The Art Market in 2024

The art market in 2024 has reached an exciting moment. Last year, against a backdrop of war, high inflation, political headwinds and shifting buyer patterns, the global market contracted slightly by 4%, but actually enjoyed an increase in the volume of sales overall. The super-rich end of the market may have cooled a little (in 2023 two artworks sold for over $100 million at auction, compared to six in 2022) but collectors have become more value and quality conscious. This has led to significant growth in buyer activity in other areas of the art market.

In 2023, 93% of works sold were priced below $50,000 and 70% of those were at less than $5,000. Few of us are in a position to acquire oil paintings on canvas by the likes of Picasso, but original prints and works on paper are perfectly positioned to flourish in the current market.

Artists born after 1910 (often defined as Post-War and Contemporary) have come to dominate global sales at auction. Rising from a total of just 17% in the year 2000, they accounted for 53% of market share by value in 2023. Modern artists (those born between 1875 and 1910) made up a further 25% of the market, an increase of three percent on the previous year. The vast majority of Hidden’s artists fall into these two categories, reflecting our determination to focus on desirable, genre-defining works with a proven track record of sales resilience and growth.

Picasso was the highest-selling artist at auction overall in 2023, with a market of $603 million. Of this total, $139 million came from the sale of a single painting - Femme a la Montre (1932) – the second highest price ever paid for a Picasso at auction. Within the Modern artist bracket, Picasso has been the highest-selling figure for the past six years. Within the Post-War and Contemporary bracket, the top three figures heading into 2024 were Gerhard Richter, Jean-Michel Basquiat and Andy Warhol, all of whom have been represented by works in our galleries.