Art Market Cools but Remains Resilient Despite Economic Uncertainty
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While some works sold well, signals of a slowing market emerged, like a Rothko selling with just one bid at a low estimate of $22.2 million.
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Day sales, which are key revenue generators, were down 8% versus last November, showing cooling demand in the $15,000-$1.5 million range.
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Upbeat, colorful works fared best, like a record $46.4 million for a Diebenkorn and $1.9 million for a work by Jadé Fadojutimi that cost under $60,000 just 2 years ago.
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Guarantees from auction houses supported top sales like Picasso's $139.4 million "Femme à la montre," but likely incurred losses on works like the Rothko.
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While down from last year's $3.2 billion boosted by the Paul Allen sale, the $2.1 billion total shows resilience amid economic uncertainty.