Market Watch: Market Editor Report November 2024
Nude With Bust (Study) © Roy Lichtenstein 1995 
Market Reports
November 2024 has come and gone, leaving a significant imprint on the art market calendar. As the dust settles, we’re bringing you a roundup of key events and insights to close out the month. From discussions on iconic imagery and live panel talks to the much-anticipated November sales, we’ve tallied the final figures and defined the trends. While the outcomes were predictably lower, there were still positive trends and noteworthy highlights to take away from this dynamic month in the art world.
Celebrities, Fashion and Iconic Images
This month we’ve delved deeper into the concept of 'iconic' in the art market - examining what it truly signifies and how it intersects with broader cultural trends in the arts. To explore this theme, we hosted a live panel event with Iconic Images, featuring our very own Charlotte Stewart and Jess Bromovsky, alongside esteemed specialists in photography and fashion. The panel naturally spotlighted the enduring celebrity of Marilyn Monroe but also expanded the discussion to include the evolving intersections of celebrity, branding, and cultural identity.
From Harry Styles, Rihanna, Kim Kardashian, and Taylor Swift to Mick Jagger, Marilyn Monroe, Kate Moss, and Andy Warhol, the discussion bridged the gap between contemporary figures and those of earlier generations. It explored how the definition of 'iconic' evolves in tandem with shifting cultural narratives. Rather than fading away, iconic figures of the past are reimagined through fresh perspectives in art, branding, and digital platforms. This topic is something we are deeply passionate about, as it reflects the operations and ethos of MyArtBroker’s print marketplace. We strive to bridge the gap between timeless cultural relevance and accessibility in the art market, making conversations and iconic artworks available in a marketplace that is open and inclusive to a global audience.
You can catch the full panel discussion and insights in our latest write-up.
How To Sell Prints In The Current Market
In addition to examining the concept of 'iconic,' our focus has shifted toward the evolving role of sellers and the future trajectory of the art market. This year-end reflection stems from an extensive analysis of recent art market conferences and reports, traditionally released in the second half of the year. A central takeaway has emerged: an impending wealth transfer is underway, and a new generation of buyers is entering the market. The challenge lies in engaging these buyers and turning them onto art investments with a seller’s mindset.
Recognising this shift, we’ve dedicated ourselves to creating a new market report: How To Sell Prints In The Current Market. This comprehensive, text-based guide goes beyond the numbers, offering everything sellers need to navigate today’s art market confidently and strategically. Whether you’re new to the market, hesitant to sell, or holding onto works awaiting better conditions, this report is for you. It’s designed to empower sellers with insights and strategies tailored to current market dynamics. Access this new report and others to stay informed on the 2024 art market.
November Auction Sales (excluding Impressionsists/Works on Paper sales) 2024 © MyArtBrokerWhat The November 2024 Auctions Told Us
November Auction Bring in $1 Billion
The November auctions are the pinnacle of months of anticipation and buzz in the art world. This year, expectations were tempered, with predictions that sales would fall short of previous years due to ongoing economic recovery. And indeed, the numbers reflected this cautious sentiment. Here’s a quick snapshot of the November sales, focusing on one week’s worth of activity across Christie’s, Sotheby’s, and Phillips New York auctions. (Note: These figures exclude Impressionist and works on paper sales conducted by the auction houses.)
- 14 total auctions
- $1 billion in hammer totals across the three auction houses
- -4%, the amount by which the total hammer prices fell short of the combined presale low estimate
- 1,109 lots sold
- 39% decline in hammer totals compared to 2023
Overall, these figures are not disastrous - while not record-breaking, they remain solid. The auction houses achieved a respectable 81% sell-through rate, closely mirroring 2023’s 83% rate, despite offering 173 fewer lots this year. Additionally, the percentage of unsold works and those selling below the low estimate dropped by 3% each, indicating that auction houses and sellers have carefully curated their offerings and set more realistic price expectations, resulting in more works meeting or exceeding anticipated prices.
