24.07.2024
In This Edition
🦕 ‘Apex’ Stegosaurus Shatters Records
⌚ Patek Philippe Auction Causes A Stir
📉 Christie’s Auction Sales Hit a Snag
👀 Graceland Gives Elvis Memorabilia the Side-Eye
🏀 NBA Sports Memorabilia Market Adjusts To New Trends
‘Apex’ Stegosaurus Roars Past Auction Records: The Stegosaurus fossil known as ‘Apex’ has just made history, selling for a staggering $44.6 million at Sotheby’s on July 10, 2024 to Ken Griffin, CEO of Hedge Fund Citadel. This jaw-dropping figure not only shattered the previous $31.8 million record set by Tyrannosaurus rex ‘Stan’, but also eclipsed initial estimates of $4 to $6 million. With its impressive 11-foot height and 27-foot length, Apex boasts a well-preserved, colourful array of features that have delighted palaeontology fans and bidders alike. Discovered in Dinosaur, Colorado, Apex now stands as the heavyweight champion of the fossil world.
‘Patek Philippe: Eternal Icons’ Auction Takes the Spotlight: FutureGrail has announced their latest thematic auction, ‘Patek Philippe: Eternal Icons.’ This event highlights a collection of vintage Patek Philippe watches known for their exceptional quality and rarity. The auction showcases pieces with historical significance, including rare double-signed models and those with Breguet numerals. The sale is notable for its meticulous curation by FutureGrail’s expert team, with detailed reports and studies by Arnaud Tellier and Eric Tortella. This auction will take place from 1st September to 14th September 2024 and marks a significant moment in the world of horology, bringing some of the most coveted Patek Philippe timepieces into the limelight.
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Graceland Questions Elvis Memorabilia Authenticity: Graceland is raising eyebrows over Elvis memorabilia sold by GWS Auctions, linked to Priscilla Presley. Joel Weinshanker, who manages Elvis’s extensive collection, spotted a red flag: an ‘authentic’ Elvis jacket that’s actually in Graceland’s archives. Weinshanker’s concerns extend beyond this jacket to other items auctioned by GWS, including a private jet and jewellery. With Priscilla Presley’s endorsement on some pieces, doubts are swirling about their legitimacy. Kruse, the auction house owner, defends her sales but has her own legal battles with Priscilla, adding more drama to the mix. In the murky world of celebrity memorabilia, it’s becoming clear—getting the real story is a bit of a wild ride.
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👍 Slam Dunk for Sports Collectibles: The NBA sports collectibles market is recalibrating for a more accurate reflection of demand. After early Sotheby’s NBA auctions saw many lots miss their estimates, recent events have shown improvement. The last auction of Q2 marked a notable shift, with 55% of lots selling within their estimates—up from just 23% in the first event of the quarter. This trend indicates a more precise alignment between expectations and market demand.
Here is the full report: Sports Collectibles Market 2Q 2024
The prolonged phase of high interest rates (which was necessary to combat inflation) has increasingly brought investors back to traditional asset classes (bonds and savings accounts, such as overnight and fixed-term deposits) in the last 1-2 years – the appetite to take a higher risk for higher returns, here using the example of sports memorabilia, has decreased. We expect a significant recovery in the market for alternative investments as a result of the interest rate changes that are likely to take place soon (as so often, the USA is leading the way here). We are therefore hoping for a reduction in interest rates and a further recovery of the market by September at the latest.
Nils Johannsen
Team Lead Asset Management at Timeless Investments
👎 Christie’s Auction Sales Take a Dip: Christie’s, the world’s largest auction house, reported a significant downturn in its auction sales for the first half of 2024, bringing in $2.1 billion—a 22% drop from the $2.7 billion recorded in the same period last year. This follows a 23% decline from $3.5 billion in 2022. The house didn’t release private sales figures this year, though past numbers show a steep drop from $850 million in 2021 to $484 million in 2023. The Americas accounted for 41% of buyers, Europe, the Middle East and Africa 38%, and Asia 21%, with Asian buyer percentages falling from 26% in 2022 to 21% this year. CEO Guillaume Cerutti called the market landscape ‘challenging’ again this year, but there’s a bright spot: 29% of their clients are millennials and Gen Z, matching last year’s figure.
Despite a challenging year for the art market, Christie’s, Sotheby’s and Phillips have demonstrated notable resilience and adaptability. Phillips experienced an 8.8% decline in sales but impressively saw 41% of its buyers being new to the auction house. Christie’s faced a 22% drop in revenue, yet it maintained a robust 87% sell-through rate, underscoring its stable performance amidst market turbulence.
Anna Oerter
These declines are not unprecedented, mirroring past dips in 2016 and 2019, from which the market successfully rebounded. Encouragingly, the influx of new buyers and the fact that 29% of Christie’s clients are millennials and Gen Z reflect a promising future for the art market, despite its current corrections.
Asset Strategy Manager at Timeless Investments
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