Biennale di Venezia 2024 drives market shifts toward Global South artists

The 60th Venice Biennale, 'Stranieri Ovunque – Foreigners Everywhere,' curated by Adriano Pedrosa and running from April 20 to November 24, 2024, is influencing the art market. The 2022 edition spotlighted surrealist women artists, leading to market surges: Leonora Carrington's 'Les Distractions de Dagobert' sold for $28.5 million at Sotheby's New York on May 15, 2024. For the 2024 edition, artists from the Global South are gaining traction. Olga de Amaral's 'Pueblo X' fetched nearly $700,000 at Sotheby's (estimate $250-350,000) on May 14, and another work sold for $139,700 at Phillips. Anna Maria Maiolino, Golden Lion winner, saw her diptych sell for $76,000 at Sotheby's. Jeffrey Gibson, representing the US Pavilion, had 'MAKE ME FEEL IT' sell for $101,600 at Phillips (estimate $40,000). Artists like Marina Perez Simão, Chico da Silva, Abraham Palatnik, and Jesús Rafael Soto are appearing in auctions, with Soto's three works at Sotheby's selling between $150,000 and $380,000. The market is showing early signs of a trend linked to the Biennale, but its sustainability remains to be seen.