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Artprice by Artmarket’s 2024 Contemporary Art Market Report, coinciding with Frieze London and Art Basel Paris, thoroughly explores a market that has grown 1,800% since 2000, confirming that art is a safe haven in times of major crises

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PARIS, Oct. 9, 2024 /PRNewswire/ — In this 29th Annual Report, Artprice by Artmarket presents and analyzes a denser-than-ever Contemporary and Ultra-Contemporary Art Market (see methodology at the end of the press release) with the opening of Frieze London this Wednesday, October 9, followed by Art Basel Paris on Friday, October 18, 2024.

Autumn is a busy period for the Contemporary Art Market, which is why Artprice publishes its essential Contemporary Art Market Annual Report in October. Among the key features of the report are of course the overall results from art auctions around the world and the AI data collected and processed by our proprietary AI, Intuitive Artmarket®. It also contains an identification of the main trends, a presentation of the top-selling artists with our famous Top 10, Top 100 and Top 500 rankings, a focus on a selection of hot Contemporary artists, breakdowns of the key art auction stats country by country, by different artistic mediums, and by different art movements, and, a focus on Ultra-Contemporary artists (under 40) highlighted the growing markets for works by women artists, for digital art and for NFTs.

Artprice’s Report on the Contemporary Art Market 2024 is available free of charge in French and English here:

According to thierry Ehrmann, Founder of Artprice and President of Artmarket.com: the Contemporary Art Market is no longer what it was in 2000. It has undergone profound structural change and has posted turnover growth of +1800% with works by many more Contemporary artists selling at auction (33,072 over the period 2023/24 versus 5,400 artists in 2000), and many more works being sold (132,380 today versus 12,000 in 2000). At the same time, it has expanded geographically, with 61 countries today having active art auction markets versus 39 in 2000. The Internet has of course accelerated the fluidification of ‘remote’ transactions, and today the Contemporary art market has established itself as the most dynamic and profitable segment of the entire 21st century art market.

A infinite field of possibilities for under $5,000

This past year set a new record for the volume of auction transactions involving Contemporary art works: more than 132,000 artworks changed hands. This growth has been driven by several factors including the globalization of demand and the digital online sales. At the heart of this dynamic is the segment of ‘affordable’ works, whose value remained under $5,000. It is here that supply and transactions have grown the fastest, posting a 6% growth in just one year.

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In concrete terms, this price bracket accounted for 108,000 transactions (each acquired for under $5,000) representing 82% of the total number Contemporary art sales during the year. This affordable segment, often appealing to first-time buyers and discerning collectors alike, has experienced a remarkable and triply significant acceleration over the last decade.

The success of this market segment has been largely supported by emblematic figures of Contemporary art like Takashi Murakami, Damien Hirst and Jeff Koons as well as by world-renowned Street artists like Keith Haring, Banksy, Mr. Brainwash, KAWS, Shepard Fairey and Invader. Their editions, whether limited or produced in larger quantities, fuel this thriving segment.

I. CONTEMPORARY ART (artists born after 1945): Key figures 2023/24

–  $1.89 billion totaled over 12 months (July 1, 2023June 30, 2024)
–  Contemporary art represented 17% of the total global auction turnover from Fine Art and NFTs ($11.3 billion)
–  The 8th best performance in the history of the Contemporary art market
–  Down 18% compared with the previous year ($2.3 billion), due to a further contraction in the number of transactions above the million-dollar threshold 
–  Turnover has multiplied by 18 since 2000/01 ($103 million hammered)

Evolution of the number of Contemporary artworks sold at auction by price range https://imgpublic.artprice.com/img/wp/sites/11/2024/10/image2-artprice-contemporary-works-sold-at-auction-by-price-range.png 

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Evolution of the number of Contemporary artworks sold at auction by price range

