PARIS, Oct. 9, 2024 /PRNewswire/ — On this twenty ninth Annual Report, Artprice by Artmarket presents and analyzes a denser-than-ever Up to date and Extremely-Up to date Artwork Market (see methodology on the finish of the press launch) with the opening of Frieze London this Wednesday, October 9, adopted by Artwork Basel Paris on Friday, October 18, 2024.
Autumn is a busy interval for the Up to date Artwork Market, which is why Artprice publishes its important Up to date Artwork Market Annual Report in October. Among the many key options of the report are after all the general outcomes from artwork auctions around the globe and the AI information collected and processed by our proprietary AI, Intuitive Artmarket®. It additionally accommodates an identification of the primary developments, a presentation of the top-selling artists with our well-known High 10, High 100 and High 500 rankings, a give attention to a collection of sizzling Up to date artists, breakdowns of the important thing artwork public sale stats nation by nation, by completely different inventive mediums, and by completely different artwork actions, and, a give attention to Extremely-Up to date artists (beneath 40) highlighted the rising markets for works by ladies artists, for digital artwork and for NFTs.
Artprice’s Report on the Up to date Artwork Market 2024 is offered freed from cost in French and English right here:
In accordance with thierry Ehrmann, Founding father of Artprice and President of Artmarket.com: the Up to date Artwork Market is now not what it was in 2000. It has undergone profound structural change and has posted turnover development of +1800% with works by many extra Up to date artists promoting at public sale (33,072 over the interval 2023/24 versus 5,400 artists in 2000), and lots of extra works being offered (132,380 at the moment versus 12,000 in 2000). On the identical time, it has expanded geographically, with 61 international locations at the moment having energetic artwork public sale markets versus 39 in 2000. The Web has after all accelerated the fluidification of ‘distant’ transactions, and at the moment the Up to date artwork market has established itself as probably the most dynamic and worthwhile phase of the whole twenty first century artwork market.
A infinite subject of prospects for beneath $5,000
This previous yr set a brand new report for the quantity of public sale transactions involving Up to date artwork works: greater than 132,000 artworks modified palms. This development has been pushed by a number of components together with the globalization of demand and the digital on-line gross sales. On the coronary heart of this dynamic is the phase of ‘inexpensive’ works, whose worth remained beneath $5,000. It’s right here that offer and transactions have grown the quickest, posting a 6% development in only one yr.
In concrete phrases, this value bracket accounted for 108,000 transactions (every acquired for beneath $5,000) representing 82% of the whole quantity Up to date artwork gross sales throughout the yr. This inexpensive phase, typically interesting to first-time consumers and discerning collectors alike, has skilled a outstanding and triply important acceleration during the last decade.
The success of this market phase has been largely supported by emblematic figures of Up to date artwork like Takashi Murakami, Damien Hirst and Jeff Koons in addition to by world-renowned Avenue artists like Keith Haring, Banksy, Mr. Brainwash, KAWS, Shepard Fairey and Invader. Their editions, whether or not restricted or produced in bigger portions, gasoline this thriving phase.
I. CONTEMPORARY ART (artists born after 1945): Key figures 2023/24
– $1.89 billion totaled over 12 months (July 1, 2023 – June 30, 2024)
– Up to date artwork represented 17% of the whole international public sale turnover from Superb Artwork and NFTs ($11.3 billion)
– The 8th finest efficiency within the historical past of the Up to date artwork market
– Down 18% in contrast with the earlier yr ($2.3 billion), as a consequence of an additional contraction within the variety of transactions above the million-dollar threshold
– Turnover has multiplied by 18 since 2000/01 ($103 million hammered)
Evolution of the variety of Up to date artworks offered at public sale by value vary https://imgpublic.artprice.com/img/wp/websites/11/2024/10/image2-artprice-contemporary-works-sold-at-auction-by-price-range.png
Denser transactions
– New report of 132,380 heaps offered over 12 months (+4%)
– The variety of transactions has multiplied by 10.5 since 2000/01 (12,500 heaps offered)
– Transactions above the million-dollar threshold dropped 23%
– The unsold charge rose to 35.6%
– The report value for a Up to date work this previous yr was $46.5 million (Basquiat)
– The typical value of the heaps offered was $14,300
Construction of the Up to date Artwork market
14 Up to date artworks fetched over $10 million.
224 fetched over $1 million.
57% (75,395 heaps) of Up to date artworks offered for beneath $1,000.
