September 2024 Art Market Report

Samuel Cise • 10 February 2025

September Art Report: A Month of High-Stakes Heists, Auction Shifts, and Avant-Garde Exhibitions

September has been a whirlwind in the art world, with dramatic thefts, groundbreaking exhibitions, and significant shifts in the global auction market. Here’s a breakdown of this month’s biggest stories, from the streets of London to the galleries of Berlin.


Upcoming markets 

Cultural appreciation: There has been a growing appreciation from diverse cultures and histories, leading collectors to seek out art that reflects unique narratives. Indian and Southeast Asian art, with its rich traditions and contemporary interpretations, has garnered significant interest.

The sale of F.N. Souza’s The Lovers for $5 million at Christie’s New York, far exceeding its estimate of $700,000 - $1 million, is a prime example of this trend. Such high-profile sales highlight the increasing value and desirability of artworks from these regions, attracting more collectors and investors. 

A new generation of contemporary artists from India and Southeast Asia is gaining recognition, blending traditional techniques with modern themes. This fusion creates fresh and engaging works that resonate with both local and global audiences.


Banksy Heist Shocks London

In one of the boldest art crimes in recent memory, Banksy’s Girl with a Balloon was stolen from the Grove Gallery on New Cavendish Street late on Sunday, September 8th. The artwork, part of Banksy’s famous series, was swiped by two men who have since been charged. The theft of this iconic stencil, revered by many for its striking simplicity and poignant message, comes just weeks after Banksy unveiled a new collection of animal-themed works scattered around London, including a highly talked-about piece at London Zoo. As always, Banksy’s creations seem to stir the public conversation, even in their absence.


Berlin Art Week: Must-See Exhibitions

Berlin’s vibrant art scene took center stage this month with Berlin Art Week, offering a range of thought-provoking installations and retrospectives. Among the standouts:

Harty Nuriev’s "The Foam Room" at Dittrich & Schlechtriem: A sensory overload of design and concept, Nuriev’s immersive room filled with foam invites visitors into a space unlike any other. Known for collaborations with fashion and design icons like Balenciaga and Nike, Nuriev continues to push the boundaries of interactive art.


"20 Years" at Wentrup: Celebrating its 20th anniversary, the Wentrup Gallery showcased a special retrospective of contemporary works, reflecting its role as a leading force in Berlin’s art community.


Iñaki Bonillas’ "Horizons of the Possible" at Galerie Nordenhake: Blurring the lines between photography and cinema, Bonillas uses archival materials to explore the intersection of history and conceptual art. His work redefines the way we engage with the visual legacy of these mediums.

Berlin Art Week offered a rich tapestry of innovation, proving that the city remains a global hub for contemporary art.


Auction Market Faces Decline


While gallery exhibitions are thriving, the auction market is facing significant challenges. According to Artnet’s Mid-Year Review, fine-art auction sales from January to June 2024 totalled just over $5 billion, marking a sharp 29.5% decline compared to the first half of 2023. This drop is attributed primarily to a lack of high-value masterpieces, with no single piece selling for over $50 million so far this year—an unusual occurrence in recent years.



Despite the market downturn, Christie’s still managed to lead the auction pack, bringing in $1.6 billion, beating Sotheby’s by $116 million. Sotheby’s, however, saw a larger year-on-year decline, with sales down 31.2% compared to 2023. Phillips weathered the storm better, with just a 12.7% dip, reflecting its focus on more affordable contemporary art that has proved resilient in the current economic climate.


Frieze Week Preview: Jeff Koons' Balloon Monkey (Blue)

Amid the market shifts, there is still excitement brewing in London ahead of Frieze Week. All eyes are on Christie’s as they prepare to auction Jeff Koons' Balloon Monkey (Blue)—one of the most celebrated sculptures from the artist’s renowned "Balloon" series. Valued between £6.5 million and £10 million, the sculpture will be on public display in St James’s Square from September 30 to October 9. This eye-catching work will undoubtedly draw significant attention from both art lovers and collectors, with many wondering if Koons’ work could revive some momentum in the slowing auction market.








 
A Dynamic Month in Art


September has been a month of highs and lows in the art world. From the shocking theft of Banksy’s work to the impressive Berlin Art Week, and the downturn in auction sales, the art landscape continues to be shaped by unpredictability and intrigue. Yet, with iconic works like Jeff Koons’ Balloon Monkey (Blue) on the horizon, the industry remains as captivating as ever. Stay tuned for October. 






