PARIS, March 11,
2025 /PRNewswire/ -- Artprice's 30th Annual Report,
The 2024 Global Art Market Report, offers a detailed
analysis of global fine art auction sales of works of fine art
(paintings, sculpture, drawings, photographs, prints, videos,
installations, tapestries, NFTs & AI created works, but
excluding antiques, anonymous cultural property and furniture). It
covers the period between 1 January and 31
December 2024.
All prices indicated in the Artprice by Artmarket report refer
to results obtained in public auctions, buyers' fees included. All
uses of the $ symbol in the report refer to the US dollar.
To view the Multimedia News Release, please click:
https://www.multivu.com/artmarket.com/9323651-en-2024-global-art-market-report
Our overall view of the art market in 2024 focuses on the
positive growth of sales leading to a historic record number of
transactions (+5%).
Indeed, 2024 stands out as the most dynamic year in the history
of the global art market, with 1.2 million works offered and
804,350 lots sold. The expansion of the market helped to
counterbalance a significant contraction in high-value sales that
resulted in a 33.5% decline in global auction turnover to just
$9.9 billion. Artprice has predicted
and observed the gradual expansion of demand for art without
interruption since 2000.
According to thierry Ehrmann, President of Artmarket.com and
Founder of Artprice, The expansion of the art market is the
result of the spectacular growth of auction operators on the
Internet with, on the one hand, a 720% increase in online marketing
of auction sales, and on the other hand, 'live' sales which have
increased by 210% worldwide since the COVID pandemic. Such growth
figures were previously expected for around 2027-2029.
The United States
maintained their first place with 39% of the global art market by
value.
The European Union (excluding the UK) is now world leader
in the world in terms of the number of transactions and number 2 in
terms of turnover with 18.5%, a share that corresponds to its rank
as 3rd economic power in the world with a GDP of 16,970 billion in
2023.
With a global market share of 18.4%, China is practically
on a par with the European Union (excluding the UK).
Together, these three leading powers can be seen as the primary
players in the soft power competition for control of the global art
market, a competition in which China could easily make a strong
comeback, as it has already demonstrated in the past by taking
first place.
The United Kingdom
maintained its third place on a country-by-country basis, by
generating 15% of the global art auction turnover.
France remained in
fourth place, with 7% of global turnover, but it set three new
records this year: a) it was 2nd in the world in terms of its
transactions, just behind the USA.
b) Paris was the 4th largest
market place in the world, surpassing Beijing & Shanghai, and c) France was 1st in Europe in terms of auction turnover.
When Artprice presented its 30th Annual Art Market Report
(2024) to Mme Rachida Dati, France's Minister of Culture, this was
her response:
"I am delighted to see France become the leading European art market.
We owe this dynamism to the major international fairs, galleries,
auction houses, our cultural institutions and of course our
artists: it is all of these energies that we must bring together so
that France continues to attract
and shine in the world."
Continuing its collaboration for the sixteenth consecutive year
with its Chinese state partner the Artron group, Artprice by
Artmarket – world leader in art market information – publishes the
world's most comprehensive art market report. The combination of
Artprice and Artron ARAA's data and analysis provides a truly
global overview of the structural evolution and trends within the
global Art Market.
Among the many interesting features of the Report, you will
find, as usual, Artprice's famous rankings, including the Top 500
Artists by annual auction turnover in 2024 as well as the Top 100
art auction results in 2024. Both of these rankings focus on
auction results generated by works of fine art, including NFTs
& AI works and both rankings show the market's growing
appreciation of female artists.
The art market's switch to online activity is now a dominant
trend on all 5 continents, gradually relegating physical auction
rooms to the history of the 20th century.
Artprice by Artmarket is pleased to announce the publication
of its 30th Annual Report "The Art Market in 2024", available
free of charge, in full and in three languages, consultable online
or downloadable in PDF format:
French:
https://fr.artprice.com/artprice-reports/le-marche-de-lart-en-2024
English:
https://www.artprice.com/artprice-reports/the-art-market-in-2024
Mandarin:
https://zh.artprice.com/artprice-reports/the-art-market-2024-zh
Artpice's 30th Annual Report provides keys to understanding the
structure of the art market, its changes and its prospects via an
intelligent analysis of more than 804,500 works auctioned around
the world in 2024, and enriched with specific examples and a number
of key rankings.
STATE OF THE GLOBAL ART AUCTION MARKET
In 2024, global art auction turnover amounted to $9.9 billion, down 33.5% ($14.9 billion in 2023).
The number of artworks sold reached a new high setting a
historic record of 804,350 lots, up 5% (762,450 in 2023).
In the West, fine art auction turnover totaled $8.1 billion: down 18.8% ($9.9 billion in 2023).
The European Union (excluding the UK) is now world
leader for the number of transactions and 2nd in terms of
turnover with $1.836 billion and
353,825 lots sold.
In China, fine art auction turnover amounted to $1.8 billion: down 63% (vs. $4.9 billion in
2023).
The record price for a work of art in 2024 was $121,160,000
(vs. $139,363,500 in 2023) for René
Magritte's L'Empire des lumières (1954).
The centenary of Surrealism boosted sales of works by René
Magritte to an annual total of $312
million, while works by Leonora Carrington totaled
$53 million.
Paris was once again the 4th
world capital of the global art market with a turnover total of
$647 million (vs. $792 million in 2023) ahead of Beijing ($622
million); France was the
leading market in Europe and,
for the first time, it ranked second in the world
by number of lots sold, demonstrating the strong demand
potential of the French art market.
Top ten fine art auction marketplaces in
2024
https://imgpublic.artprice.com/img/wp/sites/11/2025/03/IMG2-world-art-auction-turnover-top-10-world-map.jpg
GENERAL OVERVIEW OF 2024: GROWTH IN THE 'AFFORDABLE'
SEGMENTS
The number of lots sold reached a historic record of
804,350, up +5% (762,450 in 2023).
