Celebrity Collection Auctions: A Growing Phenomenon

Antiques, Versace tableware, the iconic white and gold stage costume with satin sleeves embroidered with multicolored Elton signatures, and a grand piano. A Damien Hirst piece paying homage to "Your Song," silver-heeled boots, a portrait by Julian Schnabel, thirteen Cartier watches, and dozens of signature jewelry pieces. And an exceptional collection of photographs that the singer began collecting in the 1990s, covering his walls with works by pioneering artists such as Andy Warhol, Helmut Newton, Robert Mapplethorpe, Peter Beard, Herb Ritts, Richard Avedon, and many more. From February 9th to 21st, Christie's exhibited in New York the entire contents of Elton John's Atlanta home, from which he has just parted ways. What to do with memories and art when his English property is already well-stocked? The musician has decided to sell everything. A series of eight thematic auctions began on February 21st, live and online, featuring the highlights of the collection for the opening night and the photographs the following day, followed by six online sales, including one dedicated to jewelry, another to stage costumes, and one entirely to Versace pieces. According to Christie's low estimate, the event is expected to fetch $10 million.

Much more, if the results of the January 31st auction by the same auction house of the spectacular guitar collection of Mark Knopfler, lead singer and frontman of Dire Straits, are anything to go by. 120 unique instruments sold for $11 million. A very successful operation for the leading house in private collection sales, particularly those of celebrities. However, its competitors are not far behind: Sotheby's, which recently achieved exceptional results with the sale of Freddie Mercury's collection; Bonham's, which outbid Christie's for journalist Barbara Walters' collection; Philips, or the small Stair Galleries, which made a name for itself at the end of 2022 with the auctions of the idolized Joan Didion's belongings. While the uncertainty surrounding global events has slowed down sales of very high-value artworks for the ultra-rich since the beginning of 2022, the fever now comes from these private collection auctions where prices range from thousands to millions of dollars, attracting more bidders. And when these collections belong to celebrities, the frenzy intensifies.