A boom in internet sales has boosted the lower end of the art market and could ultimately doom showroom auctions, said the boss of sector-tracker Artprice, which published its annual report Wednesday.
Artprice, a market analysis firm, said there were fewer blockbuster auctions in 2023 compared with the previous year, and the overall turnover of $14.9 billion was down 14 percent.
But the number of overall transactions hit a record high of 763,000, with “an explosion” at the lower end of the spectrum where there were 423,000 sales of art for under $1,000.
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