The unsold rate dropped from 38% in 2023 to 33% in 2024,
returning to its historical average level.
The average price of an artwork dropped to $12,310 (vs. $19,530 in 2023).
Half of the works (median price) sold for less than $610 in 2024 (vs. $700 in 2023).
Only one work exceeded the symbolic threshold of $100 million in 2024 (at Christie's in
New York) compared with 2
lots in 2023).
In 2024, 80% of artworks sold below $3,370 at auction (vs. $4,130 in 2023).
Artprice counted 1,131 fine art results above the $1 million threshold in 2024, vs. 1,548 in
2023.
488,210 lots sold for amounts less than $1,000 (vs. 424,870 in 2023), including 170,970
paintings (vs. 140,350 in 2023).
The Artprice Global Index lost 14% between 1 January 2024 and 31
December 2024.
Contemporary Art represented 16% of the Art Market, vs. 17% in
2023 and only 3% in 2000.
Modern Art remained the largest segment of the art market
by value, accounting for 39% of global art auction
turnover (versus 40% in 2023).
AUCTION HOUSES
Christie's was once again the leading auction house on the
planet for Fine Art Sales generating $2.9
billion (vs. $3.5 billion in
2023).
Sotheby's hammered a total turnover of $2.3 billion in 2024 (vs. $3.8 billion in 2023).
Christie's (29% of global art auction turnover) and Sotheby's
(24%) accounted for more than half of the world's total art auction
turnover (vs. 24% for Christie's and 26% for Sotheby's in
2023).
Phillips remained the third largest art auction vendor in the
world generating $427 million (vs.
$573 million in 2023).
China Guardian was the leading
Chinese auction house with $308
million (vs. $539 million in
2023).
The Bonhams network generated a total of $246 million and consolidated its 5th place.
Artcurial, with $67 million (vs.
$78 million in 2023) remained
the leading French art auction vendor.
SURREALISM AND RECORDS
The centenary of Surrealism gave René Magritte the
title of top-selling artist of the year.
Sales of works by René Magritte's totaled $312 million, with 175 lots sold.
His canvas L'Empire des lumières (1954) was the most
expensive artwork of the year at more than $121 million.
American Pop Art was once again in the limelight with a new
personal record of $68 million for
artist Ed Ruscha, born in 1937.
No works by Jean-Michel Basquiat
fetched over $50 million in 2024.
A still life by Chardin sold for $29
million in Paris.
Yayoi Kusama climbed to 6th place
among the top-selling artists at auction with an annual turnover
total of $158 million. She was the
top-selling female artist and the top-selling living artist.
French sculptor François-Xavier
Lalanne joined the Top 10 artists with an annual turnover
total of $106 million, behind Alberto
Giacometti who totaled $115
million.
Pablo Picasso was the most traded
artist in the world with 3,586 results in 12 months, ahead of
Salvador Dali who totaled 3,444.
Watch a summarized presentation of the Artprice Annual Art
Market Report by its founding CEO thierry Ehrmann and Loïse Lyonnet
of the media "Culture au cœur":
LINK TO THE VIDEO:
https://youtube.com/shorts/H-vjQuRScsI
https://youtube.com/shorts/C8UpEvgpUps
The art market's switch to online activity is now a dominant
trend on all 5 continents, gradually relegating physical auction
rooms to the history of the 20th century. While the global
market of the 20th century was clearly a Western phenomenon, from
now on, the Asia Pacific region is
playing on an equal footing with the West.
After 28 years of activity, Artprice by Artmarket notes
that the average age of its 9.3 million customers and
members in 2024 was 39 compared with 63 in 1995.
thierry Ehrmann, CEO of Artprice by Artmarket:
"Artprice has spent the last two decades building and aligning
its proprietary AI based on its Intuitive Artmarket AI ® and
ensuring that the impact of AI on the art market respects the
intangible and centuries-old rules of the market.
Indeed, observing and inducing hundreds of millions of
anonymized human interactions with the art market
requires a great deal of humility on the part of Artprice
as the market is by nature infinitely complex. This
complexity is essentially due to the inherent heterogeneity and
singularity of art, combined with fact that everyone has different
definitions of abstract notions like beauty or quality."
One of the oldest markets in the world, the art market is
eliminating its backwardness compared with other economic sectors
by moving ineluctably towards digital. And this development is
allowing the participation of a new generation – that of 30-45
year olds – who have been absent until now and who are now on
permanent watch via mobile Internet.
Images :
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www.artprice.com - www.artmarket.com
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About Artmarket.com:
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latest TPI analysis includes more than 18,000 individual
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Artmarket and its Artprice department were founded in 1997 by
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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
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from 1700 to the present day, commented by our art historians.
Artmarket, with its Artprice department, constantly enriches its
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in 119 countries and 9 languages.
https://www.prnewswire.com/news-releases/artmarketcom-artprice-and-cision-extend-their-alliance-to-119-countries-to-become-the-worlds-leading-press-agency-dedicated-to-the-art-market-nfts-and-the-metaverse-301431845.html
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
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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.
See our 2024 Global Art Market Annual Report, published in
March 2025 by Artprice by
Artmarket:
https://www.artprice.com/artprice-reports/the-art-market-in-2024
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https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2024
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https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013
La Demeure du Chaos/Abode of Chaos – Total Work of Art and
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Confidential bilingual work, now made public:
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- L'Obs - The Museum of the Future:
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- https://www.facebook.com/la.demeure.du.chaos.theabodeofchaos999
(more than 4.1 million subscribers)
- https://vimeo.com/124643720
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