PARIS, Oct. 9, 2024 /PRNewswire/ — On this twenty ninth Annual Report, Artprice by Artmarket presents and analyzes a denser-than-ever Modern and Extremely-Modern 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 Modern Artwork Market, which is why Artprice publishes its important Modern 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 principle tendencies, a presentation of the top-selling artists with our well-known Prime 10, Prime 100 and Prime 500 rankings, a give attention to a choice of scorching Modern artists, breakdowns of the important thing artwork public sale stats nation by nation, by totally different inventive mediums, and by totally different artwork actions, and, a give attention to Extremely-Modern artists (underneath 40) highlighted the rising markets for works by girls artists, for digital artwork and for NFTs.
Artprice’s Report on the Modern Artwork Market 2024 is out there freed from cost in French and English right here:
Based on thierry Ehrmann, Founding father of Artprice and President of Artmarket.com: the Modern Artwork Market is not what it was in 2000. It has undergone profound structural change and has posted turnover development of +1800% with works by many extra Modern artists promoting at public sale (33,072 over the interval 2023/24 versus 5,400 artists in 2000), and plenty 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 Modern artwork market has established itself as essentially the most dynamic and worthwhile phase of all the twenty first century artwork market.
A infinite subject of prospects for underneath $5,000
This previous 12 months set a brand new file for the amount of public sale transactions involving Modern artwork works: greater than 132,000 artworks modified fingers. This development has been pushed by a number of elements 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 underneath $5,000. It’s right here that offer and transactions have grown the quickest, posting a 6% development in only one 12 months.
In concrete phrases, this value bracket accounted for 108,000 transactions (every acquired for underneath $5,000) representing 82% of the whole quantity Modern artwork gross sales through the 12 months. This inexpensive phase, usually interesting to first-time patrons and discerning collectors alike, has skilled a outstanding and triply vital acceleration during the last decade.
The success of this market phase has been largely supported by emblematic figures of Modern 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)
– Modern artwork represented 17% of the whole world public sale turnover from Nice Artwork and NFTs ($11.3 billion)
– The 8th finest efficiency within the historical past of the Modern artwork market
– Down 18% in contrast with the earlier 12 months ($2.3 billion), as a result of an extra 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 Modern 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 file of 132,380 tons offered over 12 months (+4%)
– The variety of transactions has multiplied by 10.5 since 2000/01 (12,500 tons offered)
– Transactions above the million-dollar threshold dropped 23%
– The unsold price rose to 35.6%
– The file value for a Modern work this previous 12 months was $46.5 million (Basquiat)
– The typical value of the tons offered was $14,300
Construction of the Modern Artwork market
14 Modern artworks fetched over $10 million.
224 fetched over $1 million.
57% (75,395 tons) of Modern artworks offered for underneath $1,000.
Work accounted for 73% of worldwide Modern 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%).
Modern artists
33,072 Modern artists had at the very least one public sale sale in 2023/24
10 artists accounted for 29% of Modern artwork gross sales turnover
Gentle Energy of the Modern artwork market
1st – the USA with $779 million in Modern 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 world vendor of Modern artwork producing $524 million (28% of complete Modern 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%)
Prime 10 Modern artists by public sale turnover
(1is July 2023 – June 30, 2024)
|
Artist |
Nationality |
Gross sales proceeds |
Heaps offered |
Greatest outcome |
|
|
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 |
|
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II. ULTRA-CONTEMPORARY ART (artists underneath 40):
$148 million from Extremely-Modern Artwork offered at public sale worldwide in 2023/24.
7th finest 12 months within the historical past of the Extremely-Modern artwork market.
In 24 years, gross sales income has multiplied 6.8 instances (from $21.9 million in 2000/01).
Extremely-Modern artwork represented 8% of the Modern artwork market ($1.89 billion).
Extremely-Modern Artwork represented 1.3% of the whole Nice Artwork and NFT market ($11.3 billion).
8,830 Extremely-Modern works offered in 2023/24.
The unsold price was 36%, the identical as for Modern artwork.
Construction of the Extremely-Modern artwork market
The typical value of an Extremely-Modern work was $16,800.
Portray represented 85% of the turnover from Extremely-Modern 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-Modern artwork market ($28 million),
Range of the Extremely-Modern artwork market
3,122 artists underneath 40 had at the very least one public sale in 2023/24.
7 girls appeared within the Prime 10 Extremely-Modern artists by public sale turnover.
Jadé Fadojutimi (1993) dominated her era with 22 tons fetching $14 million.
Matthew Wong (1984-2019) generated the best bid: $4.2 million for Evening 1 (2018) at Christie’s New York on November 7, 2023.
NFTs by Extremely-Modern artists
Extremely-Modern NFTs generated $5.6 million.
NFTs represented 4% of the Extremely-Modern 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.
Prime 10 artists underneath 40 by public sale turnover
(July 1, 2023 – June 30, 2024)
|
Artist |
Gross sales proceeds |
Heaps offered |
Unsold |
Greatest outcome |
|
|
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 |
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Return to pre-Covid ranges, underneath the two billion greenback threshold
With a complete of 1.888 billion {dollars}, the Modern artwork market returned to pre-pandemic ranges, however was nonetheless above the common of the 5 years previous the Covid disaster by $200 million.
In twenty years, the financial worth of Modern 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 complete worth, in contrast with simply 3% initially 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 Modern works now representing 18% of the worldwide Nice Artwork market.
File quantity of transactions
The variety of Modern works offered at public sale has greater than doubled in ten years, thanks largely to the huge digitalization of artwork gross sales because the 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 file of over 132,000 transactions in twelve months. Generations X (44-59 12 months olds) and Y(24-43 12 months olds), who’re more and more bidding on-line through their smartphones, are key drivers of this dynamic.
Artwork, a protected haven in main crises
In conclusion, not like the present economic system, which has been impacted by the geopolitical and monetary context, the artwork market is displaying comparatively strong well being, with information being hammered recurrently in several international locations and for works from all of the inventive durations 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 principle indicators of the artwork market’s well being.
The most important 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 principle crises of the twenty first century going through the Artwork Market – the Nasdaq crash of 2000, the 9/11 assaults in 2001, the Afghan struggle in 2001, the Iraq struggle in 2003, the subprime and CDS disaster in 2007, the detrimental charges interval beginning 2011, the Covid disaster in 2020, the Russia/Ukraine struggle, 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 economic system and monetary markets.
The present interval of main geopolitical unrest and the concern of a worldwide financial disaster has clearly not bought the higher of the artwork market.
Methodology
This Report analyzes all public auctions of Nice 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 (Modern Artwork), with a give attention to artists aged underneath 40 (Extremely-contemporary Artwork), between July 1, 2023 and June 30, 2024.
All costs indicated on this Report consult with public public sale outcomes together with patrons’ charges. All “$” symbols consult with the US greenback.
Photographs: [https://imgpublic.artprice.com/img/wp/sites/11/2024/10/image1-Artmarket-Ultra-Contemporary-Art-Market-2024-the-Artprice-2024-report.png]
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