The Art Market in 2024: summary of the report by Art Price on the art market of 2024

Art Price has published a detailed report titled “The Art Market in 2024” on the art market over the past year. The year 2024 was a complex year for the art market, marked by a significant structural change.

The market has experienced a contraction in the high-end segment, while the segment of more accessible works has seen remarkable growth.

More lots sold but at a lower price in auction

The global value of art auctions fell by 33.5%, reaching 9.9 billion dollars, due to the lack of prestigious works and the caution of high-end collectors. However, the number of transactions hit a new record with 804,000 lots sold, indicating strong dynamism in the more affordable segments.

The year has been characterized by a combination of geopolitical and economic factors, including the ongoing uncertainty in global financial markets, rising inflation, and instability in some key regions.

The crisis in Ukraine and the Middle East, the slowdown of the Chinese economy, and the pre-election tensions in the United States have significantly influenced the confidence of investors and art collectors. As a consequence, there has been a decrease in the presence of masterpieces on the market, with sellers preferring to wait for more favorable moments.

Structure of the Art Auction Market

Painting

Painting remains the most influential segment of the market, representing 63% of the total auction value with a turnover of 6.2 billion dollars. However, the market is divided between two opposing dynamics: on one hand, the decline in high-end sales, on the other, an unprecedented growth of works sold under 1,000 dollars. Accessible paintings have tripled their sales volume in the last ten years, thanks to the expansion of online auctions and the interest of new collectors.

In 2024, the number of works sold above 100,000 dollars decreased by 17%, while those above 500,000 dollars fell by 24%, demonstrating reduced activity in the bull top-end bear of the market.

The main auction records in the pictorial segment have concerned works by:

• René Magritte: The Empire of Lights (1954) sold for 121.2 million dollars
• Ed Ruscha: Standard Station (1964) sold for 68.2 million dollars, doubling the artist’s previous record.
• Claude Monet: Nymphéas (1914-1917) sold for 65.5 million dollars confirming the strength of the bull impressionist market.

The art market in 2024: the Prints

The print market has continued to expand, with a growth of 79% since 2020. Prints under 1,000 dollars have reached an unprecedented transaction volume, with over 128,900 sales in 2024. Artists like Salvador Dalí, Victor Vasarely, Pablo Picasso, and Takashi Murakami have been among the most sought after. Despite some downturns in the premium segments, the print market has been supported by digital sales and e-commerce platforms.

Best-selling artists in the prints sector:

• Pablo Picasso: over 10,000 prints sold, with prices between 600 and 2,000 dollars.
• Salvador Dalí: strong demand for limited editions, with a 25% increase in sales compared to 2023.
• Andy Warhol: the market for his screen prints has remained stable, with sales between 10,000 and 150,000 dollars.

Sculpture

The sculpture market has remained stable around 1 billion dollars. Big names like François-Xavier Lalanne, Alberto Giacometti, and Yayoi Kusama have dominated sales, while the segment of accessible sculptures has continued to grow. Lalanne, in particular, recorded an impressive result with the sale of Herd of Elephants in the Trees (2001) for 11.6 million dollars, surpassing the previous sale of 6.6 million in 2021.

Top selling works:

• François-Xavier Lalanne: Herd of Elephants in the Trees (2001) sold for 11.6 million dollars, surpassing the 6.6 million from the previous sale in 2021.
• Alberto Giacometti: a bronze sculpture reached 9.8 million dollars.
• Yayoi Kusama: her polka dot sculptures have recorded a 30% increase in transaction volume.

Design: the art market in 2024

The drawing market has experienced a significant decline, with a decrease of 1.1 billion dollars compared to the previous year. The contraction was mainly attributed to the reduction in the supply of Chinese masterpieces, which traditionally dominate this segment. However, there have been some notable results, including:

• Jean-Michel Basquiat: Untitled (1982) sold for 22.9 million dollars.
• René Magritte: L’Empire des Lumières (1956) sold for 18.8 million dollars.
• Zhao Mengfu: a calligraphic work was sold for 12.7 million dollars

Old Masters

The Old Masters segment recorded one of the worst performances of the last 15 years, with a decline of 32% and a total revenue of 876 million dollars. However, some significant works have maintained record values:

• Jean-Baptiste Chardin: Melon entamé sold for 28.9 million dollars, setting a new record for the painter.
• Tiziano: a work from the Habsburg imperial collection was sold for 20.1 million dollars.

Geography of the Art Market in 2024

United States, United Kingdom, and France

New York, London, and Paris continue to be the main hubs for art sales, but they have recorded a 20% drop in high-end sales.

Hong Kong and China

The Chinese market has seen a reduction of 38% in high-end sales, with a general decline in interest for historically popular artists. However, contemporary artists like Zhang Enli and Qiu Xiaofei have achieved excellent results, with works sold for nearly 3 million dollars each.

Middle East and Saudi Arabia

Interest in art is growing in Saudi Arabia and the United Arab Emirates. Christie’s and Sotheby’s are expanding their presence in Riyadh, targeting a new audience of collectors and investors.

Switzerland and Austria

Resilient markets, with good results in the mid-range segment. Switzerland recorded an increase in transactions, proving to be a stable market for collecting.

Highlights of the “Art Market in 2024”

• Boom of surrealism and women artists: great growth in the valuations of Leonora Carrington, Jane Graverol, and Marie Toyen.
• Value fluctuations: while artists like Picasso have seen an appreciation, some big names like Mark Rothko and Genieve Figgis have experienced significant declines in resales.
• Emerging artists: drastic reduction in prices of young artists like Loie Hollowell, Avery Singer, and Shara Hughes, who had seen speculative growth between 2020 and 2022.
• Expansion of Cuban, Indian, and Vietnamese art: artists like Francis Newton Souza, Le Pho, and Félix Gonzalez-Torres have achieved record results, with the Cuban market recording an 83% growth.

The year 2024 represented a year of transition for the art market. The contraction of the high-end segment was offset by the growth of more accessible ranges. The influence of new technologies, such as artificial intelligence and digital sales, is transforming the sector, creating new opportunities for collectors and investors.

The 2025 could mark a recovery, with a greater focus on emerging markets and a renewed interest in the high-end segment.

Amelia Tomasicchio

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.