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Economic Times
26-04-2025
- Business
- Economic Times
Shape shifters: Sculptures take center stage in the art world
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel What's an estimate in the art world? Turns out it's just a polite per the Indian Art Investor 2024-25 Art Market Report, the sale of Indian Modern and Contemporary art at auctions globally clocked in at Rs 1,016 while paintings are breaking records, there's one segment that's quietly on carving out a space of its own — sculptures. 'Sculpture has been a somewhat neglected medium that is now beginning to get its due from collectors,' says Ashish Anand of art gallery 2022, experts say that there has been a noticeable increase in both interest and sales volume. Auction house results reflect a clear upward shift as well. 'There has been a 20–30% rise in the number of sculptures offered in auctions since 2017,' shares Manoj Mansukhani, CMO, AstaGuru Auction House.'Sculptures are now more frequently crossing their high estimates, indicating that buyers are not only showing more interest, but are also willing to invest significantly.' Rahul Khanna of Palette Art Gallery adds that over the past few years, they have seen 'a 30– 40% rise in the average selling price of sculptures'.An entrepreneur and art collector who recently picked up two Himmat Shah creations says, 'Shah was an artist of tremendous depth and one of India's pioneering sculptors with stunning creations. Buying his works was an easy decision, including from an investment perspective, as there is great relative value at his current prices and financial upside in the near future.'Some sculptures tip the scales at tonnes, making them awe-inspiring but not exactly easy to live with.'Shipping and handling are definitely more complex with sculptures. But once someone connects with the piece, those challenges become secondary,' explains fashion designer and artist Jenjum Gadi.'For collectors concerned about weight or space, there are several alternatives. Tabletop sculptures are ideal for shelves and consoles, while wall-mounted relief sculptures combine the spatial depth of sculpture with the convenience of wall art. Many contemporary artists now create modular or sectional works that can be assembled on site,' says AstaGuru's are working with fibreglass, resin, paper pulp and mixed media materials that capture the visual gravitas of stone or metal, but without the accompanying logistical challenges. This allows for more fluid forms and contemporary exponential increase in wealth in India helps. Damian Vesey, director, international specialist, South Asian Modern + Contemporary Art at Christie's, says that the market is clearly being led by Indian collectors — including the diaspora. 'We're also seeing that more people are comfortable living with large sculptures, even in urban homes,' he says. International exposure through art fairs, biennales and museum retrospectives — like Mrinalini Mukherjee's exhibition at the Met Breuer — has raised awareness and appreciation for Indian sculptors. Social media has also amplified this trend. Artist Narayan Biswas believes that the pandemic has had a role. 'The stillness of lockdown allowed many artists to return to traditional, tactile mediums — embracing the slow, grounding nature of sculpture.'With modern architecture leaning into open plans, vast glass panels and minimal partitions, traditional wall art isn't the only option, there are more adaptable forms of expression — sculptures included.> Palette Art Gallery's Rahul Khanna and Rohit Gandhi share, 'We've seen a growing desire among collectors, architects and designers to incorporate sculptural works as focal points, be it a bold piece in a double-height living room, a quiet installation in an atrium, or an outdoor form nestled in a landscaped garden.'> 'They offer 360-degree visibility, interact with light and space dynamically,' says AstaGuru's Mansukhani.> Vesey of Christie's shares that interior designers now play a big role in the crossover between art and design — they're also becoming significant buyers in the art young, the old, the new, the bold. While established collectors make up a fair share of the sculpture market, young collectors — people in their 30s, 40s, and some even in their 20s — are also poring catalogues. Artist Paresh Maity says, 'Now, the younger generation is at the forefront, as they have understood the value of collecting art, especially sculptures.'
