Timeless Bites: Global Collecting Surveys, 100% Sell-Through Rates & Humanoid Robot Artworks

01.11.2024

In This Issue

🔬 Key Findings of Art Basel x UBS Survey of Global Collecting 2024

💰 ‘The Collectibles’ Part 2 Auction Achieves 100% Sell-Through Rate

🦾 Artwork By Humanoid Robot Set to Make Auction History at Sotheby’s

Art Basel x UBS Survey of Global Collecting 2024 Report Has Been Released

The Art Basel x UBS Survey of Global Collecting 2024 focuses on art market trends in 2023 and early 2024, based on interviews with 3,600 high-net-worth individuals (HNWIs) across 14 regions.

Here are Its Key Findings:

• Public Auction Sales: Auction totals fell by 26% in H1 2024 compared to 2023, primarily due to a decline in high-end sales (over USD 10 million).
• HNWI Spending: Average art spending decreased by 32% to USD 363,905 in 2023, but the median expenditure remained stable at around USD 50,000.
• Generational Trends:Gen X led in average spending (USD 578,000), while millennials spent less.
• Art Portfolio Allocation: HNWIs reduced their art portfolio allocation from 24% in 2022 to 15% in 2024, though the wealthiest allocated 25%.
• Medium Preferences: While paintings remain popular, works on paper and prints are gaining traction, with over half of collectors active in these areas.
• Support for Emerging Artists: HNWIs allocated over half their expenditure to new and emerging artists.
• Female Artists: The share of artworks by female artists in collections increased to 44%, with wealthier collectors investing more in female artists.
• Chinese Market: Chinese HNWIs had the highest median expenditure at USD 97,000, showing robust post-lockdown spending.
• Spending Outlook: 43% of HNWIs plan to purchase art in the next year, while 55% intend to sell works, with a strong interest in collection expansion in Mainland China.

You can get the full report and online summary here.

‘The Collectibles’ Part 2 Auction Achieves 100% Sell-Through Rate

Christie’s Hong Kong auction, ‘The Collectibles’ Part 2, achieved a remarkable $24.7 million USD, boasting a flawless 100% sell-through rate across 270 lots. The highlight was a Patek Philippe Ref. 1518, which sold for $2.47 million USD. Additionally, a Richard Mille RM 018 tourbillon and a diamond-set Patek Philippe also surpassed expectations.

What Those Results Tell Us:

This auction reinforces the extraordinary strength of the luxury watch market. With a perfect sell-through rate and numerous pieces exceeding their pre-sale estimates, it’s clear that fine timepieces continue to hold enduring value. Furthermore, the results indicate a growing demand for rare and unique models among collectors, underscoring the dynamic nature of this market.

Groundbreaking Artwork By Humanoid RobotSet to Make Auction History at Sotheby’s

Ai-Da, the world’s first humanoid robot artist, is set to make auction history with her portrait of computer pioneer Alan Turing, titled ‘A.I. God.’ Sotheby’s will offer this groundbreaking piece—the first artwork by a humanoid robot to appear at a major auction house—with an estimated value of up to £150,000 (€172,500).

Equipped with high-tech cameras, AI algorithms, and a robotic arm, Ai-Da has created artworks shown at prestigious venues like the Venice Biennale and London’s Design Museum. Her Turing portrait, featuring hauntingly fractured facial planes against shadowy imagery of his code-breaking machine, the Bombe, has already been exhibited at the United Nations.

What This Could Mean for the Art Market:

This auction represents a milestone in the evolving relationship between art and technology. Ai-Da’s portrait not only honours Turing’s contributions to AI and computing but also underscores the rising demand for AI-generated art among collectors. Sotheby’s Head of Digital Art, Michael Bouhanna, notes a growing collector interest in this dynamic genre, signalling an expanded definition of creative expression in the digital age.

You can watch an interview with Ai-Da here.

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Further Reading

‘A Real Leap of Faith’: Swiss Auction House to Offer Works Authenticated by AI

How Luxury Watches, Art And Handbags Can Boost Your Investing Portfolio

7 Criteria that Make a Luxury Watch a Worthwhile Investment

A Duct-Taped Banana Could Fetch US$1.5 Million at Auction

Inside the Weird World Of Horror Collectibles: ‘It’s a Lifestyle‘