The art market in 2024 has recorded a series of auction sales of artworks that have set new records, reflecting significant trends and consolidating the position of historical and contemporary artists.
The 10 most expensive works
Analyzing the ten most expensive artworks sold during the year, interesting dynamics emerge that, compared with previous years, offer an overview of the evolution of the global art market.
1. René Magritte, L’empire des lumières (1954) – 121.1 million dollars
The most expensive artwork of 2024 was L’empire des lumières by René Magritte, sold by Christie’s in New York for 121.1 million dollars, setting a new record for the surrealist artist.
This result highlights a growing interest in surrealism and in Magritte in particular, whose quotation has seen a significant increase compared to previous years.
2. Ed Ruscha, Standard Station (1966) – 68.2 million dollars
Still in New York, Christie’s sold Standard Station by Ed Ruscha for 68.2 million dollars, marking a record for the American artist.
This result highlights the growing appreciation for American pop and conceptual art, with Ruscha consolidating his position in the international market.
3. Claude Monet, Nymphéas (1916-1919) – 65.5 million dollars
Sotheby’s has auctioned Nymphéas by Claude Monet for 65.5 million dollars, confirming the constant interest in impressionism and in the works of the French master.
Despite the market fluctuations, Monet continues to represent a safe choice for collectors, maintaining high quotations in line with previous years.
4. Jean-Michel Basquiat, Untitled (1982) – 58.4 million dollars
An untitled painting by Jean-Michel Basquiat from 1982 was sold for 58.4 million dollars, highlighting the ongoing rise of the artist in the bull and bear market of contemporary art.
Basquiat has seen a steady growth in his quotations in recent years, with a significant peak in 2024.
5. Andy Warhol, Flowers (1964) – 35.4 million dollars
Christie’s sold Flowers by Andy Warhol for 35.4 million dollars, demonstrating the timeless appeal of the American pop artist.
The works of Warhol continue to be highly desired, maintaining stable values and sometimes increasing compared to previous years.
6. Vincent van Gogh, Coin de jardin avec papillons (1887) – 33.1 million dollars
A work by Vincent van Gogh, Coin de Jardin avec papillons, was sold for 33.1 million dollars, reflecting the persistent interest in the works of the Dutch master.
The works of Van Gogh continue to be among the most sought after, with quotations showing a bull trend compared to previous years.
7. Mark Rothko, Untitled (Yellow and Blue) (1954) – 32.5 million dollars
Sotheby’s Hong Kong sold Untitled (Yellow and Blue) by Mark Rothko for 32.5 million dollars.
It is interesting to note that this figure represents a 30% decrease compared to the price paid for the same work a decade ago, indicating a possible bear in the market for Rothko’s works.
8. René Magritte, L’ami intime (1966) – 42.1 million dollars
Christie’s in London sold L’ami intime by René Magritte for 42.1 million dollars, further consolidating the artist’s position in the art market. This result, along with the record sale of L’empire des lumières, highlights a renewed interest in surrealism in 2024.
9. Jean-Michel Basquiat, El Gran Espectaculo (The Nile) (1983) – 67 million dollars
Another work by Basquiat, El Gran Espectaculo (The Nile), was sold for 67 million dollars, coming from the collection of the designer Valentino Garavani. This result further strengthens Basquiat’s position as one of the most highly valued contemporary artists in the market.
10. Gustav Klimt, Dame mit Fächer (1918) – 108.4 million dollars
A delicate portrait by Gustav Klimt, Dame mit Fächer, was sold for 108.4 million dollars, highlighting the appreciation for European modern art.
The works of Klimt continue to be highly valued, with quotations in growth compared to previous years.
Comparative analysis of the art market of 2024 with previous years
2024 saw a consolidation of the art market, with a preference for established artists and museum-quality works. The presence of artists like Magritte, Monet, and Van Gogh in the top ten highlights a preference for modern and impressionist art.
Compared to 2023, there is a greater geographical diversification in sales, with places like Hong Kong emerging as significant centers for high-level auctions. Additionally, the inclusion of contemporary artists like Ed Ruscha and Jean-Michel Basquiat indicates a growing interest in 20th-century art.
Diversification and safe haven
It is interesting to observe that, despite global economic fluctuations, the art market has maintained relative stability, with works that continue to reach record figures.
This phenomenon can be attributed to the perception of art as a safe haven and to the growing demand from international collectors.
In conclusion, 2024 has confirmed the importance of auctions as a thermometer of the art market, highlighting trends and preferences of collectors on a global level.
The presence of works by historicized artists alongside those of contemporary artists suggests a continuous evolution of taste and an expansion of collecting horizons.
As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist and Econique.
She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.
