After the recession, art collectors were splurging at an all time high, but now art lovers are increasingly content with buying cheaper pieces. Christie’s International, the famous London-based auction house, reported that its sales were down a third from the year before at $3 billion. Only 29 artworks in this period sold for over $6.5 million compared to 47 the year before. Without the large purchases of hungry art collectors, the auction house has shifted their approach to put established artists, whose painting do not always get top dollar, into the spotlight. It has paid off! This along with the persuasion to bid online has really helped to rebuild the industry.
See Kelly Crow, Art Sales Suffer Global Slump, Wall Street Journal, July 20, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
