Global Brushstrokes: Insights and Projections for the Art Market 2024
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Ornela Ramasauskaite CEO of the "artXchange Global" In the vanguard of 2024's art investment landscape, we witness a narrative as intricate and riveting as the artworks that fuel its momentum. Despite facing global economic uncertainties, the art market has demonstrated remarkable resilience. This stability is not merely a reflection of the market's robustness but also indicates a growing recognition of art as a viable investment class. The data of Art Basel and UBS, Deloitte and ArtTactic reveal that, contrasting with the volatility in traditional investment markets, the art market has shown a consistent upward trajectory. Especially notable is the performance of fine art: this period saw a nominal increase of 4.2% in fine art returns, while the S&P 500 experienced a 6.6% decline, highlighting art's potential as a hedge against economic volatility. The global art auction scene in 2023 was a remarkable testament to the art market's resilie