When comparing the performance of individual auction houses, each experienced a notable decline in hammer totals compared to 2023, though this outcome was expected. Sotheby’s saw a 50% drop, Christie’s was down 19%, and Phillips experienced a 55% decrease. Despite sharp individual declines, Christie’s emerged as the strongest performer, achieving an impressive 85% sell-through rate - 5% higher than Sotheby’s - and bringing in a hammer total of $552.7 million. This figure was 20% higher than Sotheby’s and eight times Phillips’ total.
Earlier in the year, Christie’s faced challenges, including the cancellation of its June London sales and a cyber security attack during its May sales. However, the auction house demonstrated resilience in November, outperforming Sotheby’s and securing the highest-valued lot of the month - and the year - with René Magritte’s L'Empire des lumières (1954), which sold for $121 million (including fees) as part of the Mica Ertegun collection.
November Auction Market Trends
Although the numbers may reflect a less-than-ideal picture of the current market, we consistently emphasise that figures alone don’t capture the full story. Auction reports from various sources, including ours and other reputable outlets, revealed that the November sales were genuinely filled with energy and excitement. The Art Newspaper, for example, noted that despite Phillips’ lower performance, the auction room was packed with engaged participants.
From a guarantee perspective, only one sale - Christie’s Mica Ertegun collection - was 100% secured. Yet even with this fully guaranteed sale, the majority of lots not only met but exceeded estimates, signalling strong demand and active bidding.
David Hockney’s Still-Life Paintings
Within the sales, David Hockney’s performance stood out showcasing an exciting variety of works from his oeuvre. Moving beyond his well-known Yorkshire landscapes, the November auctions featured two exceptional still-life pieces: Four Empty Vases (1996) (from Christie’s 21st Century Sale) and Still Life on a Glass Table (from the Sydell Miller Collection). Both works, like several other Hockneys in these sales, were fresh to market with a fresh-to-the-market provenance.
Keith Haring’s Subway Drawings and African Mask
Keith Haring made a notable impact across all auction houses this November. A rare African mask featured prominently in Christie’s 21st Century Sale, while a 1982 canvas stood out as a top performer at Phillips. At Sotheby’s Contemporary Day Sale, Haring’s iconic subway drawings took centre stage. Although the subway drawings were all secured with guarantees, they collectively achieved an impressive total of $9.2 million (including fees).
Roy Lichtenstein Sets Record In Prints and Multiples With Nudes
Roy Lichtenstein dominated the prints and multiples category this November with remarkable, record-breaking sales, highlighting the growing significance of prints as a medium. In 2023, Lichtenstein’s Nudes series set consecutive records at auction. This year, while these prints were less prevalent, the November sales demonstrated their sustained value. Consigned by the Dorothy and Roy Lichtenstein Collection, Nude With Blue Hair featured in Sotheby’s Evening Sale, achieving $960,000 (including fees). However, it was Lichtenstein’s prints in the Day Sale that stole the show, with Roommates and Nude With Yellow Pillow both surpassing the $1.2 million mark and Water Lilly Pond With Reflections landing among the top selling print works for 2024.
Warhol also demonstrated a notable sale in the prints and multiples category. Earlier this year, we released a market report spotlighting the increasing demand for Warhol’s complete sets and trial proofs and we have to admit, it’s always rewarding to see our data-driven predictions come to life in the market. Warhol’s Endangered Species set achieved a new record for a complete set, securing the highest price paid for a Warhol print in 2024.
Read further to explore Lichtenstein's and Warhol's top-selling prints in the current market.
