Art market in Germany: visitor numbers are increasing, sales are falling!

Art market in Germany: visitor numbers are increasing, sales are falling!

There is a lot happening in the German art market – despite challenging economic conditions. A comprehensive study by the Institute for Strategy Development (IFSE) sheds light on the current situation of commercial art galleries in Germany and provides something to talk about. Loud Finestre sull'Arte The results show that galleries remain culturally important, but are under economic pressure.

In 2024, the global art market was valued at an estimated $57.5 billion, down 12% from the previous year. Germany also contributes to this balance and has a stable market share of 3%. The study shows that 64% of galleries with over $10 million in sales experienced declines. Whereas smaller galleries with sales under $250,000 saw 17% growth.

Challenges in the art business

The circumstances for galleries are not easy: average operating costs rose by a whopping 10% - mainly due to higher personnel costs and rents. This leaves many players looking for new sources of income. Gallery sector revenue fell to $34.1 billion in 2024, a decline of 6%. This trend appears to be somewhat cushioned by activity in the lower price segment, with the number of transactions increasing by 3%.

What's particularly interesting is that over 40% of buyers bought from their gallery for the first time in 2024. This shows that despite the challenges, new customers can also be won. Against this background, the primary market remains of great importance for the majority of galleries. In total, galleries held over 4,000 exhibitions last year and 80% took part in trade fairs, with 67% attaching great economic importance to these events.

Artists and their works in focus

A look at the artists themselves: 56% of 2024 sales come from the three highest-grossing artists, while the proportion of female artists has increased to 41%. The art genres are diverse, with painting remaining the most important category - 97% of galleries offer it. What is particularly pleasing is that demand for established artists remains stable, while contemporary art suffered a decline of 11%.

The market structure is becoming increasingly polarized and fragmented. Smaller galleries in particular are proving to be more resilient and are finding ways to assert themselves in these difficult times. 80% of gallery owners foresee stable or even improved sales figures for 2025, despite the prevailing political and economic uncertainties.

The art scene in Germany has its challenges, but also potential. An exciting context when you consider that there are over 700 art museums in Germany alone and that around 30 million Germans occasionally visit museums, galleries or art exhibitions, while around 2.6 million attend regularly, as Statista reports.

Given these developments, it remains to be seen how the art market will develop in the coming years. However, the mix of economic uncertainty, changing customer needs and continued cultural commitment leaves room for optimism.