From CNBC: 2024-10-24 10:59:17

Christie’s auction house in London showcases a painting by Andy Warhol & Jean-Michel Basquiat with an estimate of £1,000,000-1,500,000. The art market is on track for a second year of declines due to decreased demand for high-priced works. Only 43% of wealthy collectors plan to purchase art in the next year, while 55% plan to sell.
Auction sales at top houses dropped 26% from 2023, discouraging luxury buyers. Dealers hope for a market rebound post-election. Despite this, 91% of wealthy collectors are optimistic about the art market performance in the next six months. The median annual spending for art by wealthy collectors remains around $50,000.
The art market is undergoing a generational shift, leading to an oversupply of high-priced works. Younger collectors prefer modern and affordable pieces, impacting the market for seven and eight-figure works. Gen Xers are now the most significant spenders in the art market, with an average annual spending of $578,000 in 2023.
Wealthy collectors are reducing their exposure to art, with the average allocation dropping from 22% to 15% of their portfolios. Super-wealthy individuals worth $50 million or more have 25% of their assets in art, down from 29% in the previous year. Concerns about the art market include barriers to international movement and legal issues, such as restitution cases and forgeries.



Read more at CNBC: The art market is in a correction as big spenders fade