The art market is in a correction as big spenders fade
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A gallery staff member looks at a painting by Andy Warhol & Jean-Michel Basquiat, Collaboration, 1982-1985, estimate £1,000,000 1,500,000 during a photo call at Christie’s auction house showcasing the highlights of 20th/21st Century Evening Sale in London, United Kingdom on October 06, 2023. Wiktor Szymanowicz | Future Publishing | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. The global art market is poised for its second straight year of declines, as demand for the top trophy works wanes and a new generation of buyers favors lower-priced pieces, according to a new survey. Auction sales in the first six months at Christie’s, Sotheby’s, Phillips and Bonhams fell 26% from 2023 and 36% from the market peak in 2021, according to The Art Basel and UBS Survey of Global Collecting. The number of wealthy collectors surveyed who plan to purchase art in the next year dropped to 43% from over half in 2023. At the same time, the number who plan to sell increased to 55% — meaning there are more likely sellers than buyers in the market. “For the biggest spenders, there has been a moderating in their spending or slowing of their pace,” said Paul Donovan, chief economist of UBS Global Wealth Management. “They’re taking a more considered approach.” As the art world prepares for the big auctions in New York in November and Art Basel Miami Beach in December, dealers, galleries and auctioneers are hoping for a post-election rebound. There are some bright spots. The vast majority (91%) of wealthy collectors were “optimistic” about the global art market’s performance over the next six months, up from 77% at the end of 2023, the survey…
Filed under: News - @ October 24, 2024 8:27 pm