#USA #Paris #Artprice #female artists #Art Market

Overview of Artprice's 30th Global Art Market Report for 2024

Artmarket.com has released its 30th annual report titled "The 2024 Global Art Market Report," analyzing auction sales across various art forms throughout 2024. This extensive report provides critical insights into the state of the art market, highlighting trends, sales volume, and the notable rise of women artists in the industry.

Record-Breaking Sales and Trends

The 2024 report illustrates that the global art auction market witnessed a total turnover of $9.9 billion, a significant decline of 33.5% from 2023. Despite this drop, the number of artworks sold reached a historic peak of 804,350 lots, marking a 5% increase from previous years. This juxtaposition showcases a shifting market landscape, where the sheer volume of transactions contrasts with the overall financial decline of high-value sales.

The report's author, Thierry Ehrmann, founder and CEO of Artmarket.com, noted that the increase in online auction participation, rising by 720%, and a 210% boost in live sales post-COVID, have contributed to maintaining market activity. It appears that the industry is entering a new era of digital engagement, ultimately attracting a broader demographic.

Geographic Market Dominance

In the global art market hierarchy, the United States retained its leading position, accounting for 39% of the total market value. The European Union (excluding the UK), closely followed with 18.5%, reflecting its stronghold in the number of transactions. China stood at 18.4%, indicating stiff competition among the top three regions, potentially shifting as market dynamics continue to evolve.

France, holding the fourth spot, triumphed as the second-largest market for transactions globally and first in Europe. Paris surpassed cities like Beijing and Shanghai in sales volume, solidifying its role as a cultural hub in the art world.

Celebrating Female Artists

One of the report's remarkable insights is the ongoing ascent of female artists in the auction landscape. The analysis highlights that for the first time, women's artworks substantially shaped the market's financial framework. The emergence of influential female artists reflects a significant cultural shift, and their growing prominence can be attributed to changing buyer preferences and the demand for diverse narratives in contemporary art.

Key Auction Houses and Artists

In 2024, Christie's continued to lead the pack as the world's top auction house, generating $2.9 billion in total sales, while Sotheby's followed with $2.3 billion. These giants' combined market share surpasses 50%, emphasizing their crucial roles in shaping the art market.

Artists such as René Magritte and Yayoi Kusama produced phenomenal results, with Magritte's piece selling for an astounding $121.2 million, the highest of the year. Kusama, celebrated for her unique style, emerged as the highest-grossing female artist, showcasing the increasing viability and recognition of female talent in the industry.

Future of the Art Market

Looking ahead, the report emphasizes that the shift toward online auctions is not just a passing trend; it's a fundamental change that is reshaping how art is bought and sold globally. The growing engagement of younger generations, particularly those aged 30 to 45, signifies a brighter and more inclusive future for the art market.

Conclusively, Artprice's 2024 Global Art Market Report not only provides a detailed snapshot of the current state of the art market but also establishes paths for future growth and development in a rapidly changing landscape. With its comprehensive analysis, the report continues to be an invaluable resource for anyone interested in understanding the dynamics of the art world today.

For access to the full report, visit Artprice.