Artmarket (PRC) Q2 2024 TU earnings summary

Executive summary

• Achieved double-digit growth in 2Q2024, with Artprice ranked as the top-of-mind art market database in a 2024 study.

• Expanded presence in the global higher education market, leveraging strong brand awareness among academic and institutional sectors.

• Participated as a principal patron at the 36th CIHA Congress, enhancing international visibility and forging high-level agreements in education and research.

Financial highlights

• Number of Fine Art lots sold at auction reached 387,000 in H1 2024, up 3.8% year-over-year, with a stable sold-through rate of 67%.

• Affordable works (<$10,000) accounted for 91% of global auction results, while the ultra high-end segment represented just 0.15% of results.

• The art market is on track to exceed one million works sold in 2024, setting a new record.

Outlook and guidance

• Plans to capitalize on strong academic sector awareness by targeting the $6 trillion global education market, projected to reach $10 trillion by 2030.

• Intuitive Artmarket® AI expected to drive new high-value subscription services and recurring revenue growth.

• Second half of 2024 anticipated to be structurally stronger in volume and turnover.