In a disrupted context – with high-end demand failing but low-end demand rocketing – this 30th Artprice Annual Report analyzes the dynamics of the global art market in 2024 and sheds light on its future prospects.
At the beginning of 2025, we leave behind us a year marked by turbulence and uncertainty. In 2024 the art market continued its contraction against a backdrop of global geopolitical and economic tension. This 30th Artprice Annual Report analyzes the significant developments in the art auction market during 2024 and highlights the new dynamics at play.
In what appears to be an unofficially coordinated response to global instability of various kinds, the art market’s wealthiest buyers curtailed their investments while sellers preferred to procrastinate consignments, substantially reducing the supply of exceptional works on auction podiums. As a result, the ultra-premium segment, the traditional driver of the art auction market, marked a clear slowdown, accentuating the contraction in global auction turnover that began in 2023.
Nevertheless, a certain level of dynamism was maintained by a few major sales, notably in New York, where a Magritte painting fetched $121 million and an Ed Ruscha work sold for $68.3 million. But New York – accounting for a third of global Fine Art auction turnover – is only one of 700 cities participating in today’s global art market. Our Report looks at what is going on elsewhere in places like Paris, Bern, Tokyo, Seoul, and discusses Riyadh’s entry onto the global market.
While the art market’s top-end appeared to stall in 2024, it saw yet another sharp increase in sales of cheaper works. Results under $20,000, and especially those under $5,000, have reached record levels, contributing to yet another historic record in art auction transactions.
Moreover, a number of positive new trends have emerged including the tremendous reception of Surrealist works as part of the movement’s centenary anniversary, a strong affirmation of the Latin American and Indian art scenes, the spectacular success of French artist François-Xavier Lalanne, and the ongoing market revaluation of women artists and their gradual emergence into the upper echelons of the art market.
By analysing more than 804,500 art auction results in 2024, this 30th Annual Report looks at the trends shaping global art auctions and gives you the keys to understanding the structure of the art market, its changes and its future via concrete examples and essential rankings. These rankings include our Top 500 global artists and our Top 100 most notable results of the year.
The Report includes key information regarding the Chinese art market compiled by Artron, our loyal Chinese State partner chaired by Wan Jie, and its ARAA (Artron Research Academy of Arts) department. This information ensures the same level of insight into the Beijing, Shanghai and Hong Kong markets as that we offer regarding New York, London and Paris.