Artprice by Artmarket has released its 2024 Contemporary Art Market Report, highlighting significant trends and data in a rapidly evolving art market. With the opening of Frieze London today and Art Basel Paris on October 18, the report provides insights into the dynamic landscape of Contemporary and Ultra-Contemporary art.
Key Findings from the 2024 Report
- Record Sales Volume: Over the past year, more than 132,000 Contemporary artworks were sold at auction, marking a 4% increase. This surge has been propelled by globalization and the growth of online sales.
- Affordable Art Segment: The segment of artworks sold for under $5,000 accounted for 82% of total Contemporary art sales, totaling approximately 108,000 transactions. This affordability has attracted both first-time buyers and seasoned collectors.
- Financial Overview:
- Total auction turnover for Contemporary art reached $1.89 billion for the period from July 1, 2023, to June 30, 2024.
- This figure represents 17% of the total global auction turnover from Fine Art and NFTs, which totaled $11.3 billion.
- Artist Highlights:
- Jean-Michel Basquiat dominated sales with $240 million, with a record auction price of $46.5 million for a single work.
- A total of 33,072 artists had at least one auction sale, showcasing a broadening market.
- Geographical Expansion: The number of active art auction markets has increased from 39 countries in 2000 to 61 today, emphasizing the global nature of the Contemporary art market.
Ultra-Contemporary Art Insights
The report also examines the Ultra-Contemporary Art segment (artists under 40), which generated $148 million in sales. This market accounted for 8% of the total Contemporary art market turnover. Notably, the top-selling Ultra-Contemporary artist was Jadé Fadojutimi, with auction proceeds totaling $14 million.
Conclusion
According to Thierry Ehrmann, Founder of Artprice and President of Artmarket.com, “The Contemporary Art Market has undergone profound structural changes over the past two decades, with a turnover growth of +1800% since 2000.” This transformation reflects a robust and diverse market that continues to thrive, with significant opportunities for both emerging and established artists.
The full 2024 Contemporary Art Market Report is available for free in both French and English at the following links: