The art market faces a constitutional shift, driven by economic headwinds and changing tastes, affecting sales and prompting restructuring in major galleries and auction houses.
Dealers with turnover exceeding $10 million saw a 7% sales decline last year, signaling a stark contrast to the 19% growth experienced in 2022.
Sotheby's reported an 88% drop in core earnings for the first half of 2024 as global auction sales plummeted, necessitating critical operational adjustments.
Auction houses are not only cutting back but also strategically evolving, as seen with Sotheby’s restructuring and Gagosian's management changes amid challenging market conditions.
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