ArtPrice Report Take-Aways: The Art Market In 2024

Affordable works are reshaping the market, driving record transaction volumes and improving sell-through rates. While high-end sales declined, lower-priced segments ($5,000 or less) thrived, fuelling 804,000 sales in 2024 - supported by online accessibility and broader buyer engagement. This shift has stabilised the unsold rate at 33% and strengthened the balance between supply and demand through a diversified offering of works.

Print sales have more than doubled in a decade, reaching a transaction volume of 193,000 in 2024, with online expansion driving accessibility. While works under $1,000 dominate, the prestige and value of prints largely depend on investment, typically in blue chip artists. Seven-figure sales of prints by Munch, Rembrandt, Lichtenstein, and Warhol highlight their market strength. Despite some premium-segment adjustments, the market remains resilient, with global auction turnover hitting $473 million - up 57% from pre-COVID levels - sustained by the continued rise of online sales.

While leading Contemporary artists like Jean-Michel Basquiat, Cecily Brown, Damien Hirst, Christopher Wool, and Yoshitomo Nara saw declining annual sales - attributed by ArtPrice to a lack of flagship works and cautious bidding - Keith Haring was the exception. His annual turnover surged 22%, driven by two key factors: Sotheby’s November sale of 31 unpublished subway drawings, which collectively fetched over $9 million, and a stable market across price segments. Haring also set a record for lots sold, reaching 750 in 2024.

Fuelled by a 98% rise in lots offered over the past decade, auction turnover for female artists has grown steadily, surpassing $1 billion in 2018 and increasing 40% despite a broader 46% market decline since 2014. In 2024, sales of female artists fell 32%, slightly outperforming the global market’s 33.5% drop, reinforcing their stronger market resilience in comparison to male artists. Key highlights include Leonora Carrington’s record-breaking $28.5 million sale, up from $3.2 million, and Diane Arbus setting a new photography record. However, a significant gender gap remains - only four women rank among the Top 50 highest-grossing artists: Yayoi Kusama, Joan Mitchell, Carrington, and Georgia O’Keeffe.

Download the Female Printmakers Report to explore the latest market trends and performance of women artists.

Smaller auction houses outside the big three are gaining market presence, shaping a more diverse global art landscape. In China, despite a downturn, firms like China Guardian Auctions, Xiling Yinshe, and Holly’s International continue to grow. This trend extends worldwide, with notable sales being made in regions expanding from the United States to New Zealand. While New York remains the market’s core - hosting a third of global auction turnover - houses like Bonhams, William Doyle, Swann Galleries, and Arader Galleries are proving essential. Though New York leads in value, most global transactions occur elsewhere, with France emerging as a particularly dynamic art market hub.