Artnet Intelligence Report’s Year Ahead 2024, in collaboration with Morgan Stanley, presents a comprehensive analysis of the global art market, revealing significant regional differences and genre preferences among artists born across the globe. Through a deep dive into auction sales data, the report uncovers how artists from North America, Europe, Asia Pacific, Africa, Latin America, and the Caribbean, and the Middle East have navigated the auction market over the past decade.
Regional Market Dynamics
North American and European artists dominate the auction scene, contributing to 65 percent of the global fine art auction market in 2023. While North American artists saw a 47 percent increase in lots offered over the decade, European artists experienced a 7 percent decrease. The analysis highlights the steadfast market for Postwar and Contemporary genre among North American artists, with giants like Andy Warhol and Jean-Michel Basquiat leading sales. In contrast, European artists excel in the Impressionist and Modern category, with Picasso and Monet as top sellers.
Emerging and Declining Markets
The report notes a concerning decline in the market for Asia Pacific born artists, with a notable dip beginning in 2014. Despite this, the Impressionist and Modern genre remains strong within this region. Conversely, African born artists have seen a volatile yet growing market, particularly in the Ultra Contemporary sector, fueled by online sales and social movements like Black Lives Matter. Latin American and Caribbean markets have remained stable, with attempts to integrate their works into global sales showing mixed results.
Looking Ahead: 2024 and Beyond
The global art market’s future appears multifaceted, with ongoing globalization contrasting with regional market fluctuations. The report concludes by spotlighting key museum openings, biennials, and exhibitions across the regions, suggesting a vibrant year for the art world in 2024. As collectors and galleries continue to navigate this complex landscape, the evolving preferences and market dynamics will undoubtedly shape the art world’s trajectory in the years to come.
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