Contemporary art market trend of 2024: Focus on Deodato Arte gallery artists

The contemporary art market in 2024 underwent a phase of stabilization, returning to pre-pandemic levels, but with a steadily growing volume of transactions. Sales of high-priced artworks have declined, while the market for more accessible works—those under $5,000—has grown significantly, supported by the rise of digital sales and the desire to democratize access to art.

Among the leading figures in this fast-growing segment are artists such as Banksy, Mr.Brainwash, Shepard Fairey, and KAWS, whom Deodato Arte promotes with great success. Their editions, often limited or produced in larger quantities, continue to represent excellent investment opportunities for new collectors and enthusiasts. In 2023/2024, sales of works under $5,000 grew by 6 percent, setting a new record with more than 108,000 lots sold within this price range.

As high-end offerings for the usual leaders shrink, new names are emerging at the top of the ranks. The contemporary art market is dominated by stars whose multimillion-dollar works are an economic mainstay. Although there are more than 33,000 active artists, nearly one-third of global auction sales in this segment were generated by just ten artists, including well-known names such as Jean-Michel Basquiat, Yoshitomo Nara, George Condo, Keith Haring, Richard Prince, Damien Hirst, and Banksy. The top 500 artists account for 85 percent of the market's overall sales, a significant proportion.

Deodato Arte's Artists Among the Top of 2024 in the Contemporary Art Market

Artists such as Banksy, Damien Hirst, Mr. Brainwash, and KAWS, featured in Deodato Arte's catalog, have been confirmed among the top sellers of 2024, with extraordinary auction results that solidify their status as key players on the global art scene.

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Banksy and the limited edition market

Banksy remains one of the central figures in the global contemporary art scene. While sales of high-value works have been declining, his limited editions continue to be extremely popular among collectors worldwide. Banksy's works are ranked among the top sellers in the under-$50,000 segment, driven by steady demand and ongoing growth in his secondary market.

In 2024, Banksy recorded auction sales of approximately $20.1 million, ranking him as the tenth best-selling contemporary artist. With a total of 711 lots submitted and 405 sold, his highest auction result reached $4.7 million. Despite the contraction of the high-end art market due to geopolitical and economic factors, Banksy's works remain among the most sought-after.

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Mr. Brainwash: between street art and pop culture

Another prominent artist in Deodato Arte's catalog is Mr. Brainwash, whose fusion of street art and pop art continues to fascinate collectors. Like Banksy, his works have gained considerable appreciation in the edition market, supported by collectors seeking works that are both affordable and visually and culturally impactful. In 2024, Mr. Brainwash further solidified his position in the art market, contributing to successful sales within the mid-price segment.

Mr. Brainwash achieved auction sales of approximately $767,044 in 2024, with 263 lots offered, of which 155 were sold. His unique style, blending street art and pop art, continues to attract collectors, particularly in the segment of affordable works. Although competition remains high, his limited editions continue to serve as a benchmark for those seeking visually striking pieces at more accessible prices.

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Shepard Fairey and art as activism

Shepard Fairey, widely known for his iconic “Hope” poster of Barack Obama, remains a powerful figure in political and social art. His work is especially sought after in the limited edition market. In 2024, Fairey further cemented his role as an artistic spokesperson for social and political causes, continuing to attract global attention and strong demand from collectors worldwide.

In 2024, Fairey recorded approximately $967,078 in auction sales, with 745 lots submitted and 432 sold. His top auction result reached $131,357. Fairey’s work continues to captivate audiences, particularly in the limited-edition market, where he is celebrated for his unique ability to blend political and social messages with elements of street art and pop culture. He remains a significant figure in contemporary art, highly regarded by collectors for both his distinct style and commitment to social activism.

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KAWS and global pop culture

KAWS, an increasingly prominent artist in the contemporary art market, creates iconic works that range from art toys to large public sculptures, captivating the imaginations of a broad international audience. His limited editions continue to be highly attractive, and in 2024, KAWS saw further growth in his sales at high-end auctions.

