The art market has witnessed a substantial drop in high-end sales, as collectors hesitate to purchase due to high interest rates and inflation impacting their financial strategies.
Despite the record-breaking $1.5 billion auction in November 2022 signaling booming growth, it actually marked the peak of the art market, leading to declines in subsequent sales.
As the art industry evolves, galleries are closing and layoffs are becoming reality, with notable downturns in revenue for major players like Christie's, which reported $2.1 billion in 2023.
Potential sellers are holding onto their artworks, waiting for more favorable economic conditions, which has further reduced the supply of modern masterpieces in the market.
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