"As we roll into February 2026, Mr. Green still hasn't shown up (the turn of phrase used by lawyers for the withdrawal of counsel due to a client's inability to pay). I am referring to the ongoing market downturn for emerging artists, young and old, and the small to mid-sized galleries that continue to struggle to sell their works. This was exponentially exacerbated by a period of rapid expansions that, in hindsight, occurred at the least propitious time imaginable-the early 2020s"
"The frenetic pace of international gallery bloating was analogous to the American car industry investing a trillion dollars into electric vehicles before reversing course after gas tanked and drivers switched lanes back to hybrids (Puns "R" Us). What many in gallery land failed to foresee or comprehend was that we were (and continue to be) squarely in a transitory art economy that has never existed before in its present guise."
The market for emerging artists and many small-to-mid galleries continues to decline, with sustained difficulty selling works. Rapid international gallery expansion in the early 2020s preceded a systemic economic implosion that intensified the downturn. Non-canonized artists across genres suffer most, while a few established names remain exceptions. Galleries face delayed payments, aggressive buyer negotiations, and inventory that fails to move. Economic inequality in the art market concentrates hardship, resembling an 'i'-shaped structure with a narrow wealthy apex separate from a broad, declining base. Collector behavior and macroeconomic shifts have reshaped demand and dealer viability.
Read at Artnet News
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