The global art market showed encouraging signs of recovery in the final quarter of 2024, following a turbulent year marked by economic uncertainty and reduced collector spending. According to data from major auction houses reported by the Financial Times, total sales for the year were down by 33%, reflecting a challenging environment for the industry. However, November offered a brighter outlook as auctions performed stronger than expected.
Notably, 35% of lots sold at leading auction houses surpassed their mid-estimates, indicating renewed buyer confidence and a more competitive bidding environment. This performance was bolstered by record-setting results for emerging and established artists alike, as collectors showed a willingness to invest in high-quality works. Key sales across Sotheby’s, Christie’s, and Phillips highlighted a growing appetite for contemporary and blue-chip art, with some auction records resetting market benchmarks.
Sources suggest that while macroeconomic challenges led to caution earlier in the year, a stronger demand for rare and exceptional works helped drive momentum in the final months. Industry analysts quoted by the FT note that this late-year rebound signals stability and potential growth opportunities as the market heads into 2025.
The report underscores shifting trends in collector behaviour, with particular interest seen in works by younger artists and those from underrepresented regions. Combined with strong performance from established artists, these trends indicate a diversification in the art market landscape, laying the groundwork for a more resilient recovery moving forward.
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