Art News. Vasari Codex

End of investment art? Why the bottom of the market is flourishing

The art market in 2024 saw an aggregate 12% decline in sales to an estimated $57.5bn, driven by a slowdown at the ultra-premium end, according to the Art Basel and UBS Art Market Report and Artprice. However, the lower end of the market is flourishing: auction sales of works under $5,000 grew 7%, dealers with turnover under $250,000 reported a 17% increase, and sales of works under $20,000 reached record levels. Online platforms like Avant Arte, which sold $23m in print and sculpture editions (up 53% year-on-year), are key drivers, attracting younger and first-time collectors with affordable, editioned works.

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UK mental health hospitals are about to get more art

More than 50 artists, including Lakwena Maciver, Veronica Ryan, Peter Liversidge, and Alberta Whittle, will create site-specific works for mental health hospitals across the UK as part of a new three-year initiative by the charity Hospital Rooms. The project, delivered in collaboration with NHS Trusts in Birmingham, Bristol, North East London, and South West Yorkshire, is backed by a £600,000 Arts Council England National Lottery grant and additional support from the Garfield Weston Foundation and the Hiscox Foundation. Hospital Rooms will also develop a National Framework for Equal Access to Arts in Mental Health Services, aiming to integrate trauma-informed, autism-friendly, and culturally competent arts programmes into mental healthcare settings.

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