- Auction sales of art have been declining for the third consecutive year, with Sotheby’s, Christie’s, and Phillips reporting a 6% drop to $3.98 billion in the first half of 2025. Postwar and contemporary art fell by 19% during this period, according to ArtTactic.
- The discrepancy between the struggling art market and the booming wealth economy is apparent, as the top 10% of Americans have seen a $37 trillion increase in wealth since the Covid pandemic. Stock markets have been thriving, while housing and business valuations have surged, indicating a strong personal wealth trend.
- Yale professor William Goetzmann highlighted the historical correlation between art prices and financial wealth but noted a recent divergence due to a potential generational shift in the art market. Baby boomer collectors are downsizing, leaving large collections to sell, while millennials and Gen Z may not have the same interest in traditional art.
- Auction houses are adapting by focusing on online sales, luxury items, and lower-priced offerings to cater to younger collectors. Jewelry sales have seen a significant increase, especially among young, female collectors, with online auctions gaining preference over physical auctions among the newer generation of bidders.
Read more at CNBC: Auction sales fall 6% in the first half, raising fears for art market