Artprice by Artmarket's 2024 Contemporary Art Market Report, coinciding with Frieze London and Art Basel Paris, thoroughly explores a market that has grown 1,800% since 2000, confirming that art is a safe haven in times of major crises
Artprice by Artmarket's 2024 Contemporary Art Market Report, coinciding with Frieze London and Art Basel Paris, thoroughly explores a market that has grown 1,800% since 2000, confirming that art is a safe haven in times of major crises |
[09-October-2024] |
PARIS, Oct. 9, 2024 /PRNewswire/ -- In this 29th Annual Report, Artprice by Artmarket presents and analyzes a denser-than-ever Contemporary and Ultra-Contemporary Art Market (see methodology at the end of the press release) with the opening of Frieze London this Wednesday, October 9, followed by Art Basel Paris on Friday, October 18, 2024. Autumn is a busy period for the Contemporary Art Market, which is why Artprice publishes its essential Contemporary Art Market Annual Report in October. Among the key features of the report are of course the overall results from art auctions around the world and the AI data collected and processed by our proprietary AI, Intuitive Artmarket®. It also contains an identification of the main trends, a presentation of the top-selling artists with our famous Top 10, Top 100 and Top 500 rankings, a focus on a selection of hot Contemporary artists, breakdowns of the key art auction stats country by country, by different artistic mediums, and by different art movements, and, a focus on Ultra-Contemporary artists (under 40) highlighted the growing markets for works by women artists, for digital art and for NFTs. Artprice's Report on the Contemporary Art Market 2024 is available free of charge in French and English here:
According to thierry Ehrmann, Founder of Artprice and President of Artmarket.com: the Contemporary Art Market is no longer what it was in 2000. It has undergone profound structural change and has posted turnover growth of +1800% with works by many more Contemporary artists selling at auction (33,072 over the period 2023/24 versus 5,400 artists in 2000), and many more works being sold (132,380 today versus 12,000 in 2000). At the same time, it has expanded geographically, with 61 countries today having active art auction markets versus 39 in 2000. The Internet has of course accelerated the fluidification of 'remote' transactions, and today the Contemporary art market has established itself as the most dynamic and profitable segment of the entire 21st century art market. A infinite field of possibilities for under $5,000 This past year set a new record for the volume of auction transactions involving Contemporary art works: more than 132,000 artworks changed hands. This growth has been driven by several factors including the globalization of demand and the digital online sales. At the heart of this dynamic is the segment of 'affordable' works, whose value remained under $5,000. It is here that supply and transactions have grown the fastest, posting a 6% growth in just one year. In concrete terms, this price bracket accounted for 108,000 transactions (each acquired for under $5,000) representing 82% of the total number Contemporary art sales during the year. This affordable segment, often appealing to first-time buyers and discerning collectors alike, has experienced a remarkable and triply significant acceleration over the last decade. The success of this market segment has been largely supported by emblematic figures of Contemporary art like Takashi Murakami, Damien Hirst and Jeff Koons as well as by world-renowned Street artists like Keith Haring, Banksy, Mr. Brainwash, KAWS, Shepard Fairey and Invader. Their editions, whether limited or produced in larger quantities, fuel this thriving segment. I. CONTEMPORARY ART (artists born after 1945): Key figures 2023/24 - $1.89 billion totaled over 12 months (July 1, 2023 – June 30, 2024) Evolution of the number of Contemporary artworks sold at auction by price range https://imgpublic.artprice.com/img/wp/sites/11/2024/10/image2-artprice-contemporary-works-sold-at-auction-by-price-range.png Denser transactions - New record of 132,380 lots sold over 12 months (+4%) Structure of the Contemporary Art market 14 Contemporary artworks fetched over $10 million. Contemporary artists 33,072 Contemporary artists had at least one auction sale in 2023/24 Soft Power of the Contemporary art market 1st – the USA with $779 million in Contemporary art auction turnover. Top 10 Contemporary artists by auction turnover
II. ULTRA-CONTEMPORARY ART (artists under 40): $148 million from Ultra-Contemporary Art sold at auction worldwide in 2023/24. Structure of the Ultra-Contemporary art market The average price of an Ultra-Contemporary work was $16,800. Diversity of the Ultra-Contemporary art market 3,122 artists under 40 had at least one auction in 2023/24. NFTs by Ultra-Contemporary artists Ultra-Contemporary NFTs generated $5.6 million. Top 10 artists under 40 by auctionturnover
Return to pre-Covid levels, under the two billion dollar threshold With a total of 1.888 billion dollars, the Contemporary art market returned to pre-pandemic levels, but was still above the average of the five years preceding the Covid crisis by $200 million. In twenty years, the economic value of Contemporary Art has exploded, going from 169 million to 1.888 billion dollars, and the segment has become a key part of the global art market, now representing 18% of its total value, compared with just 3% at the start of the 21st century. This remarkable growth has not been limited to the soaring prices of emblematic artists like Jean-Michel Basquiat, Yoshitomo Nara or Jenny Saville. It has also been driven by a healthy densification of the market, with Contemporary works now representing 18% of the global Fine Art market. Record volume of transactions The number of Contemporary works sold at