The art market faces economic challenges and growth opportunities

The 2024 edition of Art Basel—widely considered the world’s most prestigious contemporary art fair—took place in a context marked by economic and geopolitical uncertainty. Despite these challenges, the event reaffirmed its role as a global platform for collectors, gallerists, and investors, even though signs of caution characterised this edition.

Market Trends at Art Basel 2024

While the quality of the works on display was undeniable, many exhibitors reported a drop in attendance compared to previous years. American and Asian collectors—typically key drivers of high-value sales—were less present, leaving room for a predominantly European audience.

This resulted in a more reflective and less frenetic market, with most sales occurring during the opening days of the fair.

Once again, painting emerged as the undisputed protagonist, thanks to its ability to combine artistic quality with investment security. Paintings represented a reassuring choice for collectors in a time of economic uncertainty.

However, some critics noted a degree of stagnation in the selection, highlighting the need for greater innovation.

Challenges for the Art Market

Despite several successes, Art Basel 2024 raised important questions. With the increasing number of art fairs worldwide, some gallerists stressed the need to reduce the number of events in favour of higher quality and deeper research.

The caution observed in the highest price brackets reflects the current climate of uncertainty. However, the geographical diversification of collectors presents opportunities for growth—particularly in Asia and the Middle East.