OGP | Collectors' Recommendations
Nov 27, 2024
The Christie’s auction reflected the resilience of the luxury art market and the global appetite for exceptional works. The rising recognition of Surrealism, exemplified by Magritte’s record-breaking sale, reached new heights. Furthermore, the success of the Mica Ertegun collection underscored the allure of quality artworks with deep historical context. Looking ahead, the art auction market holds significant growth potential, especially for events combining cultural significance with philanthropic missions.
Christie’s New York Fall 20th and 21st Century Art Week (November 19–22) achieved a total sales record of $689 million across eight auctions. The event not only delivered outstanding results but also attracted global collectors, underscoring the robust demand in the high-end art market. Among the highlights, René Magritte’s The Empire of Light (1954) sold for $121.2 million, marking the highest auction price for 2024 and setting a new record for Surrealist works. The auction segment featuring MICA: The Mica Ertegun Collection achieved a 100% sell-through rate.
During the art week, 18 artists set new auction records, including Ed Ruscha, Keith Haring, and Jean-Michel Basquiat. Other notable pieces included David Hockney’s Still Life on Glass Table (1971), which sold for $19.04 million, and Alberto Giacometti’s bronze sculpture Walking Woman II, which fetched $26.63 million.
Bonnie Brennan, President of Christie’s Americas, stated that the auction demonstrated strong demand for high-quality works at various price points, further solidifying New York’s position as a global hub for the art market. Additionally, proceeds from some sales will benefit charitable causes, such as the Mica and Ahmet Ertegun Graduate Scholarship Program at Oxford University and jazz programs at Lincoln Center.
This auction not only highlighted the vibrancy of the global high-end art market but also showcased the wide appeal of artworks spanning various movements, mediums, and periods.