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2024 Global Art Market Report Overview

Artmarket.com has released its 30th Annual Art Market Report, detailing significant trends and shifts in the global fine art auction landscape. The report covers auction sales from January 1 to December 31, 2024, revealing that the US continues to lead the market with 39% of the global art auction turnover. The European Union, excluding the UK, has emerged as the top region in terms of the number of transactions: a noteworthy feat as it has captured 18.5% of the global turnover. Meanwhile, China maintains a close position with an 18.4% share, marking it as a formidable player in the art market.

In total, the report documents the auction of over 1.2 million artworks, with a remarkable 804,350 lots sold, marking a 5% increase from the previous year. Despite the substantial number of transactions, the overall global auction turnover saw a decline of 33.5%, dropping to $9.9 billion. Experts attribute this to a significant contraction in high-value sales amidst a wider market that is evolving with digital dynamics.

Artprice's CEO, Thierry Ehrmann, attributes the vibrant activity in the art marketplace to the increased online sales and live auctions post-COVID-19. Online sales have soared by an incredible 720%, while 'live' sales have experienced a 210% increase, indicative of a transformative shift towards digital engagement that was initially expected to take place later in the decade.

Top Auction Markets of 2024

The report further showcases how the UK ranks third globally with 15% of the auction turnover, while France, at fourth, has achieved impressive milestones, setting new records:

• - France ranked 2nd worldwide in number of transactions.
• - Paris became the 4th largest art marketplace globally, surpassing major markets like Beijing and Shanghai.
• - France emerged as the highest European market for auction turnover.

Culture Minister Rachida Dati expressed her delight at France's revitalization in the market, crediting international fairs, galleries, and auctions for the country’s resurgence.

Growth of Female Artists

A notable highlight in the report is the increasing prominence of women artists within the fine art market. The report reveals that female artists are garnering higher recognition and sales, reflecting a growing appreciation in the auction landscape. Furthermore, the report unveils fascinating rankings, including the top 500 artists based on auction turnover and the most significant auction results of the year, which emphasize this trend.

Shifts in the Auction Landscape

2024 also marked a decisive pivot towards online auctions dominating the auctioning process across all continents. As traditional auction rooms diminish in relevance, a younger audience is stepping into the space, with a significant increase in participation from individuals aged 30 to 45 years, a demographic that was markedly absent in previous decades.

Christie's and Sotheby's remain the powerhouses in the auction world, with turnovers of $2.9 billion and $2.3 billion respectively. Despite a drop from previous years, these figures highlight their dominance, accounting for significant shares of the global auction turnover.

Looking Ahead

The 2024 Global Art Market Report emphasizes the dynamism and resilience of the art market despite challenging economic conditions. As the market embraces new technologies and diversifies its offerings, stakeholders anticipate a transformative future that potentially favors online engagement while recognizing the importance of historical art practices.

The full report is available for free online, offering a comprehensive look at the structure and trajectories of the global art market, along with key insights for artists, collectors, and auction houses alike. This includes historical data, current trends, and predictions for the future landscape of art both in gallery systems and digital platforms.

For more insights, the report can be accessed in multiple languages via the links provided by Artprice.

Links:

• - English Version
• - French Version
• - Mandarin Version