High-end art market suffering poor sales due to economic, geopolitical pressures

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Fine Art News

Auction

Collectors selling the most valuable lots only have one chance at the auction to get the highest price, and many would rather wait a few months for conditions to be better before doing so.

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She pointed to major global polls, including the UK general election in July and next month’s United States presidential election. But both men’s paintings sold at the lower end of their estimates, continuing what is on the whole been a poor year for the high-end art world.Those selling the rarest and most valuable lots only have one chance at the auction to get the highest price, and some would rather wait a few months for conditions to improve before doing so.Meanwhile, for the mid-tier market, it is a different picture.

“They tend to weather the storms of the economy very well. If you're looking at lots that are in the hundreds or the low thousands, tend to be affected very much by the recession or boom. It tends to be quite steady.”Meanwhile, across the whole industry, the way art is being sold has changed.

 

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