Deloitte Report: Global Art Auction Sales Down 26.2% in 2024

The global art market continued its downturn in 2024, with auction sales falling 26.2% year-on-year, according to Deloitte's annual report 'Il mercato dell’arte e dei beni da collezione 2025', presented in Milan on March 31, 2025. The number of lots sold above $2 million dropped 29%, and only one work exceeded $100 million: René Magritte's 'L'empire des lumières' (1954), sold at Christie's for $121.1 million. In contrast, the broader passion asset category grew 20%, driven by design, sports memorabilia, and ancient collectibles. The design segment saw a 20.5% revenue increase to $226.1 million, with the Arredi&Design Index rebounding 103.1% after a 41.8% loss in 2023. Painting still dominates 70% of the market but revenues fell 25.6% to $5.2 billion. New collectors from Gen Z and Millennials now represent over 30% of buyers at major auction houses, favoring contemporary art and luxury goods, while Baby Boomers remain key for blue-chip works. Geographically, New York and London remain top hubs, with Asia adding South Korea, Taiwan, and Japan as emerging centers, and the Middle East growing in influence. Paris consolidates its European dominance thanks to favorable tax policies. Ernesto Lanzillo, Partner and Leader of Deloitte Private, noted that while performance slowed for a second consecutive year, the market is undergoing a deep transformation driven by younger collectors with evolving tastes.