🔥 Lots to Watch - 29 May 2024

Works of Thierry Noir, Michel Majerus, Takesada Matsutani and Helen Khal

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HEY Y’ALL! 🔥

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

📈 Top Picks from the Last Issue:

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

Today's issue is brought to you by Archivio Almaviva, dedicated to preserving and promoting the artistic legacy of Marco Almaviva. Discover their efforts in cataloging, authenticating, and showcasing the works of this visionary artist.

1) Thierry Noir

💭 My 2 Cents: Thierry Noir's work is hitting the auction block at Phillips Hong Kong with an estimate of $15,000 - $23,000. This painting really captures his signature style that made him famous. Noir's market has been on a wild ride. Prices shot up after 2020, hit a peak in 2022, but then dipped in 2024. His paintings fetch an average of $19,294.64, and there's a solid sell-through rate of 84.81%, showing that people still want his work. Noir's big break came from painting the Berlin Wall in 1984. His bold, colorful characters stand out and have become iconic. This piece, with its bright colors and playful design, is a perfect example of his style. With the recent dip in prices, this auction could be a good chance to snag a Thierry Noir piece. His market has shown strong performance in the past, and his iconic status might mean future price bumps. Definitely worth keeping an eye on this one.

2) Michel Majerus

💭 My 2 Cents: Michel Majerus' untitled piece from 1997, with its abstract, minimalistic vibe, shows a quieter side of his work. Estimated between $27,000 - $38,000, it's a more affordable entry into Majerus' market, which has seen big peaks lately. Majerus, who passed away in 2002, made a huge mark with his colorful, large-scale paintings blending traditional and digital elements. Recently, his market has been hot, especially from 2021 on, with average lot values over $200,000 and a high hammer ratio of 1.83 in 2023, showing strong bidding. An 84% sell-through rate highlights the demand for his art. It's an interesting pick. Its abstract and minimal style, different from his usual complex works, adds rarity and potential value. But, be cautious. The market has had price fluctuations and high variance in sold prices. The upcoming auction at Van Ham Fine Art Auctions should give more clues about the current market for Majerus' pieces.

"Rectoverso is a new painting that, in its creation, precedes the formation of its support. It is free from the constraints of flatness, which has always been considered the essential prerequisite of painting. Thus, unbound by any compositional logic that separates painting from the material concreteness of the artwork, this new creation assumes the characteristics of a wholly literal work."

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3) Takesada Matsutani

💭 My 2 Cents: Takesada Matsutani's "Line for Circle" from 2018 is a captivating piece that really highlights his knack for blending traditional and experimental materials. With an estimate of $25,635 - $38,452, it’s a solid opportunity to get into Matsutani's market, which has seen some impressive peaks. Matsutani, a major player in the Gutai movement, is known for his innovative use of vinyl adhesive and string, creating tactile, engaging works. The higher-end segment of his market has been quite strong. For pieces between $10,000 and $100,000, the average mid-estimate for 2024 sits at $19,948, a dip from $37,373 in 2023. Realized prices also dropped to $21,608, signaling some cooling off. Despite this, the average sold lot value in this price range is $39,135, with a median of $21,351, showing the market is still healthy and driven by some high-value sales. A 100% sell-through rate in this segment highlights the strong demand for his work, and a year-over-year growth rate of 28.8% indicates solid long-term potential.

4) Helen Khal

💭 My 2 Cents: Helen Khal’s market has been on fire, especially in the last couple of years. Her painting, Ochre and Yellow over Green from the early 80s, really showcases her color-field style. The market surge is pretty impressive. In 2023, her average realized price shot up to $55,000, and in 2024, it went even higher to $82,000. These numbers show that her work is getting more recognition and value. The high Hammer Ratios over 2.0 in these years point to strong bidding and demand. But, let’s not get too carried away. The sell-through rate is at 60.42%, so there's definitely room for improvement in getting more of her pieces sold. Most of her works are selling in the $10,000 - $50,000 range, which means there's steady interest but breaking into the high-end market could be tricky. For collectors, Khal’s paintings are a good bet with the rising prices and strong auction interest. Just keep in mind the market can be volatile, and right now, her pieces are mostly mid-tier in value.

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!

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🔗 Market Stories

How Jackson Pollock became a posthumous superstar (link)

Ransomware group claims responsibility for Christie’s hack. The hacking group is threatening to release “sensitive personal information” about the auction house’s clients (link)

Does Damien Hirst dream of expensive sheep? Hirst’s first ever retrospective in Mexico feels like a blockbuster from another time (link)

Who were the winners and losers of the $1.4 Billion New York Auction Week? At least one consigner ended up being both (link)

Is this the start of a new NFT boom? Those three letters may be a 'dirty word right now,' but cryptocurrency is up and digital artworks are gaining fresh attention (link)

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