Denser transactions

–  New record of 132,380 lots sold over 12 months (+4%)
–  The number of transactions has multiplied by 10.5 since 2000/01 (12,500 lots sold)
–  Transactions above the million-dollar threshold dropped 23%
–  The unsold rate rose to 35.6%
–  The record price for a Contemporary work this past year was $46.5 million (Basquiat)
–  The average price of the lots sold was $14,300

Structure of the Contemporary Art market

14 Contemporary artworks fetched over $10 million.
224 fetched over $1 million.
57% (75,395 lots) of Contemporary artworks sold for under $1,000.
Paintings accounted for 73% of global Contemporary art auction turnover with sculptures accounting for 10% and drawings for 9%.
Auction turnover from prints (4%) was higher than from photography (3%).

Contemporary artists

33,072 Contemporary artists had at least one auction sale in 2023/24
10 artists accounted for 29% of Contemporary art sales turnover

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Soft Power of the Contemporary art market

1st –  the USA with $779 million in Contemporary art auction turnover.
2nd –  China with $511 million.
3rd –  the UK with $279 million.
4th –  France with $63 million.
5th –  Germany with $34 million.
Sotheby’s was the leading global vendor of Contemporary art generating $524 million (28% of total Contemporary art turnover).
Christie’s hammered $486 million (26%) and Phillips hammered $253 million (13%).
China Guardian was the leading Chinese auction operator with $57 million (3%).
Van Ham was the leading European auction operator with $9 million (0.5%)

Top 10 Contemporary artists by auction turnover 
(1is July 2023June 30, 2024)

Artist

Nationality

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Sales proceeds

Lots sold

Best result

1

Jean-Michel BASQUIAT (1960-1988)

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USA

$240,029,370

112

$46,479,000

2

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Yoshitomo NARA (b. 1959)

Japan

$70,611,210

402

$12,257,420

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3

George CONDO (b. 1957)

USA

$47,432,510

127

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$3,652,800

4

Keith HARING (1958-1990)

USA

$36,179,150

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731

$4,470,000

5

Julie MEHRETU (b. 1970)

Ethiopia

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$35,987,550

26

$10,737,500

6

LIU Ye (b. 1964)

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China

$31,124,020

21

$7,972,260

7

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Damien HIRST (b. 1965)

UK

$26,603,330

857

$1,810,930

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8

Richard PRINCE (b. 1949)

USA

$23,007,320

124

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$2,712,000

9

SALVO (1947-2015)

Italy

$21,140,840

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248

$1,115,020

10

BANKSY (b. 1974)

UK

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$20,097,870

711

$4,699,550

©Artprice.com

II. ULTRA-CONTEMPORARY ART (artists under 40):

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$148 million from Ultra-Contemporary Art sold at auction worldwide in 2023/24.
7th best year in the history of the Ultra-Contemporary art market.
In 24 years, sales revenue has multiplied 6.8 times (from $21.9 million in 2000/01).
Ultra-Contemporary art represented 8% of the Contemporary art market ($1.89 billion).
Ultra-Contemporary Art represented 1.3% of the total Fine Art and NFT market ($11.3 billion).
8,830 Ultra-Contemporary works sold in 2023/24.
The unsold rate was 36%, the same as for Contemporary art.

Structure of the Ultra-Contemporary art market

The average price of an Ultra-Contemporary work was $16,800.
Painting represented 85% of the turnover from Ultra-Contemporary art.
Drawing was the 2nd largest medium in this segment: $8.9 million (6%).
NFTs accounted for (4%) and sculpture generated (3%).
Hong Kong hammered 20% of the U-C segment’s turnover, and Mainland China generated 9%.
The UK hammered 19% of the Ultra-Contemporary art market ($28 million),   

Diversity of the Ultra-Contemporary art market

3,122 artists under 40 had at least one auction in 2023/24.
7 women appeared in the Top 10 Ultra-Contemporary artists by auction turnover.
Jadé Fadojutimi (1993) dominated her generation with 22 lots fetching $14 million.
Matthew Wong (1984-2019) generated the highest bid: $4.2 million for Night 1 (2018) at Christie’s New York on November 7, 2023.