auction has more than doubled in ten years, thanks largely to the massive digitalization of art sales since the Covid crisis. This transformation has significantly expanded the market, with a spectacular +72% increase in transactions compared to the pre-Covid period. This growth has taken the total to a new record of over 132,000 transactions in twelve months. Generations X (44-59 year olds) and Y(24-43 year olds), who are increasingly bidding online via their smartphones, are key drivers of this dynamic. Art, a safe haven in major crises In conclusion, unlike the current economy, which has been impacted by the geopolitical and financial context, the art market is displaying relatively robust health, with records being hammered regularly in different countries and for works from all the artistic periods during recent sales sessions. There have been no cancellations of classic and/or prestige cataloged sales for 2024 and 2025, which are the main indicators of the art market's health. The major auction houses and investors know very well that the art market is a safe haven. Uncertainty on the stock markets brings new funds and investments into the art market. Artprice, for 25 years, has methodically analyzed the main crises of the 21st century facing the Art Market – the Nasdaq crash of 2000, the 9/11 attacks in 2001, the Afghan war in 2001, the Iraq war in 2003, the subprime and CDS crisis in 2007, the negative rates period starting 2011, the Covid crisis in 2020, the Russia/Ukraine war, the sharp rise in interest rates and energy prices, the attacks of October 7 in Israel in 2023, the Near and Middle East conflict – the art market was significantly less impacted than the economy and financial markets. The current period of major geopolitical unrest and the fear of a global economic crisis has clearly not got the better of the art market. Methodology This Report analyzes all public auctions of Fine Art (i.e. painting, drawing, sculpture, photography, print, video, installation, tapestry and NFTs, but excluding antiques, anonymous cultural goods and furniture). It covers the global auction results recorded by Artprice by Artmarket.com for works by artists born after 1945 (Contemporary Art), with a focus on artists aged under 40 (Ultra-contemporary Art), between July 1, 2023 and June 30, 2024. All prices indicated in this Report refer to public auction results including buyers' fees. All "$" symbols refer to the US dollar. Copyright 1987-2024 thierry Ehrmann www.artprice.com - www.artmarket.com Artprice's econometrics department can answer all your questions relating to personalized statistics and analyses: econometrics@artprice.com Find out more about our services with the artist in a free demonstration: https://artprice.com/demo Our services: https://artprice.com/subscription About Artmarket.com: Artmarket.com is listed on Eurolist by Euronext Paris. The latest TPI analysis includes more than 18,000 individual shareholders excluding foreign shareholders, companies, banks, FCPs, UCITS: Euroclear: 7478 - Bloomberg: PRC - Reuters: ARTF. Watch a video about Artmarket.com and its Artprice department: https://artprice.com/video Artmarket and its Artprice department were founded in 1997 by thierry Ehrmann, the company's CEO. They are controlled by Groupe Serveur (created in 1987). cf. the certified biography from Who's Who In France©: Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information (the original documentary archives, codex manuscripts, annotated books and auction catalogs acquired over the years) in databanks containing over 30 million indices and auction results, covering more than 853,000 artists. Artprice Images® allows unlimited access to the largest art market image bank in the world with no less than 181 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians. Artmarket, with its Artprice department, constantly enriches its databases from 7,200 auction houses and continuously publishes art market trends for the main agencies and press titles in the world in 119 countries and 9 languages. Artmarket.com makes available to its 9.3 million members (members log in) the advertisements posted by its Members, who now constitute the first global Standardized Marketplace® for buying and selling artworks at fixed or auction prices (auctions regulated by paragraphs 2 and 3 of Article L321.3 of France's Commercial Code). There is now a future for the Art Market with Artprice's Intuitive Artmarket® AI. Artmarket, with its Artprice department, has twice been awarded the State label "Innovative Company" by the French Public Investment Bank (BPI), which has supported the company in its project to consolidate its position as a global player in the art market. Artprice by Artmarket publishes its 2024 Contemporary Art Market Report: https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2024 See our 2023 Global Art Market Annual Report, published in March 2024 by Artprice by Artmarket: https://www.artprice.com/artprice-reports/the-art-market-in-2023 Summary of Artmarket press releases with its Artprice department: https://serveur.serveur.com/artmarket/press-release/en/ Follow all the Art Market news in real-time with Artmarket and its Artprice department on Facebook and Twitter: www.facebook.com/artpricedotcom/ (more than 6.5 million subscribers) Discover the alchemy and the universe of Artmarket and its Artprice department: https://www.artprice.com/video whose head office is the famous Museum of Contemporary Art Abode of Chaos dixit The New York Times / La Demeure of Chaos: https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013 La Demeure du Chaos/Abode of Chaos – Total Work of Art and Singular Architecture.
Contact Artmarket.com and its Artprice department - Contact: ir@artmarket.com Photo - https://mma.prnewswire.com/media/2525937/Artmarket_Report.jpg
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