In recent times, the modern art market is experiencing a resurgence, although high-value transactions seem to be losing momentum. As per Artprice’s recent data, there’s an increase in the number of people purchasing moderately priced artworks, whereas costly pieces are finding it hard to find buyers. In 2024 alone, contemporary art sales reached approximately $1.89 billion USD, with the majority of items selling for less than $5,000 USD. Sales of expensive works worth over $50,000 USD decreased by 21 percent, suggesting that collectors are becoming more cautious in their spending habits.
In a turn of events, Hong Kong, previously on par with New York, experienced a decline as its art sales dropped by 32 percent according to Artnews. Some significant auctions fell short, such as Christie’s “No Regrets” sale in March, while Phillips’ auction in May was successful, grossing $26.8 million USD. Despite the setbacks, Hong Kong managed to outshine London in total contemporary art sales with a total of $282 million USD.
In a rapid shift, India is emerging as an art scene worth attention, with contemporary art sales skyrocketing by 122%, surpassing those in Belgium. The report underscores that collectors are increasingly drawn to affordable pieces and new areas are gaining prominence. If you’re considering art collecting, this could be the ideal moment—particularly for investments at the lower market tier.
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2025-03-13 21:55