Work accounted for 73% of world Up to date artwork public sale turnover with sculptures accounting for 10% and drawings for 9%.
Public sale turnover from prints (4%) was increased than from pictures (3%).
Up to date artists
33,072 Up to date artists had at the very least one public sale sale in 2023/24
10 artists accounted for 29% of Up to date artwork gross sales turnover
Mushy Energy of the Up to date artwork market
1st – the USA with $779 million in Up to date artwork public sale turnover.
2nd – China with $511 million.
3rd – the UK with $279 million.
4th – France with $63 million.
5th – Germany with $34 million.
Sotheby’s was the main international vendor of Up to date artwork producing $524 million (28% of whole Up to date artwork turnover).
Christie’s hammered $486 million (26%) and Phillips hammered $253 million (13%).
China Guardian was the main Chinese language public sale operator with $57 million (3%).
Van Ham was the main European public sale operator with $9 million (0.5%)
High 10 Up to date artists by public sale turnover
(1is July 2023 – June 30, 2024)
|
Artist |
Nationality |
Gross sales proceeds |
Tons offered |
Finest end result |
|
|
1 |
Jean-Michel BASQUIAT (1960-1988) |
USA |
$240,029,370 |
112 |
$46,479,000 |
|
2 |
Yoshitomo NARA (b. 1959) |
Japan |
$70,611,210 |
402 |
$12,257,420 |
|
3 |
George CONDO (b. 1957) |
USA |
$47,432,510 |
127 |
$3,652,800 |
|
4 |
Keith HARING (1958-1990) |
USA |
$36,179,150 |
731 |
$4,470,000 |
|
5 |
Julie MEHRETU (b. 1970) |
Ethiopia |
$35,987,550 |
26 |
$10,737,500 |
|
6 |
LIU Ye (b. 1964) |
China |
$31,124,020 |
21 |
$7,972,260 |
|
7 |
Damien HIRST (b. 1965) |
UK |
$26,603,330 |
857 |
$1,810,930 |
|
8 |
Richard PRINCE (b. 1949) |
USA |
$23,007,320 |
124 |
$2,712,000 |
|
9 |
SALVO (1947-2015) |
Italy |
$21,140,840 |
248 |
$1,115,020 |
|
10 |
BANKSY (b. 1974) |
UK |
$20,097,870 |
711 |
$4,699,550 |
|
©Artprice.com |
|||||
II. ULTRA-CONTEMPORARY ART (artists beneath 40):
$148 million from Extremely-Up to date Artwork offered at public sale worldwide in 2023/24.
7th finest yr within the historical past of the Extremely-Up to date artwork market.
In 24 years, gross sales income has multiplied 6.8 instances (from $21.9 million in 2000/01).
Extremely-Up to date artwork represented 8% of the Up to date artwork market ($1.89 billion).
Extremely-Up to date Artwork represented 1.3% of the whole Superb Artwork and NFT market ($11.3 billion).
8,830 Extremely-Up to date works offered in 2023/24.
The unsold charge was 36%, the identical as for Up to date artwork.
Construction of the Extremely-Up to date artwork market
The typical value of an Extremely-Up to date work was $16,800.
Portray represented 85% of the turnover from Extremely-Up to date artwork.
Drawing was the twond largest medium on this phase: $8.9 million (6%).
NFTs accounted for (4%) and sculpture generated (3%).
Hong Kong hammered 20% of the U-C phase’s turnover, and Mainland China generated 9%.
The UK hammered 19% of the Extremely-Up to date artwork market ($28 million),
Range of the Extremely-Up to date artwork market
3,122 artists beneath 40 had at the very least one public sale in 2023/24.
7 ladies appeared within the High 10 Extremely-Up to date artists by public sale turnover.
Jadé Fadojutimi (1993) dominated her technology with 22 heaps fetching $14 million.
Matthew Wong (1984-2019) generated the very best bid: $4.2 million for Evening 1 (2018) at Christie’s New York on November 7, 2023.
NFTs by Extremely-Up to date artists
Extremely-Up to date NFTs generated $5.6 million.
NFTs represented 4% of the Extremely-Up to date artwork market
The highest-selling NFT in 2023/24 was Tony Tafuro’s (1989): OMB Pink Eye/Blue Eye/Inexperienced Eye/Orange Eye (2024) which fetched $441,000 at Christie’s in New York on April 16, 2023.
