In the fiscal year 2023-24, auction records are fewer but lower prices are available as global art sales return to pre-popular levels, according to a new report.
Additionally, the report says that much fewer works are available in a category known as Supermodern, which refers to art over the past few decades, mostly young artists.
Even with the new tariffs Trump has imposed this year, buyers are already increasingly sensitive to prices and are more selective to purchase. According to the database Artprice’s latest report on the global contemporary art market, this has led to slower activity.
“Spensions in Hong Kong have been particularly lower, where activities competing with New York have been experiencing a huge contraction for several years,” the report noted. “So it’s harder for artists under 40 to sell at this time than elders.”
Artprice’s report pointed out that the art market’s total global revenue in 2024 is US$1.89 billion. There are 132,000 successful deals with a 65% sell rate. The contemporary art category accounts for 17% of the market.
The report notes that the $5,000 to $10,000 price segment “stands out with its stability, accounting for 6% of the deal”, while transactions for high-end contemporary art over $50,000 fell by 21%. (All numbers mentioned are in US dollars.
It is also worth noting that the vast majority (more than 81%) of the 132,000 modern art sold are priced under $5,000. More than 75,000 (57%) are priced under $1,000.
The total number of projects sold for $1 million in 2023-24 was 224, up from 372 in the same period two years ago. High-end deals for Christie and Sotheby’s New York and London locations fell, and annual sales in Hong Kong fell by 32%. There is no more than $50 million in the American art market.
ArtPrice report pointed out that the total amount of contemporary art sales in Asian capitals ($282 million) is greater than that in London ($270 million). Hauser & Wirth redesigned the city’s space at a new gallery in January, as well as all four auction houses.
However, Hong Kong’s auctions generally recorded several disappointing results, with several works by well-known artists selling well-below estimates at the unfortunately-named sale “No Regrets” at Christie’s in March 2024. Sotheby’s Hong Kong only had 11 lots during its “Now” sale in April 2024, with cautious bidding and works by KAWS and Nicholas Party failing to sell.
By contrast, the report highlights the success of sales in Phillips Hyundai and Hyundai in Hong Kong on May 31, with 23 of 24 plots selling for $26.8 million.
India has also been highlighted for its fine art market strength, totaling $13.4 million due to the demand for works by artists in the 20th century and sales of contemporary works. Arptrice said the total is higher than Belgium. The report notes that IniDia is “close to the top ten most important markets in the world of contemporary art.”
