The Virgin Mother by Damien Hirst at Yorkshire Sculpture Park in West Bretton, Wakefield, West Yorkshire, which is first sculpture park in the United Kingdom
The online market for art has experienced notable growth in what has been both a challenging year and a resilient one amidst economic and geopolitical uncertainty.
Gallery sales have increased 15 percent year over year – the highest mark since 2021 – and seen collector engagement surge by 48 percent, according to The Artsy Market Recap 2024 report.
“With high-net-worth individuals reporting that they prefer to buy art online, we’ve seen this reflected firsthand in our ecommerce sales, which are up 38 percent year-over-year,” said Artsy CEO Jeffrey Yin in a statement.
“While acknowledging that the art market at-large has of late been experiencing a period of recalibration, recent signals – such as sales made during Art Week in Miami and a more upbeat atmosphere of positivity and vibrant energy – I think there’s reason to be both optimistic and excited about the outlook for 2025,” he said.
“I’m hopeful that with increased economic stability, the green shoots we’ve witnessed emerge across the market recently bode well for artists, galleries and the broader art industry in 2025.”
This year’s report draws on Artsy’s primary market data to present findings on what collectors have been buying in 2024. The analyzed data offers insights into emerging artists, stable market leaders and artists making an impact on the commercial art world, as well as evolving collector behavior.
Here are five key findings from The Artsy Market Recap 2024 report:
- Most in-demand artist of 2024: Nigerian artist Slawn had the most growth in demand on Artsy in 2024, propelled by high-profile collaborations (Rolex, Louis Vuitton), a breakout solo show at Saatchi Yates and a feature at the Rubell Museum.
- Breakout star artist of 2024: Danish painter Oliver Bak is the top breakout artist of 2024. On Artsy, Mr. Bak led inquiries among new artists, bolstered by his debut at Sprüth Magers during Berlin Art Week.
- Artists with the most stable markets on Artsy: Andy Warhol has had the most stable market on Artsy over the past five years. Other icons such as Banksy and Damien Hirst also have maintained consistent market demand over the past five years, demonstrating the art market’s reliance on household names with diverse price points.
- Most sought-after artists by nationality: Indian artists experienced the strongest surge in demand in 2024. Established figures such as M. F. Husain and S. H. Raza led the charge, alongside a new wave of contemporary talents including Raghav Babbar and Tanya Goel.
- Market for women artists’ works: Younger women artists are seeing more equity in the market, demonstrating progress. Women artists now account for 29 percent of Artsy inquiries, up from 17 percent five years ago in 2019. Emerging figures such as Charlotte Keates – 645 percent increase in demand – and leaders including Julie Mehretu are shaping the future of equity in the art market.
THIS YEAR WAS also characterized by deeper collector engagement on Artsy.
Users are saving more artwork to their Artsy accounts and returning more frequently to the product, including the use of alerts to notify if art from their favorite artist becomes available on the platform.
“We also witnessed strong ecommerce sales, suggesting more and more collectors are comfortable transacting on art entirely online,” said Arun Kakar, the report’s author in the recap.
“They are drawn to a seamless online buying process – similar to how they would purchase other big-ticket items and luxury goods, like designer clothing, handbags, watches and cars,” he said.
Please click or tap here to download The Artsy Market Recap 2024 report