CNA
22-04-2025
- Business
- CNA
CNA938 Rewind - Global art sales plummeted by 12 percent in 2024
CNA938 Rewind The latest annual Art Market Report has found global sales of art and antiques have fallen for a second consecutive year, declining by 12 percent in 2024 to an estimated $57.5 billion. Hairianto Diman and Susan Ng find out the reasons for the decline, and what the future is for the art market with Terry Lee, Executive Director, Art Seasons
CNN
09-04-2025
- Business
- CNN
Global art sales plummeted by 12% in 2024, says industry report
Global sales of art and antiques have fallen for a second consecutive year, declining by 12% in 2024 to an estimated $57.5 billion, according to the latest annual Art Market Report by Art Basel and UBS. 'It's been a very challenging year overall,' Clare McAndrew, the founder of the research firm Arts Economics, who authored the report, told The Art Newspaper. The year marked the third-largest contraction of the global art market in the past 15 years, the report found, eclipsed only by the years of the 2009 recession (-36%), and the 2020 Covid-19 pandemic (-22%), and on par with the 12% drop recorded in 2012. Sales fell in almost every region, with China most affected, seeing a decline of 33%. Sales in the US, the world's largest art market, decreased by 9%, and slid by 10% in both France and Italy, and 15% in South Korea. 'Despite Brexit-related challenges,' per the report, the UK contracted by a more moderate 5%, and has retained its position as the second-largest art market. As the report lays out, the dynamics of last year's contraction broadly mirror those of 2023, when total sales fell by 4% with the highest price points most affected, due to 'ongoing geopolitical tensions, economic pressures and shifting buying behavior.' The once-booming contemporary sector was hit hard, with sales at auction dropping by 36% to $1.4 billion, their lowest level since 2018. Amid a return to more tried-and-tested names, McAndrew noted a growing aversion to risk among buyers. 'Several dealers spoke of a lack of curiosity among clients,' she said. 'They say they used to fight with collectors for works at artists' studios. Now everyone wants to buy someone they've already heard of. The appetite for the unknown isn't there anymore.' The report notes that galleries are more heavily relying on their top three best-selling artists due to 'more selective buying by collectors.' However, while sale value is down, trading volume grew by 3%, reflecting greater activity at lower-priced segment of works priced under $50,000. Auction houses last year sold 20% less by value but 4% less by volume, according to the report. A similar trend was seen in the gallery sector, and hinted at the emergence of a more balanced and democratic ecosystem: Dealerships with the smallest turnovers, under $250,000, saw the greatest increase in sales, with a 17% boost, while those with a turnover exceeding $10 million experienced a 9% decline. However, these small gains are undermined by plummeting profitability across most of the art and antiques market, as prices for virtually all aspects of the business, from shipping to rent, have increased. Other positives to take away from the report, McAndrew said, are the increased sales of work by women artists in the primary market, up 3% year-on-year. While the art market experienced regular fluctuations, the report also shows that for the past decade, it has struggled to reach its 2014 peak, despite a significant increase in wealth among the collecting class, especially billionaires. Reflecting on the future of the art market, one dealer is quoted in the report as saying: 'Existing young collectors are no longer buying paintings. With the bursting of the contemporary art bubble, there is a high reliance on older collectors who prefer Modern and Post-War art… (but) many of these collectors are in their 60s and 70s, so I am worried about what the art scene will look like 10 years from now. 'On the other hand, we know there is a high proportion of wealthy people who have no experience in purchasing art, and the challenge for dealers is how to reach them, rather than focusing on existing art collectors.' Read more stories from The Art Newspaper here.
CNN
09-04-2025
- Business
- CNN
Global art sales plummeted by 12% in 2024, says industry report
Global sales of art and antiques have fallen for a second consecutive year, declining by 12% in 2024 to an estimated $57.5 billion, according to the latest annual Art Market Report by Art Basel and UBS. 'It's been a very challenging year overall,' Clare McAndrew, the founder of the research firm Arts Economics, who authored the report, told The Art Newspaper. The year marked the third-largest contraction of the global art market in the past 15 years, the report found, eclipsed only by the years of the 2009 recession (-36%), and the 2020 Covid-19 pandemic (-22%), and on par with the 12% drop recorded in 2012. Sales fell in almost every region, with China most affected, seeing a decline of 33%. Sales in the US, the world's largest art market, decreased by 9%, and slid by 10% in both France and Italy, and 15% in South Korea. 'Despite Brexit-related challenges,' per the report, the UK contracted by a more moderate 5%, and has retained its position as the second-largest art market. As the report lays out, the dynamics of last year's contraction broadly mirror those of 2023, when total sales fell by 4% with the highest price points most affected, due to 'ongoing geopolitical tensions, economic pressures and shifting buying behavior.' The once-booming contemporary sector was hit hard, with sales at auction dropping by 36% to $1.4 billion, their lowest level since 2018. Amid a return to more tried-and-tested names, McAndrew noted a growing aversion to risk among buyers. 'Several dealers spoke of a lack of curiosity among clients,' she said. 