It's been a busy few months for art market research with reports released by Art Basel & UBS, Artlogic, Artsy, Bank of America and more.

We are always trying to stay ahead of the trends affecting our galleries so we thought we'd share a few insights that really stood out to us from this years research so far:

1. Much of the current downturn is happening at the top end of the market.

The top end of the market has seen the most significant pull back with Bank of America (source: ArtTactic) reporting total sales for works priced between $10 million and $100 million dropped by 45.5% in 2024, nearly four times the rate of works priced under $1 million (which saw a 12.5% decrease).

This is reflected in the Art Basel & UBS report which showed that the smallest dealers (with turnover of less than $250,000) reported the largest increase in sales of 17%, while the $10 million-plus segment was down by 9%.

Of course galleries of all sizes are having to respond to a shifting market, but it's useful to understand more nuance about where these shifts are occurring beyond the top line 'global art sales' number.

2. Online Art Sales are going to continue to be an important piece of the pie for art sales.

The Art Basel & UBS report showed online sales stable at 18%, which is slightly down from the heights of 2020, but still double the share from 2019. Artsy reinforces this trend showing that 43% of galleries plan to focus more on online sales.

As galleries rely more on online sales, we are continuing to think about Arcarta's role in building trust between galleries and collectors they haven't met in person. Even simple tools like 'eyes on address' (a street view of a collector's address), automatic liveness and likeness checks can go a long way to reducing fraud and ensuring trust in online sales.

3. Young collectors are going to continue to shape the art market.

With a growing focus on emerging artists and a desire for more live experiences, galleries are increasingly having to meet new expectations from younger collectors.

Artlogic's Galleries report highlighted some of these changes with 22% of galleries seeing the move towards live events and experiences as the most impactful way this generation will reshape the art market.

More of the galleries we talk to everyday are looking for new opportunities to connect with younger collectors - from expanding offerings to include prints or working with new and emerging artists.

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To learn more about how the art market is changing and how galleries can respond, these reports are a great place to start. Click on any of the names at the top of this section to have a read for yourself.