The Art Market Is All About the 0.1%

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Heard on the Street: Galleries and auction houses are becoming more reliant on a small group of superwealthy collectors

The art market is starting to look like a painting that has too much of the action crammed into one corner.

Artworks worth an estimated $67.8 billion were sold globally in 2022, according to a report this week from art-show organizer Art Basel and UBS . Although the industry had already made a full recovery from the pandemic by 2021, it seems to be cooling. Last year’s 3% growth was lower than expected.

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Only a few people can afford it.😅

No one else can afford to launder money or curry favor from the Bidens.

Doing what I can but I’m only one man

Only the wealthy can afford it 🤣

It’s called money laundering.

borghi_claudio Riciclo di denaro.....

Most of the wealth is held by a small number of people

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