Artprice by Artmarket's 2024 Contemporary Art Market Report, coinciding with Frieze London and Art Basel Paris, thoroughly explores a market that has grown 1,800% since 2000, confirming that art is a safe haven in times of major crises
PARIS,
Autumn is a busy period for the Contemporary
Artprice's Report on the Contemporary
- https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2024
- https://fr.artprice.com/artprice-reports/le-marche-de-lart-contemporain-2024
According to thierry Ehrmann, Founder of Artprice and President of
A infinite field of possibilities for under $5,000
This past year set a new record for the volume of auction transactions involving Contemporary art works: more than 132,000 artworks changed hands. This growth has been driven by several factors including the globalization of demand and the digital online sales. At the heart of this dynamic is the segment of 'affordable' works, whose value remained under $5,000. It is here that supply and transactions have grown the fastest, posting a 6% growth in just one year.
In concrete terms, this price bracket accounted for 108,000 transactions (each acquired for under $5,000) representing 82% of the total number Contemporary art sales during the year. This affordable segment, often appealing to first-time buyers and discerning collectors alike, has experienced a remarkable and triply significant acceleration over the last decade.
The success of this market segment has been largely supported by emblematic figures of Contemporary art like Takashi Murakami,
I. CONTEMPORARY ART (artists born after 1945): Key figures 2023/24
-
- Contemporary art represented 17% of the total global auction turnover from Fine Art and NFTs (
- The 8th best performance in the history of the Contemporary art market
- Down 18% compared with the previous year (
- Turnover has multiplied by 18 since 2000/01 (
Evolution of the number of Contemporary artworks sold at auction by price range https://imgpublic.artprice.com/img/wp/sites/11/2024/10/image2-artprice-contemporary-works-sold-at-auction-by-price-range.png
Denser transactions
- New record of 132,380 lots sold over 12 months (+4%)
- The number of transactions has multiplied by 10.5 since 2000/01 (12,500 lots sold)
- Transactions above the million-dollar threshold dropped 23%
- The unsold rate rose to 35.6%
- The record price for a Contemporary work this past year was $46.5 million (Basquiat)
- The average price of the lots sold was
Structure of the Contemporary Art market
14 Contemporary artworks fetched over
224 fetched over
57% (75,395 lots) of Contemporary artworks sold for under
Paintings accounted for 73% of global Contemporary art auction turnover with sculptures accounting for 10% and drawings for 9%.
Auction turnover from prints (4%) was higher than from photography (3%).
Contemporary artists
33,072 Contemporary artists had at least one auction sale in 2023/24
10 artists accounted for 29% of Contemporary art sales turnover
1st – the
2nd – China with $511 million.
3rd – the
4th – France with
5th – Germany with
Sotheby's was the leading global vendor of Contemporary art generating
Top 10
Contemporary artists by auction turnover
(1is
|
Artist |
Nationality |
Sales proceeds |
Lots sold |
Best result |
1 |
Jean-Michel BASQUIAT (1960-1988) |
|
|
112 |
|
2 |
Yoshitomo NARA (b. 1959) |
|
|
402 |
|
3 |
George CONDO (b. 1957) |
|
|
127 |
|
4 |
Keith HARING (1958-1990) |
|
|
731 |
|
5 |
Julie MEHRETU (b. 1970) |
|
|
26 |
|
6 |
LIU Ye (b. 1964) |
China |
|
21 |
|
7 |
Damien HIRST (b. 1965) |
|
|
857 |
|
8 |
Richard |
|
|
124 |
|
9 |
SALVO (1947-2015) |
|
|
248 |
|
10 |
BANKSY (b. 1974) |
|
|
711 |
|
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II. ULTRA-CONTEMPORARY ART (artists under 40):
7th best year in the history of the Ultra-Contemporary art market.
