🔥 Lots to Watch - 22 May 2024

HEY Y’ALL! 🔥

Thanks for all the great feedback from the lots I shared last Wednesday!

📈 Top Picks from the Last Issue:

#1: Genieve Figgis, A Social Portrait, 2014 sold for $100,800 (44% over the estimate)

#2: Gertrude Abercrombie, The Truant, 1956 sold for $90,000 (38% over the estimate)

#3: Daniel Richter, Wenn wer dt. Meister oder wer wird deutscher Meister, 1999 sold for $75,600 (11% over the estimate)

I’m excited to share 4 artists and lots worth checking out for this week.

Note: Last week, I have been working on including a dashboard with metrics of the analyzed artists. Let's say it's a super early version of what's to come, so it might have some bugs. Take a look at it on Data Insights! Any suggestions are welcome :)

1) Chris Huen Sin Kan

• 📍 Bio: Chinese, 1991

• 📊 Price Range: $60,000 - $90,000

• 💰 Record Price: $289,176 for ME IN TUNG CHAU STREET PARK, sold at China Guardian Auctions, Beijing in 2023.

• 🌎 Main Market: Hong Kong

• 📋 Data Insights

💭 My 2 Cents: Chris Huen Sin Kan's work is catching eyes lately. He's got this cool mix of memory and Chinese ink painting in his style. "Doodood," from 2018, shows his knack for capturing everyday scenes with an abstract touch. No underdrawing, just layers of paint till it feels right. Market-wise, Huen's been doing pretty well. His works have an average sold lot value of $109,430.23 and a strong sell-through rate of 86.11%. Paintings, averaging $115,589.83, are the real stars compared to his works on paper at $20,116.00. "Doodood," estimated between $25,000 and $50,000, looks conservative given these trends. Now, hammer ratios tell an interesting story. In 2020 and 2021, they were super high (3.99 and 4.31), but 2022 saw a dip to 1.17, and 2023 was slightly better at 1.43. This year, it's up to 1.77, hinting at a market that's regaining confidence. All in all, Chris Huen Sin Kan's works are holding strong in the market. If you're looking at "Doodood," it's definitely worth watching. The recovery in prices and consistent demand make this piece a potential gem.

2) Chiharu Shiota

• 📍 Bio: Japanese, 1972

• 📊 Price Range: $15,000 - $25,000

• 💰 Record Price: $396,580 USD for State of Being, sold at Christie's London in 2021.

• 🌎 Main Market: Hong Kong & U.K

• 📋 Data Insights

💭 My 2 Cents: Chiharu Shiota's "State of Being" from 2019 is hitting the auction block at Bonhams Hong Kong. With an estimate of $58,000-$80,000, this piece stands out in her series exploring memory and emotion with red thread. Shiota's market is interesting—it has a solid 70.9% sell-through rate. But there have been some wild price swings lately. For instance, prices peaked at an average of $52,867 in 2018 but dropped to $17,491 in 2023 before a slight recovery to $23,978 in 2024. This shows some unpredictability. Her sculptures tend to do better in terms of average prices. We are talking about an average of $76,106, which is way above her other mediums. This particular piece has good provenance, coming from Gana Art in Seoul, and was shown in a solo exhibition, which is a plus. Shiota has a big name, especially after her Venice Biennale stint and shows at places like the Mori Art Museum. So, even with the market's ups and downs, her unique style and international acclaim might just spark some competitive bidding.

3) Ettore Spalletti

• 📍 Bio: Italian, 1940 - 2019

• 📊 Price Range: $30,000 - $45,000

• 💰 Record Price: $214,912 for Azzurro, sold at Christie's Online in 2022.

• 🌎 Main Market: Italy & U.K

• 📋 Data Insights

💭 My 2 Cents: Ettore Spalletti's "Girandola rosa, 2016" is hitting the auction at Dorotheum in Vienna. The estimate is $64,769 - $86,359. This piece, with its gold leaf and meticulous paint layers, has that classic Spalletti touch—light and space playing beautifully together. Now, let's talk numbers. Spalletti's market is solid. Even though 2024 saw a slight dip to 114.43% in performance vs. estimates, it's still above 100%, showing consistent demand. The average sold lot value is $55,937.33, which is pretty impressive. And get this, the sell-through rate is 70.19%, so most of his works find buyers. There's some fluctuation in hammer ratios, which means not every auction is a bidding war, but generally, realized prices are 17% above low estimates. This piece fits well with Spalletti's known style—simple, geometric, yet profound. Given his market’s steady growth, "Girandola rosa" should attract good interest.

4) Jules Olitski

• 📍 Bio: American, 1922 - 2007

• 📊 Price Range: $25,000 - $40,000

• 💰 Record Price: $774,000 for Blue Crazy, sold at Christie's New York in 2021.

• 🌎 Main Market: U.S

• 📋 Data Insights

💭 My 2 Cents: "Pressure Compact" by Jules Olitski is one to watch. Olitski was a big deal in the Color Field movement, rubbing shoulders with the likes of Frankenthaler and Stella. His work evolved a lot over the decades, and "Pressure Compact" sits right between his iridescent paints phase and his later Mitt paintings. It's like a snapshot of his artistic journey. Now, let’s talk market. Olitski’s been getting hotter. In 2024, his average estimated price jumped to over $70,000, up from just over $40,000 in 2023. This shows people are getting more confident in his work. The sell-through rate is a strong 79.60%, meaning almost 80% of his works are selling at auctions, which is solid. But it’s not all smooth sailing. There’s some volatility. For example, average YOY price growth was up by 64.73% in 2024 but has dipped in the past, like -25.64% in 2019. Still, high hammer ratios, show that when his works do sell, they often exceed expectations. Given all this, "Pressure Compact" could be a great pick at its $33,000 - $48,000 estimate at Waddington's. Olitski’s market is growing, and this piece is a cool example of his experimental phase.

Glossary: The hammer ratio represents the relationship between hammer price and the average pre-sale auction estimate. This ratio determines how a lot performed in relation to its presale estimate. The better performing a lot is, the larger the hammer ratio. Any ratio above 1.2 indicates a high bidding intensity that exceeds expectations.

See you next Wednesday!

P.S. Want to promote your business to my community of 10,000+ art collectors? Advertise in Frame&Flame.

🔗 Market Stories

Why Christie's Modern evening sale's $346.5 million result is impressive despite a major cyberattack (link)

How Bangkok's new Kunsthalle, led by Marisa Chearavanont and Stefano Rabolli Pansera, is making Thailand the top art spot in Southeast Asia (link)

What the spring auction trends say about the cooling market for masterpieces and young art stars, plus the impact of a high-profile hack at Christie's (link)

How furniture's close connection to our bodies and its mix of form and function make it an exciting and unique art form (link)