Christie’s experts predict a focus on top-quality A+ items and rare finds in 2024 after a year of contraction in the art market and a surge in luxury sales.

A painting by Monet could sell for the equivalent of a luxurious villa. A Patek Philippe watch may be worth as much as a high-end apartment in the city center. What makes artworks and real estate so expensive? And why is there such a close relationship between them? The answer can be found in Christie’s renowned auctions, where art and real estate have always been closely linked, creating an appealing luxury market. This is evident in the overview of Christie’s sales results in 2023 and the trends shaping the art world and luxury sector in 2024.

Christie’s International Real Estate collaborates closely with the prestigious auction house to serve clients through exclusive marketing opportunities, events, and global introductions. This strong relationship has led to successful transactions in real estate, art, and luxury goods in 2023, including:

The only home designed by Frank Lloyd Wright in Milwaukee, Wisconsin, along with the original furniture collection specifically designed by Wright for the seller, has been sold. The sale of a contemporary art collection belonging to a client of Christie’s International Real Estate in Paris. The sale of the former estate of American abstract art icon Robert Motherwell in Connecticut. The sale of a five-figure Tiffany diamond brooch belonging to a client of Christie’s International Real Estate, who brought the item to a Christie’s appraisal event. The sale of a €10.5 million villa in Mallorca, Spain, introduced by the auction house on behalf of the seller.

Highlights of 2023: Art & Luxury

Under a challenging macroeconomic environment, similar to the high-end housing market, the art market experienced a slowdown in 2023. However, Christie’s reported that their global sales still significantly surpassed pre-pandemic levels, reaching $6.2 billion, just 7% lower than the total for 2022 after accounting for that year’s “unicorn” event – Visionary: The Paul G. Allen Collection, the largest auction in history, which garnered $1.7 billion.
Highlights of Christie’s art sales in 2023 include:

• Claude Monet’s Le bassin aux nymphéas, the highest-priced work at Christie’s in 2023, achieved a total of $74 million in New York.
• Artist Jean Michel Basquiat’s El Gran Espectaculo (The Nile) fetched $67.1 million in New York.
• Henri Rousseau’s Les flamants was sold for $43.5 million in New York, breaking the artist’s previous record.
• Japanese painter Sanyu’s Nude on Tapestry reached $24.2 million in Hong Kong.
• A sculpture by Francois-Xavier Lalanne from 1964, Rhinocrétaire I, was sold for $19.4 million in Paris.

Last year also witnessed several notable collections auctioned at Christie’s, including collections from the Getty and Rothschild families; esteemed collector Sam Josefowitz; late film director Ivan Reitman and his wife Genevieve; and A&M Records co-founder Jerry Moss. Works by Rembrandt, Picasso, Frida Kahlo, Mark Rothko, Andy Warhol, Willem de Kooning, and several other renowned artists highlighted these auctions.

Bleu Royal weighs 17.61 carats, belonging to a rare category in the world – Source: Christie’s

Meanwhile, the demand for jewelry, watches, handbags, and wine shows no signs of slowing down. Christie’s achieved its highest-ever total revenue from luxury sales at auction, reaching $1 billion, led by the sale of The Bleu Royal, a brilliant, flawless blue diamond weighing 17.61 carats. At nearly $44 million, this is the most expensive piece of jewelry ever sold at auction.

Other luxury categories continue to shine, especially with the participation of renowned fashion houses and prestigious history. In Hong Kong, a Himalaya crocodile leather Hermès Birkin bag adorned with diamonds was sold for $357,000. The wine collection of music legend Quincy Jones fetched over $1.4 million. In Geneva, a 100% sold-out auction dedicated to the famous watchmaker F.P. Journe brought in $15.3 million. Additionally, the collection of late American fashion journalist Andre Leon Talley, former creative director at Vogue, was sold for nearly $3.6 million.

The auction house notes that luxury items remain the top entry category for new buyers at Christie’s.

Highlights for 2024

Looking ahead, all eyes will be on New York in February as Christie’s hosts the auction of the Elton John Collection: Goodbye Peachtree Road, showcasing items from the iconic musician’s Atlanta home. The chance to own a pair of sunglasses belonging to Sir Elton, a diamond-encrusted Rolex Daytona featuring his leopard-print dial, or perhaps his convertible Bentley as the Rocket Man will undoubtedly attract bidders from around the world.

Hermès Birkin – Source: Christie’s

Experts from various departments at Christie’s have also made predictions about trends and artists to watch this year. According to the latest story in the Christie’s magazine, although the value of NFTs has declined after peaking in 2022, Sebastian Sanchez, Director of Digital Art Business at Christie’s, remains enthusiastic about ongoing creativity in this space. Artists to watch in 2024 include Sasha Stiles, creator of the Cursive Binary series; Yatreda, a family art collective honoring Ethiopia’s history through Web3; and Lim Wenhui, also known as Niceaunties, a Singapore-based artist creating AI-generated images depicting “auntie culture” in an alternate reality.

Sales of jewelry, watches, and handbags will continue to be led by renowned fashion houses: Tiffany, Cartier, Harry Winston, Patek Philippe, Rolex, and of course, Hermès. Mei Giam, Director of Private Jewelry Business at Christie’s in London, noted that diamonds and colored stones will be highly sought after at auctions this year. Alexandre Gouverneyre, Head of Watches in Geneva, mentioned that “special shape watches from the 1960s and 70s produced in collaboration with talented jewelers/designers (Gilbert Albert, Georges Lenfant, Andrew Grima, Charles de Temple, John Donald) will increasingly be in demand.” Rachel Koffsky, Senior Vice President, Head of International Handbags and Accessories, stated that collectors are on the hunt for extremely rare items, including unusual materials and sizes, as well as limited editions and runway pieces. She mentioned that red will be a popular color for handbags in 2024.

Whether it’s art, wine, watches, or furniture, the common theme is quality. “Collectors are looking for the best quality pieces in their collections. If it’s an A+ example, it will soar at auction,” said Michael Baptist, Vice President of Post-War and Contemporary Art. Baptist also advised, “There’s no better way to learn about auctions than to participate in the auction events.”

With a close relationship with the auction house Christie’s, Christie’s International Real Estate shares the same philosophy of bringing a heritage lifestyle to real estate collectors, connecting them with a global network of luxury real estate right in Vietnam alongside S&S Real Estate – the exclusive partner of Christie’s International Real Estate in Vietnam.

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