Cerutti emphasized that the downturn is influenced by the 'three M’s': macro environmental factors, money factors, and the mood of the market, where desire drives sales.
Despite lower auction sales, Christie's reported its best private sales in the first half of 2024, indicating a potential shift in buyer preferences and market dynamics.
Historically, declines in the art market do not last more than two years, suggesting optimism for recovery by 2025, despite current gloomy statistics.
The ongoing debates about London's status as the leading art market reflect concerns about the impact of Brexit on the UK's competitiveness relative to Paris.
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