In 2024, the Art Market Slows, Dominated by Cautious Collectors

The watchword is prudence, and impulsive, emotional purchases are no longer in vogue. This is the key takeaway from the Deloitte Private report on the art and collectibles market, presented in July in Rome by Ernesto Lanzillo, Deloitte Private Leader, Roberta Ghilardi, Deloitte Private's Art & Finance Manager, and Pietro Ripa, Private Banker at Fideuram.

The report highlights that the world’s leading auction houses have registered double-digit declines. Ernesto Lanzillo, a partner and head of Deloitte Private Italy, identified the main reasons: “The global demand for collectibles is slowing, especially in the upper segment of the market. Overall, a more cautious attitude has prevailed in recent months. The wave of enthusiasm that began in 2021 with the end of the pandemic and materialized in 2022 has seen an inevitable backlash, affecting the average prices of lots. However, collectors' interest in high-quality goods in the fields of visual arts, luxury, jewelry, handbags, and collectible design remains strong, maintaining sales levels comparable to those of 2022 and 2023, once adjusted for non-recurring impacts from significant private collection sales.”

Slowdown of -28% for major auction houses observed. Despite the quality offerings, they are no longer enough to attract collectors, who seem to prefer more conservative and secure choices. In general, auction sales are declining. This trend is not new, as 2023 already saw a -18% drop in revenue for major auction houses compared to 2022, with a -26% decline in the painting sector, while passion assets recorded a -5.4% decrease.

However, a new wave of buyers is emerging—those under 40 who are particularly drawn to millennial artists and luxury products, including design, handbags, and jewelry.