The art market in 2024 experienced a significant downturn, with an overall 12% decline in sales to approximately $57.5bn, primarily driven by a slowdown in the ultra-premium segment. Notably, however, sales of artworks priced under $5,000 grew by 7%, and dealers with revenues below $250,000 saw a 17% increase. This suggests a rise in entry-level art purchases, possibly from new collectors or existing buyers choosing lower-priced works. Market experts indicate that we are witnessing a cyclical shift as the preference for more affordable art rises amid broader economic challenges.
"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."
"Results under $20,000, and especially those under $5,000, have reached record levels."
"The art market moves in cycles. In a down cycle, speculators drop out and people buy smaller value works. They're no longer prepared to take a punt."
"A shift in collector behavior towards more affordable art was noted, with recent contemporary pieces selling for under $50,000 at auction growing by 20%."
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