'They say they used to fight with collectors for works at artists' studios. Now everyone wants to buy someone they've already heard of. The appetite for the unknown isn't there anymore.' The report notes that galleries are more heavily relying on their top three best-selling artists due to 'more selective buying by collectors.' However, while sale value is down, trading volume grew by 3%, reflecting greater activity at lower-priced segment of works priced under $50,000. Auction houses last year sold 20% less by value but 4% less by volume, according to the report. A similar trend was seen in the gallery sector, and hinted at the emergence of a more balanced and democratic ecosystem: Dealerships with the smallest turnovers, under $250,000, saw the greatest increase in sales, with a 17% boost, while those with a turnover exceeding $10 million experienced a 9% decline. However, these small gains are undermined by plummeting profitability across most of the art and antiques market, as prices for virtually all aspects of the business, from shipping to rent, have increased. Other positives to take away from the report, McAndrew said, are the increased sales of work by women artists in the primary market, up 3% year-on-year. While the art market experienced regular fluctuations, the report also shows that for the past decade, it has struggled to reach its 2014 peak, despite a significant increase in wealth among the collecting class, especially billionaires. Reflecting on the future of the art market, one dealer is quoted in the report as saying: 'Existing young collectors are no longer buying paintings. With the bursting of the contemporary art bubble, there is a high reliance on older collectors who prefer Modern and Post-War art… (but) many of these collectors are in their 60s and 70s, so I am worried about what the art scene will look like 10 years from now. 'On the other hand, we know there is a high proportion of wealthy people who have no experience in purchasing art, and the challenge for dealers is how to reach them, rather than focusing on existing art collectors.' Read more stories from The Art Newspaper here.
CNN
09-04-2025
- Business
- CNN
Global art sales plummeted by 12% in 2024, says industry report
Global sales of art and antiques have fallen for a second consecutive year, declining by 12% in 2024 to an estimated $57.5 billion, according to the latest annual Art Market Report by Art Basel and UBS. 'It's been a very challenging year overall,' Clare McAndrew, the founder of the research firm Arts Economics, who authored the report, told The Art Newspaper. The year marked the third-largest contraction of the global art market in the past 15 years, the report found, eclipsed only by the years of the 2009 recession (-36%), and the 2020 Covid-19 pandemic (-22%), and on par with the 12% drop recorded in 2012. Sales fell in almost every region, with China most affected, seeing a decline of 33%. Sales in the US, the world's largest art market, decreased by 9%, and slid by 10% in both France and Italy, and 15% in South Korea. 'Despite Brexit-related challenges,' per the report, the UK contracted by a more moderate 5%, and has retained its position as the second-largest art market. As the report lays out, the dynamics of last year's contraction broadly mirror those of 2023, when total sales fell by 4% with the highest price points most affected, due to 'ongoing geopolitical tensions, economic pressures and shifting buying behavior.' The once-booming contemporary sector was hit hard, with sales at auction dropping by 36% to $1.4 billion, their lowest level since 2018. Amid a return to more tried-and-tested names, McAndrew noted a growing aversion to risk among buyers. 'Several dealers spoke of a lack of curiosity among clients,' she said. 'They say they used to fight with collectors for works at artists' studios. Now everyone wants to buy someone they've already heard of. The appetite for the unknown isn't there anymore.' The report notes that galleries are more heavily relying on their top three best-selling artists due to 'more selective buying by collectors.' However, while sale value is down, trading volume grew by 3%, reflecting greater activity at lower-priced segment of works priced under $50,000. Auction houses last year sold 20% less by value but 4% less by volume, according to the report. A similar trend was seen in the gallery sector, and hinted at the emergence of a more balanced and democratic ecosystem: Dealerships with the smallest turnovers, under $250,000, saw the greatest increase in sales, with a 17% boost, while those with a turnover exceeding $10 million experienced a 9% decline. However, these small gains are undermined by plummeting profitability across most of the art and antiques market, as prices for virtually all aspects of the business, from shipping to rent, have increased. Other positives to take away from the report, McAndrew said, are the increased sales of work by women artists in the primary market, up 3% year-on-year. While the art market experienced regular fluctuations, the report also shows that for the past decade, it has struggled to reach its 2014 peak, despite a significant increase in wealth among the collecting class, especially billionaires. Reflecting on the future of the art market, one dealer is quoted in the report as saying: 'Existing young collectors are no longer buying paintings. With the bursting of the contemporary art bubble, there is a high reliance on older collectors who prefer Modern and Post-War art… (but) many of these collectors are in their 60s and 70s, so I am worried about what the art scene will look like 10 years from now. 'On the other hand, we know there is a high proportion of wealthy people who have no experience in purchasing art, and the challenge for dealers is how to reach them, rather than focusing on existing art collectors.' Read more stories from The Art Newspaper here.
