In 2024, the chickens came home to roost, so to speak, for the art world. After a series of ruptures and scandals last year, 2024 was a year of restructuring, “correction,” and redress.

The art market suffered its worst performance in years amid geopolitical strife, uncertainty over the US presidential election, and high interest rates. Layoffs swept through the industry, from blue-chip galleries to auction houses, and economic challenges hit small and mid-size galleries hard, with many closing. In Germany and the US, and the UK, the cultural sphere became a constant site of activism over Israel’s wars in Gaza and Lebanon.

Meanwhile, there was a changing of the guard, with Glenn Lowry announcing his resignation from MoMA, Marlborough Gallery closing, and the deaths of major figures like Barbara Gladstone, Faith Ringgold, and RIchard Serra.

A light at the end of the tunnel began to appear this fall as fairs in London, Paris, and Miami brought better-than expected sales. Interest rates have started to go down, and the US presidential election at least brought a modicum of certainty as to what will happen in 2025.

Below, a look back at the defining events of 2024.

Read more of our “2024: Year in Review” coverage here.