“Priceless things matter not for their value, but because they offer us an enduring reminder of stability and permanence,” by Barbara Taylor Bradford
Modern and Contemporary collectables of the present, and future. Photography: Imad Clicks
Emily Allen: Columnist
In years gone by, the idea of a “rare piece” of furniture, silverware, or delicate china would conjure up images of Wedgwood porcelain, opulent Louis XIV furniture and polished mahogany furniture – in essence, a slow, aristocratic accumulation of history.
Today, however, the definition has changed dramatically. In the salerooms of Sotheby’s and Christie’s an, the spotlight has shifted from centuries-old antiques to 20th- and 21st-century icons, such as Hermès Birkin bags, Versace clothing, vibrant Murakami sculptures and even Lalique glass that once seemed too modern to be collectible.
The consumer market’s taste has evolved alongside culture itself. At Sotheby’s in New York this year, a rediscovered early painting by Jean-Michel Basquiat from his pivotal 1981 period sold for $16.4 million against estimates of between $10 million and $15 million. The auction house described the work as “a time capsule of the artist’s emergence,” signalling a pattern that has become increasingly clear: objects that mark a cultural turning point, not simply those that are rare by age or material, are driving the contemporary market.
Another Basquiat from that same year, according to The Art Newspaper, could achieve as much as $40 million. These headline lots do more than set price records; they reveal how value is now intertwined with story and context, rather than simply age and provenance.
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People take part in auction Lots. Photography: Luis Quintero.
In its year-end observations on the 2024 market, Artsy observed that “demand for quality, fresh-to-the-market artworks that are well-priced” defined auction performance. Beneath the soaring totals and publicity-friendly sales, there is another truth emerging: the highest price is awarded to freshness and relevance. Provenance still matters, but so does the ability of a work to feel of its moment, in a way that traditional antiques do not.
This shift has elevated cultural statement art almost to the same level of appreciation as antiques themselves. Banksy is the most famous example of an artist who merges the two concepts. As The Guardian has written on him, he “can reduce complex subjects and debate into a simple, legible message… He is also unique and has global appeal – not true of all street artists.”
That clarity, and the global language it creates, transforms each of Banksy’s works into both a collectible and a social commentary. When Girl with Balloon famously shredded itself seconds after selling at Sotheby’s several years ago, the stunt was as much performance as protest – yet in a paradox, the destruction only enhanced the piece’s value.
As The Guardian has written on him, he “can reduce complex subjects and debate into a simple, legible message… He is also unique and has global appeal – not true of all street artists.” That clarity, and the global language it creates, transforms each of Banksy’s works into both a collectible and a social commentary. When Girl with Balloon famously shredded itself seconds after selling at Sotheby’s several years ago, the stunt was as much performance as protest – yet in a paradox, the destruction only enhanced the piece’s value.
In a similar vein, a 1990s Versace gown has become as potent a collectible as a 19th-century portrait, because it encapsulates an era – the height of supermodel glamour and carefree optimism. A Murakami sculpture, bright and cartoonish, marries high art and commercial design, and its appeal rests as much on what it says about cultural globalization as on its craftsmanship. Even rare handbags or first-edition trainers now attract serious collectors. As Le Monde observed earlier this year, auction houses are thriving on “exceptional pieces … often objects that are no longer produced or edited,” demonstrating how scarcity can arise from discontinuation as much as from age. (Incidentally, after reading this, see other Houghton & Mackay articles on Collectables).
What rises to the top of the auction circle today often sits between categories. The so-called “hybrid artifact” is increasingly the star lot of auctions, as it is an item that embodies more than one identity. It is not difficult to imagine that, in the near future, early digital art may join this list. When Christie’s sold Beeple’s Everydays: The First 5000 Days for $69 million in 2021, it proved that collectors will assign extraordinary value to ideas as much as to physical presence.
It seems that the next generation of collectors – millennials and Gen Z – are guided by identity and sustainability rather than simply by lineage. As Investec noted in a report on art as investment, “a key part of the return is that part that cannot be measured – the enjoyment one gets from collecting and owning art.”
Ultimately, the relationship between rarity and cultural statement is a mutually beneficial one. A work that is merely rare may languish without a story or cultural context to animate it; one that is culturally electric but widely available may never be seen as valuable. The pieces that now command attention – and will likely do so for decades to come – are those that balance both. They are as much emotional artefacts as financial assets, reflecting the zeitgeist of the time period in which they were made.
Unlike generations past, the modern collector is not simply buying history. They are buying participation in a cultural conversation, the relevance of which extends far beyond the auction room. Whether that takes the form of a Basquiat, a Birkin or a digital artwork yet to be created, the record of rarity and value has been rewritten. The objects that define this era of collecting will be those that make us remember the culture that shaped them, not simply relics of a time in the past.
Luxury Fashion Items such as this achieve high value in certain circles, sometime reaching Millions of dollars for singular items.
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