As the initial quarter of 2024 has drawn to a close, the global auction market is navigating through a period of fluctuation, grappling with the persistent effects of economic and geo-political uncertainty. ArtTactic’s RawFacts Auction Review for the First Quarter of 2024 offers an insightful overview of the market’s current trajectory.
Here are five notable market trends:
Trend #1: Persistent Market Uncertainty
The global auction scene experienced a significant downturn in the first quarter of 2024, with total sales from Christie’s, Sotheby’s, and Phillips declining by 18% compared to Q1 2023. This marks the second lowest Q1 result since 2016, surpassing only the figures from Q1 2020.
Trend #2: Bright Spots Amidst the Decline
Despite the overall decrease in auction sales, Christie’s defied the trend by achieving an impressive 11.2% year-on-year increase in sales during Q1 2024. It stood out as the sole house among the three to witness a rise in sales during this period.
Trend #3: Sustained Activity in Online Sales
Sales from online-only auctions experienced a marginal dip of only 3.5% compared to Q1 2023, contrasting starkly with the substantial 20.1% decline observed in live auction sales. Online-only auctions claimed a larger share of the market, constituting 59.8% of total volume and 13.2% of total sales value for the three auction houses in Q1 2024.
Trend #4: Mixed Performance in Luxury Collectibles
While certain luxury collectible segments continued to exhibit robust demand, others faced setbacks. Auction sales of Clothing & Accessories surged by 136.0% year-on-year, now representing 2.5% of sales value for the three houses (up from a mere 0.1% share in Q1 2023). However, auction sales of Jewels & Watches and Wine experienced declines of 15.5% and 28.9% respectively.
Trend #5: Paris Emerges as an Important Hub for Single Owner Sales
The first quarter of this year witnessed a significant uptick in sales activity in Paris, primarily fuelled by the Barbier-Mueller collection of Oceanic and African works of art at Christie’s, which contributed $73.1 million to the total of $117.1 million generated through Parisian sales.
Looking ahead to the second quarter of 2024, the global auction market anticipates pivotal marquee auctions in both Hong Kong and New York, poised to provide insights into the evolving dynamics of the art world amidst ongoing uncertainties.
Learn more about the global auction results from the first quarter of 2024 by downloading our in-depth analysis HERE.
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