2024’s Most Expensive Art Sales: Surprising Records
In 2024, the art auction market experienced a notable decline, with the combined total for the 100 most expensive lots reaching just under $1.8 billion, a decrease from $2.4 billion in 2023 and $4.1 billion in 2022. This year, only one artwork surpassed the $100 million mark: René Magritte's L'empire des lumières (1954), which sold for $121.16 million at Christie's New York in November, setting a new auction record for the artist and becoming the most expensive Surrealist artwork ever sold at auction.
The New York May auctions faced challenges, including a cyberattack that disrupted Christie's website for several days, yet managed to achieve nearly $1.4 billion in sales. However, the November auctions in New York reflected a cautious market sentiment, with Sotheby's, Christie's, and Phillips collectively selling $1.3 billion worth of art—a 40% decrease from the previous November.
Despite the overall downturn, the Hong Kong market reemerged prominently, accounting for three of the year's top 10 most expensive sales. Additionally, works by women artists gained significant recognition, with four of the 50 most expensive lots attributed to Leonora Carrington, Georgia O’Keeffe, and Joan Mitchell. Notably, Carrington's Les Distractions de Dagobert (1945) sold for $28.5 million at Sotheby's New York in May, setting a new auction record for the artist.
The year also saw several artists achieving new auction records, including Jadé Fadojutimi, Felix Gonzalez-Torres, Lucy Bull, and Sarah Sze, indicating a dynamic and evolving art market.
Here is a summary of the top 10 most expensive artworks sold at auction in 2024:
1. René Magritte, L'empire des lumières (1954)
Sold for $121,160,000 at Christie's New York in November.
René Magritte, L'empire des lumières (1954)
2. Ed Ruscha, Standard Station, Ten-Cent Western Being Torn in Half (1964)
Sold for $68,260,000 at Christie's New York.
Ed Ruscha, Standard Station, Ten-Cent Western Being Torn in Half (1964)
3. Claude Monet, Le bassin aux nymphéas (1919)
Sold for $65,500,000 at Sotheby's.
Claude Monet, Le bassin aux nymphéas (1919)
4. Pablo Picasso, La Statuaire (1925)
Sold for $24,800,000 at Sotheby's.
Pablo Picasso, La Statuaire (1925)
5. Wassily Kandinsky, Weisses Oval (White Oval) (1921)
Sold for $21,600,000 at Christie's.
Wassily Kandinsky, Weisses Oval (White Oval) (1921)
6. Yves Klein, Relief Éponge bleu sans titre (RE 28) (1961)
Sold for $14,230,000 at Christie's.
Yves Klein, Relief Éponge bleu sans titre (RE 28) (1961)
7. Alberto Giacometti, Buste (Tête tranchante) (Diego) (1954)
Sold for $13,300,000 at Sotheby's.
Alberto Giacometti, Buste (Tête tranchante) (Diego) (1954)
8. Felix Gonzalez-Torres, Untitled (America #3) (1992)
Sold for $13,640,000 at Christie's.
Felix Gonzalez-Torres, Untitled (America #3) (1992)
9. Leonora Carrington, Les Distractions de Dagobert (1945)
Sold for $28,500,000 at Sotheby's New York in May.
Leonora Carrington, Les Distractions de Dagobert (1945)
10. Alexander Archipenko, Woman Combing Her Hair (1915)
Sold for $5,100,000 at Christie's.
Alexander Archipenko, Woman Combing Her Hair (1915)
These sales highlight a year of significant achievements and shifts within the art market, reflecting both enduring interests and emerging trends among collectors and institutions.