In the 2023–24 financial year, as global art sales returned to pre-pandemic levels, there were fewer auction records but far more lower-priced transactions, according to a new report.
Additionally, that report said, there were far fewer works available in a category known as Ultra-Contemporary, which refers to art of the past couple decades, much of it by young artists.
Even Trump’s implemented new tariffs this year, buyers were already becoming more sensitive about pricing and more selective about purchasing. This resulted in slower activity, according to the latest report on the global contemporary art market by the database Artprice.
“Spending has been particularly reduced in Hong Kong, where activity, which has rivaled that of New York for several years, is experiencing a sharp contraction,” the report states. “Artists under 40 are therefore currently more difficult to sell than their elders.”
Artprice‘s report states that the art market’s worldwide earnings in 2024 totaled $1.89 billion. There were 132,000 successful transactions, with a sell-through rate of 65 percent. The contemporary art category rose to account for 17 percent of the market.
The report noted the $5,000–$10,000 price segment “stands out for its stability, accounting for 6 percent of the transactions,” while there was a 21 percent drop in transactions for high-end contemporary artworks above $50,000. (All figures mentioned are in US dollars and include fees.) Contributing factors in this sales growth include greater online sales, especially for Generation X and millennials.
It is also worth noting that the vast majority of the 132,000 contemporary artworks sold—more than 81 percent of them—were priced under $5,000. More than 75,000 (57 percent) were priced under $1,000.
The number of works priced at $1 million that sold in the 2023–24 period totaled 224, down from 372 from the same period two years ago. There were declines in high-end transactions at Christie’s and Sotheby’s New York and London locations, as well as a drop 32 percent drop in the annual sales total in Hong Kong. There were also no lots above $50 million in the US art market.
The Artprice report note that the total amount for contemporary art sales in the Asian capital city ($282 million) was greater than that of London ($270 million). Activity in Hong Kong was bolstered by Hauser & Wirth’s inauguration of a new gallery in January, as well as all four auction houses redesigning their spaces in the city.
However, Hong Kong’s auctions generally recorded several disappointing results, with several works by well-known artists selling well-below estimates at the unfortunately-named sale “No Regrets” at Christie’s in March 2024. Sotheby’s Hong Kong only had 11 lots during its “Now” sale in April 2024, with cautious bidding and works by KAWS and Nicholas Party failing to sell.
By comparison, the report highlighted the success of Phillips modern and contemporary sale in Hong Kong on May 31, where 23 out of 24 lots sold for a total of $26.8 million.
India was also highlighted for the strength of its fine art market due to demand for works by artists from the 20th century, as well as a 122 percent increase in sales of contemporary works, for a total of $13.4 million. This total was higher than Belgium, Arptrice said. Inidia is “getting close to the world’s Top 10 most important markets” for contemporary art, the report noted.
