This is Wall Power, my private email that tells you everything you’ve ever wanted to know (but were afraid to ask) about the art world. Tonight, I’m sharing the market observations of Jacob King, a leading art advisor who recently outlined his views on the current market doldrums in a letter to clients. It isn’t higher interest rates, the interminable presidential race, the tough real estate market, the struggling Asian economy, or the political tensions caused by the two wars in Ukraine and Gaza.
Happy pre-Independence Day. I’m Marion Maneker and this is Wall Power, my private email that tells you everything you’ve ever wanted to know (but were afraid to ask) about the art world.
Tonight, I’m sharing the market observations of Jacob King, a leading art advisor who recently outlined his views on the current market doldrums in a letter to clients. It isn’t higher interest rates, the interminable presidential race, the tough real estate market, the struggling Asian economy, or the political tensions caused by the two wars in Ukraine and Gaza. To me, the implications are, well, a bit frightening. But I’m a worrier.
Before we get to that, let’s lighten the mood with dogs…
The dog days of summer: It’s time once again for Bonhams’ sale of art depicting dogs. The July 24 sale takes place in Edinburgh, but the appeal of dogs in art is damn near…
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Art advisor Jacob King offers a thesis that absolutely no one wants to hear: After a decade of collectors entering the market with an “investment mindset,” the inevitable high prices that have resulted seem to have choked off the market. So what happens if everyone decides to head for the exits all at once?
It’s not a secret that the art market has been struggling over the past year. Go to any fair and you’ll hear smart collectors and art advisors tell you that primary prices—the fee a gallery will charge a collector for work straight from the artist’s studio—are way too high, especially because paintings by the same artists are often available on the secondary market for muchlower (and falling) prices. As a result, much of the art that was most in demand over the last several years is now contributing to a glut of unsold inventory. “The general feeling at the moment,” wrote art advisor Jacob King in his letter to clients capturing the current market dynamic, “is that there are more sellers than buyers and many galleries are struggling to sell works by artists who only recently were…
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