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Market analysis
Revisiting the Historic Paul G. Allen Auction
Revisiting the Historic Paul G. Allen Auction
Benjamin Matza
September 23, 2024
In November 2022, the art world witnessed a landmark event: the Visionary: The Paul G. Allen Collection auction at Christie's. This extraordinary sale not only shattered records by achieving an unprecedented $1.622 billion but also provided invaluable insights into art market trends. As we reflect on this historic auction, we can draw crucial lessons for collectors, investors, and art enthusiasts alike.
In November 2022, the art world witnessed a landmark event: the Visionary: The Paul G. Allen Collection auction at Christie's. This extraordinary sale not only shattered records by achieving an unprecedented $1.622 billion but also provided invaluable insights into art market trends. As we reflect on this historic auction, we can draw crucial lessons for collectors, investors, and art enthusiasts alike.
RECORD BREAKING HIGHLIGHTS
RECORD BREAKING HIGHLIGHTS
A staggering $1.506 billion generated from just 60 works in a single evening
Five paintings sold for over $100 million each, a first for any auction. Max Carter, Vice Chairman of 20th and 21st Century Art, noted, “Never before have more than two paintings exceeded $100 million in a single sale.”
Georges Seurat's "Les Poseuses, Ensemble (Petite version)" (1888) achieved $149.24 million, setting a new record for Impressionist and Post-Impressionist art
A staggering $1.506 billion generated from just 60 works in a single evening
Five paintings sold for over $100 million each, a first for any auction. Max Carter, Vice Chairman of 20th and 21st Century Art, noted, “Never before have more than two paintings exceeded $100 million in a single sale.”
Georges Seurat's "Les Poseuses, Ensemble (Petite version)" (1888) achieved $149.24 million, setting a new record for Impressionist and Post-Impressionist art
KEY MARKET INSIGHTS
KEY MARKET INSIGHTS
Dominance of Post-Impressionism
Dominance of Post-Impressionism
Our analysis revealed a clear market preference for Post-Impressionist works:
Post-Impressionism generated the highest total value at $467,764,100
The top three selling artists - Georges Seurat, Paul Cézanne, and Vincent van Gogh - were all Post-Impressionists
Our analysis revealed a clear market preference for Post-Impressionist works:
Post-Impressionism generated the highest total value at $467,764,100
The top three selling artists - Georges Seurat, Paul Cézanne, and Vincent van Gogh - were all Post-Impressionists
STRONG PERFORMANCE OF CUBISM/FUTURISM/PRECISIONISM
STRONG PERFORMANCE OF CUBISM/FUTURISM/PRECISIONISM
Another standout category was Cubism/Futurism/Precisionism:
100% of works in this category sold above their high estimates
This category showed consistent demand across a substantial number of works (11 pieces)
Another standout category was Cubism/Futurism/Precisionism:
100% of works in this category sold above their high estimates
This category showed consistent demand across a substantial number of works (11 pieces)
Medium Matters
Medium Matters
Oil paintings dominated the sale, but other mediums also showed strength:
Oil paintings accounted for the highest total value and average sale price
Sculptures and mixed media works also performed well in certain categories
Oil paintings dominated the sale, but other mediums also showed strength:
Oil paintings accounted for the highest total value and average sale price
Sculptures and mixed media works also performed well in certain categories
EVENING VS. DAY SALES
EVENING VS. DAY SALES
Interestingly, the timing of the auction had little impact on bidder enthusiasm:
Evening sales accounted for 39% of total lots but 92% of total value
Day sales saw a higher percentage of lots selling above their high estimates (77% compared to 60% for evening sales)
Interestingly, the timing of the auction had little impact on bidder enthusiasm:
Evening sales accounted for 39% of total lots but 92% of total value
Day sales saw a higher percentage of lots selling above their high estimates (77% compared to 60% for evening sales)
MARKET IMPLICATIONS AND RECOMMENDATIONS
MARKET IMPLICATIONS AND RECOMMENDATIONS
Based on our analysis, we can draw several key conclusions for collectors and investors:
**Focus on Post-Impressionism**: The exceptional performance of Post-Impressionist works, particularly oil paintings and works on paper, suggests a strong market demand. Consider acquiring or selling these pieces through auctions or private sales.
**Don't Overlook Cubism/Futurism/Precisionism**: The consistent overperformance of this category indicates a robust market. Oil paintings from this period are particularly desirable.
**Consider Timing Strategically**: The strong performance of day sales challenges the notion that evening sales are always superior. Consider the specific work and target audience when deciding between day and evening placements.
**Diversify Mediums**: While oil paintings remain king, don't neglect other mediums like sculpture and mixed media, especially in certain art periods.
**Watch for Emerging Trends**: The strong performance across various periods suggests a healthy overall market, but keep an eye on emerging trends in newer art movements.
Based on our analysis, we can draw several key conclusions for collectors and investors:
**Focus on Post-Impressionism**: The exceptional performance of Post-Impressionist works, particularly oil paintings and works on paper, suggests a strong market demand. Consider acquiring or selling these pieces through auctions or private sales.
**Don't Overlook Cubism/Futurism/Precisionism**: The consistent overperformance of this category indicates a robust market. Oil paintings from this period are particularly desirable.
**Consider Timing Strategically**: The strong performance of day sales challenges the notion that evening sales are always superior. Consider the specific work and target audience when deciding between day and evening placements.
**Diversify Mediums**: While oil paintings remain king, don't neglect other mediums like sculpture and mixed media, especially in certain art periods.
**Watch for Emerging Trends**: The strong performance across various periods suggests a healthy overall market, but keep an eye on emerging trends in newer art movements.
CONCLUSION
CONCLUSION
The Paul G. Allen Collection auction not only set new benchmarks for the art market but also provided a wealth of data for analysis. By understanding these trends, collectors and investors can make more informed decisions in an ever-evolving art landscape.
At Matson James, we're committed to providing expert market analysis and insights. For personalized consultations or to discuss potential acquisitions, please don't hesitate to reach out. Together, we can navigate the exciting opportunities within the dynamic art market.
The Paul G. Allen Collection auction not only set new benchmarks for the art market but also provided a wealth of data for analysis. By understanding these trends, collectors and investors can make more informed decisions in an ever-evolving art landscape.
At Matson James, we're committed to providing expert market analysis and insights. For personalized consultations or to discuss potential acquisitions, please don't hesitate to reach out. Together, we can navigate the exciting opportunities within the dynamic art market.