5 Art Market Trends to Watch in 2024, by Jay Rutland

1. Global Art Auctions Soar: A Resilient Market's Triumph

The performance of art auctions globally in 2023 was testament to the market’s ongoing buoyancy and dynamism. Major auction houses around the world, including Sotheby’s and Phillips, witnessed record-breaking sales throughout the year, driven by a rebound from pandemic constraints, increased global participation through digital platforms and heightened interest in blue-chip art. We expect to see further examples of this during 2024.

2. Modern Masterpieces: Post-War and Contemporary Art Shines in 2023

A standout in 2023 was the success of post-war and contemporary art at auction, which surpassed previous records and reflects a growing collector interest in modern pieces. The adoption of digital platforms is enhancing the accessibility of these works and attracting a diverse cohort of younger collectors.

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3. Kusama x Louis Vuitton: A Collaborative Triumph in Luxury

Supported by an eye-popping global campaign, the Kusama x Louis Vuitton collaboration of 2023 was an unprecedented success. With the luxury market set to grow by 4% in 2024, reaching $400 billion, watch out for profile-raising partnerships with luxury brands in the year ahead that will boost artists’ marketplaces.

Kusama sculpture at the Louis Vuitton flagship store in Paris

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4. Street Art Renaissance: Navigating Challenges, Embracing Opportunities

In the evolving market, street artists are cautiously navigating the art landscape, creating vibrant works rooted in the modern and postmodern. While challenges exist in expanding recognition, street art presents a unique proposition for investors this year. To elevate its position, the street art community must uphold its artists, cultivate initiatives for corporate and private patronage, forge global alliances and leverage digital platforms into 2024.

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5. Art vs. Stocks: 2023's Financial Standout and Maddox's Promise

Data from Art Basel and UBS, together with Deloitte and ArtTactic, highlights the consistent upward trajectory of art, in contrast to the volatility in traditional investment markets. Notably, fine art witnessed an average 4.2% increase in returns in 2023, while the S&P 500 saw a 6.6% decline, emphasising art’s attractiveness as a hedge against economic instability. For investors and art enthusiasts, Maddox offers a rare chance to enter a market with untapped potential. With prices modest compared to global standards, there has never been a more opportune moment to invest in a marketplace with such abundant potential.

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