Artprice Report Reveals 2024 Art Market Contraction at Top, Growth at Low End

Artprice has released its 30th Annual Report on the art market in 2024, analyzing over 800,000 auction results. The report shows a 33.5% decline in global auction turnover to $9.9 billion, the lowest since 2009, driven by a shortage of trophy lots over $1 million. However, the number of transactions increased by 4% year-on-year, with a record number of sales under $5,000, particularly in prints and multiples under $600. The unsold rate dropped from 38% to 33%. Painting remained dominant with $6.2 billion (63% share), but only 757 paintings sold for over $1 million. The Old Masters segment fell 32% to $876 million. Among contemporary artists, George Condo, Jeff Koons, Richard Prince, and Keith Haring (up 22%) performed well. Top auction turnover went to René Magritte ($312.3 million from 175 lots), surpassing Claude Monet and Pablo Picasso. Geographically, the US and New York led, followed by China and the UK. Paris held 15% of global sales. Switzerland emerged as a surprise, with $221.6 million in turnover (+80%), ranking sixth globally, ahead of Italy at $184 million. Thierry Ehrmann, President and founder of Artprice, commented: 'Despite the contraction at the top, the art market is proving to be more dynamic and diversified than ever.'