The year 2024 ended with significant changes in the global art market, marking new records, unexpected declines, and emerging trends that promise to influence 2025.
Magritte surpasses Picasso: a new king at the auction
René Magritte is officially the new sovereign of the auction market. With a total of $312.3 million in sales in 2024, the Belgian surrealist has surpassed Pablo Picasso, the historical leader of the ranking. The figure is driven in particular by the sale of Empire of Light (1954) for $121 million by Christie’s, the single most expensive artwork of the year.
Magritte, a prominent figure of Surrealism, has gained increasing relevance in recent years. Born in Belgium in 1898, his distinctive style combines dreamlike elements with a detailed representation of reality, which continues to captivate collectors and critics.
The recent rise of his works in the market reflects a renewed attention for Surrealism, thanks also to international exhibitions and retrospectives that have highlighted its influence.
The collapse of Picasso: what is happening?
If Magritte has grown, Picasso has seen a significant contraction. His auction sales have fallen by 63% compared to 2023, reaching only $221.6 million, the lowest figure since 2009.
According to David Nahmad, one of the major collectors of Picasso, the problem does not lie in the value of the works, but in the scarcity of high-quality pieces on the market.
“Prices depend on availability. There have not been major Picassos at auction this year,” stated Nahmad. In fact, the average price per lot has dropped from $218,215 to $85,833.
The most expensive work by Picasso in 2024 was La Statuaire (1925), sold for $24.8 million, far from the $139.4 million reached by Femme à la Montre in 2023.
This decline could reflect a change in preferences among collectors, who now seem to be leaning towards less prolific artists and works of rarer availability.
Monet and Carrington: other protagonists of the auctions
Claude Monet has earned the second position in the ranking of the best-selling artists in 2024, with a total of $293.4 million, up from $197.2 million in 2023. His impressionist works, a symbol of an artistic revolution of the late nineteenth century, remain among the most loved and sought after, especially in the Asian and United States markets.
Another success was recorded by Leonora Carrington, who saw a significant jump: from $3 million in 2023 to $53.6 million in 2024, thanks to record sales like Les Distractions de Dagobert (1945), sold for $28.5 million.
Carrington, a key figure of Surrealism, is finally receiving the recognition she deserves, also thanks to the interest in women artists and themes related to imagination and spirituality.
Chinese art: market crisis in 2024
Chinese artists suffered a hard blow in 2024. Zhang Daqian, second in the 2023 ranking, dropped eleven positions, recording only $75.9 million in sales compared to $285.9 million the previous year.
Even contemporary artists like Liu Ye have seen their revenues plummet: his sales have dropped from $43.5 million to $8.7 million.
This decline reflects a broader contraction in demand for Chinese art, perhaps linked to economic uncertainties and a reduced presence of significant works in international auctions. However, experts emphasize that contemporary Chinese art could recover in the medium term thanks to a growing interest in Asian art in global markets.
The future challenges of the art market vs 2024
The art market is facing numerous challenges, including global economic uncertainty, increasing competition for the most prestigious works, and a landscape increasingly oriented towards private sales. The rise of digital platforms and younger collectors is changing the way art is bought and sold, favoring online markets and direct transactions.
Furthermore, sustainability and accessibility will be central themes in 2025, with a greater focus on emerging artists and works that reflect the social and environmental challenges of our time.
Private sales: the Basquiat case in 2024
Private sales are taking on an increasingly central role in the art market. An emblematic example is the alleged sale of Baptisimal (1982) by Jean-Michel Basquiat, privately purchased for $130 million.
The work belonged to the famous designer Valentino Garavani and may have been handled by Christie’s, which in 2024 recorded $1.5 billion in private sales, with an increase of 41% compared to 2023.
At the auction, Basquiat reached fourth place in the overall ranking with $184.7 million, a decrease of 23% compared to the previous year. His most expensive work was sold for $46.5 million.
Social media manager at The Cryptonomist
