The Five Trends That Will Shape the Art Market in 2019
Art Business

The Five Trends That Will Shape the Art Market in 2019

Each January, art dealers and auction specialists return from the holidays to a period of relative calm, free from any bellwether auctions until February. It’s a perfect time to take a look at the trends that could affect the art market one way or another in the year to come. An expected downturn overall In March 2018, Clare McAndrew’s report “The Art Market | 2018” indicated that in 2017, global sales increased 12 percent to $63.7 billion, marking a year-to-year increase after two years of declines. All signs point to 2018 also being an improvement on the prior year, with Sotheby’s up 11 percent and Christie’s up 6 percent. But McAndrew’s report also takes into account sales at fairs and galleries, so we won’t know for sure until March. As for 2019, some are expecting there to be a downturn in sales compared to the last two years. During the Sotheby’s quarterly earnings call in November, CEO Tad Smith noted that potential consignors could be spooked by political destabilization in China and a fracturing economy in the United States, and opt to hold onto their masterworks. Overall, Smith said, the auction house was “planning for market conditions in 2019 […]

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