Here are a few more trends that might make the headlines in 2025:
Also Read: Art Markets Trends To Watch In 2025
NFTs are done – but not blockchain
2024 might go down as the year when NFTs bit the dust for good. The trend that exploded in 2020 started going downhill not long after, but it was a slow and agonizing process. In 2024 the only NFT company that still made news was Yuga Labs, creator of the Bored Ape series – and that too for mostly legal reasons. Record-breaking sales by artists like Beeple are not just absent, but NFT artworks are barely being sold in auctions anymore.
That being said, blockchain – the underlying technology behind NFTs – might be making a strong comeback. Recently re-elected US President Donald Trump publically endorsed the technology, as did billionaire Elon Musk and numerous other celebrities. 2025 would be an interesting year to see how that manifests in the art world.
Auction House Explore New Markets
The year 2024 was not a great year for the art market. Sotheby’s raked in approximately $6 billion in sales – a 25 percent drop from 2023, while Christie’s saw an 8 percent drop at $5.7 billion. Only one artwork managed to cross the $100 million mark.
So it’s not a surprise that the auction houses started exploring new avenues. Middle East was one such market, with Saudi Arabia emerging as its hotspot. Sotheby’s is all set for its inaugural auction in February in Riyadh. Christie’s too acquired a commercial licence in Saudi Arabia last year. Meanwhile, South and Southeast Asia continued to emerge as important. Christie’s opened its new headquarters in Hong Kong, while Sotheby’s too expanded its footprint in the city-state. Japan surprised everyone with successful art fairs, while India emerged as a dark horse in the race. In the coming year, these markets would see a lot more action – possibly overshadowing the West.
Affordable Art Becomes a Favorite
A 2024 report revealed that 82 percent of all contemporary art transactions dealt with artworks worth $5,000 or less. As the market slowed down and billionaires bailed luxury artworks for other vanities, the art market found patrons in a different demographic – first-time collectors. In 2025 the trend will only continue further as more first-time collectors will try to collect cheaper artworks for their personal collections.
