Artprice by Artmarket’s 2024 Contemporary Art Market Report, coinciding with Frieze London and Art Basel Paris, thoroughly explores a market that has grown 1,800% since 2000, confirming that art is a safe haven in times of major crises
Artprice by Artmarket’s 2024 Contemporary Art Market Report analyzes the denser-than-ever market, with key features including auction results, AI data, top-selling artists, and trends. The report highlights the growth of the market, with a focus on affordable works under $5,000. The Contemporary art market has experienced significant growth, with a record number of transactions and works being sold. The Ultra-Contemporary Art market has also seen growth, with artists under 40 making a significant impact. Overall, the art market remains robust despite global economic uncertainty, with art being considered a safe haven for investors.
Artprice by Artmarket, the world leader in art market information, has released its highly anticipated 2024 Contemporary Art Market Report. The report, which coincides with the prestigious Frieze London and Art Basel Paris art fairs, delves deep into the current state of the contemporary art market and reveals some truly remarkable findings.
One of the most striking revelations in the report is the staggering growth of the contemporary art market since the turn of the millennium. According to Artprice, the market has grown by an astonishing 1,800% since the year 2000. This exponential growth is a testament to the enduring appeal of contemporary art, even in the face of economic uncertainties and global crises.
Thierry Ehrmann, Founder and CEO of Artprice by Artmarket, commented on the report’s findings, stating, “The contemporary art market has truly come into its own in the past two decades. Art collectors and investors are increasingly turning to contemporary art as a safe haven in times of major crises, such as the one we are currently experiencing. The resilience of the market is a testament to the enduring value of art as an investment.”
The report also highlights the changing dynamics of the contemporary art market, with a growing shift towards digital and online sales. According to Artprice, digital sales of contemporary art have increased by 300% since 2015, reflecting the growing influence of technology in the art world.
In addition, the report delves into the impact of major art fairs such as Frieze London and Art Basel Paris on the contemporary art market. These fairs, which bring together leading artists, collectors, and galleries from around the world, play a crucial role in shaping the market and driving sales.
Artprice’s report also examines the influence of social media on the contemporary art market, with platforms such as Instagram and TikTok playing an increasingly important role in promoting and selling art. The report notes that artists who have a strong presence on social media are able to reach a wider audience and attract new collectors, leading to increased sales and visibility.
Overall, the 2024 Contemporary Art Market Report paints a picture of a thriving and dynamic market that shows no signs of slowing down. Despite the challenges of the past few years, the contemporary art market continues to grow and evolve, demonstrating the enduring appeal and value of art as an investment.
As collectors and investors flock to Frieze London and Art Basel Paris to discover the latest trends and acquisitions in contemporary art, it is clear that the market is in a strong position to weather any storm. With technology, social media, and major art fairs driving sales and innovation, the future of the contemporary art market looks brighter than ever.
In conclusion, Artprice by Artmarket’s 2024 Contemporary Art Market Report is a testament to the resilience and vitality of the contemporary art market. With exponential growth, digital sales, and the influence of major art fairs and social media, the market is thriving and shows no signs of slowing down. As collectors and investors continue to turn to art as a safe haven in times of crisis, the future of the contemporary art market looks promising indeed.
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