In 24 years, sales revenue has multiplied 6.8 times (from
Ultra-Contemporary art represented 8% of the Contemporary art market (
Ultra-Contemporary Art represented 1.3% of the total Fine Art and NFT market (
8,830 Ultra-Contemporary works sold in 2023/24.
The unsold rate was 36%, the same as for Contemporary art.
Structure of the Ultra- Contemporary art market
The average price of an Ultra-Contemporary work was
Painting represented 85% of the turnover from Ultra-Contemporary art.
Drawing was the 2nd largest medium in this segment:
NFTs accounted for (4%) and sculpture generated (3%).
The
Diversity of the Ultra- Contemporary art market
3,122 artists under 40 had at least one auction in 2023/24.
7 women appeared in the Top 10 Ultra-Contemporary artists by auction turnover.
Jadé Fadojutimi (1993) dominated her generation with 22 lots fetching
NFTs by Ultra-Contemporary artists
Ultra-Contemporary NFTs generated
NFTs represented 4% of the Ultra-Contemporary art market
The top-selling NFT in 2023/24 was
Top 10 artists under 40 by auction
turnover
(
|
Artist |
Sales proceeds |
Lots sold |
Unsold |
Best result |
1 |
Jadé FADOJUTIMI (b. 1993) |
|
22 |
7 |
|
2 |
Lucy BULL (b. 1990) |
|
14 |
5 |
|
3 |
Matthew WONG (1984-2019) |
|
10 |
1 |
|
4 |
Avery SINGER (b. 1987) |
|
7 |
1 |
|
5 |
Loie HOLLOWELL (b. 1983) |
|
17 |
13 |
|
6 |
CHEN Fei (b. 1983) |
|
14 |
0 |
|
7 |
Issy WOOD (b. 1993) |
|
16 |
3 |
|
8 |
Christina QUARLES (b. 1985) |
|
11 |
2 |
|
9 |
Ewa JUSZKIEWICZ (b. 1984) |
|
24 |
5 |
|
10 |
Mohammed SAMI (b. 1984) |
|
10 |
0 |
|
©Artprice.com |
Return to pre-
Covid levels, under the
With a total of
In twenty years, the economic value of Contemporary Art has exploded, going from 169 million to
This remarkable growth has not been limited to the soaring prices of emblematic artists like
Record volume of transactions
The number of Contemporary works sold at auction has more than doubled in ten years, thanks largely to the massive digitalization of art sales since the Covid crisis. This transformation has significantly expanded the market, with a spectacular +72% increase in transactions compared to the pre-Covid period. This growth has taken the total to a new record of over 132,000 transactions in twelve months. Generations X (44-59 year olds) and Y(24-43 year olds), who are increasingly bidding online via their smartphones, are key drivers of this dynamic.
Art, a safe haven in major crises
In conclusion, unlike the current economy, which has been impacted by the geopolitical and financial context, the art market is displaying relatively robust health, with records being hammered regularly in different countries and for works from all the artistic periods during recent sales sessions. There have been no cancellations of classic and/or prestige cataloged sales for 2024 and 2025, which are the main indicators of the art market's health.
The major auction houses and investors know very well that the art market is a safe haven. Uncertainty on the stock markets brings new funds and investments into the art market.
Artprice, for 25 years, has methodically analyzed the main crises of the 21st century facing the Art Market – the Nasdaq crash of 2000, the 9/11 attacks in 2001, the Afghan war in 2001, the
The current period of major geopolitical unrest and the fear of a global economic crisis has clearly not got the better of the art market.
Methodology
This Report analyzes all public auctions of Fine Art (i.e. painting, drawing, sculpture, photography, print, video, installation, tapestry and NFTs, but excluding antiques, anonymous cultural goods and furniture). It covers the global auction results recorded by Artprice by
All prices indicated in this Report refer to public auction results including buyers' fees. All "$" symbols refer to the US dollar.
Copyright 1987-2024 thierry Ehrmann www.artprice.com - www.artmarket.com
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