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NFTs by Ultra-Contemporary artists

Ultra-Contemporary NFTs generated $5.6 million.
NFTs represented 4% of the Ultra-Contemporary art market
The top-selling NFT in 2023/24 was Tony Tafuro’s (1989): OMB Red Eye/Blue Eye/Green Eye/Orange Eye (2024) which fetched $441,000 at Christie’s in New York on April 16, 2023.

Top 10 artists under 40 by auction turnover 
(July 1, 2023June 30, 2024)

Artist

Sales proceeds

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Lots sold

Unsold

Best result

1

Jadé FADOJUTIMI (b. 1993)

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$14,031,602

22

7

$1,985,170

2

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Lucy BULL (b. 1990)

$9,437,970

14

5

$1,814,500

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3

Matthew WONG (1984-2019)

$8,326,350

10

1

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$4,164,000

4

Avery SINGER (b. 1987)

$6,184,060

7

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1

$3,206,000

5

Loie HOLLOWELL (b. 1983)

$4,277,220

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17

13

$1,134,000

6

CHEN Fei (b. 1983)

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$4,224,885

14

0

$1,211,780

7

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Issy WOOD (b. 1993)

$3,242,220

16

3

$511,490

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8

Christina QUARLES (b. 1985)

$3,234,520

11

2

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$762,000

9

Ewa JUSZKIEWICZ (b. 1984)

$3,217,720

24

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5

$882,090

10

Mohammed SAMI (b. 1984)

$2,996,810

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10

0

$952,500

©Artprice.com

Return to pre-Covid levels, under the two billion dollar threshold

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With a total of 1.888 billion dollars, the Contemporary art market returned to pre-pandemic levels, but was still above the average of the five years preceding the Covid crisis by $200 million.

In twenty years, the economic value of Contemporary Art has exploded, going from 169 million to 1.888 billion dollars, and the segment has become a key part of the global art  market, now representing 18% of its total value, compared with just 3% at the start of the 21st century.

This remarkable growth has not been limited to the soaring prices of emblematic artists like Jean-Michel Basquiat, Yoshitomo Nara or Jenny Saville. It has also been driven by a healthy densification of the market, with Contemporary works now representing 18% of the global Fine Art market.

Record volume of transactions

The number of Contemporary works sold at auction has more than doubled in ten years, thanks largely to the massive digitalization of art sales since the Covid crisis. This transformation has significantly expanded the market, with a spectacular +72% increase in transactions compared to the pre-Covid period. This growth has taken the total to a new record of over 132,000 transactions in twelve months. Generations X (44-59 year olds) and Y(24-43 year olds), who are increasingly bidding online via their smartphones, are key drivers of this dynamic.

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Art, a safe haven in major crises

In conclusion, unlike the current economy, which has been impacted by the geopolitical and financial context, the art market is displaying relatively robust health, with records being hammered regularly in different countries and for works from all the artistic periods  during recent sales sessions. There have been no cancellations of classic and/or prestige cataloged sales for 2024 and 2025, which are the main indicators of the art market’s health.

The major auction houses and investors know very well that the art market is a safe haven. Uncertainty on the stock markets brings new funds and investments into the art market.

Artprice, for 25 years, has methodically analyzed the main crises of the 21st century facing the Art Market – the Nasdaq crash of 2000,  the 9/11 attacks in 2001, the Afghan war in 2001, the Iraq war in 2003, the subprime and CDS crisis in 2007, the negative rates period starting 2011, the Covid crisis in 2020, the Russia/Ukraine war, the sharp rise in interest rates and energy prices, the attacks of October 7 in Israel in 2023, the Near and Middle East conflict – the art market was significantly less impacted than the economy and financial markets.

The current period of major geopolitical unrest and the fear of a global economic crisis has clearly not got the better of the art market.

