The Art Market In 2024

In 2023, the art market witnessed a decline in overall sales value but a surge in the number of lots sold. This shift can be attributed to the heightened interest in artworks at the lower price spectrum, predominantly prints and multiples. The prints and multiples sector experienced an impressive 18% increase in sales, driven by a greater availability of artworks at more affordable price points. While the demand for trophy lots will remain in 2024, and billionaires continue to pursue them, we anticipate a trend towards more realistic auction estimates as the market aligns with sensible asking prices.

Online sales are here to stay. In 2023, despite a dip in online sales figures, they closely mirrored the overall decline in the total sales value of auction sales, yet remarkably showcased a surge in the number of lots sold. These online offerings primarily cater to the lower price segment of the market, presenting an enticing gateway for numerous buyers to enter and engage with the art market.

Looking ahead to 2024, we anticipate a significant transformation in the art-buying landscape. The convergence of art and technology is poised to redefine art acquisitions and consignments, impacting both emerging collectors and seasoned connoisseurs as technological tools can help manage and value their collections resulting in improved transparency. We foresee an increasing adoption of the digital art-buying market, leading to shifts in business practices and the incorporation of technology to facilitate art investments.

In 2023, numerous single-owner collections took centre stage at auctions, with varying degrees of success; however, the majority of these collections delivered less impressive results, often hinging on specific trophy pieces within the collection. While these outcomes were influenced, in part, by the economic climate of 2023, they also serve as an indicator of a growing trend leaning towards an increased reliance on private sales in 2024 and beyond.

The dynamics of the art market are inherently shaped by evolving tastes and shifting preferences, introducing an element of risk for collectors who choose to consign their works to public sales. Such decisions may potentially lead to lots going unsold, ultimately impacting the value of these artworks over an extended period. Nevertheless, despite these challenges, the art market continued to facilitate transactions in 2023 and is set to do so in 2024. Yet, we anticipate a significant transition towards private transactions that extend beyond the confines of traditional auction houses that will mitigate risks, especially during economic volatility.

While the future of the primary market, art fairs, and the positioning of ultra contemporary artists remains uncertain, the secondary market and blue chip branded artists are poised for continued strength. In 2023, the art market underwent a long-awaited correction. In the face of challenges encountered by smaller galleries such as Simon Lee in London, JTT and Malin Gallery in New York, and Denny Gallery in New York, we anticipate larger galleries to solidify their success by expanding their collections through acquisitions of artworks and estates from well-established blue chip artists, as well as emerging talents with moderately established careers.