According to an article by Scott Reyburn, the art market has seen a slowing at the upper end — or should we say a plateauing. In addition, some of those ‘hot young’ artists have seen a serious correction: the market for fashionable young abstract painters underwent a correction. In November 2014, for example, an eight-foot-wide 2013 abstract by the on-trend Brazilian artist Christian Rosa sold at Christie’s New York for $209,000. Twelve months later, another abstract of the same size and date by Mr. Rosa sold at Sotheby’s for $30,000.
It is also interesting to read that according to Scott: the market rediscovered figurative art. I, for one, hope the trend towards acquiring figurative art continues; it is the section of the market we have championed for decades.
Buying habits of people seem to be changing as well … many are now after quality works by established artists whose markets have not been the subject of ridiculous speculation and price gyrations. For the full article, click HERE.
Jonas Wood