Global art market slumps as Chinese auction sales plummet: data

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PARIS: Auction data published on Monday shows that the price of art sold at the global auction fell one third last year compared to 2023, destroying the Chinese market by 63 %, showing Monday auction data.

A consultative artpress based in France, which collects auction data from around the world, said the art sold in 2024 fell to 9.9 billion (9.1 billion euros), the lowest level since 2009.

All the major art hubs recorded the steep falls, declined by 29 % in New York, London 28 % and Paris 21 % as the collectors became cautious due to global economic uncertainty.

The Chinese market stood at 2023 to just $ 1.8 billion, indicating the weakness of the world’s second largest economy. “The founder of Artispress, Thierry Ehman, told AFP,” Big collectors have felt hesitation for big artists like Mark Rothco, Jasp Johns, Alice Worth Kelly or Jean Michelle Baskett.

Statistics show that Pablo Picasso sales price – which is an important indicator for the rest of the market – a total of 323 million in 2024, which is close to one -third of the 7 597 million spent on the Spanish master last year.

Endless record breaks in the auction of art passed, the booming market was encouraged once with speculation cash since 2021. This means that some high -end sellers have postponed or canceled planned sales, with less work available. In the changed climate symbol, the leading house of the auction left six percent of its global workforce staff members in December.

Kitbacks

Experts say last year’s fall was more than wars in Ukraine and Gaza, major elections around the world, and interest rates, which increased the cost of borrowing.

The Chinese economy has been dramatically slowed since the Kovde 19 pandemic disease, which has led to the debt crisis in the immovable industry and its commercial partners. “For high network buyers,” art is the first luxury that you need to buy when you need to stabilize, which is why positive economic news returns to the art market, “said Lindsay Dewar, a London -based art tactic art market consultation.

Industry’s internal media are now wondering how the global market will react to the presidency of Donald Trump. Early optimism about “Trump’s collision” on stock markets has gone rapidly as it introduces taxes and rows with allies.

Weakening demand at the level of global art collector also weakened basic sales – work sales by galleries – which affects artists’ prices and income. Dewar said his conversation with gallery owners indicated that he had a “harsh year” in 2024.

However, she looks at the reasons for hope. According to Art Price Statistics, the total number of auction sales increased last year – up to 5.0 % up to 800,000 – at the bottom of the market, at the bottom of the market at the bottom of the market, at the bottom of the market.

And some sales are still performing well, including a migrant that earned a record $ 1 121 million for realist artists in November, which is much higher than the guide cost of 95 million. “People still want to trade, buy and sell artwork. The desire is still there,” said Dewar.

An image of an English mathematician Alan Touring’s AI -driven robot, considered one of the father of modern computing, also raised $ 1 million in Sutbi in November, which is 10 times higher than expected.

The upcoming two major auction sales will make the situation in the upper part of the market. In May, Sutbi is ready to sell the work belonging to New York’s banker Thomas A. Sanders and his wife, while Christie will hold a part of the book Mogul Leonard Regjev’s modern art collection over the next few months.