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Why You Need Insure Your Valentine’s Gifts: Protect your Jewellery, Watches & Luxury Items

by Samuel Cise • 10 February 2025
Valentine's Day celebrates love, commitment, and special moments. To the lovers of life-especially those who adore the finer things in life-words of love are spoken with pieces of fine jewelry, watches, designer bags, or other valuable works of art. It is not mere tokens of affection but heirloom pieces that pass down through generations. But great value comes with great responsibility. Just like purchasing them, it is equally important that these valued possessions are protected with tailored, specialized insurance. Why should you insure your Valentine's Day gifts? The sentimental and financial value of luxury collectibles: To high-net individuals, their collections are more often than not much more than mere things: investments, status symbols, legacies. A great vintage Rolex or Hermès Birkin included original pieces of fine art can appreciate significantly over time, making them as much a financial asset as an emotional one. These, however, can be prone to such factors as theft, loss, damage by accident, and even natural hazards. One unfortunate occurrence, minus having the right type of customised insurance, would bring about an irreplaceable financial and emotional loss. Therefore, bespoke watch insurance, jewellery insurance, handbag insurance, and art insurance is not something to be taken for granted by serious collectors and enthusiasts. Why your collection deserves much more than just standard insurance: Unfortunately, many valuable collectors mistakenly think their high-value valuables are suitably insured under their household insurance policy. But all too often, cover under a standard home insurance policy has its limitations in valuing the worth of a treasured object and simply does not account for full market values or agreed value insurance. They do not cover for particular perils like mysterious disappearances, accidental damage, and/or global travel loss. These, however, can be prone to such factors as theft, loss, damage by accident, and even natural hazards. One unfortunate occurrence, minus having the right type of customised insurance, would bring about an irreplaceable financial and emotional loss. Therefore, bespoke watch insurance, jewellery insurance, handbag insurance, and art insurance is not something to be taken for granted by serious collectors and enthusiasts. Why your collection deserves much more than just standard insurance: Unfortunately, many valuable collectors mistakenly think their high-value valuables are suitably insured under their household insurance policy. But all too often, cover under a standard home insurance policy has its limitations in valuing the worth of a treasured object and simply does not account for full market values or agreed value insurance. They do not cover for particular perils like mysterious disappearances, accidental damage, and/or global travel loss. Specialist insurance policies designed for luxury collections can offer comprehensive protection. This class of tailored policy generally covers: Worldwide Coverage: Essential for collectors who frequently travel with their valuables. Agreed Value Policies: Ensuring no depreciation in payouts in case of a claim. This guarantees the cost of an item with no market influences. Accidental Damage Protection: Covering unexpected events such as a dropped diamond ring or a scratched painting. Restoration and Repair Coverage: For items that can be restored, ensuring they retain their original value. Bespoke jewellery insurance: A symbol of protection From diamond engagement rings to statement necklaces, fine jewellery holds immense sentimental and monetary value. Whether it is a Cartier bracelet , Tiffany and Co ring , or a Boodles necklace , bespoke jewellery insurance safeguards your growing collection. Whether inherited or newly gifted, protecting these pieces with specialised jewellery insurance is crucial. Bespoke jewellery insurance policies are designed to cover: Theft, loss, and mysterious disappearance Damage from daily wear or accidents Global travel protection Immediate coverage for new purchases Specialised watch insurance: Preserving timeless elegance Luxury watches are more than just timepieces; they are status symbols and investments. Brands like Patek Philippe , Audemars Piguet , and Rolex continue to appreciate in value, making specialised watch insurance coverage essential. Specialised watch insurance ensures: Coverage for theft, accidental damage, and loss Protection for limited-edition and vintage watches Worldwide coverage, ideal for frequent travellers Agreed value policies, securing full replacement costs Tailored Handbag insurance: Securing designer pieces A luxury handbag is often one of the most prized possessions in a collection. Brands such as Hermès , Chanel , Louis Vuitton , and Dior are highly valuable and susceptible to thievery, so bespoke handbag insurance is essential to safeguarding these valuable. Tailored handbag insurance offers: Full-value replacement for theft, damage, or loss Protection against accidental stains, scratches, or hardware damage Coverage for rare and limited-edition designs Global coverage for frequent travellers Expert Art Insurance: Protecting masterpieces for generations Whether it’s an Old Master painting or a contemporary sculpture, fine art is both a cultural treasure and a financial investment. Whether you have a Banksy , or art from emerging artists like Duncan McCormick , expert art insurance offers you a peace of mind, for a better tomorrow. Specialised art insurance ensures that collectors can protect their passion and legacy from unforeseen risks. Customised art insurance policies typically include: Coverage against theft, fire, and accidental damage Protection for artworks in transit or on loan to galleries Conservation and restoration coverage Agreed value policies, ensuring accurate compensation This is where Collection Cover comes in. Collection Cover is the UK's first high value collections digital insurance policy, built for your ease. It is 100% online with 24/7 self-service access where you can manage your policy anytime with our fully digital platform. And here are some Collection Cover benefits:  Instant High-Value Coverage: Insure collectibles up to £1,000,000 online instantly. Personalised Premium Savings: Choose Your In-Safe and Out of Safe Amounts: Adjust in-safe and out-of-safe insured amounts for tailored premiums. Customise Your Policy Excess: Opt for an excess between £0 and £5,000. Cash Payout for Claims: Flexible claim payout options.Agreed Value Coverage: Specify upfront values for guaranteed payouts in case of loss. Accidental Damage Protection: Coverage for unexpected damage. Multi-Location Flexibility: Cover multiple locations under one policy. Pairs and Sets Protection: Comprehensive coverage for paired or set items. Joint Policyholder Option: Add a partner or spouse to the policy. Smart Security Integration: Policies accepting advanced security systems for better premiums. Competitive Rates for Low-Risk Areas: Reduced premiums for low-risk area residents. Secure your legacy for future generations Valentine's Day might be the time for that bit of luxury to be given to show love and devotion, but to protect it is an even better way of loving. Insuring your loved ones' high-value possessions is actually not about mitigating financial loss but preserving memories and keeping them for generations to come. The more significant the collection, the more critical it becomes that insurance cover be tailored. From a single high-value item to an entire collection, Collection Cover will make sure that everything is fully and appropriately covered to your specific needs. Love and protection go hand in hand. Valentine's Day draws near, and it is time to think not just of the luxury gift but also of the security of that gift for a long time to come. After all, true love protects, and that protection extends into the practical realms of asset security. Invest in bespoke jewellery insurance, specialist watch insurance, tailored handbag insurance, and customised art insurance as part of the sophisticated art of care and foresight.For the individual with a taste for the finer things in life, Collection Cover insures every treasured item under one all-encompassing plan. This Valentine's Day, make sure your love and your legacy-endures through the ages. There’s nothing quite like finding the perfect Valentine’s gift, only to realise the risk of it being stolen is much higher than you anticipated. Stay ahead of the curve, just like your refined taste, by insuring your new treasure with Collection Cover. Our seamless digital platform allows you to effortlessly manage your high-value collection and policy, giving you peace of mind anytime, anywhere.
Memorabilia and Art Insurance

