Art Market Cools in 2023 But Avoids Feared Collapse
• The art market slowed in 2023 due to economic and geopolitical factors, but did not collapse as some predicted. Expectations are moderated for 2024.
• Buyers have more negotiating power than in recent years. Discounts are more common and there is less pressure to make additional purchases from galleries.
• The market is at an impasse with buyers unwilling to meet sellers' price expectations. This deadlock may continue until the global economy prompts sellers to accept lower prices.
• Advisory clients are taking a more thoughtful approach to collecting, considering meaning over investment potential. This generation shift may continue to impact the market.
• Some advisors foresee opportunities in underrepresented areas like indigenous art or the female avant-garde, with savvy buyers recognizing chances to buy low.