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The Art Market Hits a Wall

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For years, the world’s chief auction houses seemed impervious to volatile stock-market swings, Russia’s invasion of Ukraine and historic inflation. Now, the veneer is cracking.

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For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.Christie’s sold $3.2 billion in art during the first half of 2023, a 23% drop from the year before as sellers held onto more of their art trophiesChristie’s Images Limited 2023/ 2023 Estate of Pablo Picasso/Artists Rights Society , New York

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