Ed Ruscha’s Standard Station One Of The Highest Valued Works of 2024
Lastly, we couldn’t help but note the relatively subdued presence of Jean-Michel Basquiat in this year’s sales. While he headlined Christie’s 21st Century Sale with a $22 million piece, the final result fell short of its presale estimate. In this round of sales, it seems as if Basquiat passed the crown to Ed Ruscha who emerged as a standout performer, excelling in both originals and prints across all sales. Ruscha claimed the second-highest valued lot of the year with Standard Station (1964), which sold for an impressive $68.2 million (Christie's 20th Century Sale) - surpassed only by Magritte’s L'empire des lumières (1954) at $121 million (Christie's Mica Ertegun collection), but outperforming Claude Monet’s iconic Nymphéas (1914-1917) (Sotheby's Sydell Miller), which achieved $65.5 million.
Overall, while the numbers were down, several positive trends emerged, particularly in the prints and multiples category, signalling a shift in collector interest that bolsters the broader art market's vitality and optimism. Ruscha’s exceptional performance underscores the market’s capacity to elevate artists beyond the traditional blue chip names, expanding the definition of what is considered iconic. Hockney’s fresh-to-market works demonstrate buyers’ eagerness to compete for pieces with untapped potential, while Haring’s sales revealed strong enthusiasm for unique mediums and innovative formats.
Top Selling Prints & Multiples of 2024
Although November has come to a close, the art market isn’t quite finished for the year. Several European print sales are still set to wrap up 2024, and we’ll soon release our year-end market report with updated insights on the performance of the most iconic blue chip names in the print market. For now, we’re sharing the top ten selling prints of 2024 below - stay tuned for more insights.
Endangered Species (complete set)
Warhol’s Endangered Species (complete set), comprising ten iconic screenprints of animals on the brink of extinction, is renowned for its vibrant colours, bold Pop Art aesthetic, and powerful environmental message. Presented during Sotheby’s November 2024 sales, the set achieved a commendable £3.4 million, surpassing the previous record set in 2021. This landmark sale not only established a new benchmark for the series but also earned the title of the top-selling print of 2024.
Marilyn Monroe (complete set)
Warhol has consistently held a prominent position among the annual top selling prints and editions. In 2024, his complete set of Marilyn prints appeared at auction during the May New York sales - the only instance this iconic set came to market that year. The result achieved a commendable £2.8 million (including fees).
Image © Christie's / Fugaku sanjurokkei (Thirty-six views of Mount Fuji) © HokusaiFugaku sanjurokkei (Thirty-six views of Mount Fuji)
Katsushika Hokusai, Japanese ukiyo-e artist of the Edo period, has been a prominent name in auction sales this year, with his Thirty-six Views of Mount Fuji achieving iconic status. This series, particularly The Great Wave off Kanagawa, has inspired countless reinterpretations and adaptations across mediums, from Van Gogh’s Starry Night and Hockney’s The Wave to modern tributes like LEGO recreations. Its innovative use of perspective and bold contrasts, combined with the sacred symbolism of Mount Fuji, solidifies its place as a masterpiece influencing global art narratives. In March 2024, this celebrated work sold for £2.8 million.
Image © Christie's / Untitled (Cowboy) © Richard Prince 2007Untitled (Cowboy)
Richard Prince’s Untitled (Cowboy) prints are celebrated for their exploration of American identity and myth, reimagining the cowboy as a cultural icon through appropriated imagery. Untitled (Cowboy), an edition of 2 with one artist proof, came to Christie’s in October 2024 and sold for just over £2 million. This sale places the work among Prince’s top-selling Cowboy prints and secures its position within the top-selling prints of 2024.
Image © Christie's / Green Pool with Diving Board and Shadow (Paper Pool 3) © David Hockney 1978Green Pool with Diving Board and Shadow (Paper Pool 3)
Hockney’s Green Pool with Diving Board and Shadow (Paper Pool 3) holds a significant place in his oeuvre as part of his experimental Paper Pools series, created using dyed paper pulp to capture the interplay of light, water, and form. These unique editioned works are celebrated for their innovative technique and distinctive aesthetic. The only Paper Pool 3 to come to auction in 2024 appeared at Christie’s November sales, achieving £1.7 million - an appropriate selling price that reflects the enduring value and rarity of these unique works.
Discover the other top-selling prints of 2024.
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