4.
In 2023, numerous single-owner collections took centre stage at auctions, with varying degrees of success; however, the majority of these collections delivered less impressive results, often hinging on specific trophy pieces within the collection. While these outcomes were influenced, in part, by the economic climate of 2023, they also serve as an indicator of a growing trend leaning towards an increased reliance on private sales in 2024 and beyond.
The dynamics of the art market are inherently shaped by evolving tastes and shifting preferences, introducing an element of risk for collectors who choose to consign their works to public sales. Such decisions may potentially lead to lots going unsold, ultimately impacting the value of these artworks over an extended period. Nevertheless, despite these challenges, the art market continued to facilitate transactions in 2023 and is set to do so in 2024. Yet, we anticipate a significant transition towards private transactions that extend beyond the confines of traditional auction houses that will mitigate risks, especially during economic volatility.
