As we close the chapter on 2024, it’s clear that this year has been pivotal for the art world, particularly the contemporary and street art markets. At Creed Gallery, with nearly two decades of experience navigating and shaping this dynamic landscape, we’ve observed profound shifts that continue to redefine the industry. Allow me to share some reflections and insights that resonate deeply with our community of collectors, artists, and enthusiasts.
The Maturing of Digital Art
In 2024, digital art, including NFTs, shed much of the skepticism that surrounded it in its infancy. Collectors began to see past the hype, focusing instead on artistic quality, innovation, and storytelling. Hybrid "phygital" works, where physical pieces come with digital counterparts, became the norm rather than the exception.
Collectors value the innovation behind these works, but they also appreciate the enduring importance of artistry and authenticity. While NFTs have stabilised as a market category, challenges remain in building trust and curating value-driven digital art with staying power. This year, Christie's and Sotheby's held dedicated digital art sales, with significant pieces achieving prices upwards of $1 million, showcasing the ongoing relevance of this medium.
The Rising Influence of Emerging Markets
The year has been a banner for diversity in the art market. From the vibrant energy of Asia’s contemporary scene to the rising stars of African street art, the global market is richer and more inclusive than ever.
One of the most significant milestones of the year was the groundbreaking exhibition by Slawn, the Nigerian-British artist who has become a defining voice in contemporary art. Widely regarded as the biggest London exhibition of the year, Slawn's showcase drew unprecedented crowds and bridged cultural and generational gaps in the art market. The exhibition celebrated themes of identity, migration and urban culture, reflecting Slawn’s unique ability to connect deeply with a younger, diverse audience.
The overwhelming success of Slawn’s exhibition underscored a seismic shift in market and audience trends. Younger collectors, many from previously underrepresented demographics, flocked to this event, drawn by its vibrant energy and relatable themes. This shift reflects how the art world is increasingly embracing inclusivity, both in the works being created and the audiences they attract.
At Creed Gallery, we’ve long championed underrepresented voices, and Slawn’s success further validates this approach. His exhibition not only captivated collectors but also pushed boundaries, creating an experience that was as much about cultural dialogue as it was about art.
For instance, the Art Basel Hong Kong edition also attracted record attendance, with collectors from around the world bidding on works from South Korean and African artists, further solidifying the global art market's shift towards inclusivity. Together, these milestones highlight how globalisation is redefining market narratives, offering collectors exciting new opportunities to diversify their portfolios and embrace a broader spectrum of artistic voices.
Sustainability and Social Responsibility as Market Drivers
The demand for sustainability in the art world reached new heights in 2024. Collectors today care deeply about the impact of their purchases and artists are increasingly using their platforms to address environmental concerns.
At Creed Gallery, we noticed a strong interest in works that explore themes of climate change and sustainability; not as token gestures, but as deeply embedded narratives within the art itself. For example, Christie's hosted an auction in October where 20% of the proceeds were directed toward climate action initiatives, an approach we strongly support.
Collectors are not only acquiring art; they’re investing in the stories and values behind it. Our own eco-conscious practices, from minimising our exhibitions’ carbon footprints to working with sustainably minded artists, align with this shift.
The Power of Younger Collectors
Millennials and Gen Z collectors have cemented their influence on the art market in 2024. These buyers are tech-savvy, socially conscious and unafraid to challenge traditional norms. They prioritise accessibility, favour immersive and interactive art, and seek works that align with their values.
This shift is reflected in the auction market as well, with younger collectors gravitating towards contemporary works. Sotheby’s reported that 25% of its bidders in 2024 were under 40, a clear indication of this demographic’s rising prominence. At Creed Gallery, we’ve seen younger collectors drawn to contemporary & street art and emerging artists whose work speaks to their lived experiences.
This generational shift has also prompted us to rethink how we present our exhibitions. Digital engagement is no longer optional; it’s integral. Whether through virtual walkthroughs or social media storytelling, reaching these audiences means embracing new ways of connection.
Street Art: A Continued Force
Street art’s role in the market continues to grow, not just as a movement but as a vital narrative in contemporary art. In 2024, Blek le Rat, often regarded as the godfather of stencil street art, set a new record with his piece 'Tango', which sold at Phillips in London for £95,250 against an estimate of £15,000-20,000.
For Creed Gallery, street art remains at the heart of what we do. The raw energy, cultural relevance, and boundary-pushing ethos of street artists resonate with collectors across generations. This year, we were proud to showcase works that highlight how street art evolves while remaining true to its roots.
Challenges and Opportunities in 2024
Of course, 2024 wasn’t without its challenges. Auction houses reported a 26% decline in overall sales compared to the same period in 2023, with inflation and economic uncertainties creating a cautious market environment. Additionally, debates surrounding the ethical considerations of AI-generated art sparked heated discussions.
However, these challenges present opportunities. Transparency, provenance and trust remain the cornerstones of a thriving art market, and these values guide every decision we make at Creed Gallery. High-profile auctions, such as René Magritte's 'L'empire des lumières', which fetched $121.2 million at Christie’s, demonstrate that demand remains strong for exceptional works.
Looking Ahead: What 2025 Might Hold
As we reflect on 2024, one thing is certain: the art market’s ability to adapt and innovate is unmatched. For Creed Gallery, our mission remains steadfast: to connect collectors with exceptional art that pushes boundaries, tells meaningful stories and stands the test of time.
In 2025, we anticipate deeper integration of technology, more diverse voices shaping the market and a continued commitment to sustainability. But at its core, the art market remains about connection: between artist and collector, between the work and its audience.
Thank you for being part of our journey this year. We look forward to continuing to grow with you, championing art that inspires and challenges us all.
Written by Zaid Alexander Badda
Gallery Director, Creed Gallery