Aug 29, 2024 5:00PM
Welcome to the Artsy Gallery Report 2024. The first of its kind, this new report highlights galleries and the individuals behind them who are leading the art industry online, according to Artsy data.
What follows is a series of rankings of the top-performing galleries on Artsy that are cultivating commercial success online.
Through analyzing our data that shows the galleries garnering the most commercial interactions on Artsy, we devised four segments: large galleries, which may have entire, multi-person teams working on their digital strategy; small and mid-size galleries, which include tighter teams and emerging programs that have integrated online sales work into staff responsibilities; secondary-market galleries, who tend to sell inventory by artists with the highest search volume online; and a final group of galleries with the most momentum, highlighting a wide range of businesses with significant growth in their online performance over the past year.
This report is inspired by the growth in the online art market in recent years, particularly since the pandemic. While some believed that the art world’s embrace of online sales during COVID-19 lockdowns would fade as galleries reopened and physical art fairs returned, online sales continued to rise in 2023, growing 7% despite the market overall contracting by 4%, according to Clare McAndrew’s The Art Market 2024 report.
That growth is likely driven in large part by innovative galleries like those listed below, and the individuals in charge of maintaining a robust digital presence and online sales strategy. As part of this report, we spotlight 10 gallery industry leaders who are doing just that, and have had an outsized impact on their gallery’s success online. In a supplementary feature, these figures share insights on building their gallery’s online operations and their advice for peers who are looking to do the same.
Here, we share an abridged version of the report. Read the full analysis by downloading The Artsy Gallery Report 2024.
Large galleries
Based on Artsy data.
Advertisement
Here, we focus on the top-performing large galleries on Artsy, according to our data on commercial interactions from June 2023 to June 2024.
These galleries represent some of the most significant names in the international art market and have a large physical presence internationally. They appear at the world’s leading art fairs and/or have gallery spaces on multiple continents. These galleries also each represent over 30 artists and/or estates of high value and importance.
Along with their established reputations, these galleries are actively implementing digital strategies to reach new audiences and collectors online.
Topping the rankings for this inaugural report is Almine Rech. The gallery, which was founded in 1997, has 10 locations worldwide and maintains one of the most packed art fair schedules of any gallery operating today.
Small and mid-size galleries
Based on Artsy data.
This section ranks the top-performing small and mid-size galleries on Artsy, according to commercial interactions from June 2023 to June 2024.
These galleries represent the core of the art world today. They have a consistent primary-market program and solid rosters of represented artists; many of them have carved out a reputation for supporting emerging artists.
Much like the large galleries on Artsy, the names here maintain a regular tempo of uploading artworks and shows online, and use digital channels as a key component of their overall sales strategies.
Topping this list is Unit. The London gallery, which celebrated its 10th anniversary last year, runs an intensive program that often includes more than three shows per month across physical and digital channels. With a growing roster of artists (many of whom it co-represents with peer galleries), Unit is experiencing a banner year in 2024, from mounting a group show in Venice during the Biennale to opening an artist residency program, in partnership with ArtReview, in France.
Secondary-market galleries
Based on Artsy data.
Advertisement
This section ranks the top performing secondary-market galleries on Artsy, according to commercial activity from June 2023 to June 2024.
While these galleries may represent some primary-market artists, their businesses are heavily grounded in the secondary market. These galleries have extensive inventories of works by some of the most recognizable and prolific artists of the past century and deal heavily in prints and editions. Many have developed deep specialties and are experts in their fields.
The galleries in this list leverage the strength of their inventories on Artsy, using their gallery pages to display the wide range of artworks in their inventory.
Kenneth A. Friedman & Co.tops the secondary-market rankings. The Californian gallery specializes in prints, works on paper, and sculptures by modern and contemporary artists. Its Artsy page features works by some of the most recognizable names of the secondary market, from Robert Rauschenberg to Tracey Emin.
Galleries with the most momentum
Based on Artsy data.
In this section of the report, we look at all galleries on Artsy that have had the greatest percentage growth in followers from the second half of 2023 through the first half of 2024.
The “follow” function on Artsy is one of the main ways that users can stay informed about their favorite galleries. When a user follows a gallery, Artsy will notify them when the gallery adds new shows or fair booths.
The galleries in this section represent a broad swathe of the gallery ecosystem—from international names with multiple branches to smaller operations that are building strong online networks.
Renowned tastemaker C L E A R I N Gtops the list. Founded in 2011 in Brooklyn, the gallery recently expanded its outpost in Los Angeles, and also operates a space on the Bowery in New York. Representing a mix of established and emerging artists, it has established a strong track record of outstanding art fair presentations and buzzy gallery shows.
Methodology
This report seeks to provide an understanding of the art market dynamics online for different segments of the Artsy gallery ecosystem. To create this report, we analyzed commercial actions on artworks listed by Artsy gallery partners from June 2023 through June 2024. Commercial actions, including inquiries and e-commerce purchases, serve as indications of market interest and sales. We also looked at the galleries’ total gross merchandise value (GMV) on Artsy in our analysis of secondary-market galleries.
We divided galleries into three categories—large; small and mid-size; and secondary-market—through quantitative and qualitative factors, including but not limited to: number of artists the gallery represents, type of inventory, number of art fair presentations, physical gallery locations, and artwork value segments.
For the analysis of year-over-year growth in the “Galleries with the most momentum” section, we ensured that galleries had at least 10 followers in the second half of 2023, to avoid hyperbolic statements of growth.
Arun Kakar
Arun Kakar is Artsy’s Art Market Editor.
