The 2024 art market paradox: more sales, less money

The world art market has never sold so much… but earned so little. In 2024, the international art scene displays a disconcerting paradox: the number of transactions is up +3%, but the overall value is down -12%, according to the latest Art Basel x UBS report. We take a closer look at this two-speed situation.

A fractured dynamic between accessible art and unscrewed prestige

The vitality of small galleries contrasts sharply with the difficulties of the high-end segment. While the big names in the art world are struggling to attract new customers, dealers with sales under $250,000 saw their revenues jump by +17%. Proof that more affordable art is appealing to a wider public, driven by a wave of new buyers: 44% of customers counted in 2024 were absent from previous customer bases, and 38% were first-time buyers. These figures are indicative of democratization, but do not compensate for the loss in value of the most highly-rated pieces.

Online sales, once the post-Covid catalyst, did not escape this contraction. They fell by -11% to $10.5 billion. A significant drop, even if the digital channel remains above pre-pandemic levels, proving that buying art online has taken root.

China in freefall, Japan in ambush

The biggest impact on overall results was undoubtedly the -31% decline in China. At $8.4 billion, the country recorded its weakest performance since 2009. But optimism remains high: a young, connected and aesthetic generation could, according to several analysts, revive the dynamic in the coming years.

In comparison, the United States and the United Kingdom recorded more moderate declines (-9% and -5% respectively). France, the market’s leading European powerhouse, also posted a decline of -10%, to $4.2 billion. Only Japan surprised with a slight increase of +2%, demonstrating that certain geographic niches still have growth potential.

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