Editor’s Note
This article highlights a significant downturn in the decorative-art market, with sales falling to a decade low. The data underscores shifting consumer priorities and economic pressures affecting luxury and design sectors.
Sales in the decorative-art category—which includes design objects, furniture, jewelry, watches, and more—dropped nearly 42 percent year on year, netting $3.3 billion, the lowest total in a decade.
The average price of a decorative artwork at auction dropped 39.5 percent year over year, to $13,010, also the lowest since 2014.
In the decorative-art sector, Sotheby’s and Christie’s remain roughly neck and neck, with Sotheby’s taking first place by just $72.9 million in 2024.
North America may be the largest market for fine art in 2024, but it remains in third position for decorative art, earning just over $898 million. Europe took first place, with $1.3 billion in sales, and Asia came in second, with $1 billion.
