The art market in Italy went through a phase of downsizing and readjustment in 2024, highlighting signs of stability despite the contraction compared to the post-pandemic peaks.
According to the data reported by Collezione da Tiffany, the revenue of the main Italian auction houses in the second half of 2024 was 64,016,083 euros, slightly up compared to the 61,278,206 euros of the same period of the previous year.
In 2023 the art market in Italy had recorded a total value of over 1.3 billion euros, with a constant growth in the export of works of art, design, and furniture to strategic foreign markets such as the United Kingdom, France, and the United States.
International Scenario in Decline
At a global level, 2024 recorded a reduction in business volume of about 28% compared to 2023, with a significant contraction in the high-end market segment.
Geopolitical uncertainty has negatively impacted the sector, although the stabilization of inflation and interest rates has favored a partial recovery in the autumn period, with greater participation in the New York auctions and at Art Basel Miami.
Performance of the Main Markets
- United States: They confirm their leadership in the sector, however recording a decline of 10% and a turnover of 27.2 billion dollars.
- China: Rises to second place with a growth of 9%.
- United Kingdom: Falls to third position with a decrease of 8%, influenced by the contraction of the high-end segment and the effects of Brexit.
- Francia: While remaining the main European hub, it records a loss of 4.6 billion, staying just above pre-pandemic levels.
The Role of Millennials and Generation Z
A significant trend is represented by the increase of buyers under 40, who show a growing interest in ultra-contemporary millennial artists and luxury goods such as design, bags, and jewelry.
Christie’s has recorded a 35% increase in new clients, with over a third belonging to the millennial generation.
The Art Market in Italy: Marginal but Stable
In this context, Italy maintains a marginal but stable position, representing 1% of contemporary art sales globally and ranking seventh with a turnover of 23,240,370 dollars.
In the ultra-contemporary art segment, the country occupies the sixth position with a turnover of 610,210 dollars, equal to 0.4% of the market.
Trends of 2024: Contraction in the High Range
The year 2024 highlighted a contraction in the high-end market and an increase in transactions in the mid-low range.
Collectors are favoring works with a better quality-price ratio, a phenomenon also linked to the generational shift that, in the next twenty years, will reshape the market with more limited budgets and more selective investments.
What Italians buy
Artists like Fontana, Burri, Boetti, and Manzoni remain fixed points for those seeking a secure investment, but the supply is beginning to dwindle.
Other highly rated artists include Morandi, Chagall, Boetti, Kandinskij, Seligmann, Schifano, and Ligabue.
Another element to consider is the emergence of new collectors from Eastern Europe, India, and the Far East.
Future Prospects for the art market in Italy
Despite the challenges, the art market in Italy has demonstrated resilience, maintaining a stable position in the international landscape. The trend towards mid-to-low range works and the focus on value for money indicate a market in evolution, influenced by generational changes and increasing selectivity by collectors.
One of the main issues of the Italian art market concerns the VAT rate applied to works of art. While countries like France have reduced VAT from 20% to 5.5% and Germany from 19% to 7%, Italy maintains a higher rate, creating a significant competitive imbalance.
Looking to the future, the trend of the market will depend on the global macroeconomic situation and the ability of the operators to adapt to the new preferences of the collectors, increasingly oriented towards rigorous selection criteria and a strategic management of the artistic heritage.
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.
