With Donald Trump returning to the presidency, significant shifts in U.S. policy are expected, including tax cuts for the wealthy, deregulation, and a focus on cryptocurrencies. This environment may rejuvenate the slump in the international art trade, as favorable tax reforms could boost high-end art purchases. However, it remains uncertain if America's affluent will be inclined to purchase contemporary art that often reflects the values of the liberal order, especially as political allegiances shift towards the right, exemplified by remarks from figures like Peter Thiel.
"The return of Donald Trump will bring tax reforms that favour high-net-worth individuals, which boosts high-end art purchases," says Magnus Resch.
"America has turned into a 'revisionist state to contest the liberal international order', says John Ikenberry, professor of politics at Princeton University.
Peter Thiel, declares that the next four years will witness an apocalyptic comeuppance for what he terms the liberal 'ancien régime'.
Can it be assumed that America's wealthiest ... will show renewed enthusiasm for buying high-value art, particularly contemporary art...?
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