The world’s rich are spending less on art – and that may be very good news for artists
Staff members look at paintings by Sahara Longe ‘Edwina’, and Lynette Yiadom-Boakye ‘Militant Pressures’ (2016) in Sotheby’s Contemporary art sale in London earlier this month. Photo: Getty
The art market is nearing a critical inflection point, according to a new survey of global collecting from Art Basel and UBS.
Rich people are getting richer, but art represents a lower percentage of their net worth than in years past; meanwhile, a core group of dedicated collectors report that they plan to attend fewer art-related events than before, even though they favour in-person acquisitions by a large margin.
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