"The art market's sales figures are uncertain for 2025 as various factors, including Donald Trump's policies, disrupt the global economy and influence auction dynamics."
"In 2024, global art auctions saw a decline in turnover to $9.9bn, marking a 33.5% drop year-on-year, evidencing a contraction in the high-end market."
"Despite the overall decline, the number of artworks sold in 2024 reached a record 804,000 lots, with many buyers seizing opportunities for cheaper prices."
"Concerns loom over 'blue chip' artworks, traditionally viewed as reliable investments, failing to maintain their value amid a slump that impacts the high-end market."
The art market is grappling with uncertainty as the global economy faces upheaval driven by political factors, particularly the unpredictable decisions of US President Donald Trump. Reports indicate a striking decline in the high-end auction sector, with a 33.5% decrease leading to total sales of $9.9bn in 2024, marking the lowest turnover since 2009. However, a record number of artworks sold for under $600 suggests buyers are seeking more affordable options. Concerns remain that prestigious 'blue chip' art is failing as a reliable investment, raising alarms among financial lenders in the art sector.
Read at The Art Newspaper - International art news and events
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