Let's dive into the fascinating world of the Contemporary Art Market and in a blitz explore its performance from 2020 to 2024.
The #ContemporaryArtMarket: A Dynamic Landscape
#Growth and #Transformation
Over the past two decades [2000-2020], the Contemporary Art Market has undergone significant changes. Here are some key figures that illustrate its evolution:
#Auction Turnover: In the year 2000, the auction turnover for Contemporary Art was less than $92 million. By 2019, it had surged to nearly $2 billion¹.
#Artists and #Artworks: The number of artists has multiplied from 5,400 to nearly 32,000, and artworks offered at auctions have increased from 12,000 to 123,000.
Global Expansion: The market has expanded geographically, with 64 countries now actively participating in auctions (up from 39 in 2000).
#Investment Strategies: Buy, Hold, or Sell?
#Buying
Timing Matters: Consider buying during market downturns or when an artist's career is on the rise. Look for undervalued artists with potential.
#Research: Investigate an artist's background, exhibition history, and critical acclaim. Emerging artists can offer exciting investment opportunities. A $2500 painting could magically become $1000,000 or more if you're blessed enough to spot a hidden gem. Every Collector and Investor dreams about finding that diamond in the rough among artists. "Open Your Eyes"
#Holding
Patience Pays Off: Art is a long-term investment. Hold onto your pieces and allow their value to appreciate over time.
Quality Matters: Focus on quality rather than quantity. Acquire works by established artists or those gaining recognition.
#Selling
Strategic Sales: Consider selling when an artist's market is strong or when you need liquidity.
Auction vs. Private Sale: Decide whether to sell at auction (which offers visibility) or privately (which allows negotiation).
#MarketTrends (2020-2024)
Global Growth: The art market rebounded after the pandemic, with global sales reaching $67.8 billion in 2024².
#HighEnd Dominance: High-end artworks continue to drive growth.
Asian Influence: The burgeoning Asian art scene plays a pivotal role.
Collector Interest: Sustained interest from collectors fuels market resilience. While market puppeteers have been off the mark, reality is setting in for the DEMAND in Pan African Art.
The Contemporary Art Market is dynamic, offering both challenges and opportunities. Remember that art investment involves risk, but with research, patience, and strategic decisions, you can navigate this exciting landscape.
Disclaimer: Always seek professional advice before making investment decisions. Unless you're a seasoned pro.
Artist Farook Mohammed jumped over 16000 places in Global Artist Ranking [2023 - early 2024], a massive jump will be on the way from 2024-2026 with major exhibitions booked and other debuts on the way.
brand manager at Selfridges
3moAwesome!!! Can’t wait to see end product ❤️❤️