2024 Global Art Market Outlook: Trends and Predictions
Following what most may characterize as a tumultuous 2023, the Global Art Market faced the dual challenge of both economic headwinds and geopolitical tensions last year. Global auction sales for Old Masters, Impressionist, Modern, Post-War, and Contemporary Art at prestigious houses such as Sotheby’s, Christie’s, and Phillips dipped significantly, marking a 27.2% decrease from 2022 and a 12.4% drop compared to 2021. Despite these lower sale results, a record-breaking number of lots, nearly 17,000 artworks, changed hands – showcasing the resilience and adaptability of the art market moving into 2024.
