The art market is still looking for price equilibrium years after coming off the highs of 2021, Bank of America Private Bank said in a recent report. While buyers continue to expect lower prices at both auctions and galleries, sellers are holding off on discretionary selling until demand regains its prior price elasticity.
BofA said auction estimates will need to ratchet down to entice buyers, and galleries will need to be more amenable to negotiating prices.
For their part, collectors are considering works by more historical artists, both well-known and lesser-known ones, along with works by midcareer and established contemporary artists. Under current conditions, they are also finding opportunities in the middle market ($100,000 to $3 million), where broader offerings and greater leeway for negotiation exist.
The report notes that single-owner collections and estates will continue to provide the headlines that lead to temporary spikes in market activity and interest.
See the accompanying gallery for eight trends in the 2024 art market.
