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Yes, recent reports indicate that the global art market is experiencing a slowdown. In 2023, the global art market had an estimated USD 65 billion in sales, down 4% year over year, as per the annual The Art Basel and UBS Global Art Market Report 2024. However, high interest rates, inflation, political turbulence and other […]
Is the Global Art Market Slowing Down? Read More »
Christie’s inaugural evening sale at its new Hong Kong headquarters on Thursday, September 26 realised a total of HK$1. The sale of 20th and 21st century art underscored the wariness of buyers to pay big prices, especially after Chinese collectors have pulled back from the market in response to global politics and domestic economic uncertainty.
Christie’s Hong Kong Auction Achieves HK$1bn Amid Market Slowdown Read More »
It was a cataclysmic season of 2024 spring auctions across the globe, with Sotheby’s, Christies and Phillips recording their worst bottom lines since the turn of this century. This decrease was caused by a number of factors, mainly — global economic uncertainty, overvalued prices and scarcity of top-notch masterpieces. What accounts for this upsurge in
2024 Spring Auction Season Sees Worst Financial Performance This Century Read More »
The Most Expensive Artists in the World: Icons of Art Market Success American art is a category of broadly defined culture, includes letters, textile work and other arts produced in the Americas that represent style or identity. As such, it spans a range of years, media, genres, and styles far too great to effectively preserve
China’s art market is divided into two segments: ‘Artworks’, which include paintings, sculptures, installations, photographs, industrial art, and limited replicas of artworks, and ‘Cultural relics’, which include movable and immovable relics. Artworks are less regulated, with the Administrative Measures for Operation of Artworks (effective from 2016) being the most important regulation. It requires pre-approval from
Art Basel 2024 Report: The Legal Framework of China’s Art Market Read More »
After experiencing two years of expansion, sales in the art market decelerated in 2023. Factors such as rising interest rates, persistent inflation, geopolitical conflicts, and uncertainty in global politics contributed to a more discerning and cautious approach among high-end buyers. This segment had been crucial in driving sales recovery following the COVID-19 pandemic in 2021
Art Basel 2024 Report: Sales in The Art Market Decelerated in 2023 Read More »
The New York evening auctions concluded on Thursday night with Christie’s 20th Century Evening Sale, achieving a total of $413 million, comfortably within its pre-sale estimate range of $342 million to $497 million. Highlights of the Auction The brisk, 64-lot sale featured notable pieces by renowned artists, including a David Hockney painting once owned by
Christie’s 20th Century Evening Sale Nets $413 Million Read More »
Discovery and Provenance A seemingly unassuming scribble found on the back of a frame has turned out to be a hidden gem attributed to none other than the Italian Renaissance master, Michelangelo. The 1.8 by 2.6 inch piece of yellowed paper, initially estimated at $6,000 to $8,000, fetched a staggering $201,600 at a recent Christie’s
Michelangelo’s Hidden Treasure: A Scribble Fetches $201,600 at Christie’s Auction Read More »
In the traditionally male-dominated realm of art collecting, a notable shift is underway. Recent data from Dr. Clare McAndrew’s Art Basel and UBS Survey of Global Collecting in 2023 reveals a significant uptick in the participation and influence of female collectors. While male collectors often grab headlines for extravagant purchases, McAndrew’s findings underscore a growing
Women Outspend Men in Art Collecting: Median Spending Hits $72,500 in 2023, Finds Survey Read More »
Introduction The art world has long been a realm of sophistication and exclusivity, but recent trends indicate a shifting landscape, particularly in India. With a burgeoning class of young art enthusiasts and an increasing comfort with art investment, British auction house Sotheby’s is strategically positioning itself to cater to this evolving market. Catering to Young
Sotheby’s Expands Reach to Tap into Growing Indian Art Collector Market Read More »