Artkhade Report 2024

Outstanding in 2021 with €107.6 million in sales, solid in 2022 at €60 million, the tribal art market has plummeted in 2023, with a global auction turnover of €37.55 million, marking a 37.5% decline. What happened?

"€37.55 million. This modest revenue concludes the tribal art market in 2023. Despite an increase in the number of lots offered for sale last year, from 6,690 in 2022 to 7,085 in 2023 — a 6% rise — it’s paradoxical given that the overarching strategy of auction houses in recent years has been to limit the number of lots presented at auctions... Notably, high-value bids have dwindled: only three African lots exceeded one million euros, with the top Oceanian one barely reaching €350,000. Consequently, the average price has collapsed, from €13,750 in 2022 to €7,975 in 2023, a 42.1% drop in value. Could this indicate a drying up of supply in the high-end segment?" (...)