High 10 artists beneath 40 by public sale turnover
(July 1, 2023 – June 30, 2024)
|
Artist |
Gross sales proceeds |
Tons offered |
Unsold |
Finest end result |
|
|
1 |
Jadé FADOJUTIMI (b. 1993) |
$14,031,602 |
22 |
7 |
$1,985,170 |
|
2 |
Lucy BULL (b. 1990) |
$9,437,970 |
14 |
5 |
$1,814,500 |
|
3 |
Matthew WONG (1984-2019) |
$8,326,350 |
10 |
1 |
$4,164,000 |
|
4 |
Avery SINGER (b. 1987) |
$6,184,060 |
7 |
1 |
$3,206,000 |
|
5 |
Loie HOLLOWELL (b. 1983) |
$4,277,220 |
17 |
13 |
$1,134,000 |
|
6 |
CHEN Fei (b. 1983) |
$4,224,885 |
14 |
0 |
$1,211,780 |
|
7 |
Issy WOOD (b. 1993) |
$3,242,220 |
16 |
3 |
$511,490 |
|
8 |
Christina QUARLES (b. 1985) |
$3,234,520 |
11 |
2 |
$762,000 |
|
9 |
Ewa JUSZKIEWICZ (b. 1984) |
$3,217,720 |
24 |
5 |
$882,090 |
|
10 |
Mohammed SAMI (b. 1984) |
$2,996,810 |
10 |
0 |
$952,500 |
|
©Artprice.com |
|||||
Return to pre-Covid ranges, beneath the two billion greenback threshold
With a complete of 1.888 billion {dollars}, the Up to date artwork market returned to pre-pandemic ranges, however was nonetheless above the typical of the 5 years previous the Covid disaster by $200 million.
In twenty years, the financial worth of Up to date Artwork has exploded, going from 169 million to 1.888 billion {dollars}, and the phase has change into a key a part of the worldwide artwork market, now representing 18% of its whole worth, in contrast with simply 3% in the beginning of the twenty first century.
This outstanding development has not been restricted to the hovering costs of emblematic artists like Jean-Michel Basquiat, Yoshitomo Nara or Jenny Saville. It has additionally been pushed by a wholesome densification of the market, with Up to date works now representing 18% of the worldwide Superb Artwork market.
Report quantity of transactions
The variety of Up to date works offered at public sale has greater than doubled in ten years, thanks largely to the huge digitalization of artwork gross sales for the reason that Covid disaster. This transformation has considerably expanded the market, with a spectacular +72% improve in transactions in comparison with the pre-Covid interval. This development has taken the whole to a brand new report of over 132,000 transactions in twelve months. Generations X (44-59 yr olds) and Y(24-43 yr olds), who’re more and more bidding on-line by way of their smartphones, are key drivers of this dynamic.
Artwork, a protected haven in main crises
In conclusion, in contrast to the present financial system, which has been impacted by the geopolitical and monetary context, the artwork market is displaying comparatively strong well being, with data being hammered usually in numerous international locations and for works from all of the inventive intervals throughout current gross sales periods. There have been no cancellations of traditional and/or status cataloged gross sales for 2024 and 2025, that are the primary indicators of the artwork market’s well being.
The foremost public sale homes and traders know very properly that the artwork market is a protected haven. Uncertainty on the inventory markets brings new funds and investments into the artwork market.
Artprice, for 25 years, has methodically analyzed the primary crises of the twenty first century dealing with the Artwork Market – the Nasdaq crash of 2000, the 9/11 assaults in 2001, the Afghan warfare in 2001, the Iraq warfare in 2003, the subprime and CDS disaster in 2007, the adverse charges interval beginning 2011, the Covid disaster in 2020, the Russia/Ukraine warfare, the sharp rise in rates of interest and vitality costs, the assaults of October 7 in Israel in 2023, the Close to and Center East battle – the artwork market was considerably much less impacted than the financial system and monetary markets.
The present interval of main geopolitical unrest and the concern of a worldwide financial disaster has clearly not acquired the higher of the artwork market.
Methodology
This Report analyzes all public auctions of Superb Artwork (i.e. portray, drawing, sculpture, pictures, print, video, set up, tapestry and NFTs, however excluding antiques, nameless cultural items and furnishings). It covers the worldwide public sale outcomes recorded by Artprice by Artmarket.com for works by artists born after 1945 (Up to date Artwork), with a give attention to artists aged beneath 40 (Extremely-contemporary Artwork), between July 1, 2023 and June 30, 2024.
