Dior : Art and Auctions

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The art world is back in full swing, as international fairs such as Frieze and Art Basel make their return, alongside the recent Venice Biennale.

 

Auction houses are also experiencing a sparkling season. According to this year’s UBS and Art Basel report, worldwide art and antique sales increased by 29% in 2021, surpassing pre-pandemic levels. At Christie’s in New York, a painting by artist Andy Warhol was recently sold for £160m ($195m, €186m), the highest price ever paid for a 20th-century artwork (source: Artforum).

Yet one question remains unanswered: will the market withstand the downturn in other investment sectors? According to Loïc Gouzer, the auctioneer behind the art industry’s most expensive sale, artworks might be ‘one of the few assets that seem to have a good immunological protection against recession’ (source: The New York Times). The high quality of this year’s shows and events – as shared below – gives us reason to be hopeful.

Lavinia Fasano

Foresight analyst, The Future Laboratory

17 June 2022

Author: The Future Laboratory

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Art events: rising representation

Diversity and representation are growing in the art world. For Dior’s clients, we’ve compiled notes on this year’s artists to watch, offering the Client Team insights on the latest exhibition trends and talking points to engage their customers.

Frieze New York, 18–22 May 2022

American artist Carol Bove stole the spotlight at Frieze New York this year. Represented by David Zwirner gallery, the artist is known for her bold sculptural work, which is often made of stainless steel. Ranging in price from £164,000 ($200,000, €191,000) to £492,000 ($600,000, €574,000) Bove’s entire collection of works sold out in three hours (source: Artnet).

Venice Biennale, 23 April – 27 November 2022

After being postponed in 2021, the Venice Biennale returned this year with a strong focus on feminism and marginalised artists – 90% of artworks in the main exhibition were by women artists. Sonia Boyce from the UK and Simone Leigh of the US were awarded Golden Lions – the event’s top prize – and are the first Black women artists to represent their countries at the Biennale.

Art Basel Switzerland, 16–19 June 2022

In addition to well-known galleries, this year’s edition of Art Basel Switzerland will welcome artists from further afield. The Jahmek Contemporary Art gallery from Angola and OH Gallery from Senegal will present works at the fair for the first time. Marc Spiegler, global director of Art Basel, says: ‘We have more galleries applying from places like the Middle East and Africa than ever before’ (source: The Art Newspaper).

Continue the conversation: Dior has collaborated with major artists such as Peter Doig and Judy Chicago. Ask your clients, what would be their dream artistic collaboration?

Image: The US Pavilion at the Venice Biennale by Simone Leigh, 2022
Image: Pencil Bracelet by Noma Copley, 1999. Gold, coral, wood and steel

Jewellery auctions shine on

Recent auctions reveal the continued resilience of fine jewellery as an investment, as well as new trends emerging in the market.

At a recent auction at Christie’s, Surrealist jewellery took centre stage, with artist-designed pieces by Man Ray, Max Earnst, Noma Copley and Claude Lalanne doubling and tripling their estimates. According to specialist Allegra Bettini, artist-designed jewellery has surged in demand because its artistic value adds a layer that goes beyond simple ‘weight of gold’ valuations.

The rising resurgence of Surrealism could also explain the sudden explosive growth of the Cartier Crash Watch. A 1967 edition of the celebrity favourite watch recently sold for £1.2m ($1.5m, €1.4m) at auction, nearly doubling its previous auction sale price (source: Robb Report). Seen on everyone from musician Kanye West and rapper Tyler the Creator, the watch has intergenerational appeal.

Continue the conversation: Luxury houses are recognising that signed jewellery is more valuable than anonymous collections. Consider how Victoire de Castellane’s signature, for example, makes Dior jewellery more precious.

Image: La Galerie Dior, Paris

The art of retail

For years, valuable artworks have been finding a home in luxury stores. Now, boutiques are becoming art destinations. Nowhere is this more evident than at La Galerie Dior, where the house’s archives have been opened to the public. With Monsieur Christian Dior starting his career as a gallerist, this opening is a notable tribute.

Taking a different approach, Spanish brand Loewe’s recently refurbished store in Barcelona is a platform for craft and refined materials. The boutique features a bespoke installation by Japanese artist Tanabe Chikuunsai IV, who has wrapped the interior of the space in 6,000 pieces of tiger bamboo that grows only on the Japanese island of Shikoku.

Looking ahead, we can expect to see digital and non-fungible token (NFT) artworks entering the luxury retail landscape. In January, department store group Selfridges partnered with fashion brand Paco Rabanne and artist estate Fondation Vasarely to sell a series of Paco Rabanne NFTs inspired by the French-Hungarian artist Victor Vasarely’s work.

Continue the conversation: What other cultural events or performances – such as cinema, theatre or ballet – could Dior boutiques host?

Rising Scene: Seoul, South Korea

With several new museums, galleries and experimental venues, the South Korean city of Seoul is swiftly becoming a new cultural capital – and companies are taking note.

In September, the city will host its first Frieze Art Fair, while global galleries such as König and Thaddaeus Ropac have opened spaces in Seoul in the past year.

Non-commercial spaces are also thriving, with younger, more alternative venues such as Museumhead ensuring that this burgeoning art scene has something for everyone. Elsewhere, experimental arts spaces like Out Sight are provoking conversation. The gallery recently exhibited a show by Korean artist Dew Kim exploring themes of sexuality, gender and BDSM.

Continue the conversation: Ask your clients whether experimental art spaces like Museumhead would be a good location for a runway show.

Image: Museumhead, Seoul
Image: Pumpkin by Yayoi Kusama, 1993. Purchased by Masterworks in 2007

The Future Laboratory 101: Fractional Ownership

A new breed of art start-up is on the rise, helping to democratise access to art ownership by allowing the average person to purchase a Picasso – albeit a fraction of a painting.

Companies such as Masterworks, Particle and Mintus purchase artworks by world-renowned artists such as Andy Warhol, Gerhard Richter and Picasso with the intention of fractionalising these works and selling them as smaller shares to investors.

The model is proving to be a success. In 2021, Masterworks spent £328m ($400m, €382m) on artworks, becoming the biggest art spender in the world.

Continue the conversation: Ask yourself, do you think fashion assets such as high-end handbags and jewellery will ever be fractionalised?



Thank you for reading.
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