Decoding the Sales of 2024 London Art Auctions: Christie's, Sotheby's and Phillips

View of the room during the Modern & Contemporary Evening Auction in London at Sotheby's on March 6, 2024. In the background is Pablo Picasso, Homme à la pipe, 1968.

Modern & Contemporary Evening Auction at Sotheby's London

In this article, we delve into the pivotal London sales conducted by the leading trio of auction houses: Christie's, Sotheby's, and Phillips. These prestigious sales, showcasing a selection of significant artworks, signal the commencement of the high-end auction season and are closely watched as a barometer for the art market.

We'll dissect the results from each auction house to understand their individual outcomes. Then, we'll synthesize our findings to paint a broader picture of the art market's current health and project potential trends for the forthcoming year. This examination offers crucial insights into the market's trajectory and the evolving tastes of collectors and investors.

Christie's: Historical Significance and Market Strength

Christie's posted an overall total of £163.3 million, reaching £196.7 million with fees, marking a 17% increase from the previous year. A highlight was René Magritte's L’ami intime (1958), which sold for £29 million (£33.7 million with fees), against an estimate of £30 million to £50 million. This work, sold from the collection of Gilbert Kaplan, showcases the enduring appeal and market strength of Surrealist art, especially given its purchase price of £90,000 in 1980.

René Magritte's L'ami intime (The Intimate Friend), 1958. Record sale of the Christie's auction sale The Art of the Surreal in London 2024. Surrealist painting by the blue-chip painter René Magritte.

René Magritte, L'ami intime, 1958

The sale of Francis Bacon's Landscape near Malabata, Tangier, previously owned by Roald Dahl and later by hedge fund manager Pierre Lagrange, sold for £16.8 million (£19.6 million with fees), underscored the art market's consistent interest in Bacon's works. The work shows the last place of Bacon's partner, Peter Lacy, met in 1952 and with whom he had a tumultuous decade-long affair until Lacy's death in North Africa. Painted a year after, it coincides with Bacon meeting George Dyer, his next significant other and muse, who died in 1971. This piece, notable for Bacon’s depth of emotion, gained added value from its notable past owners, demonstrating how provenance can enhance an artwork's market appeal.

Francis Bacon, Landscape near Malabata, Tangier, 1963

Strong prices were achieve by female artists, which seems to be a general trend in the current art market. Notable highlights include Agnes Martin's Loving Love (2000) sold for £2.8 million ($3.6 million) and Can Can (1998) by Cecily Brown which achieve £2.2 million ($2.8 million) . A new sale record was also registered for Jadé Fadojutimi's The Woven Warped Garden of Ponder (2021) sold for £1.55 million ($1.98 million).

A new sale record was registered for Jadé Fadojutimi's The Woven Warped Garden of Ponder (2021) sold for £1.55 million ($1.98 million) at Chirstie's Evening Contemporary Art Sale in London.

Jadé Fadojutimi, The Woven Warped Garden of Ponder, 2021

Sotheby's: Reflecting Market Caution Yet Celebrating Icons

This season Modern and Contemporary Evening Sale at Sotheby's in London achieved £99.7 million ($127.2 million), hitting within its anticipated range. This outcome, however, marks a significant reduction, dropping over 40% from last year’s £172.6 million ($220.2 million) total, reflecting an art market more cautious after last year's decline in auction sales.

However, it celebrated the timeless appeal of icons. Pablo Picasso's Homme à la pipe (1968) selling for £13.7 million ($17.5 million), above its high estimate, signaled the undiminished draw of Picasso's oeuvre, showcasing how blue-chip artists continue to command top dollar, especially when works come with a captivating narrative or rarity that sets them apart.

Pablo Picasso's Homme à la pipe (1968) selling for £13.7 million ($17.5 million), above its high estimate, signaled the undiminished draw of Picasso's oeuvre, showcasing how blue-chip artists continue to command top dollar, especially when works come with a captivating narrative or rarity that sets them apart.

Pablo Picasso, Homme à la pipe, 1968

The auction also highlighted a shift towards inclusivity and diversity in the art world, setting new records for female artists: Etel Adnan, Rebecca Warren and Takako Yamaguchi. The Etel Adnan's early untitled work sold for £444,500 ( $564,159), Fascia (2009) by Rebecca Warren sold for £571,500 ($725,348), and Catherine and Midnight (1994) by the Japenese artist Takako Yamaguchi sold for £889,000 ($1.1 million). Another notable sale from a woman artist is Françoise Gilot's Portrait de Geneviève avec un collier de colombes (1944) which sold for £723,900 ($918,774).

