflect a variety of styles and themes, providing a comprehensive overview of market dynamics across different genres.
Market Trends: The analysis considers how cultural and social relevance is increasingly influencing the desirability of artwork, which is essential for future investment strategies.
The lots selected for analysis were chosen based on several criteria:
Price Realization Relative to Estimates: I focused on lots that demonstrated significant overages or solid retention of value compared to their estimates. This indicates not just current demand but also potential for future growth.
Artist Reputation and Market Presence: Established names like Kaws, Cindy Sherman, and Richard Prince were included because their performance can signal market trends and influence emerging artists' values.
Emerging Talent: I included lots from newer artists like Vaughn Spann and Dominic Chambers to showcase the shifting focus in the market toward fresh voices and social themes, reflecting a broader collector interest.
Lower Performers: The addition of lower-performing lots provides a comprehensive view of market health, allowing collectors to identify which artists may not be wise investments at present.
Diversity of Medium and Themes: The chosen lots reflect a variety of styles and themes, providing a comprehensive overview of market dynamics across different genres.
Market Trends: The analysis considers how cultural and social relevance is increasingly influencing the desirability of artwork, which is essential for future investment strategies.