The art market of 2024 has been a study in itself—a year that has shown resilience, choice and rebalancing. As an art consultant, I have seen changes in collector behavior, dealer strategies and auction dynamics present both challenges and opportunities. Looking ahead to 2025, my advice is simple: think systematically, focus on quality and resist the temptation to treat the art market as a monolith.
When reporters ask me about “the market,” I remind myself: the art market is not a monolith. Record-breaking sales don't mean all artists in that organization or era are growing. Similarly, when a painting is poorly executed, it may say more about the individual qualities of the work—its freshness, condition or evolution—than that the practice is declining. To understand the market, you must balance the big picture with a granular view.
Year of comparison
I 2024 subject numbers tell one part of the story. Global sales reached an estimated $65 billion, down slightly from last year but still above pre-pandemic levels. What is being done volumes increased by 4 percentwith growth driven by lower price segments, according to Art Basel and the UBS Survey of Global Collecting 2024. The United States maintained its lead as the largest art market, but China gained momentum, claiming second place.
At the auction, there have been moments of incredible success. This is René Magritte's place L'empire des lumières Christie's expectations were dashedsold for $121.2 million. Although this result is remarkable, it reflects the importance of the unity of the painting and its evolution, not the general rise of the market of Surrealism.
Likewise, Ed Ruscha Standard Channel, Ten-Cent Western Being in Half reached $68.3 milliona testament to the artist's important role in contemporary American art. However, this does not mean that all Ruscha works—or all modern works—are rising. As I advise clients: “The current market rewards collectors who focus on quality and lifestyle, not speculative trends.”
What dealers and collectors say
Interviews with vendors reveal cautious optimism. Many sell high-quality works through private sales rather than public auctions, which prioritize discretion. One dealer told me: “Collectors are more informed than ever, and they ask the right questions about market history, condition and authenticity.”
When I talk to my clients, I emphasize patience and tact. For example, the mixed results at Sotheby's Modern and Contemporary evening sale show that the market is selective, especially at the mid-level. “The next six months may offer opportunities to find solid jobs at reasonable prices,” I tell them. “If you've been waiting to add a certain artist to your collection, now might be the time to play.”
I The Sydell Miller Collection is for sale at Sotheby's highlighted another trend: a growing appreciation for artistic design. Pieces like Lalanne The Grand Carpe The Bar (1972) fetched impressive prices ($7.4 million), suggesting a new willingness among collectors to expand beyond traditional categories. This change reflects broader lifestyle trends where art and design meet.
So, what should collectors do in 2025?
The selection of the art market in 2024 emphasized an important fact: collecting successfully requires both strategy and understanding. The headlines—record-breaking auctions, growing interest in design and cautious optimism among dealers—present opportunities for collectors who are ready to think clearly, take decisive action and focus on quality.
Looking ahead, there are a few concrete ideas that collectors can pursue in 2025 with confidence. Whether you're expanding a collection, adjusting your focus or exploring new ideas, these strategies will ensure you make informed, sound decisions.
1. Set the vision for your collection
Where do you want your collection to be in 5 or 10 years? Explain what is most important to you—whether it's focusing on emerging artists, building a legacy or creating a historically significant collection. A defined vision will give purpose and focus to your purchase.
2. Create the main criteria for your collection
Improve your decision-making by establishing several negotiable factors: average, historical period, regional focus or price range. Such frameworks ensure that all acquisitions are in line with a wider perspective, keeping you grounded in the midst of an incredible art market.
3. Commit to discovering new artists
Give time in 2025 to expand your horizons. Visit small galleries, visit exhibitions in museums that are not on your regular list—and go to exhibitions on your regular list! Explore art galleries beyond the most prominent names and cities. Some of the most exciting discoveries are made when others are not looking.
4. Invest time in provenance and condition research
Ask tough questions about the artwork's condition and history before acquiring it. Thorough research on provenance and understanding of condition not only protects the value of your collection but also provides you with interesting, concise information about your works.
5. Build strategic relationships
Connect with galleries, curators, consultants and auction houses that focus on the times and artists you love. Meaningful relationships with artists and consistent interactions with galleries build trust and can provide access to unique works, first-hand purchasing opportunities and in-depth information about artists. activities and information.
6. Study the “seasons” of the art market
The art market has cycles: auction seasons, major exhibitions and gallery exhibition calendars. Understanding these rhythms can help you buy time strategically—for example, quietly shopping before a major artist's retrospective or identifying overlooked works during slow periods.
7. Create your own personal art education plan
Commit to expanding your knowledge in a systematic way. Read a few important art books, visit exhibitions regularly and follow artists' downloads. Subscribing to critical publications or having conversations with experts can deepen your understanding and sharpen your eye.
8. List your collection like a museum
There are so many times over the years that I have seen it records of a large collection helping the collection and missing records hurt sales in the end. Keep careful records of works of art, including original invoices, exhibition history, bibliography, provenance, insurance rates and condition reports. Organized documents ensure long-term maintenance, measurement and organization of your collection.
9. Focus on legacy, not just gain
Plan what happens in your collection next time. Whether you intend to donate works to a museum, leave them to family or establish a foundation, starting the conversation now ensures that the story of your collection will live on for generations.
10. Measure love and patience
Collecting is an emotional pursuit and a strategic endeavor. Train yourself to recognize when to go fast—like a rare or important episode—and when to wait for the right opportunity. Finding the ideal is always a test of time.
The art market of 2024 reminded us that the best strategies combine broad and granular ideas. Broad trends may be useful in context, but the real action lies in the specifics: each artwork, its story and its market position. As always, experienced, discerning and quality-oriented collectors will find themselves well positioned in the coming year.
To me, the beauty of the art market is its power—the way it reflects both timeless values and the changing cultural zeitgeist. As we move into 2025, I'm excited to see how collectors, dealers and artists continue to shape this ever-changing landscape.
