Market Watch: Market Editor Report December 2024

At the beginning of the year, I highlighted five key predictions outlining major trends expected to shape the art market - forecasts that were not merely hopeful observations but directions we, as a team at MyArtBroker, actively aimed to align with. Acknowledging the challenges ahead, we focused on adapting to the evolving landscape, and shifting narrative of the art market, while emphasising the importance of digital innovation.

To bring clarity and transparency to a rapidly evolving market, we produced a one-of-a-kind, unbiased Seller’s Guide - a comprehensive resource designed to help collectors and sellers navigate the complexities of print sales across multiple channels. Recognising the widespread misconceptions surrounding market saturation and the challenge of accurately assessing fair market value, we also launched our first dedicated Banksy Report. This in-depth analysis addressed ongoing market corrections and provides an honest evaluation of Banksy’s print market, ultimately highlighting its continued profitability and long-term potential.

We also focused on the enduring influence of iconography in the art world. Our Andy Warhol Report provided an in-depth analysis of the key segments driving success in his print market: complete sets and trial proofs. This report was further enriched by a collaborative panel discussion that explored the cultural significance of Warhol's iconic imagery and its lasting impact across both art and society.

Throughout the year, our approach has been guided by a commitment to move with the market rather than resist its tides. The art world is in a period of significant transformation, and we are determined to stay prepared and responsive to these changes.

In this year-end market newsletter, I reflect on one of my earliest articles of 2024, revisiting the predictions made and demonstrating how, despite the uncertainties, they have held true.

The Prints And Multiples Market Remained Resilient in 2024

We anticipated the prints and multiples sector would show resilience, and while no segment of the art market fully thrived this year, confidence in this area remained evident. Over the past year and into 2024, a cooling at the upper end of the market has been observed - specifically in works priced at £9 million and above. This shift resulted in fewer high-value pieces entering public sales and an increased focus on the mid-tier segment, encompassing works priced between £100,000 and £1 million - a range where prints and multiples are particularly well-represented.

Market report data reinforces these trends: in the first half of 2024, there was an 18% decrease in the number of lots selling for $10 million (USD) or more compared to the same period in 2023 (Artnet Mid-Year Intelligence Report). Meanwhile, interest in prints rose by 35%, with high-net-worth individuals (HNWIs) actively purchasing prints throughout both 2023 and the first half of 2024, even as engagement with paintings and sculptures declined (UBS Global Collector Survey).

These trends were clearly reflected in the blue chip print sales we've meticulously tracked across more than 30 detailed auction reports. A standout observation was the strong demand for complete sets by blue chip artists. Andy Warhol’s sets consistently achieve prices exceeding £1 million, while David Hockney’s complete sets typically range between £100,000 and £400,000.

This pricing diversity underscores a key factor behind the success of prints and multiples: they offer collectors a wide range of options, combining accessibility with investment potential. These qualities continue to make prints and multiples a dynamic and appealing segments of today’s art market.

Growth In Online Sales

We also predicted the enduring strength of online sales, and it's clear they are here to stay. In 2024, ArtTactic's Online Art Market Report (released in Autumn 2024) revealed that while global auction sales dropped by 27% in the first half of the year, online-only auction sales rose by 14% during the same period. This trend underscores a critical point: the art market is adapting. It’s not just about a shift in mediums but also about evolving methods of buying and selling.

For market players, this shift requires rethinking traditional approaches and embracing new methods of transactions like emerging digital platforms and online trading floors. To be successful, these platforms must go beyond mere transactions - they should spark excitement around art and collecting while shifting focus away from purely financial narratives. The art market, after all, is about more than just numbers; it’s about engagement, connection, and the stories behind the works, which is what we have been committed to showing at MyArtBroker throughout the year.

The Revolutionising Influence Of Art & Technology In 2024

At the beginning of the year, and throughout, we emphasised how the intersections of art and technology would continue to redefine the art world. This observation was reaffirmed by the annual ArtTactic and Deloitte Art & Finance Report, released in the second half of 2024. The report revealed a significant gap in the adoption of art collection management software, with 76% of collectors still not utilising dedicated systems - 49% rely on spreadsheets, while 27% continue to use paper records. While younger collectors show slightly higher adoption rates of software tools, there remains significant room for improvement.

Further supporting this is the impending wealth transfer, with an estimated $80 trillion (USD) set to pass from Baby Boomers to Gen X and Millennial heirs. This shift will have profound implications, not just for the art market but for the broader economy, aligning with an era increasingly defined by digital innovation and communication. Social media platforms like Instagram and TikTok have become indispensable tools for connection and engagement, underscoring the rising need for sophisticated digital portfolio management systems. In a world where technology shapes influence, transparency, and understanding, these tools are no longer optional - they are essential for navigating the Modern art landscape.

Private Sales & Single-Owner Auctions Maintain Influence

We also anticipated that private sales would gain influence amidst a decline in single-owner auctions. While private sales figures are inherently difficult to track, the connection becomes clearer when we consider the unique appeal of single-owner auctions: the provenance of the works and the carefully curated narratives that accompany them. In a cautious market, collectors are not simply seeking any artwork - they are looking for exceptional pieces with clear value and a compelling story.

However, single-owner auctions were notably scarce in 2024, aligning with our prediction. With fewer opportunities for such sales, it’s logical to assume a strong shift towards private transactions, which often offer sellers more control, discretion, and potentially more lucrative outcomes than public auctions. This trend directly correlates with the overall decline in public auction sales this year.

Works are still being traded, but many are likely changing hands privately rather than publicly. While we await concrete data on global private sales performance in 2024, we expect upcoming market reports to provide further insights into this evolving dynamic.

Downturns In The Primary Market & Ultra-Contemporary Art Sector

We anticipated uncertainty in the primary market and Ultra-Contemporary art sector, while blue chip artists would continue to thrive in the secondary market. Proven by unfortunate gallery circumstances, this prediction held true, with many smaller galleries facing a series of closures in 2024. While concerning, these changes align with a broader shift in both how art is purchased and the types of works collectors are seeking.

In times of uncertainty, blue chip artists remain a reliable choice for collectors and investors alike. Their instantly recognisable imagery, cultural significance, and established market history make them a safer investment. For those approaching art as an asset, works by these artists offer proven value and long-term stability in an otherwise fluctuating market.

The Art Market In 2025

We set out to make broad predictions about art market trends because understanding these shifts is essential to navigating the evolving landscape. Looking at 2024 in retrospect, the market’s transformation became increasingly evident: auction sales declined, Sotheby’s faced significant layoffs and intense financial restructuring, drawing attention to Patrick Drahi’s debt-load.

Christie’s faced another cyberattack, intensifying concerns about the security of traditional auction house operations, and their cancellation of June’s marquee sales further signalled wavering confidence in market stability. Adding to this uncertainty, Frieze being put up for sale underscored the growing challenges faced by established players, including rising competition from emerging global hubs and the expanding influence of the Paris art market.

This year has undoubtedly been turbulent, which is why we’ve prioritised shedding light on key topics and trends to emphasise transparency and the strengths and limitations of various selling channels. Equally important has been our focus on defining what makes an image truly iconic. These timeless works hold enduring significance, and as a new generation of collectors enters the market, understanding how they engage with and interpret these iconic pieces is more crucial than ever.

A decline in numbers doesn’t mean the art market is in decline. As we move further into a digital era, change offers opportunities for growth and adaptation. The key lies not only in embracing new technologies but also in paying close attention to the types of works attracting collectors' interest. The art world isn’t fading; it’s evolving, and we are committed to evolving with it.