Contrary to the dominant narrative and major headlines surrounding the art market, Artprice’s 30th Annual Report, The 2024 Global Art Market Report, released last week, offers fresh insights into the state of the market. While the market is undergoing a necessary correction—evidenced by a 33.5% decline in global art auction sales in 2024 compared to 2023—Artprice reports that the middle segment of the market remains strong.
According to the report, more people are buying art, particularly affordable pieces, while expensive artworks are struggling to sell. Sales of high-end works priced over $50,000 dropped by 21% in 2024 compared to 2023, indicating that collectors are becoming more cautious with their spending. However, the number of transactions in the $10,000-and-under range has increased, and the $10,000–$50,000 bracket has emerged as the market’s sweet spot.
This is good news for collectors and aspiring collectors, many of whom feel priced out of the art market—and understandably so. Most headlines focus on the high end, such as the staggering $6.2 million sale of Comedian (2019), Maurizio Cattelan’s infamous banana duct-taped to the wall, at Sotheby’s last fall.
Key Takeaways from Artprice’s Report:
✅ It is a buyer’s market, and the $10,000–$50,000 price range offers collectors significant opportunities to acquire great art.
✅ The contemporary art sector continues to perform well, benefiting from steady demand.
✅ Seeking professional advice is more important than ever, given market fluctuations and its scope.
✅ Don’t buy art solely for its investment potential—you may be disappointed. The auction market can be unpredictable, as demonstrated by the declining market performance of past art-world darlings Sarah Hughes and Daniel Arsham.
✅ New York galleries remain central in shaping and promoting new talent.
✅ India is a market to watch, with sales increasing by 122% in 2024 compared to 2023.
In 2024, Partner in Art seized on these opportunities, placing just under 50 works in private collections. We acquired works for our clients by emerging and mid-career artists, overlooked artists, Indigenous artists, and artists from diverse diasporas. Building and growing an art collection takes time, research, and dedication, but few things are more rewarding than discovering and supporting new talent while living with art. As we navigate this evolving market, now is an exciting moment for collectors to make thoughtful acquisitions and invest in art
