The Contemporary Art Market Is Shifting Toward Affordable Works
Collectors are being more careful with their spending as per Artprice’s latest report.
The contemporary art market is bouncing back, but big-money sales are slowing down. According to Artprice’s latest report, more people are buying affordable pieces, while expensive artworks are struggling to sell. In 2024, contemporary art sales hit $1.89 billion USD, with most pieces going for under $5,000 USD. Sales of high-end works over $50,000 USD dropped by 21 percent, showing that collectors are being more careful with their spending.
Hong Kong, once a top player alongside New York, took a hit with a 32 percent drop in sales as per Artnews. Some major auctions flopped, like Christie’s No Regrets sale in March, while Phillips’ May auction did well, pulling in $26.8 million USD. Even with setbacks, Hong Kong still beat London in total contemporary art sales at $282 million USD.
India is quickly becoming a market to watch, with contemporary art sales soaring 122 percent, surpassing Belgium. The report makes it clear: collectors are focusing on affordable works, and new regions are making their mark. If you’re looking to get into art collecting, now might be the time to start—especially at the lower end of the market.
