15th Mar - Art News in 5 Minutes

Your trusted Friday collection of the latest news in the ever-evolving art world. Each week, the Maddox Research Team curates a snapshot of art trends, events and insights that you need to know about from the past week.

1) Damien Hirst's 'The Light That Shines

Damien Hirst has just released “The Light That Shines”, an application-based drop featuring original pieces from his latest series: "The Empress Paintings," "Cosmos Paintings," and "Satellites" sculptures.

2) KAWS' Charitable Gesture to Moderna Museet

KAWS generously contributed an original paper artwork to a charity auction in support of The Moderna Museet.

3) Flight of Creativity: Takashi Murakami at Gstaad Airport

Gstaad Airport is currently showcasing a pop-up exhibition featuring the renowned Japanese artist Takashi Murakami .

4) Keith Haring Foundation x The Luna Luna Park

The Luna Luna Park organisers are teaming up with the Keith Haring Foundation to publish a new book titled "Radiant: The Life and Line of Keith Haring", authored by Brad Gooch, a celebrated Keith Haring biographer.

5) Tracing Creativity: David Hockney's Paper Trails in Shanghai

In May 2024, The Modern Art Museum (MAM) Shanghai will unveil "David Hockney : Paper Trails", the most extensive showcase of prints and works on paper by the celebrated British artist.

• ￡371.6M Turnover: The total sales this year dropped by 12% compared to last year's ￡432 million. The top ten items made up 36% of the total sales. (Source: Artelligence)
• 84% Sell-Through Rate: The quantity of lots sold decreased by 9%, and the sell-through rate softened to 84% from last year's unexpected 89%. However, the breakdown of sales remained largely consistent: 36% of lots sold above the estimated range, 41% within the range, and 23% were sold at compromise prices.
• 169 Volume: Whilst sale totals at Sotheby’s and P hillips saw a year-on-year decline , Christie’s two evening sales came in higher than March 2023. In total 169 lots sold among the three main auction houses at the evening sales.

London Spring Auction Turnover at Christie's, Sotheby's and Phillips

Both Day and Evening Marquee sales declined by -8% and -22% respectively. (Source: Pi-Ex)

These works at the bottom of the estimate pile are clearly the focus of the market right now. When we combine that with the data from the top lots by hammer ratio, we see some inkling that the market is looking back toward history for opportunities. (Source: Artelligence)

Whether you want to start your art journey, or you're a seasoned collector, the Maddox Team are on hand to help you with whatever your art needs are. Please explore our New Arrivals here or explore our Current Exhibitions page here.

Created by the Maddox Research Team on the 15th March 2024.