Georgina Hilton on the rostrum during Christie’s 2024 sale of the Rosa de la Cruz Collection. Courtesy of Christie's

While the art market is undergoing a significant readjustment to return to pre-pandemic levels, it has notably expanded its base. There are now fewer frenzied races to multi-digit record prices and more transactions in the $10,000-and-under range—a shift that suggests an increasingly democratic and potentially more stable market. These are the key takeaways from the latest report compiled by Artprice, which focuses exclusively on auction results and does not provide a complete picture of the market overall. Still, there’s plenty to unpack here.

Sign Up For Our Daily Newsletter

Thank you for signing up!

By clicking submit, you agree to our terms of service and acknowledge we may use your information to send you emails, product samples, and promotions on this website and other properties. You can opt out anytime.

The volume of global sales at auction has settled back under the $2 billion threshold, mirroring levels seen before the COVID-era boom. But even in the wake of its pandemic peak, contemporary art remains a central pillar of the global market, now representing more than 17 percent of total value. Its growth over the past two decades has been explosive, leaping from $169 million to $1.888 billion. More significantly, the number of contemporary art transactions has doubled in just the past ten years.

SEE ALSO: Art Basel and UBS Data Show Market Stability Despite Declines in Collector Spending

As during the pandemic, auction houses have now fully embraced online and hybrid sales, increasing the accessibility of contemporary art worldwide. This digital shift has been instrumental in fueling the surge in volume, with 2024 seeing more than 132,000 transactions—a record-breaking figure. According to the report, this growth is being driven primarily by an unprecedented wave of sales at the most accessible price point (under $5,000) as auction houses work to attract a new generation of buyers, particularly Gen Z and Millennials.

Despite the promise of a more open and decentralized market, turnover remains heavily concentrated at the top. The 500 highest-performing artists alone generated $1.59 billion in sales, accounting for a staggering 84.4 percent of global auction turnover. Still, even in this upper tier, sourcing high-quality lots is becoming increasingly difficult for auction houses. Just last month, Christie’s made headlines by securing the Riggio collection.

As the ultra-contemporary market undergoes a price readjustment, demand holds steady

An ongoing

© Observer