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Methodology

This Report analyzes all public auctions of Fine Art (i.e. painting, drawing, sculpture, photography, print, video, installation, tapestry and NFTs, but excluding antiques, anonymous cultural goods and furniture). It covers the global auction results recorded by Artprice by Artmarket.com for works by artists born after 1945 (Contemporary Art), with a focus on artists aged under 40 (Ultra-contemporary Art), between July 1, 2023 and June 30, 2024.

All prices indicated in this Report refer to public auction results including buyers’ fees. All “$” symbols refer to the US dollar.

Images: [https://imgpublic.artprice.com/img/wp/sites/11/2024/10/image1-Artmarket-Ultra-Contemporary-Art-Market-2024-the-Artprice-2024-report.png]

[https://imgpublic.artprice.com/img/wp/sites/11/2024/10/image2-artprice-contemporary-works-sold-at-auction-by-price-range.png]

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Copyright 1987-2024 thierry Ehrmann www.artprice.com – www.artmarket.com

Artprice’s econometrics department can answer all your questions relating to personalized statistics and analyses: [email protected]

Find out more about our services with the artist in a free demonstration: https://artprice.com/demo

Our services: https://artprice.com/subscription

About Artmarket.com:

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Artmarket.com is listed on Eurolist by Euronext Paris. The latest TPI analysis includes more than 18,000 individual shareholders excluding foreign shareholders, companies, banks, FCPs, UCITS: Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.

Watch a video about Artmarket.com and its Artprice department: https://artprice.com/video

Artmarket and its Artprice department were founded in 1997 by thierry Ehrmann, the company’s CEO. They are controlled by Groupe Serveur (created in 1987). cf. the certified biography from Whos Who In France©:

https://imgpublic.artprice.com/img/wp/sites/11/2024/02/2024_Biographie_thierry_Ehrmann_WhosWhoInFrance.pdf

Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information (the original documentary archives, codex manuscripts, annotated books and auction catalogs acquired over the years) in databanks containing over 30 million indices and auction results, covering more than 853,000 artists.

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Artprice Images® allows unlimited access to the largest art market image bank in the world with no less than 181 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians.

Artmarket, with its Artprice department, constantly enriches its databases from 7,200 auction houses and continuously publishes art market trends for the main agencies and press titles in the world in 119 countries and 9 languages.

https://www.prnewswire.com/news-releases/artmarketcom-artprice-and-cision-extend-their-alliance-to-119-countries-to-become-the-worlds-leading-press-agency-dedicated-to-the-art-market-nfts-and-the-metaverse-301431845.html

Artmarket.com makes available to its 9.3 million members (members log in) the advertisements posted by its Members, who now constitute the first global Standardized Marketplace® for buying and selling artworks at fixed or auction prices (auctions regulated by paragraphs 2 and 3 of Article L321.3 of France’s Commercial Code).

There is now a future for the Art Market with Artprice’s Intuitive Artmarket® AI.

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Artmarket, with its Artprice department, has twice been awarded the State label “Innovative Company” by the French Public Investment Bank (BPI), which has supported the company in its project to consolidate its position as a global player in the art market.

Artprice by Artmarket publishes its 2024 Contemporary Art Market Report:

https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2024

See our 2023 Global Art Market Annual Report, published in March 2024 by Artprice by Artmarket: https://www.artprice.com/artprice-reports/the-art-market-in-2023

Summary of Artmarket press releases with its Artprice department: https://serveur.serveur.com/artmarket/press-release/en/

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Follow all the Art Market news in real-time with Artmarket and its Artprice department on Facebook and Twitter:

www.facebook.com/artpricedotcom/ (more than 6.5 million subscribers)

twitter.com/artmarketdotcom

twitter.com/artpricedotcom

Discover the alchemy and the universe of Artmarket and its Artprice department: https://www.artprice.com/video

