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Christie’s and Sotheby’s Begin the fightback & Shake Up the Art World: October 2024 Auction Highlights

The art auction world witnessed a series of incredible events this week, culminating on October 13, 2024, as Christie’s and Sotheby’s, the two titans of the fine art auction scene, battled for supremacy in a spectacle that left collectors, investors, and art enthusiasts in awe.

The Art Market’s Spectacular Week

As the autumn auction season reached its peak, the global art community turned its attention to London and New York, where Christie’s and Sotheby’s hosted their most anticipated sales of the year. The week was marked by record-breaking bids, surprising turns, and a clear indication of shifting trends in the contemporary art market.

Christie’s 20th/21st Century Evening Sale: Breaking Records

Christie’s set the tone for the week with its highly anticipated 20th/21st Century Evening Sale in London. The auction house, known for its innovative approach to fine art sales, didn’t disappoint. The event showcased a carefully curated selection of masterpieces from the last century and beyond, attracting bidders from around the world through its Christie’s LIVE platform.

Notable Sales and Surprising Turns in overall values

There were most talked-about moments of the Christie’s auction including Christie’s 20th/21st Century: London Evening Sale achieved a combined total of £81,980,050, selling 89% by lot and 96% by value.

Lucian Freud’s ‘Ria, Naked Portrait’ led the sale (price realised: £11,810,000).

Property for sale by Auction A painting of a nude person lying on their side on a bed covered with a white textured blanket. The figure rests one arm under their head and the other across the body. The background includes a radiator and dark wall. The artwork is in a gold frame. Presented by World of Auctions
A painting of a nude person lying on their side on a bed covered with a white textured blanket. The figure rests one arm under their head and the other across the body. The background includes a radiator and dark wall. The artwork is in a gold frame. Presented by World of Auctions

 

Closely followed what many thought the star lot of the sale –   Jeff Koons’ Balloon Monkey (Blue) (price realised: £7,555,000).

The sale continues to bring positive surprises, Coinciding with the 100th anniversary of the Surrealist Manifesto, René Magritte ‘Le grand style’ sold above estimate for £2,581,000. Additional sale highlights include Vincent van Gogh’s ‘Kop van een vrouw met witte muts (Head of a Woman with White Cap)’ (1885) which sold for £1,855,000.

 

Sotheby’s Response: Competing with Creativity

Not to be outdone, Sotheby’s countered with its own series of high-profile auctions in New York. The auction house, leveraging its reputation as the “premier destination for auctions and private sales”, pulled out all the stops to attract discerning collectors and investors.

In selling the “Alexander Calder’s ‘Quinze Feuilles Noires’ captivated bidders at the #SothebysLondon Contemporary Evening Sale, with Michael Macaulay closing it our at £2.7M after a 5-minute bidding battle.

This iconic three-meter mobile is a standout work from Calder’s later years, showcasing his bold approach to revolutionizing sculpture.

The London Sales, presented in partnership with @celine, continued  with the Contemporary Day Auction. which took place on 10th October 2024. And the Dame Shirley Bassey Fine Jewels Auction from Paris.

 

Innovative Auction Strategies

Sotheby’s introduced a novel approach to its Contemporary Art Evening Auction by incorporating augmented reality experiences for online bidders. This technological innovation allowed remote participants to virtually “place” artworks in their own spaces, adding a new dimension to the bidding process.

The auction house also made headlines with its “Visionaries” collection, featuring works from emerging artists alongside established names. This curated selection highlighted Sotheby’s commitment to shaping the future of the art market and supporting new talent.

 

https://www.sothebys.com/en/articles/how-to-experience-sothebys-marquee-sales-this-juneal Art Market

 

Impact on the global art Market 

The events of this week have had a significant impact on the global art market. Industry experts note that while the high-end market remains strong, there’s a noticeable shift in collector preferences. The traditional notion of a “$50 million masterpiece” is evolving, with $20 million becoming a new benchmark for exceptional works.

Moreover, the cooling of some young art stars’ markets suggests a more discerning approach from buyers, who are increasingly looking for long-term value and artistic significance beyond mere hype.

What’s Next for Art Collectors and Investors?

As the dust settles on this extraordinary week, all eyes are now turning to the upcoming Hong Kong Sales & Exhibition 2024. This event is expected to provide further insights into the strength of the Asian art market and its influence on global trends.

For collectors and investors, the message is clear: the art market continues to offer exciting opportunities, but with an increased emphasis on quality, provenance, and artistic merit. As we move forward, staying informed about upcoming auctions and sales will be crucial for those looking to navigate this dynamic landscape.

In conclusion, the October 2024 auctions at Christie’s and Sotheby’s have not only showcased exceptional artworks but have also highlighted the evolving nature of the global art market. As technology continues to play a larger role in how we experience and acquire art, these venerable institutions are proving that they can adapt and innovate while maintaining their commitment to artistic excellence.

 

– Previous articles on art market trends – https://worldofauctions.co.uk/2024-auction-market-update-record-breaking-livestock-sales-and-global-art-trends/

https://news.artnet.com/market/christies-20th-21st-century-evening-sale-london-2550567

https://www.sothebys.com/en/videos/contemporary-day-auction-highlights-warhol-kusama-gormley-and-more

 

– Profiles of featured artists

https://www.jeffkoons.com/

http://lucianfreud.com/lucian-freud-archive—chronology.html