An art market full of cracks is about to face a $1 billion test [CNBC]
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Source: CNBC
Sign up to receive future editions, straight to your inbox. The key May art sales at major auction houses are expected to be down from last year, as wealthy buyers and sellers take a breather from the frenzied prices of 2021 and 2022. Art auction sales at Christie's, Sotheby's and Phillips over the next two weeks are expected to total $1.2 billion, down 18% from a year ago and nearly half the total for the May 2022 sales, according to ArtTactic. It extends a recent decline for the art market from its post-Covid peak, when cheap money, a booming stock market and fiscal stimulus saw record sales. Last year, global auctions of fine art fell 27% from 2022 — the art market's first contraction since the start of the pandemic in 2020 — and the average price dropped 32%, marking the biggest decline in seven years, according to ArtTactic. During the first quarter of this year, sales in the contemporary and postwar category — the big money maker and growth driver for the art market in r
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