The art market in 2024 is a study in contrasts—a year that showcased resilience, selectivity, and readjustment. As an art advisor, I have witnessed changes in collector behavior, dealer strategies, and auction dynamics that reveal challenges and opportunities. Looking ahead to 2025, my advice is simple: think strategically, focus on quality, and resist the temptation to view the art market as a monolith.
When reporters ask me about “the market,” I remind them: the art market is not a monolith. A record-breaking sale doesn’t mean every artist from the movement or period is on the rise. Likewise, when a painting performs poorly, it may say more about the work’s personal qualities—its freshness, condition, or provenance—than a tendency toward decline. To understand the market, you must balance the big picture with a granular perspective.
A year of contrasts
this Key figures for 2024 Tell part of the story. Global sales are estimated at $65 billion, slightly lower than last year but still above pre-pandemic levels. trade Sales increased by 4%Growth is driven by lower price ranges, according to Art Basel and UBS’s 2024 Global Collections Survey.
There have also been moments of extraordinary success at auctions. Works by Rene Magritte Light Empire Christie’s hopes dashedsold for $121.2 million. While the result is striking, it reflects the painting’s unique importance and original provenance, and not necessarily a broader rise in the Surrealist market.
Likewise, Ed Ruscha Standard Station, Ten Cent West torn in half Reached $68.3 milliona testament to the artist’s pivotal role in contemporary American art. That doesn’t mean, however, that all of Rucha’s work—or all contemporary work—is soaring. As I advise my clients: “The current market rewards collectors who focus on quality and provenance, not speculative trends.”
What dealers and collectors say
Conversations with dealers reveal cautious optimism. Many sell high-quality works through private auctions rather than public auctions, prioritizing discretion. One dealer told me: “Collectors are more informed than ever and they are asking the right questions about market history, condition and authenticity.”
When I talk to clients, I emphasize patience and strategy. For example, Sotheby’s Modern and Contemporary Evening Sale had mixed results, showing that the market is selective, especially in the mid-market. “The next six months may provide opportunities to purchase quality works at better prices,” I told them. “If you’ve been waiting to add a specific artist to your collection, now may be the time to take action.”
this Sotheby’s Auction of Sydell Miller Collection Highlighting another trend: the growing appreciation for artistic design. Works like Lalanne grandcap “Baal” (1972) fetched an impressive price ($7.4 million), signaling a new willingness among collectors to branch out beyond traditional categories. This shift reflects broader lifestyle trends where art and design intersect.
So, what should collectors do in 2025?
The selectivity of the art market in 2024 highlights a fundamental truth: successful collecting requires strategy and insight. Headlines such as record-breaking auctions, growing interest in design and cautious optimism from dealers reveal opportunities for collectors prepared to think clearly, act decisively and focus on quality.
Looking ahead, there are some concrete ideas that collectors can pursue with confidence in 2025. Whether you’re expanding your product line, refining your focus, or exploring new ideas, these strategies will ensure you make smart, meaningful decisions.
1. Set a vision for your collection
Where do you want your collection to be in 5 or 10 years? Define what matters most to you – whether focusing on emerging artists, building a legacy or creating a historic collection. A clear vision will provide purpose and focus to your acquisition.
2. Develop core standards for collections
Refine your decision by identifying some non-negotiable factors: medium term, historical period, regional focus or price range. Such a framework ensures that each acquisition fits within the broader perspective, allowing you to stay focused in the unstoppable art market.
3. Committed to discovering new artists
Take some time in 2025 to expand your horizons. Visit smaller galleries, visit exhibitions at museums that are not on your regular roster, and attend exhibitions that are on your regular roster! Discover the most famous names and art fairs outside the city. Some of the most exciting discoveries are made in places where others haven’t noticed.
4. Invest time in source and condition research
Before purchasing art, ask tough questions about the condition and history of the art. Thorough provenance research and understanding of condition will not only protect the value of your collection, but also provide you with interesting, nuanced information about your pieces.
5. Establish strategic relationships
Work with galleries, curators, consultants and auction houses that specialize in the periods and artists that interest you. Opportunities for acquisitions and a deeper understanding of artists.
6. Understand the “seasons” of the art market
The art market has cycles: auction seasons, major fairs and gallery exhibition calendars. Understanding these rhythms can help you strategically time your acquisitions, for example, buying quietly before a major artist retrospective, or identifying overlooked works during the off-season.
7. Develop your personal art education plan
Work on expanding your knowledge in a structured way. Read some important art books, visit exhibitions regularly and follow artist retrospectives. Subscribing to important publications or speaking with experts can deepen your understanding and sharpen your perspective.
8. Document your collection like a museum
I’ve witnessed it many times over the years great collection record Helps collection and non-existent records hurts the final sale. Keep detailed records of artworks including original invoices, exhibition history, bibliographies, provenance, insurance values and condition reports. Well-organized documentation ensures long-term maintenance, evaluation, and planning for your collection.
9. Focus on legacy, not just acquisitions
Plan what will happen to your collection in the future. Whether you plan to donate your work to a museum, bequeath it to a family member, or establish a foundation, starting the conversation now can ensure the story of your collection is told for generations to come.
10. Balance enthusiasm and patience
Collecting is as much a strategic endeavor as it is an emotional pursuit. Train yourself to recognize when to act quickly (for example, for a rare or important piece) and when to wait for the right opportunity. Well-thought-out acquisitions always stand the test of time.
The art market of 2024 reminds us that the best strategies are to combine macro and granular perspectives. Big trends may help with context, but the real power lies in the nuts and bolts: the individual artwork, its story and market positioning. As always, well-informed, discerning and quality-conscious collectors will find themselves in a strong position in the year ahead.
To me, the beauty of the art market is its dynamism—the way it reflects timeless values and the ever-changing cultural zeitgeist. As we enter 2025, I’m excited to see how collectors, dealers, and artists continue to shape this changing landscape.
