Anxiety Grows Among Art Dealers As Market Cools
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There is growing anxiety among art market players about potential gallery closings and collectors dumping art. Younger dealers are concerned about the drop in Instagram sales.
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Supply has overwhelmed demand - there is an oversupply in the primary and secondary markets while the buyer population has shrunk.
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Speculative investors who rushed into the art market during the pandemic have vanished, drying up the flipping market. There is now a deadlock between buyer and seller expectations.
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Top collectors remain focused on acquiring rare blue-chip trophies and masterpieces, but many are losing interest in art as a whole.
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Food and dining is becoming a popular new arena of interest and spending, taking attention away from the art world. Andre Sakhai has turned his focus from art market escapades to Miami's food scene.