This article is part of the Artnet Intelligence Report Year Ahead 2024. Through in-depth analysis of last year’s market performance, the new edition paints a data-driven picture of the art world today, from the latest auction results to the artists and artworks leading the conversation.
The art market’s globalization has accelerated over the past three decades in line with broader economic and cultural trends. In the early 2000s, auction houses and art dealers worked to cultivate clients beyond Europe and North America, targeting the so-called BRIC countries (Brazil, Russia, India, and China) through specialized sales and events.1 Today, the art market is thoroughly global, with participants flying from country to country for art fair openings and placing bids at auction from halfway around the world. Artists and collectors also frequently work with galleries in multiple countries. But key regional distinctions remain.
In order to explore how artists from different regions have performed at auction over time, and how their markets have developed in unique ways, in Part One, Morgan Stanley, in collaboration with Artnet, will examine auction sales and the volume of lots sold over the past decade by artists from North America, Europe, the Asia-Pacific, Africa, Latin America and the Caribbean, and the Middle East. Artnet Analytics sources nationality information from artists’ CVs and auction house records. Artists with dual nationalities in…
