What 2024 Taught Us About the Future of Collecting Art
The newly released 2025 edition of the Art Basel and UBS Art Market Report, authored by cultural economist Dr. Clare McAndrew, offers an in-depth look at global art market performance in 2024. Amid economic uncertainty, geopolitical tensions, and changing buyer habits, the report reveals a market in transition—where smaller dealers are thriving, online platforms remain strong, and new collectors are more active than ever.
At Woodbury House, where we specialise in post-street, graffiti, and contemporary art, this report holds particular relevance. Below, we break down the key takeaways—and what they mean for our collectors, artists, and wider community.
1. Art Sales Declined, But Market Activity Is Up—And That’s a Positive Sign
While total global art sales fell by 12% in 2024 (to $57.5 billion), the number of individual transactions actually rose by 3%, reaching over 40 million artworks sold. This increase in volume—despite the drop in value—signals continued demand, particularly at accessible price points.
💬 What this means for Woodbury House:
The data reinforces our belief in a more democratic and engaged collector base. We’ve always focused on making art accessible, offering works that range from museum-level pieces by legends like Blek le Rat, to limited editions and works on paper by artists like TOXIC and DEFER. This shift in buying behaviour reflects that vision.
2. Online Art Sales Are a Key Entry Point for New Collectors
Online art sales made up 18% of total sales in 2024—unchanged from 2023, but significantly higher than the 13% share in 2019. Crucially, 46% of dealer online sales were to new buyers, showing how digital platforms are now the gateway for first-time collectors.
💬 How we’re responding:
At Woodbury House, we’ve invested heavily in a seamless digital experience—from online exhibitions and video walkthroughs to private digital catalogues and virtual consultations. Whether you’re based in London, Dubai, or beyond, our collectors can now engage with us and our artists anytime, anywhere.
3. Smaller Dealers—and Their Communities—Are Thriving
Dealers with an annual turnover under $250,000 saw the strongest growth in 2024, with sales increasing by 17%. This contrasts sharply with the declines seen at the top end of the market, where sales dropped by up to 9%.
💬 This reflects our core philosophy:
Our ethos at Woodbury House is built on relationships, not just transactions. We’re not here to push volume at the highest prices—we’re here to grow with our collectors, tell powerful stories, and support artists authentically. This people-first approach is proving both resilient and future-focused.
4. The U.K. Regains Its Position as a Global Market Leader
In 2024, the U.K. reclaimed its spot as the world’s second-largest art market, accounting for 18% of global sales by value, despite a 5% drop in total sales. London’s role as a cultural powerhouse remains as strong as ever.
💬 Why this matters for Woodbury House:
With our flagship gallery in Mayfair and recent collaborations with venues like Chotto Matte and The Devonshire, we’re proud to be contributing to the cultural vibrancy that makes London such a key player on the global stage. The energy here continues to attract collectors, artists, and curators from around the world.
5. Representation of Women Artists Is Growing—But More Progress Is Needed
Women artists made up 41% of gallery representation globally in 2024, with smaller galleries leading the way at 49%. Larger galleries, by contrast, are lagging behind, with women representing only 33% of their rosters.
💬 Our continued commitment:
Representation and inclusivity have always been central to our curatorial approach. From showcasing pioneering figures in the street art movement to platforming emerging voices across gender and culture, we believe diversity enriches the entire art ecosystem.
Final Thoughts
Despite the headwinds of 2024, the global art market is evolving, not contracting. Collectors are more engaged. Digital access is stronger than ever. And smaller, community-led galleries are driving the future of collecting.
At Woodbury House, we remain committed to helping you navigate this dynamic landscape—whether you’re starting your collection or seeking museum-quality investment works. With deep market insight, direct artist access, and a hands-on approach, we’re here to help you collect with confidence.
Explore the movement. Back the artists. Collect with confidence.
If you’d like to receive the full 2025 Art Market Report or speak with a Woodbury House consultant about building or expanding your collection, get in touch—we’d love to hear from you.