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whose head office is the famous Museum of Contemporary Art Abode of Chaos dixit The New York Times / La Demeure of Chaos:

https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013

La Demeure du Chaos/Abode of Chaos – Total Work of Art and Singular Architecture. 
Confidential bilingual work, now made public: https://ftp1.serveur.com/abodeofchaos_singular_architecture.pdf

Contact Artmarket.com and its Artprice department – Contact: [email protected]

Photo – https://mma.prnewswire.com/media/2525937/Artmarket_Report.jpg
Photo – https://mma.prnewswire.com/media/2525936/ArtMarket_Artwork.jpg
Logo – https://mma.prnewswire.com/media/2260897/Artmarket_logo.jpg

 

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Blockchain

Cardano CMO Adam Bates joins MultiversX as new Chief Marketing Officer

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Multiversx, the world’s most scalable blockchain network, has
appointed Adam Bates, former CMO of Cardano / IOHK, as its new Chief Marketing Officer (CMO) to take its narrative to a wider global audience.

“MultiversX have created the perfect island, but nobody really knows about it, My role is to be
the tourist board – to atract millions of visitors,” says Adam. “MultiversX can already do 72k tps and accelerate throughput of existing L2 blockchain networks by up to x100. And that is a story that needs to be told.”

Previously, Adam helped make Cardano a top 30 brand that ranked above Bitcoin, BMW and Nestle for brand intimacy,. Other notable career wins include creating the biggest hybrid marketing event in the crypto space, winning Fast Company’s “Top 10 Most Innovative
Companies’ award, featuring Cardano’s CEO Charles Hoskinson, live on Fox News, Yahoo Finance, Bloomberg and in Rolling Stone Magazine, and creating the Cardano 360 news show which grew community audiences 25x in 3 months. All of which helped ADA value increase 20x.

A major proponent of blockchain tech and its everyday merits, Adam added, “Blockchain can and must bring trust to the masses to revolutionize industries like AI, finance, Healthcare, voting, social media and more. Only a limitlessly, scalable blockchain like MultiversX with record-breaking tps, that can also dramatically accelerate throughput for all chains, can do this. This unselfish mission resonated deeply and attracted me to MultiversX.

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In addition to blockchain, Adam brings a wealth of brand experience to drive mainstream blockchain adoption, having overseen major marketing campaigns for Fortune 500 companies such as Virgin Airlines, Barclays, Paralympics, Emirates, Lego, Mercedes-Benz. Porsche and Samsung among others Adam was also a Director at the global marketing group BBDO in London for 11 years, working with over 300 offices worldwide, giving him a comprehensive understanding of cross border collaboration.

Beniamin Mincu, CEO of MultiversX, expressed his excitement at Adam’s arrival: “A great idea is only as powerful as its reach. Adam Bates’ proven ability to drive brand recognition and achieve strategic milestones is exactly what we need to showcase our strengths. Hel be instrumental in conveying that were not here to compete–were here to empower the entire blockchain industry with the scalability it needs for mainstream success.

Adam’s appointment marks yet another leap forward in MultiversX’s mission to harness top-tier talent, positioning blockchain as the catalyst for innovation across countless industries.

The post Cardano CMO Adam Bates joins MultiversX as new Chief Marketing Officer appeared first on HIPTHER Alerts.

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Blockchain Press Releases

Bybit Welcomes Traders in South Asia with Rewards Including Trending Tokens and More

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DUBAI, UAE, Oct. 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, introduced new incentives for users in South Asia to onboard the crypto express. From now to Dec. 24, 2024, users and new joiners who successfully complete Bybit’s Identity Verification Level 1 in selected regions are invited to enter the Welcome Fortune Raffle for a chance to get hold of top-of-the-range electronic gadgets and the hottest tokens in the market.

The raffle offers colorful rewards including iPhone 16 (valued at 1,200 USDT), AirPod 4 (valued at 200 USDT), Ledger Nano X (valued at 150 USDT), and the most sought after tokens including ETH, TON, DOT, SUI, WIF, XRP, PEPE, and more.

