4 minHello 2024! Art Shortlist invites you to discover the key trends in the art market in 2024.
In an uncertain economic and political context, the art market seems to be on hold, in fact, it is likely to go through a slightly complicated year after a quiet 2023.
Digitization continues
As we highlighted in our report Major Art market trends in 2023, digitalization in the art market has continued to progress since the health crisis, and this trend is set to intensify in 2024.
In fact, the market's major players are increasingly relying on this method, which has already proved its worth over the last decade.
Moreover, it's a trend we observe daily at Art Shortlist: young and old alike are buying and selling art online. There's no age limit to mastering new technologies.
Contrary to popular belief, generational barriers are gradually disappearing.
Read also: 11 essential accessories for art collectors
An uncertain global context weakens the art market
For the first time in many years, the art market seems genuinely impacted by the global economic and geopolitical situation.
The resurgence of large-scale armed conflicts around the world is obviously a contributing factor. Add to this inflation, rising interest rates and a general lack of confidence, and we have before us a recipe for a period of recession.
Recession: a word that often frightens people, but which is in fact a logical and even necessary trajectory in a context such as the one in which we are evolving. So we need to be both patient and observant.
Suffering from a lack of confidence among its insiders, the art market will inevitably have to pull out all the stops in 2024 if it wishes to limit the damage.
Read also: 5 questions to ask yourself before buying an artwork
Happy is the one who can buy
When all the indicators are red, the art market, like other asset markets, tends to be a seller rather than a buyer.
It seems likely, therefore, that good buying opportunities will present themselves in 2024. For those who can afford it, you'll have to keep your eyes peeled.
If supply continues to exceed demand, then some prices will also need to become more rational.
This is particularly true of the ultra-contemporary art market, which has attributed disproportionate values to emerging artists. Reason should therefore prevail over speculation and that's good news!
Read also: How can art be a safe haven in times of economic crisis?
Our advice for collectors in 2024
Here are a few tips to help you face 2024 as serenely as possible:
- Have capital to employ so as to be able to seize the great buying opportunities that will arise.
- Ignore the current economic and geopolitical context and look to the long term.
- Turn to recognized artists who have proven their value over several consecutive years.
- Keep a close eye on the art market: exhibitions, new releases and general trends.
- Above all, buy what you love.
