high end art market downturn high end art market downturn

Fine-art sales at auction are down nearly 30 percent

The art world has hit a rough patch in 2024. Sales at auctions have dropped big time. From January to June, fine-art sales only reached about $5 billion. That’s nearly 30% less than last year.

Fewer pieces are selling too. The number of artworks sold fell by almost 5%. On top of that, prices have taken a nosedive. The average price for a piece of art is now just $27,301. We haven’t seen prices this low in 10 years.

Why the slump?

There’s a lack of super expensive masterpieces on the market. No artwork has sold for over $50 million so far this year. Only three pieces went for more than $40 million. Compare that to last year when three works topped $50 million. In 2022, a whopping 13 pieces sold for over $50 million.

Even when pricey art does show up at auctions, it’s not doing great. Most high-end pieces are selling at the bottom of their estimated price ranges. In one case, a painting by Brice Marden was pulled from a Christie’s auction in New York. It was supposed to sell for $30-50 million.

The wider economy isn’t helping either. Interest rates are still high. Banks aren’t lowering them as fast as people hoped. Plus, there’s a lot of political stuff going on. A record 50 countries are having elections this year. Big players like the U.S., UK, France, and India are all voting. This uncertainty is making buyers nervous.

So what’s next for the art market? It’s hard to say. The rest of 2024 might bring some surprises. But for now, things are looking pretty gloomy in the world of fine art sales.

Credit: gabrielescu.gmail.com – depositphotos.com

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