All costs indicated on this Report confer with public public sale outcomes together with consumers’ charges. All “$” symbols confer with the US greenback.
Pictures: [https://imgpublic.artprice.com/img/wp/sites/11/2024/10/image1-Artmarket-Ultra-Contemporary-Art-Market-2024-the-Artprice-2024-report.png]
[https://imgpublic.artprice.com/img/wp/sites/11/2024/10/image2-artprice-contemporary-works-sold-at-auction-by-price-range.png]
Copyright 1987-2024 thierry Ehrmann www.artprice.com – www.artmarket.com
Artprice’s econometrics division can reply all of your questions referring to personalised statistics and analyses: econometrics@artprice.com
Discover out extra about our companies with the artist in a free demonstration: https://artprice.com/demo
Our companies: https://artprice.com/subscription
About Artmarket.com:
Artmarket.com is listed on Eurolist by Euronext Paris. The most recent TPI evaluation consists of greater than 18,000 particular person shareholders excluding international shareholders, corporations, banks, FCPs, UCITS: Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.
Watch a video about Artmarket.com and its Artprice division: https://artprice.com/video
Artmarket and its Artprice division had been based in 1997 by thierry Ehrmann, the corporate’s CEO. They’re managed by Groupe Serveur (created in 1987). cf. the licensed biography from Who‘s Who In France©:
https://imgpublic.artprice.com/img/wp/websites/11/2024/02/2024_Biographie_thierry_Ehrmann_WhosWhoInFrance.pdf
Artmarket is a worldwide participant within the Artwork Market with, amongst different constructions, its Artprice division, world chief within the accumulation, administration and exploitation of historic and present artwork market data (the unique documentary archives, codex manuscripts, annotated books and public sale catalogs acquired through the years) in databanks containing over 30 million indices and public sale outcomes, protecting greater than 853,000 artists.
Artprice Pictures® permits limitless entry to the most important artwork market picture financial institution on the earth with a minimum of 181 million digital photographs of pictures or engraved reproductions of artworks from 1700 to the current day, commented by our artwork historians.
Artmarket, with its Artprice division, continuously enriches its databases from 7,200 public sale homes and constantly publishes artwork market developments for the primary businesses and press titles on the earth in 119 international locations 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 obtainable to its 9.3 million members (members log in) the commercials posted by its Members, who now represent the primary international Standardized Market® for purchasing and promoting artworks at mounted or public sale costs (auctions regulated by paragraphs 2 and three of Article L321.3 of France’s Business Code).
There may be now a future for the Artwork Market with Artprice’s Intuitive Artmarket® AI.
Artmarket, with its Artprice division, has twice been awarded the State label “Revolutionary Firm” by the French Public Funding Financial institution (BPI), which has supported the corporate in its venture to consolidate its place as a worldwide participant within the artwork market.
Artprice by Artmarket publishes its 2024 Up to date Artwork Market Report:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2024
See our 2023 World Artwork Market Annual Report, printed in March 2024 by Artprice by Artmarket: https://www.artprice.com/artprice-reports/the-art-market-in-2023
Abstract of Artmarket press releases with its Artprice division: https://serveur.serveur.com/artmarket/press-release/en/
Observe all of the Artwork Market information in real-time with Artmarket and its Artprice division on Fb and Twitter:
www.fb.com/artpricedotcom/ (greater than 6.5 million subscribers)
Uncover the alchemy and the universe of Artmarket and its Artprice division: https://www.artprice.com/video
whose head workplace is the well-known Museum of Up to date Artwork Abode of Chaos dixit The New York Occasions / La Demeure of Chaos:
La Demeure du Chaos/Abode of Chaos – Complete Work of Artwork and Singular Structure.
Confidential bilingual work, now made public: https://ftp1.serveur.com/abodeofchaos_singular_architecture.pdf
Contact Artmarket.com and its Artprice division – Contact: ir@artmarket.com
Photograph – https://mma.prnewswire.com/media/2525937/Artmarket_Report.jpg
Photograph – https://mma.prnewswire.com/media/2525936/ArtMarket_Artwork.jpg
Brand – https://mma.prnewswire.com/media/2260897/Artmarket_logo.jpg
View unique content material:https://www.prnewswire.co.uk/news-releases/artprice-by-artmarkets-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-c-302270485.html
Featured Picture: Unplash @ austindistel
Disclaimer
