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Signs of Life?
In our last Intelligence Report, this past fall, we described a storm that had been building for some time. As it swept through the trade, dealers shuttered and art businesses retrenched. The winds have not entirely died down, but the air is now clearing, new models are emerging, and last year—for the first time since 2021—total auction sales ticked up, powered by a dramatic late-season surge in New York.
In our cover story, Katya Kazakina delves into the uppermost level of the auction world, where houses have been hosting exclusive invitation-only auctions for ultra-rare works. The competition is as intense as ever, but it is playing out behind closed doors.
Turbulent market conditions may have pushed some sellers to go dark, but more art still traded hands publicly last year than it had in a decade. Artnet’s auction price database continues to provide the clearest view of the state of play.
There was good news for the U.K. in those numbers. Its market grew by 11.3 percent, aided by the $136 million sale of Pauline Karpidas’s prized Surrealist holdings in September. The news was less positive in the ultra-contemporary realm, where sales declined for the fourth consecutive year, as money flowed to time-tested names, making the Impressionist and Modern category the industry’s most lucrative.
Also in this report are candid interviews with two former Sotheby’s rainmakers: New Yorker David Schrader describes the importance of staying fluid in a correcting market—and discusses his new venture, a high-stakes gallery triumvirate. Hong Konger Patti Wong, now a powerhouse advisor, details recent changes in salesrooms and among Asian collectors. Meanwhile, maverick Joe Maddalena, of Heritage Auctions in Dallas, offers insights on the ascendent collectibles sector as it snaffles up market share.
Thank you, as ever, to Artnet Pro’s reporters and editors and Artnet’s data science and Price Database teams.
—Naomi Rea, Editor-in-Chief of Artnet News
Table of Contents:
Marketplace
– By the Numbers: The auction market bounces back.
– Zero to Hero: Insiders are suddenly taking an interest in these artists.
– The Most-Searched Artists: Which big names soared? And who stumbled?
– The Best-Seller List: Experts analyze the trophy lots across six categories.
Dark Mode
by Katya Kazakina
As the market rebounds, the trade is devising new ways to catch whales.
Five Questions for…
by Naomi Rea, Vivienne Chow, and Min Chen
– David Schrader, former head of private sales at Sotheby’s, goes deep on the
inner workings of the secondary market and his new Manhattan venture.
– Advisor Patti Wong discusses the state of play in Asia, the rise of the Gulf,
and recent changes she’s seen in the quicksilver auction industry.
– Joe Maddalena, of Dallas-based Heritage Auctions, delves into the fast-rising
collectibles market and reveals how his firm competes with the old guard.
Data Dive
by Margaret Carrigan
– A granular look at the market’s performance last year.
– Who are today’s most bankable artists?
Methodology
Here is how the Intelligence Report’s data was compiled, edited, and examined.
Want more insight? Join Katya Kazakina and Naomi Rea for a live conversation on April 8 at 1 p.m. ET, where they’ll unpack key Intelligence Report findings and answer audience questions.
Register in advance—space is limited—and attendees will receive 50% off a PRO subscription, or a complimentary Artist Analytics report for current members.
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