Happy New Year and I hope 2025 will prove a fun and fruitful one for you!
The undeniable financial challenges of 2024 (sticky inflation causing higher-for-longer interest rates) led to something of a block on art-buying in the past year. Increased cash reserves remain unspent amongst collectors; but I imagine this will change significantly in 2025 as a Trump presidency frees up capital, de-regulates and makes tax changes. Political instability throughout 2024 created turbulence for the financial sector and collectors battened down the hatches, until the dramatic upswing in markets following Trump’s election. As we head into the new year, the market enters on a strong footing. The so-called “Trump Bump” is undeniable.
The recent art fairs in Miami in early December showcased this market strength, delivering notable results. For instance, Joan Mitchell’s ‘Sunflowers’ sold for approximately $20 million through David Zwirner, George Condo’s ‘Female Portrait’ of 2024 achieved $2.5 million at Hauser & Wirth, and Ed Clark saw two works surpass the $1 million mark with the same gallery. Even established artists like Richard Prince performed well, with works selling for over $4.5 million at Gladstone Gallery. The art market, it seems, is thriving across all tiers, with November sales outperforming expectations (refer to my previous report for details).
The first quarter of 2025 brings an exciting lineup of art fairs that I highly recommend attending but the top three, in my view, are these gems:
In the Contemporary market, my advice remains consistent: focus on a few top-tier artists rather than newer names just entering the scene. However, Kathleen Ryan is an exception worth watching closely. Her work has been gaining momentum, highlighted by impressive results in recent charity auctions. I first encountered her work at the RA Summer Show a few years ago, and she has since joined Gagosian, which is sure to propel her career to new heights.
As we embark on 2025, feel free to reach out for guidance. Navigating the art market successfully requires the avoidance of common pitfalls: overpaying, authenticity issues and condition issues being just three of the most prevalent. Always utilise the very best expert advice.
The image above is one of the greatest Pointillist works of all time: ‘Opus 217. Against the Enamel of a Background Rhythmic with Beats and Angles, Tones, and Tints, Portrait of M. Félix Fénéon in 1890’ by Paul Signac. It was on view at the fantastic Orphism show at the Guggenheim, NYC, last year.