The opening of the last four months of the year brings with it significant information regarding the current state of the art market, making it essential to analyse this data according to a specific calendar. After the prestigious October fairs such as Frieze and Paris+ par Art Basel, important auctions organised by the major auction houses followed, thus creating a meeting of the primary and secondary markets in two of the most important art capitals.
After having closely examined the situation in London in our previous article (available at this link: https://www.studioidentitart.com/en/?p=147/&preview=true&_thumbnail_id=148), the time has come to compare the market dynamics of the two cities.
It is clear that the attention of auction houses and collectors, including third-party guarantors, is progressively growing towards Paris, which has been gaining interest not only from Italian art (previously at home in London) but also from American collectors for years. Although it can be seen that the combined turnover of the two October series in London and Paris was £348m, a modest 3% year-on-year growth, it is important to note that contrasting trends emerged in each city.
In fact, London experienced a contraction of 18%, from £233m in October 2022 to £192m in 2023, while sales in Paris increased significantly by 46%, from £106m in October 2022 to £166m in 2023. These figures clearly show divergent dynamics between the two capital cities, outlining a scenario in which the Parisian art market is experiencing a significant growth phase, in contrast to the London market which is experiencing a downturn.
Analysing therefore the data provided by Christie's and Sotheby's in the graph at the top of the page, it is clear that since 2017, i.e. in the aftermath of Brexit, the spotlight has been on the French auction house, which, however, had not yet managed to achieve the results of its British sister. Until today.
After averting a dangerous rise in VAT on the purchase and sale of artworks, France thus arrived at a total turnaround also favoured by the Paris+ fair, which completely replaced the FIAC. Although sales at the fair were slow and particularly valuable works remained unsold, the large turnout allowed significant interactions according to gallery owners, who are therefore promoting the event. The Paris fair thus confirms what we have already seen in London: a new approach to collecting walks among the fair stands. The collector shows himself to be more attentive, thoughtful and may need more time (and a different price...) to decide to make a purchase.
The same slow pace also characterised the evening auctions: despite a high percentage of sales compared to the works on offer, well over 80%, the lack of competition in the auction room prevented the maximum estimates proposed by the auctioneers from being exceeded.
Joan Miro's "Peinture (Femmes, lune, étoiles)" sold for $27.9m at Christie's, Magritte's "La valse hésitation" fetched $11.8m at Sotheby's, and finally François-Xavier Lalanne's "Rhinocrétaire" sold for $19.4m also at Christie's, were the Top Lots in this Paris session. Also doing well was Tacredi who, on the night of Thinking Italian, fetched €730,000 with his "Homage to Debussy".
In terms of quality and submissions, therefore, it seems that the two fairs are increasingly tending to be equivalent. However, the challenge in the secondary market during auctions seems to be more open. Despite this complex situation, the question arises as to what role Basel, the historic home of Art Basel, will play in the near future.