Global art sales fell 12 per cent in 2024, marking the second yearly drop since 2022 – but smaller dealers with a turnover under US$250,000 grew 17 per cent, according to Dublin-based consultancy Arts Economics.
Auctions under US$5,000 also rose, showing resilience at the lower end of the market despite weakness at the top. Some works start as low as US$1,500.
“We are seeing an emergence of a new segment of customers coming into the market, which are the Gen Zs, the millennials, which is very exciting. They are actually propping up what we call the accessible art pieces … that are about US$50,000,” said Simon Tye, CEO of Hong Kong-based consumer insights firm MDRi.
“This is contributing to a lot of the growth that we are seeing,” he added.
Almost 40 per cent of bidders and buyers in Asia now are aged under 44, stated the China Art Market report.
Digital art and AI-generated works are also gaining traction among Gen Z and millennials.
Tye said young savvy investors constantly have an urge to try new things and are more open to experimenting, compared with the previous generation.
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