Fintech PR
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
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:
- https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2024
- https://fr.artprice.com/artprice-reports/le-marche-de-lart-contemporain-2024
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.
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, 2023 – June 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
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
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 2023 – June 30, 2024)
|
Artist |
Nationality |
Sales proceeds |
Lots sold |
Best result |
|
|
1 |
Jean-Michel BASQUIAT (1960-1988) |
USA |
$240,029,370 |
112 |
$46,479,000 |
|
2 |
Yoshitomo NARA (b. 1959) |
Japan |
$70,611,210 |
402 |
$12,257,420 |
|
3 |
George CONDO (b. 1957) |
USA |
$47,432,510 |
127 |
$3,652,800 |
|
4 |
Keith HARING (1958-1990) |
USA |
$36,179,150 |
731 |
$4,470,000 |
|
5 |
Julie MEHRETU (b. 1970) |
Ethiopia |
$35,987,550 |
26 |
$10,737,500 |
|
6 |
LIU Ye (b. 1964) |
China |
$31,124,020 |
21 |
$7,972,260 |
|
7 |
Damien HIRST (b. 1965) |
UK |
$26,603,330 |
857 |
$1,810,930 |
|
8 |
Richard PRINCE (b. 1949) |
USA |
$23,007,320 |
124 |
$2,712,000 |
|
9 |
SALVO (1947-2015) |
Italy |
$21,140,840 |
248 |
$1,115,020 |
|
10 |
BANKSY (b. 1974) |
UK |
$20,097,870 |
711 |
$4,699,550 |
|
©Artprice.com |
|||||
II. ULTRA-CONTEMPORARY ART (artists under 40):
$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.
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, 2023 – June 30, 2024)
|
Artist |
Sales proceeds |
Lots sold |
Unsold |
Best result |
|
|
1 |
Jadé FADOJUTIMI (b. 1993) |
$14,031,602 |
22 |
7 |
$1,985,170 |
|
2 |
Lucy BULL (b. 1990) |
$9,437,970 |
14 |
5 |
$1,814,500 |
|
3 |
Matthew WONG (1984-2019) |
$8,326,350 |
10 |
1 |
$4,164,000 |
|
4 |
Avery SINGER (b. 1987) |
$6,184,060 |
7 |
1 |
$3,206,000 |
|
5 |
Loie HOLLOWELL (b. 1983) |
$4,277,220 |
17 |
13 |
$1,134,000 |
|
6 |
CHEN Fei (b. 1983) |
$4,224,885 |
14 |
0 |
$1,211,780 |
|
7 |
Issy WOOD (b. 1993) |
$3,242,220 |
16 |
3 |
$511,490 |
|
8 |
Christina QUARLES (b. 1985) |
$3,234,520 |
11 |
2 |
$762,000 |
|
9 |
Ewa JUSZKIEWICZ (b. 1984) |
$3,217,720 |
24 |
5 |
$882,090 |
|
10 |
Mohammed SAMI (b. 1984) |
$2,996,810 |
10 |
0 |
$952,500 |
|
©Artprice.com |
|||||
Return to pre-Covid levels, under the two billion dollar threshold
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.
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.
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.
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:
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 Who‘s Who In France©:
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.
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.
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.
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/
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)
Discover the alchemy and the universe of Artmarket and its Artprice department: https://www.artprice.com/video
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
- L’Obs – The Museum of the Future: https://youtu.be/29LXBPJrs-o
- https://www.facebook.com/la.demeure.du.chaos.theabodeofchaos999 (more than 4.1 million subscribers)
- https://vimeo.com/124643720
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
View original content:
Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
Photo – https://mma.prnewswire.com/media/2566076/Wahed_MENA_Khalid_Al_Jassim.jpg
View original content:https://www.prnewswire.co.uk/news-releases/wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region-302314779.html
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
Photo – https://mma.prnewswire.com/media/2566075/Qatar_Development_Bank_Announcement.jpg
View original content:https://www.prnewswire.co.uk/news-releases/qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech-wahed-302314778.html
DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
Photo – https://mma.prnewswire.com/media/2557788/image.jpg
Photo – https://mma.prnewswire.com/media/2565550/Image2.jpg
Logo – https://mma.prnewswire.com/media/2449955/5026987/AIMA_Technology_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/chinas-aima-brand-electric-motorbike-is-now-in-bangladesh-302314773.html
-
Fintech4 days agoFintech Pulse: Industry Updates, Innovations, and Strategic Moves
-
Fintech3 days agoFintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations
-
Fintech PR3 days agoTAILG Represents the Industry at COP29, Advancing South-South Cooperation with Low-Carbon Solutions
-
Fintech PR4 days agoROLLER Releases 2025 Attractions Industry Benchmark Report, Unveiling Key Trends and Revenue Strategies
-
Fintech5 days agoFintech Pulse: Milestones, Partnerships, and Transformations in Fintech
-
Fintech6 days agoFintech Pulse: Navigating Expansion, Innovation, and Sustainability
-
Fintech PR2 days agoAlkira Ranked 25th Fastest-Growing Company in North America and 6th in the Bay Area on the 2024 Deloitte Technology Fast 500™
-
Fintech PR4 days agoThe CfC St. Moritz Announces New Speakers from BlackRock, Binance, Bpifrance, Temasek, PayPal, and More for Upcoming 2025 Conference