Introduction
As we settle into 2025, I wanted to share a summary of 2024 auction performance for artists of African descent. We looked at artists across generations, from those just starting out to established living artists to artists who have transitioned. It is important to note that these sales don’t represent total sales in 2024 for these artists - just those recorded at public auctions. Private sales are often much higher than those reported at auction. Ok, let’s take a look at the numbers.
Top 10 Overall Sales
We’ll start with the top 10 in overall sales. These are total sales according to hammer price, which excludes buyers premiums, across all geographies and artistic mediums (painting, sculpture, works on paper, etc.).
It’s interesting to note that seven of the top ten artists are living, which underscores the strength of the contemporary art segment at auction.
Top 10 Growth
Next, we’ll look at the Top 10 artists in terms of growth from 2023 to 2024. This only includes artists who had at least $100K in sales in 2023 to exclude those with high growth from a small base.
One of the main factors for growth is when major works come up for auction, which was the case with Jacob Lawrence, Faith Ringgold, Bob Thompson, Toyin Odutola, Titus Kaphar and Norman Lewis. The other main factor is a surge in pieces offered at auction, which was the case for Hector Hyppolite, Derek Fordjour, Reggie Burrows Hodges, and Richard Hunt. A surge in pieces can be based on a number of reasons, such as a major exhibition (Hector Hyppolite at the National Gallery of Art) or an announcement of a major gallery representation (Richard Hunt with White Cube).
Overall Market Performance in 2024
The performance of top artists of African descent was against a backdrop of a global art market that contracted in 2024. Sales from the three major auction houses – Christie’s, Sotheby’s and Phillips – declined by 26% in 2024. This was due to a decline in major works and single owner collections coming to market, which was likely driven by a more conservative environment given geopolitical uncertainties, major elections, and economic headwinds. For more detail on overall market performance, we invite you to reference this report from ArtTactic.
This trend could be seen more broadly in the markets of artists of African descent. Of our sample of roughly 200 artists with at least $10K in total auction sales in 2024, 60% decreased compared to 2023, while 40% increased. Again, this doesn’t mean that these artists didn’t have better success in the primary market or private secondary markets. It only speaks to performance in the public auction market.
Outlook for 2025
Early signals point to stabilization and a possible rebound in 2025. Christie’s second half 2024 auction sales grew 11% YOY. ArtTactic’s Confidence Indicator has surged from 24 to 54, the first positive reading since February 2022. The experts interviewed expressed more confidence in a rebound in both the auction and primary markets, particularly at the high and low ends of the market. The first key test will be the first week in March with marquis auctions in London. Stay tuned.
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