04.09.2024
In This Issue
đ Kobe Bryant Memorabilia Keeps On Booming
â Swiss Watch Exports Tick Upward
đ„ Royal Salute Breaks Records at Dubai Duty Free
đ Global Gems And Jewellery Market Set to Sparkle
đŽ Sothebyâs and Fanatics Unveil Game-Changer for Trading Cards
đ Monterey Car Week Sees Both Record Sales and Market Slowdown
đ Challenger Brands Overtake Nike and Jordan in Market Shift
đŒïž Mixed Results and New Realities For The Art Market
Kobe Bryant Memorabilia Keeps On Booming: As we projected a few weeks ago, Kobe Bryantâs memorabilia continues to break records, with a rare Upper Deck trading card selling for an astonishing $1.6 million at a Goldin auction. This card, dating from the 2003/04 NBA season and featuring both Bryantâs signature and a game-worn Logoman patch, highlights the soaring value of Bryantâs collectibles since his passing in 2020. Goldin Auctions, renowned for high-profile sports memorabilia (and an auction house that we just recently collaborated with for the first time ourselves) has seen a surge in demand, with other notable sales including Kobeâs personal locker for $2.9 million.
Swiss Watch Exports Tick Upward:Swiss watch exports saw a modest 1.6% rise in July, buoyed by American demand, with the U.S. solidifying its status as the top market. Japan surged ahead, becoming the second-largest market, while Chinaâs watch imports plummeted. Although overall exports for the year are down 2.4% compared to 2023âs record highs, the industry is showing signs of recovery. Swatch Groupâs sales are mixed, with China struggling but Omega exports rising. Despite the challenges, the recent uptick hints at potentially brighter days for Swiss timepieces.
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Royal Salute Breaks Records at Dubai Duty Free: Pernod Ricardâs Royal Salute made headlines with its $140,000 sale of the Platinum Jubilee Collection at Dubai Duty Free, setting a record as the largest transaction in the retailerâs history. This landmark sale highlights Dubai Duty Freeâs status as a premier luxury shopping destination and reflects growing demand for high-end spirits. The Platinum Jubilee Collection, celebrating Queen Elizabeth IIâs 70-year reign, consists of just 147 bottles and is a coveted piece of liquid history. With Dubaiâs duty-free spirits sales hitting $310 million in 2023, the luxury market at the airport seems to remain a key focus for global brands.
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Global Gems And Jewellery Market Set to Sparkle: The global gems and jewellery market is set to shine bright like â well â a diamond, projected to grow from $409 million in 2023 to $608.1 million by 2030 at a 5.8% CAGR. This boost is driven by advances in manufacturing and a rising appetite for sustainable, ethically sourced jewels. Lab-grown diamonds and the Diamond in Gold segment, expected to reach $183.7 million, are major contributors. The U.S. market is forecasted at $108.6 million, while Chinaâs is on track to grow at 8.5% CAGR, projected to hit $135.4 million by 2030.
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Sothebyâs and Fanatics Unveil Game-Changer for Trading Cards: Sothebyâs and Fanatics are set to transform the trading card world with their debut auction, âHoly Grails.â The event will feature over 40 of the rarest trading cards from the last century, spotlighting icons like Tom Brady and LeBron James. Held at the Harlem Parish in New York City, the auction promises an immersive experience blending luxury and sports passion. Open to the public from the 23rd to 24th of September, with the live auction happening on the 24th, âHoly Grailsâ aims to redefine card collecting with innovative presentation and high-profile offerings.
Monterey Car Week Sees Both Record Sales and Market Slowdown: Monterey Car Week dazzled with some of the most coveted vintage and classic cars and motorcycles, drawing affluent enthusiasts to Californiaâs Monterey Peninsula. Despite initial estimates of a record $488 million in vehicle sales, by Saturday, the mood had cooled. The sell-through rate for cars priced over $1 million plummeted to a 20-year low of just 34%, down from 80% in previous years.
Still, some highlights of the weekend included:
1938 Alfa Romeo 8C 2900B Lungo Spider: $14,030,000.00
1955 Ferrari 410 Sport Spider: $12,985,000.00
1969 Ford GT40 Lightweight: $7,865,000.00
Some prime pieces remain unsold, including a 2014 McLaren P1 for $2,000,000 and a 2015 Ferrari LaFerrari for $3,850,000. Despite the dip in high-end sales, the auction featured remarkable prices for rare models, showcasing both the pull and volatility of the collector car market.
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đ Challenger Brands Overtake Nike and Jordan in Market Shift: StockXâs latest report, âThe State of Resale,â reveals that emerging brands like Asics are outpacing mainstream giants Nike and Jordan recently in second-hand-market sales. For the first seven months of 2024, Asics saw a staggering 589% growth in sales on StockX, while Nike and Jordanâs market shares dropped by 11% and 12%, respectively.
The report highlights that innovation is key, with classic silhouettes losing steam as brands like Asics revamp older designs. Celebrity-driven lines from Kobe Bryant and LeBron James are also booming, driving a 46% increase in Nike Performance Basketball. Streetwear is also shifting, with Fear of Godâs Essentials line rising in popularity, while icons like Supreme and Bape decline. StockXâs apparel offerings have expanded significantly, reflecting broader market trends and consumer preferences.
âEvery market has its winners and losers, and this year, Asics is surprisingly leading the pack in second-hand sneaker sales. The ongoing trend of reviving classic silhouettes from the past is clearly having an impact â the brand is more popular than itâs been for years. This raises the question of whether now is a good time to invest in struggling brands like Nike and Jordan. Only time will tell. What needs to be highlighted though, is that despite Nikeâs retail struggles, very limited, signed, or celebrity-worn unique items remain highly sought after and continue to fetch record prices at auctions.â
Nils Johannsen
Team Lead Asset Management at Timeless Investments
đ Mixed Results and New Realities For The Art Market: Halfway into 2024, the art market is grappling with a sobering reality check. Major auction houses like Sothebyâs and Christieâs saw a notable dip in sales, with Christieâs revenue dropping from $4.1 billion in 2022 to $2.1 billion in the first half of 2024. Global art sales also fell by 4% last year. Online auctions, which have become a fixture, accounted for 18% of sales.
Despite the downturn, there were some high points: a Beatles painting fetched $1.7 million, Elton Johnâs auction brought in $8 million and Christieâs sold a Titian for a record $22.1 million. However, Christieâs also faced cyberattacks and legal troubles, while Sothebyâs struggled with a high-profile auction withdrawal and layoffs.
âThe numbers may not be encouraging, but perhaps we have now reached the bottom. So while the mood is somber, 63% of experts foresee stability ahead. As Warren Buffett once said, itâs wise to be âgreedy when others are fearfulâ. Now might just be the perfect time to uncover some hidden opportunitiesâŠâ
Anna Oerter
Asset Strategy Manager at Timeless Investments
The 10 Most Expensive Watches Sold at Auction in the 21st Century (So Far)
