Reflections on 2024

By now, I imagine you have read many, many reports on the state of the art market. We’re undergoing a correction…Stiff upper lip…Collectors are buying more cautiously…We’re fine…It’s fine. These are a thousand different ways of saying 2021 was bonkers, the ride on the Covid wave is over, we will not hit those levels again any time soon, and we are getting back to business as usual. But here at CMAA, we are singing a different song.

Business is GREAT! CMAA had its best year yet by multiple metrics. Revenue was up year over year. I attended more art fairs, established more relationships, and connected more clients with art they love than ever before. Collectors in Cleveland are enthusiastically expanding their treasure troves. Novices are jumping in with both feet and scooping up fantastic pieces from artists across the country and around the world. When the art world says the market is soft, that is precisely the time to zig against the market’s zag. It was easier to acquire work by hot artists, galleries were more willing to concede to client’s budgets, and people were generally more open to conversations with newer collectors who don’t yet have a pedigree or catalogue to demonstrate their value to an artist’s career. In other words, buying was easy.

Was this the year to sell? No. I deaccessioned a collection of over 200 objects with respectable but not spectacular results. And I advised another client to hold if they could, so they did; and, I think they are pleased to have heeded my advice.

But from where I sit, the art market is doing just fine and I believe I know why. At CMAA we buy with our hearts first. While investment potential can certainly be part of the calculus when we make purchasing decisions, it is not the leading factor. So when economic uncertainty rears its ugly head, we may scale back or budget down a tier, but we don’t stop purchasing altogether. We evaluate quality, art historical relevance in both the near and long term, and fit in a specific collection, among other factors. In fact, investment potential sometimes never even enters the conversation because my clients know that I am only going to show them things that I anticipate will stand the test of time.

Do I promise double-digit returns on every purchase? Heck no. Will every artist turn out to be the next Picasso? No. Will every artist’s prices triple in ten years? Of course not. Will my client’s derive lasting value from living with art they love? You bet. Will their homes be more interesting, inviting, warm, and lively because they show off their personality, beliefs, ambitions, and values through their art collections? A resounding HELL YES!

So, at CMAA, we can say that 2024 was a great year. We delivered on our promise to find great art and provide top-notch service to our clients. Here are three favorites from the last 12 months:

I already have a glimpse into 2025 and it is looking bright! I wish you all the merriest of holiday seasons filled with peace, joy warmth, and love. See you in the new year!