The art world in 2024 was defined by a continued decline in the art market, a generational shift among collectors, and, of course, some controversial events that captured global attention. However, it has also been a year that saw a significant push toward inclusivity and diversity within the art world. Below, we round up the key highlights of the year.
Venice Biennale 2024
The 60th edition of the Venice Biennale, which opened in April, drew one of the highest attendance rates in its history, with 700,000 tickets sold. Curated by Adriano Pedrosa under the title Foreigners Everywhere, the Biennale explored global issues, including climate change, migration, social justice, and identity. The event was praised for its more inclusive approach, spotlighting artists from underrepresented groups, particularly Indigenous and African artists—a significant shift for an event that has often faced criticism for being too Eurocentric.
One of the highlights of the Biennale was the South Korea Pavilion, where artist Koo Jeong A presented an installation that allowed visitors to experience scent memories of Korea through a bronze sculpture emitting various fragrances. The Golden Lion Award went to Aboriginal artist Archie Moore. In his installation at the Australian Pavilion, Moore placed a First Nation family tree alongside government documents detailing the deaths of Indigenous Australians in police custody, confronting painful truths about colonial history.
This year’s Biennale also made headlines for its political tensions. The Israeli Pavilion, initially set to open as usual, was closed at the last minute in protest against the ongoing war in Gaza. Artist Ruth Patir, who works in film, chose to keep the exhibition closed until a ceasefire was announced, which never happened.
The soup incident
In a controversial incident in 2022, two activists from the group Just Stop Oil threw soup at Vincent van Gogh‘s Sunflowers at the National Gallery in London. This high-profile act of protest led to the conviction of the activists this year, with one sentenced to two years in prison and the other to 20 months. The incident sparked widespread debate about the limits of civil disobedience in the art world, with over 100 artists and curators signing a letter in defence of the activists. The protest was not the last of its kind—just hours before the activists’ sentencing, the same Van Gogh painting was again targeted with soup. In response, the National Gallery announced heightened security measures, including a ban on liquids, to prevent future incidents.
The end of big spending?
2024 saw the art market continuing its post-pandemic recalibration. After a 4% decline in 2023, global auction sales took a significant hit in the first half of 2024, with total sales at Sotheby’s, Christie’s, and Phillips down by 27%. The 100 most expensive artworks sold at auction this year totalled $1.8 billion—down from $2.4 billion in 2023 and $4.1 billion in 2022.
This decline has been attributed by some experts to shifting buying habits, particularly among younger collectors who are increasingly focused on modern and contemporary works at more affordable prices. The demand for Old Masters and high-priced historical artworks continues to decrease, signalling a generational shift in taste and purchasing power.
A few high-profile sales still stood out in 2024. René Magritte‘s L’empire des lumières sold for $121 million, the only work to break the $100 million mark this year. Other significant transactions included Ed Ruscha‘s Standard Station, Ten-Cent Western Being Torn in Half ($68.3 million), and Claude Monet’s Nymphéas ($65.5 million).
The most expensive banana in the world
In a bizarre moment that captured the attention of the art world and beyond, Chinese crypto entrepreneur Justin Sun purchased Maurizio Cattelan’s controversial artwork Comedian (2019) for $6.2 million. The piece, which consists of a banana taped to a wall, became a cultural phenomenon when it was first exhibited. In a quirky twist, Sun not only bought the artwork but also organised a press conference where he ate the banana in front of cameras, commenting that his act could be part of the artwork’s ongoing history. Sun’s purchase was made using TRON, the cryptocurrency he created, further blurring the lines between art, finance, and technology.
Girl power
For decades, the art market has been criticised for its lack of representation and its marginalisation of women artists. However, it seems the market is finally shifting toward gender equality, with female artists now accounting for a larger market share. This growing interest in women artists has led to more exhibitions at world-leading museums, which, in turn, drives demand for their work. One notable example is Leonora Carrington, a surrealist painter whose work has been featured in major exhibitions, including a recent one at the Centre Pompidou. This year, her painting Les Distractions de Dagobert sold for $28.5 million at Sotheby’s, breaking her previous auction record of $3.25 million set just two years ago. The surge in interest in women artists is even more evident in the ultra-contemporary art market, where the top seven best-selling artists are all women.
Rising stars
While the art market experienced a decline, it was also a year of growth for many emerging artists. Several younger names made headlines with record-breaking sales and high-profile exhibitions.
Jadé Fadojutimi, a London-based artist born in 1993, whose work explores themes of identity and emotional experience through bold colour palettes and dynamic forms, had an exceptional year, selling $14 million worth of her vibrant, large-scale paintings. Her 2021 piece The Woven Warped Garden of Ponder sold for a whopping sum of $2 million.
American artist Lucy Bull (born 1990) made waves in the market with the sale of her abstract painting 16:10 (2020), which sold for $1.8 million, a 159% increase over its pre-auction estimate. Known for her psychedelic, vibrant works, Bull continues to garner attention as a rising star in the contemporary art scene.
Julie Mehretu (born 1970), an Ethiopian-American painter known for her large, multi-layered abstract compositions, also had a breakthrough year. At Art Basel Paris, her 2013 painting Insile sold for $9.5 million, while the artist opened a major solo exhibition at Palazzo Grassi in Venice.
Among the new generation of artists, Nigerian-born, London-based Slawn (aged 24) quickly became a cultural sensation. Blending street art and Abstract Expressionism, Slawn’s work is influenced by his Yoruba heritage. His rise to fame was marked by magazine covers, collaborations with luxury brands like Rolex and Louis Vuitton, and the promise of even more exciting work in the future.
Alvaro Barrington, a London-based artist born in 1983, was another highlight of the year. Known for incorporating a wide variety of materials, including yarn and wood, his installation Grace at Tate Britain celebrated the influence of Black women in culture. Barrington’s use of sculpture, painting, and sound also emphasised personal and cultural narratives, earning critical acclaim.
Looking ahead
As 2024 draws to a close, the art market finds itself navigating a difficult landscape with global geopolitical tensions, such as the ongoing wars in Ukraine and the Middle East, and uncertain economic conditions in Europe, affecting collectors’ confidence in the market. However, despite these challenges, this year has also seen a wave of new, diverse voices pushing the boundaries of art and the fall of interest rates and inflation in many countries, giving hope for the months ahead.
