This article is part of the Artnet Intelligence Report Mid-Year Review 2024. Our analysis of the first half of the year’s market trends provides a data-driven overview of the current state of the art world, highlighting auction results and trends, and spotlights the artists and artworks shaping the dialogue.

According to the Artnet Price Database, art auction sales shrank in every price range so far this year, but art valued between $1 million and $10 million contracted the most: by 40.9 percent. For seven out of the past 10 years, the $1 million-to-$10 million price range has been the most lucrative segment of the market.

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The $100,000-to-$1 million range shrank by 27.6 percent from the same period in 2023 but generated roughly the same sales by value as works priced between $1 million and $10 million, suggesting that more works were sold in the former price range than in the latter.

The market’s lower end saw the smallest contraction: the $10,000-to-$100,000 range decreased by 16.3 percent, after being up 8.4 percent during the equivalent period in 2023, while the under $10,000 range fell 8.6 percent.

Jesse Mockrin, A Cymbal Crashed and Roaring Horns (2017) sold well over its estimate for $158,900 at Phillips London in May. Courtesy of Phillips.

While the lack of masterpiece lots has contributed to the 29.9 percent contraction of the $10 million-plus range, the decline in the $1 million to-$10 million price range reflects fewer works overall coming up for sale at this price point.