The global art market experienced a notable decline in 2024, with sales plummeting by 12% to an estimated $57.5 billion. This marks the lowest figures in eight years and reflects a widespread downturn across major markets worldwide.
The United States saw a 9% decrease in sales, totaling $24.8 billion. China experienced a dramatic 31% drop, reaching $8.4 billion, its lowest level since 2009. European markets also faced challenges, with France and Italy each declining by 10% and Germany by 4%.
The high-end segment was particularly affected, with auction sales of artworks over $10 million falling by 45%. Contemporary and ultra-contemporary art sectors also suffered, with sales dropping by 36% and 43%, respectively. However, transaction volume increased by 3%, driven by a rise in sales of more affordable artworks, especially online.
Several factors contributed to the decline, including economic uncertainty, rising protectionism, and geopolitical tensions. Generational shifts, with younger collectors preferring more affordable works, also played a role. Increased operational costs further squeezed profit margins for galleries and auction houses.
As of June 29, 2025, the art market continues to face these challenges. The recovery will depend on broader economic conditions and the ability of stakeholders to adapt to the evolving landscape. Dealers and galleries are adapting by focusing on more affordable artworks and online sales.