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.
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.
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