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\tIn 2024, the art auction market shows signs of recovery, but it is far from reaching the high point in 2022, and is even lower than last year’s level. <\/p>\n
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\tThe cumulative value of the top ten auction lots sold in 2024 was $512.6 million. This is down 22.3% from the 2023 total of $660 million and down 53% from the 2022 total of $1.1 billion. Meanwhile, public auction sales in the Old Master, modern, post-war and contemporary art categories at auction houses Sotheby’s, Christie’s and Phillips will total $4.1 billion in 2024, according to a recent report by London-based analytics firm ArtTactic. This number is down 29% from 2023 and 47.9% from 2022.<\/p>\n \t\tRelated articles<\/p>\n<\/h2>\n \t\t\t\t\t\t \n \tThe most expensive work sold at auction in 2024: a work by Ren\u00e9 Magritte empire of light<\/em> (1954), which was sold for $121.1 million after intense bidding at Christie\u2019s 20th Century Evening Sale in New York in November, setting a new record for the artist. However, its value is far less than Andy Warhol\u2019s $195 million Shooting Sage Blue Marilyn<\/em> (1964) just two years earlier. Meanwhile, Vincent van Gogh\u2019s 10th most expensive work of 2024 moored canoe<\/em> (1887), sold for $32.2 million, well below the $79.8 million benchmark set by Magritte empire of light<\/em> In March 2022, it became the tenth most expensive work of the year.<\/p>\n \n \tPablo Picasso’s works, usually the benchmark for the market, fell in 2024. The total value of this year’s top 10 Picasso works is $114.6 million, down from $344.4 million in 2023, $274.8 million in 2022 and $340.7 million in 2021. For the first time in three years, the cumulative value of Picasso\u2019s top ten works fell below $200 million. Meanwhile, the top 20 Picasso works have sold a total of $128.4 million at auction. This figure is down significantly from $690 million in 2023. This is the highest auction price for a Picasso work this year, statue<\/em> (1925), sold for US$24.8 million in November, down 82% from US$139 million woman wearing watch<\/em> (1932) 2023.<\/p>\n \n \tHowever, one should be cautious about drawing too many conclusions from these numbers. In the past four years alone, Basquiat\u2019s highest-priced work has fluctuated wildly, jumping from $15 million in 2020 to $93 million in 2021 before falling to $85 million in 2022 and 2023. of US$67 million. This year\u2019s top work sold for $46 million. At the same time, Magritte\u2019s top work this year may have been sold for $121.1 million, but the sales of his top works have fluctuated year by year, from $24.6 million in 2020 to $17.2 million in 2021 to $79.4 million in 2022. million, and $42.3 million by 2023.<\/p>\n \n \tAs the ArtTactic report makes clear, these valuations do not represent changes in the market for either artist. Rather, they represent the normal range of values \u200b\u200bfor blue-chip artists of the 20th century, with high water marks more representative of the material that was available that year.<\/p>\n\n
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