#Paris #France #Artprice #Artmarket #Women Artists

Overview of the 30th Annual Art Market Report

Artmarket.com has unveiled its 30th Annual Artprice Report titled "The Art Market in 2024," shedding light on an unprecedented surge in global fine art sales over the past year. This comprehensive analysis encapsulates sales from various artistic categories, including paintings, sculptures, photography, and even NFTs, while excluding antiques and cultural artifacts. The report highlights a groundbreaking record in art transactions, revealing essential trends and insights into the flourishing world market.

Key Highlights

In the year 2024, the global art market witnessed an impressive growth, culminating in over 1.2 million artworks auctioned, with around 804,350 transactions recorded—a 5% increase from 2023. However, the overall revenue stood at $9.9 billion, representing a significant decline of -33.5%, largely attributed to a drop in high-value Million-Dollar auction commissions. Despite this revenue drop, the liquidity within the art market continues to flourish, which has been a consistent trend since 2000.

According to Thierry Ehrmann, President of Artmarket.com and Founder of Artprice, the growth in liquidity can be ascribed to the phenomenal rise of online auction houses, with a staggering increase of 720% in online auction listings and a subsequent 210% growth in live sales post-COVID-19 pandemic. Such growth trends were not anticipated until at least 2027-2029.

Global Market Insights

The report categorically highlighted the leadership of the United States, which continues to dominate the global art market, holding a remarkable 39% share. Following closely, the European Union (excluding the UK) ranks first in transaction counts, with approximately 18.5% of market revenue, solidifying its position as the third-largest economic power globally. China stands almost neck and neck with the EU, holding an 18.4% market stake. Thus, these three entities establish the art market as a genuine soft power arena.

The UK retains its third-place position with 15% of the global market while France ranks fourth, holding 7% of the total revenue. Notably, France achieved three impressive records this year, being the second-highest globally in transactions, second only to the USA, and the fourth-largest art market hub worldwide, surpassing both Beijing and Shanghai.

Cultural Contributions

The launch of this report was attended by the French Minister of Culture, Rachida Dati, who expressed enthusiasm over France’s burgeoning position in the European art market. She emphasized the significance of international fairs, galleries, auction houses, and artists in enhancing France's global art appeal.

For 16 consecutive years, Artprice, the world leader in art market information, continues to collaborate with the Chinese state partner, Artron. This partnership enriches the coverage of art auctions globally, providing extensive insights into market trends and structural evolutions.

Women Artists on the Rise

A pivotal section of the report focuses on the prominent rise of female artists, who have seen remarkable growth in their auction results. The inclusion of various ranking segments, such as the Top 500 Artists and the Top 100 Artworks sold in 2024, showcases this emerging trend.

The Future of the Art Market

As the art market evolves, the complete digitization of the sector on the Internet is dominating all five continents, with traditional auction houses becoming relics of the past century. Artprice is proud to release this detailed report for free, offering vital insights into future trends that will shape the global art auction landscape.

Conclusion

The 30th Annual Art Market Report not only highlights the remarkable statistics surrounding the sales but also aims to shed light on the underlying cultural dynamics that are resulting in a redefined global art scene. The online realm continues to welcome a new generation of art enthusiasts, paving the way for future growth and diversification, as the industry further embraces digital and innovative approaches. Readers can download the complete report online, available in three languages, and stay tuned to the continuous transformations of an ever-evolving market.