The top end of the market continued to contract this year, with major auction houses experiencing significant sales declines amid shifting demands, resulting in substantial layoffs and core earnings drops.
Sotheby's saw a staggering 88% drop in core earnings and had to lay off staff, even as ADQ injected $1bn to support its operations during this financial downturn.
Christie's was targeted by cyberhackers demanding ransom after breaching client information, highlighting the vulnerabilities in the auction industry alongside a new focus on emerging markets like Saudi Arabia.
The Art Basel Paris fair changed its name for its 2024 edition but faced challenges like leaking roofs, reflecting the broader difficulties and shifts within the art market.
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