KAWS achieved approximately $11.6 million in auction sales in 2024, with a total of 744 lots submitted and 301 sold. His works, especially the limited editions, remain enormously popular, particularly in the Asian market. However, competition at some Asian auctions has decreased compared to previous years, as the market there is generally less dynamic. Despite these challenges, KAWS maintains strong global demand due to his iconic style that merges elements of contemporary art and pop culture.

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Damien Hirst: The Contemporary Genius who Redefines Art

Damien Hirst is one of the most influential and successful contemporary artists, with auction sales totaling $26.6 million in 2024. Known for his work that explores themes such as life, death, and medicine, Hirst has achieved a dominant position in the art market with iconic installations like “The Physical Impossibility of Death in the Mind of Someone Living”. His works remain in high demand, largely due to his capacity to innovate and provoke audiences. Recognized as a pioneer in the contemporary art world, Hirst has played a key role in redefining the concept of art and commerce.

In 2024, Damien Hirst ranked seventh among the top-selling artists in the contemporary art market, with his highest auction result reaching $1.81 million. Despite a challenging economic climate and increasing competition, Hirst’s works continue to be highly sought after, due in large part to his ability to maintain high visibility in the global market for limited editions and artworks with significant symbolic and cultural value.

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Richard Orlinski: The Power of Contemporary Sculpture

Richard Orlinski is a renowned contemporary sculptor known for works that merge pop art with mass culture. With auction sales totaling $3.8 million in 2024, Orlinski’s sculptures—crafted from modern materials such as resin and plexiglass—often depict wild animals and stylized geometric shapes. His creations, known for their glossy, eye-catching aesthetic, are admired worldwide and captivate both collectors and art enthusiasts. Orlinski has firmly established himself as a leading figure in contemporary art, with exhibitions in prestigious venues and a strong presence in the international market.

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Takashi Murakami: The Superflat Icon that Fuses Japanese Tradition and Pop Culture

Takashi Murakami is one of the most influential Japanese artists in the global contemporary art scene. With auction sales totaling $7.56 million in 2024, Murakami is celebrated for merging traditional Japanese culture with pop art, creating iconic works that span painting, sculpture, and digital art. His style, known as “Superflat,” combines elements of manga, anime, and pop culture, attracting a broad international audience. Murakami’s works, often featuring vibrant colors and stylized characters, continue to resonate with both collectors and enthusiasts of contemporary art and culture. He has solidified his role as a pioneer in connecting art with the commercial and media worlds.

Murakami’s highest auction result in 2024 was $1.143 million. His limited editions and more affordable pieces have significantly contributed to the growing market for works under $5,000.

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Jeff Koons: The Visionary of Contemporary Art between Kitsch and Pop Culture

Jeff Koons is one of the most celebrated yet controversial contemporary artists, known for his iconic sculptures that fuse art with pop culture. With auction sales totaling $11.57 million in 2024, Koons has established himself as a major figure in the global art market. His works, including his famous balloon-shaped steel sculptures, reflect a playful and commercial aesthetic that explores themes of consumerism and kitsch. Koons’s creations are exhibited in prestigious museums and galleries worldwide, consistently capturing collectors' attention for their provocative and visually appealing style. Koons embodies a bridge between contemporary art and mass culture.

Koons’s highest auction result in 2024 was $4.043 million. His works continue to have a strong impact on the global market, largely due to their iconic status and unique value. Although the market for high-end artists has contracted somewhat, Koons remains a landmark figure in contemporary art, driven by sustained demand for his visually striking creations.

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The year 2024 underscored the growing importance of affordable artworks in the global contemporary art scene. Artists like Banksy, Mr. Brainwash, Shepard Fairey, and KAWS continue to lead the market for limited editions, driven by increasing interest in affordable yet culturally significant works. For galleries like Deodato Arte, promoting these artists is a key strategy to attract new collectors and strengthen their position in the market.