Records that hide global erosion
On November 18, Sotheby’s New York sold Gustav Klimt’s Portrait of Elisabeth Lederer for $236.4 million. If this spectacular sale marks history, it masks a reality duller: global turnover fell by 12% in 2024, settling at $57.5 billion. For the second consecutive year, the market contracts in value, decorated with of a constantly increasing number of billionaires.
The disengagement of historical powers
The two pillars of the market, the United States and China, are showing severe declines. The market American contemporary art has retreated 27%, leadé by the uncertainty linked to the Trump administration's tariffs. In China, the collapse reached 44%, a direct consequence of the real estate crisis and political hardening. This void benefits Paris and the Gulf countries, with Abu Dhabi preparing to join. inaugurate its Guggenheim in 2026.
A profound sociocultural change
The profile of buyers is changing: heirs are abandoning the display of power for more liquid assets or ethical commitments such as ecology. The market democratizes from the bottom with a 3% increase in the volume of transactions, driven by works at the same time. less than $5,000. At the same time, the segments of contemporary African art and women artists are progressing, the image of Frida Kahlo's record 54.7 million dollars, illustrating a reconfiguration of tastes and values.