Users may simply fulfill the registration and verification requirements, register for the event on the official website, and commence their derivatives trading journey with an opportunity to win prizes. Each users will receive lucky draw tickets for the following deposit and trade tasks during the campaign period:

  • Deposit $20 more more and trade $200 or more on derivatives; or deposit $50 and trade $500 or more on derivatives to redeem one (1) lucky draw ticket.
  • Deposit $100 or more and trade $1,000 or more on derivatives; or deposit $150 and trade $2000 or more on derivatives to redeem two (2) lucky draw tickets.

Eligible deposits include crypto deposit, fiat deposit, One-Click Buy and P2P on the Bybit platform.

South Asia is home to some of the fastest growing markets in digital assets, thanks to a young and tech-savvy user base. We see enormous potential in the future of crypto adoption and blockchain technology in the region. We are confident more users will see the benefits of Bybit’s comprehensive and intuitive platform, and Bybit is pleased to offer a rewarding start of their crypto journey, ”  said Joan Han, Sales and Marketing Director at Bybit.

Read more about how to sign up, deposit and trade for a chance to unlock rewards: Welcome Fortune Raffle.

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#Bybit / #TheCryptoArk / 

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press 
For media inquiries, please contact: [email protected] 
For more information, please visit: https://www.bybit.com 
For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

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Blockchain Press Releases

HTX and TradingView Forge Strategic Partnership, Ushering in a New Era of Crypto Trading

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SINGAPORE, Oct. 15, 2024 /PRNewswire/ — HTX, a leading global digital asset trading platform, is pleased to announce its strategic partnership with TradingView, a renowned financial analysis and trading platform. Through deep integration with TradingView’s Broker feature, the collaboration aims to deliver a more efficient and seamless trading experience for users worldwide.

The partnership allows HTX users to trade cryptocurrencies directly on the TradingView platform, without needing to switch between  HTX’s website and app. In just a few clicks, users can easily locate the HTX icon on the TradingView trading panel, log in with their existing accounts and start trading instantly. This innovative feature enhances trading efficiency by offering greater flexibility to cryptocurrency investors, empowering them to execute multiple trading strategies, track market dynamics and place orders in real-time on a single platform.

Since its inception in 2013, HTX, the prominent global crypto exchange, has been committed to providing secure, stable and efficient trading services for users worldwide. With crypto licenses and registrations across Europe, the Americas, Asia and the Middle East, HTX serves over 47 million users. The platform supports more than 700 spot and derivatives trading pairs and provides discounts of up to 25% on trading fees. By trading with HTX, users can enjoy trading fees as low as 0.01%, making it a highly competitive offering in the market.

This strategic partnership between HTX and TradingView marks a pivotal moment for both platforms towards unlocking broader market potential and offering users more diversified investment options. Renowned globally for its expertise in market analysis and trading, TradingView brings a vast user community and extensive market data to the collaboration. Through this integration, HTX will further expand its range of services and elevate the trading experience for cryptocurrency investors. 

“We are excited to announce this long-term strategic partnership with TradingView. With TradingView’s Broker feature, HTX users will benefit from a more streamlined and convenient trading experience, while TradingView users will gain access to HTX’s premium services and resources. This collaboration marks a significant step forward in our mission to enhance the trading experience and contribute to the growth of the crypto market.”

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HTX’s integrated trading feature is now accessible to users globally via the TradingView platform, offering a  streamlined, advanced and innovative trading experience. For more information, please visit HTX’s official profile page on TradingView and embark on an enhanced crypto trading journey.

About HTX

Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investments, incubation, and other businesses. As a world-leading gateway to Web3, HTX harbors global capabilities that enable it to provide users with safe and reliable services. Adhering to the growth strategy of “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance”, HTX is dedicated to providing quality services and values to virtual asset enthusiasts worldwide.

For more information on HTX, please visit the HTX Square, or https://www.htx.com/, and follow X, Telegram, Discord. For further press enquiries, please contact [email protected]

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