The news around the art market is often filled with record-breaking and awe-inspiring sales numbers of well-known artworks. 2024 was no different; be it the $6.2 million sale of the infamous Comedian or Magritte’s L’empire des lumières sold for $121.1 million. But their sensational sales represent just a small fraction of what truly goes behind in auctions. If anything, 2024 was the year of the affordable artwork.
In October, Artmarket released its 29th annual Contemporary Art Market report. The report revealed that 132,000 contemporary artworks changed hands during the period; of these, 108,000 transactions involved artworks worth $5,000 or less. This meant that 82% of the contemporary artwork transactions dealt with low-value artworks. This marked a 6 percent increase in demand for works worth $5,000 or less compared to the previous year. Other reports suggested that the trend was not limited to contemporary art but rather common across all genres. Artists like Damien Hirst and Takashi Murakami were at the forefront of such demand.
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The rationale behind the growing demand for affordable artworks in auctions is simple. For first-time buyers who are just looking to start their art collection, affordable art works are much less daunting than blue-chip art. Many patrons also like buying affordable artworks as a means to support emerging artists instead of going after established names. There is also a section of collectors who prefer buying affordable art works for their ROI. If the work loses value, they won’t lose much; however, if it gains popularity, the collectors stand to profit a lot.