2024 Art Market Trends Report

The "2024 Art Market Trends Report" is jointly released by the Central Academy of Fine Arts Art Market Weekly Research Team and the Art Finance Research Center at Tsinghua University Peking School of Finance. It specially invites Cai Fengnian, Li Jianwei, Xun Jingyuan, and Zhao Li to serve as expert consultants. The report, through dynamic tracking and observation of the global art market, comprehensively summarizes eight trends in the art market from three perspectives: the development of market entities, industry dynamics, and regional and cultural narratives. Here are the main contents of the 2024 Art Market Trends Report:

1. Global Art Market Sales (2009-2023): The overall trend of the global auction market has slowed down, with a decline in sales in the high-end market. However, private sales by auction houses have risen against the trend. China's auction market has performed exceptionally well, with auctions held throughout the year as planned, active online transactions, and a recovering market size. Despite the decline in global sales, China has leapt to become the world's second-largest art sales market.

2. Digital Tide and Innovation: With the economic environment becoming unstable, art institutions are facing increasingly severe financial and legal crises. The limitations of traditional business models are becoming increasingly apparent, and all industries are seeking to save costs and increase revenue. Digitalization has become the preferred path. Although the market is experiencing shocks, especially with the application of AI technology bringing huge impacts on the way of art production and the identity of artists, the layout of the digital industry is in full swing, and the strategic direction of integrating technology with art remains clear.

3. Global Art Market Dynamics: In 2024, the global art market as a whole showed a slow recovery trend. Although the global art sales revenue has declined, the Chinese art market has gone against the trend and shown an upward trend, demonstrating the effectiveness of industry coping strategies. Art institutions and practitioners actively adjusted their transformation, traditional industries embraced cutting-edge technologies, and business innovation and channel expansion became important means to cope with new demands.

4. Art Crossover and Industry Symbiosis Become Market Consensus: Collaborations between art and fast-moving consumer goods (FMCGs) have become a popular trend. By bringing artwork into the context of FMCGs, art consumption has emerged as a new fashion. The development of rural art projects and cultural tourism projects has infused new vitality and commercial value into the art market, and the combination of art and culture is blossoming with renewed vigor across urban and rural areas.

5. NFT and AI Technology: Despite market volatility, the prospects for NFTs and AI technology in the art world are vast. While sales in the NFT art market have contracted, the market is gradually becoming more rational, with traditional companies and brands flocking to explore new market opportunities. AI technology has brought a huge impact on the way art is produced and the identity of artists, but it has also provided new impetus for the digital transformation of the art industry.

6. Gender, Ethnicity, and Identity Issues: The status of female artists, Black artists, and minority ethnic artists is gradually rising in the global art market. Gender, ethnicity, and identity issues in the art market have become increasingly important topics, driving the market towards greater diversity and inclusivity.

7. Impact of Marginal Markets: The global art market landscape is rapidly evolving with the continuous emergence of new regional markets, challenging the traditional dominance of Western Europe and North America. The impact of marginal markets on the global art market is increasingly significant, promoting the development of cultural diversity and equality. The rise of these emerging markets not only enriches the art ecology but also actively participates in the global market, demonstrating strong growth potential.

8. Cooperation and Conflict Coexist: In the post-pandemic era, the international art trade has achieved remarkable results, with the popularity of international exchange exhibitions rising, and art institutions around the world actively promoting cross-border cultural exchanges.