The art market is divided: galleries are closing while major auction houses are operating as asset management companies.
During the first half of the year, major auction houses reported record revenues, totaling nearly ten billion dollars. The prices of sold items increased, while record numbers of bidders appeared at white-gloved auctions, and sales rates reached decade-high levels. However, the closure of galleries indicates that the art market is out of balance, and the situation is far from stable.
Major auction houses reported record revenues in the first half, with nearly ten billion dollars accumulating in their coffers over six months. A string of professionally curated sales, including “white-gloved” (meaning all items offered by a single vendor) events, impressed the audience, and the increased purchasing power was evident in record-breaking bidding activity, with sales figures reaching decade-high levels. However, behind the scenes, closures of galleries indicate that the market is far from stable.
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