The global art market is experiencing one of its toughest periods in recent years, in a downturn fueled by inflation, the high cost of borrowing money, and geopolitical instability.
Major auction houses like Sotheby’s and Christie’s have seen declining sales, with Sotheby’s reporting an 88% drop in earnings during the first half of 2024 and even delaying payments to staff and creditors, according to the Financial Times. The company has secured a $1 billion investment from Abu Dhabi’s ADQ, but concerns about its long-term financial health persist.
However, less well-known art markets, such as Brazil, seem to be relatively resilient, with the recent ArtRio fair’s success suggesting a growing interest in the region.
