A report on the first quarter of 2025 showed a slowdown in million-dollar sales in the art market, but it also highlighted surprising trends and increasing accessibility for collectors.
In this article, drawing on a report just published by Artprice, we will examine the key data, the protagonists of the auctions, and the dynamics that are shaping the current artistic landscape.
Million-dollar sales decreasing in 2025, but increase in total transactions
In the first quarter of 2025, the art market recorded a decrease in sales of works above one million dollars, with only 1,131 results exceeding this threshold, compared to 1,548 in the same period of 2023.
However, the total number of lots sold reached a historic record of 804,350, marking an increase of 5% compared to the 762,450 of 2023.
The average price of a work of art has dropped to 12,310 dollars, compared to 19,530 in 2023, indicating greater accessibility for collectors. Additionally, 80% of the works were sold at auction at a price lower than 3,370 dollars, compared to 4,130 in 2023.
Magritte dominates the art auctions with “L’Ami intime”
René Magritte surprised the market with the sale of his work “L’Ami intime” for 43 million dollars, surpassing artists like Claude Monet and Pablo Picasso this quarter. The March auctions saw the dispersion of four paintings and eight drawings by Magritte, all successfully sold.
The Magritte market has experienced significant growth over the last two decades, with an increase in the value of its works by over 600% according to a report by Artprice.
Performance delle case d’asta: Christie’s in testa
Christie’s has confirmed itself as the leading auction house worldwide, generating 2.9 billion dollars in art sales, compared to 3.5 billion in 2023.
Sotheby’s followed with 524 million dollars in contemporary art sales, representing 28% of the total revenue in this segment.
Contemporary art: growth and protagonists
The contemporary art market represented 16% of the global art market in 2024, compared to 17% in 2023 and only 3% in 2000.
Among the main contemporary artists by auction revenue in the period July 2023 – June 2024 are:
- Jean-Michel Basquiat (USA): 240 million dollars
- Yoshitomo Nara (Japan): 70 million dollars
- George Condo (USA): 47 million dollars
- Keith Haring (USA): 36 million dollars
- Julie Mehretu (Ethiopia): 35 million dollars
Basquiat set the record for a contemporary work sold in the last year, with a price of 46.5 million dollars.
Art in the United States; France on the rise
The United States has maintained the leadership in the art market, with a turnover of 5.2 billion dollars in 2023, representing 35% of the global total.
France has recorded significant growth, ranking second in terms of volume of works sold.
Art report: a market in evolution
The first quarter of 2025 highlighted a transforming art market, with a decrease in million-dollar sales but an increase in total transactions and greater accessibility for collectors.
The interest in artists like René Magritte shows that the market is still capable of surprises and that the demand for quality works remains strong.
In a context of economic and technological changes, the art market continues to evolve, offering new opportunities for collectors and investors. It will be interesting to observe how these trends will develop in the coming months and which new protagonists will emerge in the global artistic landscape.
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.