Etel Adnan's vibrant, untitled masterpiece from 1970, featuring bold geometric shapes and a rich palette, shattered records with a £444,500 sale at Sotheby's Evening Auction in London, heralding a new peak in the artist's market value.

Etel Adnan, Untitled, 1970

These results demonstrate a broadening of collector interests to encompass a wider range of cultural and artistic expressions. It signals a market that is increasingly reflective of global perspectives and inclusion issue.

Phillips: Showcasing Emerging Talents

Phillips' auction results, though they fell short of reaching their presale low estimates, demonstrated the global art market's keen interest in emerging talents and their diverse narratives. The auction underscored a robust enthusiasm for contemporary artists, reflected through record-breaking sales of works such as Jesse Mockrin's A Cymbal Crashed and Roaring Horns (2017) and Kehinde Wiley's Christian Martyr Tarcisius (2008). Mockrin's painting, fetching £120,650 ($153,949), and Wiley's piece, soaring to £660,400 ($842,670), serve as prime examples of the art world's vibrant interest in subjects that engage with modern societal, cultural, and historical themes.

Kehinde Wiley's monumental 'Christian Martyr Tarcisius' achieved a new auction high at Phillips, selling for £660,400, and confirming the artist's ascending market trajectory.

Kehinde Wiley, Christian Martyr Tarcisius, 2008

Moreover, the auction marked a significant moment for Alia Ahmad, whose work Malga, The Place In Which We Gather (2022) debuted impressively, achieving £101,600 ($129,346) —far surpassing its estimated range of £20,000 to £30,000. This sale not only highlights the increasing global market interest in artists from the Middle East but also emphasizes the growing desire among collectors to explore and embrace art originating from traditionally underrepresented regions and cultures.

the auction marked a significant moment for Alia Ahmad, whose work Malga, The Place In Which We Gather (2022) debuted impressively, achieving £80,000 ($101,600) —far surpassing its estimated range of £20,000 to £30,000

Alia Ahmad, Malga, The Place In Which We Gather, 2022

Marina Perez Simão's vibrant, color-rich landscapes continued to attract attention, with a 2020 painting doubling its low estimate at £152,400 ($194,402). Simão’s market has been heating up, with this sale confirming the sustained demand for her work, which blends abstract and representational elements to explore themes of memory and landscape.

Marina Perez Simão vibrant painting showcase the artistic talent of the Brazilian artist. This painting sold way above the high estimate at Philipps Pond Evening sale. This Auction follows her recent exhibition at Pace Gallery in Los Angeles

Marina Perez Simão, Untitled, 2020

Outcomes from The london sales 2024

The 2024 London sales at Phillips, Christie's, and Sotheby's have delivered a clear message about the current state of the art market, reflecting a cautious approach from buyers. With overall sales experiencing a slight dip and the withdrawal of several lots, it's evident that the market is adopting a more prudent strategy in acquisitions, favoring a careful selection over broad investment.

A standout observation from these sales is the remarkable performance of works by female artists. This success is not a sudden phenomenon but part of a developing trend that has been gaining momentum over recent years. The increasing visibility and appreciation of female artists signal a significant and welcome shift toward gender equity in the art world, recognizing the invaluable contributions of women to the canvas of art history.

Furthermore, the auction results have shone a spotlight on young artists and those from diverse cultural backgrounds, traditionally underrepresented in mainstream art circles. This growing interest reflects a broader desire among collectors and institutions to diversify their collections with unique perspectives and narratives, enriching the art discourse with fresh voices and experiences.

Additionally, the resurgence of interest in Surrealist art mirrors the broader market trends favoring female artists, with prices on the rise. This parallels the increasing valuation and recognition of genres and movements that offer distinct, imaginative explorations of reality, further diversifying the tastes and collections of today's art enthusiasts.

Blue-chip art remains a bastion of reliability and value, especially when attached to notable provenance and historical significance. Well-known artists continued to achieve their expected high prices, underscoring the enduring appeal and investment worth of established names in the art world.