September 2024 Jewellery Market Report

by Samuel Cise • 10 February 2025
As of September 2024, the global jewellery market is showing promising growth trends, with an overall expected compound annual growth rate (CAGR) of approximately 4.7% from 2024 to 2032​. The Asia Pacific region, particularly countries like India and China, continues to lead the market, accounting for nearly 60% of global jewellery revenue​. This is driven by cultural significance, rising disposable incomes, and increasing demand for luxury goods in these densely populated nations. Material Preferences: Gold remains the dominant material in jewellery, holding over 54% market share, followed by diamond and silver jewellery, which is projected to see significant growth. The demand for sustainable options, including lab-grown diamonds and recycled metals, is also on the rise, particularly in Western markets​ Market trends: There is a notable shift towards minimalist and personalised designs, with younger consumers favouring unique pieces that reflect individual style​. The trend of wearing stacked rings and layered necklaces is particularly popular, indicating a movement towards more versatile jewellery styles​. Tiffany & Co. US open sponsorship: Every September, the world’s top tennis players gather in New York for the US open, battling for supremacy on the court. But as the athletes hoist their championship trophies in victory, there’s a quiet force behind the scenes adding a touch of elegance to the celebration - Tiffany & Co. For over three decades, Tiffany & Co. has been crafting the iconic trophies awarded to the US Open champions. The storied jewellery house, renowned for its timeless craftsmanship and luxury, has been the official designer and producer of these prestigious trophies since 1987. A legacy of craftsmanship In a world where tennis means timeless artistry, the trophies stand as a testament to Tiffany’s dedication to excellence. Each gleaming piece of sterling silver is meticulously handcrafted by artisans at Tiffany’s workshop in Rhode island. Using age-old silversmithing techniques, the company infuses the same precision and passion into these trophies that they do into their finest jewellery. For the first time, the trophies were hand-engraved on site, with the names of the champions added to the trophies meme moments after their victories. This year’s US Open champions, Jannik Sinner and Aryna Sabalenka, had the privilege of watching their names etched history right before their eyes. Tiffany’s master engravers worked swiftly and precisely to personalise the sterling silver trophies, making the culmination of months of hard work and dedication a symbol of tennis excellence. The on-site engraving created a powerful moment, making the victory feel more intimate and personal. An immersive experience for Fans Tiffany & Co. unveiled an immersive pop-up that highlights its long standing tradition of creating some of the world’s most iconic sports trophies, alongside its unmatched craftsmanship. It features a truly extraordinary one of a kind Elsa Peretti Diamonds by the Yard tennis racket. It was brought to life through traditional Japanese Inden craft techniques. Additionally, the pop-ups' sense of luxury further heightened with displays of Tiffany Blue tennis balls, adding a signature touch to the sport scene. Tiffanys full suite of US Open Trophies on Display The full suite of US Open trophies were proudly displayed before the singles championship ceremonies this year, giving fans and attendees the chance to admire the complete collection of sterling silver awards that define the US open’s most triumphant moments. Questions How does Tiffany & Co. insure the high-value US Open trophies they create, considering their craftsmanship and significance? What types of insurance policy would cover the risk associated with the transportation and display of Tiffany & Co.’s trophies during the US open? Does Tiffany & Co. have specialised insurance coverage for the unique engraving work done on-site at the US Open? How does Tiffany & Co. insure the US open trophies when they are displayed in a public pop-up, given the increased risk of accidental damage or mishandling by visitors The insurance coverage might cease when the trophies are officially handed over and the ownership is transferred to the winners. This is usually a key point where the responsibility and insurance obligations shift. Is this then insured? Lab-Created Diamonds: Real Gems with a Modern Twist When it comes to diamonds, the age-old debate