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Democracy Ain’t Pretty

Clare McAndrew’s benchmark report on the health of the art market confirms that the value of transactions fell again in 2024 to $57.5 billion, the lowest level in four years. The number of transactions rose, though, and market activity at lower levels remains robust. This, in all its messiness, is what the democratization of the art market looks like.

Sotheby's Art Auction
In the auction market, the number of lots sold below $5,000 rose by 13 percent. That’s a big jump. And while it may indicate more new buyers entering the market, it may also reflect the auction houses’ greater ability to sell lower-value works profitably. Photo: Alive/Courtesy of Sotheby's
Marion Maneker
April 8, 2025

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The art market is an unlikely place to find signs of the vibrancy and persistence of democracy. After all, it’s a rich person’s game. Even if you look at the global oligarchs and skylords of finance as a different species, art buyers are definitionally wealthy enough to have met their material needs. They’re also rich in spirit. During the past two years, we’ve seen evidence in auction data, now backed up by Clare McAndrew’s definitive annual art market report, suggesting that there are more buyers for art—not just the wealthiest. And they’re buying art that is relatively cheap. Two cheers for democracy!