{"id":1465761,"date":"2024-11-18T08:00:00","date_gmt":"2024-11-18T13:00:00","guid":{"rendered":"https:\/\/observer.com\/?post_type=listicle&p=1465761"},"modified":"2025-07-25T11:48:54","modified_gmt":"2025-07-25T15:48:54","slug":"the-most-influential-people-in-art-2024","status":"publish","type":"listicle","link":"https:\/\/observer.com\/list\/the-most-influential-people-in-art-2024\/","title":{"rendered":"The Most Influential People in Art"},"content":{"rendered":"\n

This year has been a wild ride for the art world, with pandemic-fueled hype fizzling out and a hard market plunge reminding everyone that even the glitziest markets are subject to gravity. With secondary market sales down 29 percent from last year, the once-thriving ultra-contemporary sector has seen a sharp 39 percent decline, according to an Artnet and Morgan Stanley Intelligence Report covering key art hubs from New York to Hong Kong<\/a>. It\u2019s been a reality check: headline-generating auction records and splashy debuts are scarcer as the art world clings to safer bets, focusing on museum-quality consignments and the ever-iconic works of old.<\/p>\n\n\n\n

Gone are the recent years\u2019 major consignments like the Peggy and David Rockefeller, Paul G. Allen<\/a> and Macklowe collections that once electrified the auction floor. Today\u2019s sporadic marquee consignment events are fueled by an ongoing global wealth transfer<\/a>, where assets like art are passed down with fanfare. Sure, New York is still the undisputed art capital, but it\u2019s got some serious competition with Hong Kong\u2019s star on the rise<\/a>, as new wealth and cultural vigor in South Asia create fertile ground for its growth. As the head of Sotheby’s Modern Art in Asia, Felix Kwok told Observer, \u201cThe entirety of Asia is going through a transformation in terms of what art means to people and localities.\u201d He isn\u2019t kidding\u2014Hong Kong\u2019s value for masterpieces quintupling from $90.6 million in 2013 is evidence of that, with contemporary and ultra-contemporary works reaching $269.4 million and $206.1 million recently. Whether all this private money in the arts will lead to greater independence from government influence\u2014or deliver the creative freedom artists crave\u2014remains in the air.<\/p>\n\n\n\n

Meanwhile, Paris has swaggered back onto the cultural stage, aided by Brexit and pandemic dynamics. With Art Basel firmly in residence<\/a>, the city enjoyed a cool $1 billion in art sales between 2021-2022 before dipping to $864 million in 2023. Yet Paris still holds a 30 percent increase from 2013\u2014a remarkable rise, in stark contrast to London\u2019s struggles, where sales plummeted from $473.6 million in 2014 to a modest $216 million in 2023. For some, this is classic British restraint; for others, it\u2019s evidence that Paris has recaptured its long-lost art capital crown.<\/p>\n\n\n\n

Galleries, too, have been forced to pivot. Pandemic-era PDF sales no longer fly in 2024\u2014today\u2019s collectors want personal touchpoints, so galleries are back to wooing buyers and institutions in person. It\u2019s not a scene for pandemic-era speculators, many of whom have now quietly exited, citing \u201cpersonal reasons\u201d as they slip away from the spotlight. In their place are discerning collectors focused on artists with established track records and institutional backing to build long-term careers.<\/p>\n\n\n\n

Art fairs worldwide continue to grow\u2014and they\u2019re big on spectacle. No longer just trading floors for art, today\u2019s fairs cater to crowds seeking \u201cexperiences\u201d over acquisitions, aiming to win over audiences who crave more than a sales pitch. Amid these shifting priorities, speculators who once treated art like stocks have exited, leaving behind serious collectors who still see value in a canvas rather than a quick return.<\/p>\n\n\n\n

Institutions, meanwhile, are deep in post-Covid introspection, grappling with accessibility, ownership and existential challenges<\/a> in keeping museum doors open. Some, like New York\u2019s Rubin Museum, have simply closed their physical spaces<\/a>, while others are charging forward with innovative strategies to re-envision what museums can be<\/a> in 2024. Atlanta\u2019s High Museum of Art has taken a bold approach<\/a>, adding works by women, LGBTQ and BIPOC artists, cutting admission prices, and expanding with family-friendly spaces. The Andy Warhol Museum\u2019s Pop District initiative diversifies its revenue like never before<\/a>. The Denver Art Museum re-hung its Indigenous collections through close collaboration with Native communities, proving that art spaces need not just to diversify but to connect.<\/p>\n\n\n\n

Philanthropy is still casting for the next big figure (a Komal Shah type<\/a>) to lead with both dollars and vision. In the meantime, the art market is cautiously adapting to these changes. Major players are watching closely as new buyers emerge from younger generations and new regions, testing the waters to see how these audiences will engage with art once life returns to its usual rhythm. According to those in the know, the market readjustment was inevitable\u2014a necessary shake-up after the pandemic\u2019s frenzy. And now, as the players below show, the game changers and market leaders are the ones who will shape the art world\u2019s next chapter.<\/p>\n\n\n\n

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