between natural and lab-created stones is more relevant than ever. Lab-created diamonds are shaking up the traditional jewellery market, captivating consumers with their genuine beauty and modern sensibilities. But what exactly are these gems, and why are they becoming increasingly popular? The Essence of Lab-Created Diamonds At first glance, lab-created diamonds might seem like an entirely new concept, but in reality, they are genuine diamonds, possessing the same physical and chemical properties as their natural counterparts. The key difference? Their origin. While natural diamonds take billions of years to form deep within the Earth’s crust, lab-created diamonds are produced in just a matter of weeks through innovative technology. This rapid production is made possible by two primary methods: Chemical Vapour Deposition (CVD) and High-Pressure High-Temperature (HPHT). Both methods yield diamonds that are virtually indistinguishable from natural stones—so much so that only specialised equipment can tell the difference. Interestingly, lab diamonds tend to lack the trace nitrogen that is often found in their natural counterparts, but this difference is largely unnoticed by the average consumer. The Price Tag: Affordability Meets Quality One of the most enticing aspects of lab-created diamonds is their price. On average, these modern gems can be found for 60% to 85% less than natural diamonds, making them an attractive option for those looking to get more bang for their buck. But the conversation around price also leads us to consider deeper questions regarding value and ethics. The Ethical Debate: Are Lab Diamonds Truly Sustainable? Often marketed as the ethical choice, lab-created diamonds raise important discussions about sustainability and labour practices. While they typically have a smaller environmental footprint than mined diamonds—requiring less land and avoiding disruptive excavation processes—concerns can still arise regarding the methods and conditions of production in certain labs. However, many companies are committed to transparency. Brands like Grown By Queensmith make it their mission to ensure that consumers can trace the origins of their diamonds, offering peace of mind alongside their sparkly offerings. This transparency helps buyers feel more confident about their purchases, knowing they are contributing to more responsible practices in the diamond industry. Certification: The Mark of Quality In the world of lab-grown diamonds, certification is essential. Reputable institutions like the Gemological Institute of America (GIA) and the International Gemological Institute (IGI) evaluate lab diamonds with the same rigour as natural ones, providing assurance of quality and value. Each certified diamond receives a unique identifier, allowing buyers to verify their stone's authenticity and grading with ease. Sustainability: A Greener Choice? From an environmental perspective, lab-created diamonds tend to come out ahead. The production of these diamonds generally consumes fewer resources and has a lower carbon footprint compared to traditional mining. Many producers are now prioritising renewable energy sources, aiming to reduce their environmental impact even further. This commitment to sustainability aligns well with the growing consumer desire for eco-friendly products. Personal Values: The Heart of the Decision Ultimately, the choice between lab-created and natural diamonds is deeply personal. For many, the allure of a natural diamond’s rarity and romantic history cannot be understated. However, others may prioritise the affordability and ethical implications of choosing a lab-grown gem. As the market continues to evolve, it will be interesting to see how perceptions shift and how these two categories of diamonds coexist in the jewellery landscape. The Future of Diamonds As lab-created diamonds gain traction and visibility in the marketplace, their future remains a topic of intrigue. While questions about their long-term value and status persist, one thing is clear: these modern gems are here to stay. With their compelling combination of beauty, ethical considerations, and affordability, lab-created diamonds are poised to play a vital role in the jewellery industry for years to come. Whether you’re drawn to the timeless allure of a natural diamond or the innovative spirit of a lab-created one, the world of diamonds is evolving, inviting everyone to explore what truly matters when it comes to these precious stones.
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