Now that the New York benchmark premiere sales results are in from the top auction houses, what is the status of the everyday contemporary art market for collectors buying under $50,000?
A recent study by ArtTactic and Affordable Art Fair provides a broader view of the retail and gallery market conditions to give us a fuller perspective on the health of the contemporary art market.
Key findings from “The Art Market Under $50,000” include:
- 61% of experts are positive about the under-$50,000 range over the next 12 months.
- 69% of galleries anticipate sales growth this year, while only 6% expect sales to decline.
- 82% of galleries report stable or improved sales since the pandemic.
- Art fairs remain central to market performance
- 86% of collectors discover new artists at fairs, and most importantly, sales from fairs account for 44% of gallery revenue.
- Although the study found that younger collectors are redefining the market, with 57% of Millennials and 55% of Gen Z buying to support artists, my decades working in the emerging market suggest this has always been a primary motivation for serious collectors.
- At auction, the number of lots sold below $5,000 has more than tripled from pre-pandemic levels, underscoring the importance of accessible price points.
Read the full report here: https://affordableartfair.com/exhibit-with-us/exhibitor-resources/the-art-market-under-50k/