Businessweek
Art Market Experts See Rebound in Confidence After 2023 Slump
Is this the year that enthusiasm returns?
This looks to be the year a sluggish art market turns a corner.
Illustration: Nolan Pelletier for Bloomberg Businessweek
Last year’s art market was one to forget. The gallery dinners and VIP days and benefit galas continued as they always had; evening sales still sold, art fairs still opened, dealers still inaugurated shows with smiles and news of “significant museum interest” in whatever they were trying to sell.
But according to a report from UBS and Art Basel, global sales of art and antiques were down about 4% year over year at $65 billion, well below the 2014 high of $68.2 billion.