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Global Art Market

The Value Of The Global Art Market Fell By 4% Last Year

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Source: finimize

What’s going on here?

The value of the global art market fell by 4% last year, suggesting that even the very wealthiest have dropped their champagne budgets to, uh, slightly less expensive champagne budgets.

What does this mean?

The world’s art market picked up dust last year, falling to a three-year low of $65 billion. Now, the market does dip every few years, often by more than 4%. Strangely, though, the most expensive works took the brunt this time. Usually, the very richest investors – the only ones that can pick up a Monet like it’s a print at a Sunday market – aren’t financially impacted by the problems of the everyday masses. So unless world-renowned art has suddenly fallen out of favor, this bout of high interest rates, inflation, and political instability has even the ultra-wealthy watching their wallets.

Read more: https://finimize.com/content/a-dying-art

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Global Art Market

Art and Sculpture Market Expected to Surpass US$ 115.64 Billion by 2034 at 10.4% CAGR As Revealed In New Report

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Source: WhaTech

The art and sculpture market is a vibrant realm where creativity meets investment, offering a diverse range of pieces that captivate collectors and enthusiasts alike. With an ever-evolving landscape driven by cultural trends and individual expression, this market continues to inspire and intrigue audiences worldwide.

The art and sculpture market is expected to grow from US$ 43 billion in 2024 to US$ 115.64 billion by 2034, with a compound annual growth rate (CAGR) of 10.4%.

Creative expressions are in high demand as social appreciation of art and culture grows. Sales of paintings, sculptures, and antiquities are surging as a result of people’s growing attraction to art galleries, museums, and cultural events. This growing interest is a reflection of a broader understanding of the inherent worth that artistic pursuits have in enhancing our lives.

Read more: https://www.whatech.com/og/markets-research/consumer/835494-art-and-sculpture-market-expected-to-surpass-us-115-64-billion-by-2034-at-10-4-cagr

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Global Art Market

A touch of red helps global art market boom

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Source: Yahoo Sport

Want to sell that masterpiece for a fortune? It might help if it’s red.

That’s just one trend from an art market that has come roaring back from the global financial crisis, with buyers from emerging markets such as China molding tastes and driving top-end prices ever higher.

Sales next week at London’s Sotheby’s and Christie’s auction houses are expected to generate at least 400 million pounds ($658 million) amid an insatiable global appetite for works by Picasso, Matisse and other modern masters.

Read more: https://www.yahoo.com/news/touch-red-helps-global-art-174137470.html

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Global Art Market

Eight Trends In The 2024 Global Art Market

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Source: Forbes

The changing tides of the global art market have been laid bare in the UBS Art Market Report 2024 by Arts Economics. According to the report, globally, art sales have slowed, save for China where they have increased by 9% to a staggering $12.2 billion. Online sales increased worldwide too, but the highest-priced art deals still tend to happen offline

Here are some of the most interesting trends identified in the report that I believe can help provide an outlook on the current global art market:

Read more: https://www.forbes.com/sites/forbesbusinesscouncil/2024/05/16/eight-trends-in-the-2024-global-art-market/

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