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Art Market in 2024: Shift to Online and Changing Dynamics
The 2024 Global Art Market Report by Artmarket.com highlights a dynamic year for art auctions, reaching a record number of transactions, though auction turnover saw a significant 33.5% decline to $9.9 billion. Online auction sales soared, contributing to this shift, as live sales increased by 210% post-pandemic. The U.S. maintained its lead, capturing 39% of the market's value.
The EU and China were nearly tied for second place with 18.5% and 18.4% shares, respectively, indicating a competitive global context. France achieved notable records, ranking second in transaction volume globally, and led Europe in auction turnover.
Despite a contraction in high-value sales, demand for art continues to grow, signaling evolving market trends favoring online engagement and affordable segments.
R. H.
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