The Global Art Market Faces a Recession Amid Global Crises

In 2024, the global art market suffered a significant contraction, with total sales falling 12% year-over-year to $57.5 billion. This decline is attributed to economic uncertainties and geopolitical tensions, which led to a 39% reduction in sales of works valued over $10 million. Notably, large galleries experienced a 9% decline in sales, while smaller galleries benefited from a 17% increase, driven by new collectors acquiring lower-priced pieces.

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